CFA Level I 2027 Study Plan and Practice Schedule
Build an adaptable CFA Program Level I preparation schedule using topic learning, explained practice, spaced review and timed sessions for the 2027 curriculum.
Build your calendar around time you can consistently protect. The example below is an editorial 16-week framework, not a required duration or a claim that every candidate can finish in that time. Extend the learning blocks when the material is new; compress them only where fresh practice shows that you already understand it.
This plan is for 2027 Level I. Confirm that the curriculum matches your booked sitting before starting. Keep CFA Institute’s assigned materials as your learning source and use Finance Prep to apply what you have studied.
Set up before the first week
- List your available study sessions, exam date and known interruptions. Reserve time for reviewing answers as well as attempting questions.
- Use the exam blueprint to make a ten-topic coverage sheet. Record the last topic studied, the gap to revisit and the next action.
- Attempt a short mixed set without notes. Treat the result as a starting observation, especially if several topics are unfamiliar.
- Set up one error log with the columns topic, error cause, correct principle and next practice date.
- Check the current official resources , including curriculum errata, calculator rules and your Practical Skills Module requirements.
An adaptable 16-week sequence
Ethics continues throughout this schedule: revisit a small set each week and explain which facts determine the professional duty. The weeks below organise the other work rather than prescribing a single reading order.
| Weeks | Main work | Evidence to carry forward |
|---|---|---|
| 1–3 | Establish Quantitative Methods foundations; start the ethics review habit. | Explain a method before calculating, use consistent units and identify mistakes in setup. |
| 4–5 | Work through Economics and Corporate Finance; revisit earlier quantitative gaps. | Connect changes in assumptions to economic or financing decisions. |
| 6–8 | Study Financial Statement Analysis, with regular review of prior topics. | Trace transactions through the statements and interpret ratios from the right inputs. |
| 9–10 | Work through Equities and Fixed Income; use fresh calculations and exhibits. | State valuation assumptions and explain the direction of price or risk changes. |
| 11–12 | Cover Derivatives and Risk Management, Alternative Investments and Portfolio Construction. | Distinguish contract outcomes, investment structures and portfolio constraints. Extend this block if these topics are new. |
| 13–14 | Rotate mixed sets across all topics and add longer timed attempts. | Separate knowledge gaps from calculation, interpretation and pacing errors. |
| 15 | Revisit the most persistent gaps, then test them again with fresh questions. | Explain why the closest alternative is wrong without recalling its wording. |
| 16 | Consolidate recall, check logistics and keep practice manageable. | Review your error log and calculator workflow; avoid replacing sleep with last-minute volume. |
Move the dates when a block needs more work. Do not omit an entire topic to stay on schedule. Revisit the weighting table when distributing review time, then adjust for your own gaps; topic weights alone do not measure how long you need to learn something.
Make each session produce a next action
For a one-hour study session, one workable pattern is:
- 10 minutes: retrieve a previously studied principle or formula from memory, then check it.
- 25 minutes: learn a focused concept or attempt a small set without opening answers.
- 20 minutes: review every miss and uncertain answer, including the strongest distractor.
- 5 minutes: record one gap and schedule the follow-up.
This is a planning example. A difficult calculation may need more review time than a short conceptual set. When using notes to learn a method, label that attempt as guided practice so it does not get mistaken for independent performance.
Keep the error log concise. “Wrong discount rate” is useful only when followed by the missing condition, such as “matched a nominal annual rate to annual cash flows without adjusting the stated compounding convention.” Copying an entire explanation is less useful than stating the decision you need to change next time.
Practise timing in stages
Start untimed while learning a method. Then use short timed sets, review them fully, and increase the length when your process is stable.
CFA Institute’s Level I exam page specifies two 135-minute sessions of 90 questions. That is about 90 seconds per question on average, not a requirement to spend the same time on every item. Practise moving on from a stalled calculation and returning with time remaining.
Finance Prep’s app mock currently has one pausable 270-minute timer. If rehearsing sustained work, plan your break separately and avoid using pauses to look up answers. The 180-question public practice set can be divided into Questions 1–90 and 91–180 for two timed blocks, but topics are mixed across them rather than arranged into the official session groups.
After a longer attempt, review:
- questions you could not start because the concept was unfamiliar;
- calculations with correct methods but incorrect inputs, signs or units;
- answers chosen with low confidence, even when correct;
- questions where pacing or fatigue changed your approach.
Use practice-score guidance when interpreting results. Repeated exposure to a fixed set can improve recognition without resolving the underlying gap. No score in this schedule is a guaranteed passing threshold.
Finish the preparation beyond questions
The Practical Skills Module policy is a separate CFA Program requirement; independent question practice does not complete it. Check your candidate account for the applicable completion deadline and requirements.
During the final week, confirm your appointment, required identification and permitted calculator directly with CFA Institute. Keep the cheat sheet for brief recall, then return to the assigned material where an explanation is still unclear.
Official format and policy links checked October 5, 2026. Finance Prep is independent from CFA Institute. Use the same Finance Prep account on web and supported mobile devices to continue your practice and access across devices.