CFA Level 1 Feb 2026: What to Do in Your Final 7 Days (Emergency Study Plan)

CFA Level 1 Feb 2026: What to Do in Your Final 7 Days (Emergency Study Plan)

With the CFA Level 1 February 2026 exam window opening February 2-8, candidates facing the final week often experience a mix of anxiety and urgency. Whether you're behind schedule or simply looking to maximize your last-minute preparation, this emergency study plan will help you strategically use your remaining time to boost your chances of passing.

Understanding the Stakes

The CFA Level 1 exam consists of 180 multiple-choice questions split across two 135-minute sessions, with 90 questions each. Recent pass rates hover between 43-45%, making strategic preparation essential. The exam tests 10 topic areas with varying weights, and understanding these weights is critical to prioritizing your final week effectively.

The 7-Day Emergency Framework

Day 7: Strategic Triage and Assessment CFA Level 1 2026

Your first step is honest self-assessment. Take 2-3 hours to review your mock exam results and identify clear weaknesses. Focus on the highest-weighted topics where you can make meaningful improvements:

Priority Topics (Together account for 50%+ of your exam):

• Ethics and Professional Standards (15-20%)

• Financial Statement Analysis (11-14%)

• Equity Investments (11-14%)

• Fixed Income (11-14%)

If you're scoring below 60% in any of these areas, dedicate concentrated time here. For topics where you're consistently scoring above 70%, maintain knowledge through brief reviews rather than deep dives.

Critical Decision: If you're significantly behind in multiple areas, consider dropping the lowest-weighted topics entirely. Derivatives (5-8%) and Economics (6-9%) can be strategically sacrificed if necessary to strengthen your foundation in higher-weighted subjects.

Day 6: Ethics Intensive

Ethics deserves special attention for two reasons: it carries the highest weight range (15-20%) and serves as a tiebreaker for borderline candidates. CFA Institute has been known to bump candidates who fall just short of the Minimum Passing Score if they performed strongly in Ethics.

Spend 4-5 hours reviewing the Code of Ethics and Standards of Professional Conduct. Focus on understanding the spirit behind each standard rather than memorizing exact wording. Review case studies and violations scenarios, as these frequently appear on the exam.

Key areas within Ethics that repeatedly appear:

• Standard I: Professionalism (particularly independence and objectivity)

• Standard III: Duties to Clients (especially suitability and fair dealing)

• Standard VI: Conflicts of Interest (disclosure requirements)

• GIPS fundamentals and compliance requirements

Day 5: Formula Sheet Finalization

Create or refine your formula sheet with the 20-30 most critical formulas you must know cold. These should be formulas you haven't fully memorized that appear frequently across high-weighted topics.

Essential formulas to master:

• Time Value of Money calculations (present value, future value, annuities)

• Statistical measures (mean, standard deviation, correlation, regression)

• Financial ratios (profitability, liquidity, solvency, efficiency)

• Bond valuation and yield measures

• Equity valuation models (DDM, P/E ratios)

• Portfolio statistics (Sharpe ratio, beta, CAPM)

Practice these formulas with your approved calculator (TI BA II Plus or HP 12C) to build muscle memory. Many candidates lose points not from conceptual gaps but from calculator errors under time pressure.

Day 4: Mock Exam Session Analysis

If you haven't taken a full-length mock exam, take one today under strict timed conditions. If you've already completed mocks, use this day to deeply analyze your performance patterns.

Review every incorrect answer, not just to understand the right answer, but to identify why you chose the wrong one. Common patterns include:

• Misreading questions

• Calculation errors

• Confusion between similar concepts

• Time management issues

For questions you got right but guessed on, review those too. These represent gaps that could easily swing the other direction on exam day.

Day 3: High-Yield Topic Review

Focus exclusively on Financial Statement Analysis and Quantitative Methods today. These topics provide foundational knowledge that bleeds into other areas and carry significant weight.

For FSA, concentrate on:

• Understanding the three primary financial statements and their interconnections

• Common adjustments and their impacts

• Key ratios and what they indicate about company health

For Quantitative Methods:

• Probability concepts and distributions

• Hypothesis testing basics

• Time-series analysis fundamentals

Avoid going deep into obscure corners. Stick to concepts that appear repeatedly in practice questions and mock exams.

Day 2: Pacing and Strategy Refinement

Today is about exam mechanics, not content. Practice with 45-question sets (half a session) to refine your pacing strategy. You have approximately 90 seconds per question, but realistically you'll spend 30-45 seconds on many and 2-3 minutes on complex calculations.

Develop a flagging strategy: on your first pass through each session, answer questions you're confident about and flag uncertain ones. This ensures you capture easy points before time runs out. Remember, there's no penalty for guessing, so never leave questions blank.

Practice your calculator efficiency. Know shortcuts like storing values in memory, using cash flow worksheets, and quickly switching between modes. These seconds add up across 180 questions.

Day 1: Mental Preparation and Logistics

Stop studying by noon. Seriously. Cramming the day before will increase anxiety without meaningfully improving retention. Instead, focus on exam-day readiness.

Checklist for Tomorrow:

• Valid international passport (name must match your CFA registration exactly)

• Approved calculator with fresh batteries

• Confirm your testing center location and appointment time

• Plan your route, accounting for traffic and arrive 30 minutes early

• Prepare light snacks and water for the optional break between sessions

• Review CFA Institute's exam policies to avoid violations

Spend the afternoon and evening relaxing. Watch a movie, take a walk, have a good meal, and get at least 7-8 hours of sleep. Your brain needs rest to perform optimally.

Final Week Best Practices

What to Do:

• Focus on repetition of already-studied material rather than learning new concepts

• Drill practice questions daily (100+ per day minimum)

• Review Ethics every single day, even if just 30 minutes

• Stay physically active and maintain regular sleep patterns

• Keep your study materials with you to utilize any spare moments

What to Avoid:

• Starting completely new topics

• Taking full mock exams within 48 hours of your exam

• Pulling all-nighters or disrupting sleep schedules

• Comparing your preparation to other candidates

• Panicking about topics you haven't covered

Understanding the Computer-Based Format

Since 2021, all CFA Level 1 exams are computer-based. Familiarize yourself with the interface through CFA Institute's practice platform. Questions appear one at a time, and you can flag them for review. The calculator function is not provided—you must bring your own approved device.

The exam is divided into four topic groups, with questions potentially shuffled within each group. Don't be surprised if you see Ethics questions followed by Alternative Investments in the first session.

The Mental Game

The final week is as much psychological as it is academic. Many candidates sabotage themselves through negative self-talk or comparisons to others. Remember that you've already invested 300+ hours of preparation. Trust that foundation.

If anxiety strikes during the exam, use the 30-second reset: close your eyes, take three deep breaths, and refocus on the question in front of you. One question at a time is your mantra.

Results and Next Steps

CFA Level 1 results typically arrive 5-7 weeks after your exam date. You'll receive a pass/fail result along with performance feedback by topic area. If you pass, you'll become eligible to register for Level 2. If not, you can retake the exam in a future window.

Regardless of the outcome, completing the exam represents significant professional development. The knowledge gained has immediate applications in investment analysis and portfolio management careers.

Conclusion

Seven days may seem insufficient, but with strategic focus on high-weighted topics, disciplined practice, and proper exam-day preparation, you can significantly improve your performance. The CFA Level 1 exam rewards both knowledge and test-taking savvy.

Focus on what you can control: your preparation strategy, your mindset, and your execution on exam day. Trust your preparation, stay calm under pressure, and remember that this is just one step in your broader career journey.

Good luck to all February 2026 candidates. You've put in the work—now go show what you know.