CFA Level 1 Study Plan for 6 Months: The Strategy That Actually Works

The CFA Level 1 Study Plan for 6 Months is one of the most practical ways to prepare for the exam.

Whether you are a student or a working professional, you will get enough time for revision and mock tests. You will be able to stay consistent, cover every topic properly, and avoid last-minute pressure. 

Read the blog further as it takes you through a complete CFA Level 1 Study Plan for 6 Months. It will help you understand what to study each month, how to revise, and how to practice mock tests effectively.

Understanding CFA Level 1 Topics and Weightage

Before starting your prep, it is better to understand CFA Level 1 topics and their respective weightage. It will help you plan your preparation effectively. The main topics include:

• Ethics and Professional Standards (15–20%) – A high-weight section that is crucial for passing.
• Quantitative Methods (8–12%) – Covers time value of money, statistics, and probability basics.
• Financial Reporting and Analysis (FRA) (13–17%) – Focuses on financial statements and accounting concepts.
• Corporate Finance (8–12%) – Key concepts of capital budgeting, cost of capital, and corporate governance.
• Economics (8–12%) – Includes micro and macroeconomics relevant to financial analysis.
• Equity Investments (10–12%) – Basics of equity markets, valuation, and analysis.
• Fixed Income (10–12%) – Bonds, yields, and risk analysis.
• Derivatives (5–8%) – Introduction to futures, options, and swaps.
• Alternative Investments (5–8%) – Real estate, private equity, and other alternatives.
• Portfolio Management & Wealth Planning (5–8%) – Investment planning, portfolio theory, and asset allocation.

Understanding the weightage of these topics will help you frame your CFA Level 1 study plan. You learn what to prioritise first and where to focus more to score higher marks. Therefore, you can follow the month-wise CFA Level 1 study timetable discussed below to cover the syllabus efficiently, revise thoroughly, and practise enough mock tests before the exam.

Month-Wise Study Guide of CFA Level 1

If you want to prepare for CFA Level 1 in 6 months, then you should completely follow a disciplined and systematic approach. Each month has specific goals, be it balancing learning new topics, revising old ones, and practising questions. Let us have a look at the comprehensive month-wise plan to help you prepare for the CFA Level study plan 6 month:

Month 1 – Build Strong Basics

The first month is all about laying a solid foundation. So, you should focus on Ethics, Quantitative Methods, and Financial Reporting & Analysis (FRA). These also carry high-weightage sections and play a critical role in passing the CFA Level 1 exam.

• Ethics: Read the CFA Institute’s Standards of Professional Conduct carefully to understand key principles rather than memorising. Ethics is crucial because it can be a deciding factor in close exams.
• Quantitative Methods: They cover the time value of money, basic probability, and statistics. You can make formula notes and practise numerical problems daily.
• FRA: Start with basic financial statements, ratios, and cash flow analysis. Focus on understanding concepts like income recognition, inventory, and depreciation.

Study Tips:

• Follow these tips while beginning to prepare for a solid foundation.
• Study 2–3 hours on weekdays and 4–5 hours on weekends.
• Take notes while reading; these will be useful for later revisions.
• Solve end-of-chapter questions to strengthen understanding.
• Avoid moving to new topics until you feel confident with the basics.
  

Month 2 – Cover Core Numerical Subjects

In the second month, move to Economics, Corporate Finance, and Equity Investments, which involve calculations and application-based learning.

• Economics: First, you should try to cover microeconomics, then macroeconomics by focusing on demand-supply, elasticity, GDP, inflation, and monetary/fiscal policy concepts.
• Corporate Finance: In corporate finance, learn capital budgeting, cost of capital, capital structure, and corporate governance and understand formulas and practice real-life examples.
• Equity Investments: You should study valuation methods, stock analysis, and market concepts. Your focus on understanding rather than memorising will make you win in the long run.

