CFA Level 1 Topic Weights 2026 (and the 2027 Changes)

Topic weights are the closest thing you get to a map of the exam. CFA Institute does not tell you which questions will appear, but it does tell you roughly how many marks each topic is worth. Candidates who ignore that information tend to spend weeks polishing topics worth eight or nine questions while under-preparing topics worth thirty.

This page gives you the official 2026 ranges, converts each one into an approximate number of questions out of 180, and explains what changes when the 2027 curriculum takes over.

CFA Level 1 topic weights for 2026

These are the ranges CFA Institute publishes for Level 1 exams sat in 2026. The question counts are simple arithmetic on a 180-question exam, so treat them as a guide rather than a promise. The exact split varies from one exam form to the next.

Topic	2026 weight	Approx. questions (of 180)
Ethical and Professional Standards	15–20%	27–36
Financial Statement Analysis	11–14%	20–25
Equity Investments	11–14%	20–25
Fixed Income	11–14%	20–25
Portfolio Management	8–12%	14–22
Alternative Investments	7–10%	13–18
Quantitative Methods	6–9%	11–16
Economics	6–9%	11–16
Corporate Issuers	6–9%	11–16
Derivatives	5–8%	9–14

The exam itself is 180 multiple-choice questions split into two sessions of 90 questions, with 135 minutes per session. That works out to roughly 90 seconds per question, which matters when you are deciding how deeply to learn a low-weight topic.

What the weights actually tell you

Read the table in three tiers.

Tier 1: Ethics. On its own, Ethics is worth as much as two mid-sized topics combined. It is also the topic CFA Institute uses when a result is close to the minimum passing score, which we cover in the CFA ethics adjustment explained. A weak Ethics score is the single most expensive gap you can carry into the exam.

Tier 2: the big three. Financial Statement Analysis, Equity and Fixed Income together make up 33–42% of the exam. They also feed each other. If you cannot read a cash flow statement, equity valuation gets harder; if you cannot price a bond, duration makes no sense. Learn these early so later topics have something to build on.

Tier 3: everything else. Six topics sit between 5% and 12%. None of them will decide your result on its own, but together they are roughly half the exam. The aim here is solid competence, not mastery. A candidate who scores well on the big topics and poorly on all six small ones can still fail.

Worked example: turning weights into study hours

Weights alone do not give you a study plan, because they ignore what you already know. The useful number is weight multiplied by your gap. Suppose a diagnostic mock gives you these topic scores:

Topic	Midpoint weight	Your mock score	Gap to 75%	Priority score (weight × gap)
Ethics	17.5%	55%	20 pts	3.50
Financial Statement Analysis	12.5%	50%	25 pts	3.13
Fixed Income	12.5%	60%	15 pts	1.88
Quantitative Methods	7.5%	70%	5 pts	0.38
Derivatives	6.5%	45%	30 pts	1.95

Derivatives is this candidate's worst topic, but Ethics and FSA still deserve more time because each point gained there is worth roughly twice as much. Quant, despite feeling uncomfortable, is close to the target and is the obvious place to cut back. The 75% target here is a planning benchmark, not the official pass mark. CFA Institute does not publish a fixed passing percentage, as explained in our guide to the CFA minimum passing score.

What changes in 2027

CFA Institute has published new Level 1 weights for the 2027 curriculum, which applies from the February 2027 exam window. August and November 2026 candidates still sit the 2026 curriculum. Four weights move and four topics are renamed.

Topic (2027 name)	2026 weight	2027 weight	Change
Ethical and Professional Standards	15–20%	10–15%	Down 5 points
Quantitative Methods	6–9%	11–14%	Up 5 points
Derivatives and Risk Management (was Derivatives)	5–8%	6–9%	Up 1 point
Alternative Investments	7–10%	6–9%	Down 1 point
Corporate Finance (was Corporate Issuers)	6–9%	6–9%	Renamed only
Equities (was Equity Investments)	11–14%	11–14%	Renamed only
Portfolio Construction (was Portfolio Management)	8–12%	8–12%	Renamed only
Economics, FSA, Fixed Income	Unchanged		No change

The practical effect is that Quantitative Methods moves from a Tier 3 topic to one of the big four, worth around 20–25 questions. Ethics is still a large topic, but it is no longer clearly the largest. We break the 2027 changes down in more detail, including which readings moved, in CFA Level 1 2027 curriculum changes.

Three common mistakes with topic weights

Studying in textbook order. The curriculum starts with Quant, which is one of the smaller topics in 2026. Candidates who study in order often reach Ethics in the last three weeks, which is exactly backwards.

Skipping a small topic entirely. Dropping Derivatives saves perhaps 20 hours and gives away 9–14 questions. That trade rarely pays off, because the first 60% of any topic is the cheapest to learn.

Using last year's weights. If you are booked for February 2027 or later, a study plan built on the 2026 table will under-prepare Quant by around ten questions. Check which curriculum your window uses before you start.

How to use the weights in your study plan

Start with a diagnostic mock before you have finished the curriculum, so you have a score for every topic. Rank topics by weight × gap as in the example above, give the top three the largest share of your hours, and re-run the calculation after every full mock. Your priorities will shift as gaps close. If you want a ready-made schedule, our CFA Level 1 formula sheet and first-attempt study plan are good next steps.

Frequently asked questions

What are the CFA Level 1 topic weights for 2026?

Ethics 15–20%; Financial Statement Analysis, Equity Investments and Fixed Income 11–14% each; Portfolio Management 8–12%; Alternative Investments 7–10%; Quantitative Methods, Economics and Corporate Issuers 6–9% each; and Derivatives 5–8%.

Which topic has the highest weight on CFA Level 1?

For 2026 exams, Ethical and Professional Standards has the highest weight at 15–20%, or roughly 27–36 of the 180 questions.

Are the CFA Level 1 topic weights changing in 2027?

Yes. From February 2027, Quantitative Methods rises to 11–14%, Ethics falls to 10–15%, Derivatives (renamed Derivatives and Risk Management) rises to 6–9%, and Alternative Investments falls to 6–9%.

How many questions are on the CFA Level 1 exam?

There are 180 multiple-choice questions, split into two sessions of 90 questions with 135 minutes each.

How many Ethics questions are on CFA Level 1?

At a 15–20% weight on 180 questions, expect roughly 27–36 Ethics questions in 2026. Under the 2027 weight of 10–15%, that falls to roughly 18–27.

Can I skip a low-weight topic like Derivatives?

It is not recommended. Derivatives is worth about 9–14 questions in 2026, and basic competence in it costs relatively few study hours compared with the marks at stake.

Do topic weights tell me the pass mark?

No. Topic weights only describe how the exam is built. CFA Institute sets a minimum passing score after each window and does not publish a fixed percentage.