Optimal CFA Level 1 Topic Study Order: Maximize Your Preparation for 2025

Dimitri Dangeros, CFA, CAIA
Aug 11
3 min read

An optimal CFA Level 1 topic study order in 2025 should align with exam weights, concept progression, and candidate experience. Strategic sequencing ensures a strong foundation, efficient learning, and maximum attention to high-impact areas.

Optimal CFA Level 1 Topic Study Order for 2025

Ethical and Professional Standards (15–20%)
- Begin with Ethics. Mastering the CFA Institute Code of Ethics and Standards of Professional Conduct is crucial for two reasons: Ethics is the most heavily weighted section, and it serves as a tiebreaker in close pass/fail cases. Starting early allows for repeated review and spaced reinforcement. This topic’s principles also inform your analysis of other sections throughout your studies.
Quantitative Methods (6–9%)
- Follow with Quantitative Methods. Many future topics—including Financial Statement Analysis (FSA), Fixed Income, and Portfolio Management—require working knowledge of statistics, time value of money, probability, and regression. Building your quantitative skills early provides a toolkit essential for understanding more complex material later.
Economics (6–9%)
- Next, tackle Economics. Economics concepts underpin market analysis and drive logic found in asset valuation and macro-level financial decision-making. Sequence it after Quant because some statistical logic is also used here.
Financial Statement Analysis (FSA) (11–14%)
- FSA is the heart of Level 1 and builds on the math/logic foundation from Quant. It trains you to interpret company statements and calculate key financial ratios, cash flows, and performance metrics, forming a base for Equity and Corporate Issuer analysis. Prioritize it for its high exam weight and its influence on several other topics.
Corporate Issuers (6–9%)
- Corporate Issuers connects FSA to capital budgeting, financing, and organizational structures. Concepts like debt/equity, financial strategy, and dividend policy are natural extensions after FSA.
Equity Investments (11–14%)
- Proceed to Equity. Understanding how equities work, their valuation, and market functioning leans on your FSA and Economics knowledge. It’s another high-weight area and often the most “familiar.” Mastering it here maximizes learning retention.
Fixed Income (11–14%)
- Fixed Income is similarly high-weighted and builds on Quant, Economics, and FSA logic. It can be conceptually tough, so tackle it after you’re comfortable with the earlier, foundational topics.
Portfolio Management (8–12%)
- Portfolio Management integrates risk, return, diversification, and asset allocation. It leverages Quant, Economics, Equity, Fixed Income, and parts of Alternatives/Derivatives. Placing it here allows you to synthesize what you’ve learned across asset classes.
Alternative Investments (7–10%)
- Study Alternatives after core asset classes. This section introduces less traditional investment forms (real estate, commodities, PE/VC funds), and will make more sense after primary assets are covered.
Derivatives (5–8%)
- End with Derivatives. As the lowest-weighted area and one that builds on previous Quant and Fixed Income/Equity material, it’s optimal near the end. Derivatives require understanding of time value, risk pricing, and sometimes advanced calculations, so they benefit from deferred but focused attention.

Summary Table: Recommended CFA Level 1 Study Order for 2025

Order	Topic	Exam Weight
1	Ethics & Professional Standards	15–20%
2	Quantitative Methods	6–9%
3	Economics	6–9%
4	Financial Statement Analysis	11–14%
5	Corporate Issuers	6–9%
6	Equity Investments	11–14%
7	Fixed Income	11–14%
8	Portfolio Management	8–12%
9	Alternative Investments	7–10%
10	Derivatives	5–8%

Professional Study Tips for 2025 CFA Level 1:

Use Each Topic’s Learning Objectives: Start each module by reviewing its learning outcome statements, which are highly testable.
Spaced Revision: Revisit Ethics several times. Return to high-yield areas (FSA, Equity, Fixed Income) for reinforcement.
Practice Exam-Style Questions: As you progress through each section, attempt CFA Institute and reputable third-party practice questions to solidify your understanding.
Integrated Practice: In later review weeks, mix topics as they are integrated on the exam. Simulate the test-day experience with full mock exams.
Adaptive Scheduling: If you have a background in a particular area (e.g., accounting or economics), allocate more time to unfamiliar sections instead.

This sequence maximizes knowledge retention, builds logical connections, and focuses on the most important, high-yield concepts for the August 2025 exam, ensuring a confident and efficient preparation path.

Preparing for the CFA Exam?

Boost Your Success Rate with Swift Intellect — Try It Free for 14 Days (No Credit Card Required!)

Whether you're tackling the CFA Level 1 or CFA Level 2 exam, Swift Intellect gives you the edge with AI-powered learning, structured study tools, and real-time feedback.

Our platform is designed to cut study time, improve retention, and help you focus on exactly what you need to pass. Join thousands of candidates already using Swift Intellect to stay sharp and on track.