Study Tips:

In the first month, it is expected that you are already set with your CFA Level 1 study schedule. Now you should also,

• Continue 1–2 hours of FRA and Ethics revision weekly.
• Solve CFA Learning Ecosystem (LES) topic questions for practice.
• Make short notes for formulas, key definitions, and ratios.
• Dedicate one day each week purely to the revision of previous topics to retain concepts.

Month 3 – Tackle Difficult Topics

During the third month of your CFA Level 1 study schedule, dedicate your efforts to the most difficult areas of Fixed Income, Derivatives, and Alternative Investments. If not, at least these subjects are the ones that scare you the most, so devote the maximum time possible to them.

• Fixed Income: In fixed income, familiarise yourself with the areas of bond pricing, yield measures, duration, and convexity. Besides, do calculation-based questions as much as possible for good preparation.
• Derivatives: You will have to go through forwards, futures, options, and swaps. It would be wise to create a formula sheet and practice pricing questions daily until now.
• Alternative Investments: Besides, over real estate, private equity, commodities, and hedge funds, with main characteristics, valuation methods, and risk factors.

Study Tips:

• Apply the third month’s tips in your CFA Level 1 preparation to ensure you get higher marks. You need to, 
• Allocate extra time to numerical-heavy topics—a minimum of 1 hour daily for practice problems.
• Refresh your memory with Ethics, FRA, and Quantitative Methods to keep retention.
• Visualise or watch videos to comprehend derivatives and alternative investment concepts.
• Continue revising formulas daily; consistent practice is the main thing for calculation-based topics.

Month 4 – Portfolio Management + Full Revision

After three months of your preparation, now head to the 4th month with a full basics revision. 

• Portfolio Management: Finish with investment policy statements, asset allocation, portfolio theory, and risk management techniques. This part will link all the previous ones and will be crucial for learning about the real-world applications.
• Revision: Systematically take all the topics which have already been studied and go through them again. Use your personal notes, formula sheets, and solved questions, and you will be continuously learning.
• Mock Test: Take your first full-length mock exam to know your strong and weak points.

Study Tips:

• Practice and consolidation are the themes of this month. Mock exams will be the main activity of your preparation. Besides,
• Master every topic and pinpoint your weak areas.
• EOC questions and LES topic tests are to be your regular practice.
• Plan for 1-2 hours every day for revision and keep track of tough concepts to be revisited next month.

Month 5 – Mock Tests, Practice & Weak Areas

You have already completed all your topics by now; thus, in the penultimate month of the CFA Level 1 study schedule, you should take 2–3 full-length mock exams to simulate exam conditions. Be sure to strictly manage your time. let the song be,

• Each mock test should be analysed in detail: mistakes should be noted, weak chapters should be revised, and the time lost should be understood.
• Topic tests and past questions should be solved, focusing on the weaker areas.
• Keep practising Ethics and FRA; they are both high-weight and scoring topics.

Study Tips:

• At this point, you should,
• Daily spend 1-2 hours on weak areas.
• Revise formulas and key definitions several times.
• Be consistent and do not skip practice sessions.

Month 6 – Final Preparation & Exam Strategy

The final month is meant for the last revisions, mock exams, and exam strategy. Therefore, do not learn new subjects now; just concentrate on the knowledge already possessed.

• Take 2–3 mock exams more, analyse errors, and go back to the hard concepts.
• Go back to Ethics thoroughly; this part often counts when it comes to borderline results.
• Little revision of formula sheets and short notes.

See your exam day strategy: time distribution per question, the sequence of sections to be attempted, and stress management.

Study Tips:

It is time for relaxing as well,

• Keep away from burnout; work smart, not too much.
• Follow a revision plan with the shorter, more concentrated sessions.
• Take sufficient rest and have a healthy routine to ensure you are alert in the exams.

This extensive month-wise guide is made to make students adhere to a disciplined routine, emphasise high-weight topics, and gradually build up the confidence for the CFA Level 1 exam.

Common Mistakes to Avoid

Many students pour their hearts into preparing for CFA Level 1. They struggle to clear the exam because of a few common mistakes that go unnoticed. So, it is better to avoid these mistakes as they can significantly improve your score and make your 6-month preparation more effective.

1. Ignoring Ethics Until the End

Ignoring ethics that carry more weight must not be ignored. It becomes the deciding factor in borderline results. Students who leave Ethics for last usually do not get what it teaches. They fail to absorb the principles clearly. So, it is suggested to study Ethics early and revise it frequently, at least once every 2–3 weeks.

2. Not Solving Enough Practice Questions

Only reading and no practice is not enough for the CFA Level 1. The exam tests whether you are able to apply concepts or not. Many students finish the readings but skip the practice questions due to a lack of time. And this becomes one of the biggest reasons for your low scores. So, solve end-of-chapter questions, topic tests, and mock exams regularly.

3. Underestimating FRA and Quantitative Methods

Do not underestimate FRA and Quantitative Methods. They both form a huge portion of the exam and require strong conceptual understanding. If you are also delaying these subjects or rushing through them, then you will also suffer. Give them enough time in the first two months and keep revising throughout your preparation.

4. Not Revising Earlier Topics Regularly

CFA Level 1 covers vast content, and it is natural to forget earlier chapters if you don’t revise. Many students focus only on new topics and realise too late that they have forgotten the basics. Keep one revision slot every week for previously covered subjects.

5. Starting Mock Tests Too Late

You should follow the CFA Level 1 study plan and give mock tests on time. Starting late limits your ability to analyse your mistakes and improve. Begin mock tests by Month 4, and increase frequency in the last two months of prep.

6. Relying Only on One Study Source

Depending on just one book or set of notes is risky. CFA exams require conceptual depth, real-world understanding, and strong practice. Use a combination of:

• CFA Institute Learning Ecosystem
• End-of-chapter questions
• Topic tests
• Mock exams
• Supplementary videos or notes if required

7. Poor Time Management During Preparation

Do not spend too much time on one subject and too little on others. This creates an imbalance. So, you should follow a structured plan, set short-term targets, and don’t allow any topic to drag beyond schedule.

8. Avoiding Weak Areas Instead of Fixing Them

It is so common to avoid topics that feel difficult, especially Derivatives, Fixed Income, and Quantitative Methods. But avoiding them only creates fear. So, what you should do is break the concepts into smaller parts and practise them regularly until you gain confidence.

9. Studying Without a Formula Sheet

CFA Level 1 is full of formulas, so it is better to maintain a sheet. It will make revision easy and quick to revise every week.

10. Overstudying Without Breaks

Continuous studying without a break causes tiredness and poor memory. A lot of students end up burned out in the last month of their prep. So, work out a realistic schedule, take short breaks in between, and live a balanced life with studies. Exertion does not lead to results.

Study Material You Need

The CFA exam preparation is not just a matter of reviewing some books. It is a combination of suitable study material together with the suitable method of using it. Often, students fall into the trap of gathering a plethora of resources and subsequently becoming overwhelmed. 

Selecting a curated bunch of materials and deriving the highest value from each one is the smartest tactic. In the following paragraphs, we present a comprehensive, step-by-step guide that uncovers what is necessary—and how to apply it to get you ready for the examination.

1. CFA Institute Curriculum (Mandatory Resource)

The CFA Institute has officially released this as its study material. Here, every Learning Outcome Statement (LOS) comes with a thorough explanation. To make this material useful, you should do the following,

• First of all, read the LOS at the beginning of each topic so you are aware of the expectations of your exam.
• Do not make an effort to memorise the entire textbook. Rather, develop a clear understanding of concepts, particularly in areas such as Ethics, FRA, Equity, and Fixed Income.
• Once you have completed a chapter, answer the End-of-Chapter (EOC) questions. By doing so, you will also get to know the CFA Institute’s expected reasoning.
• Only highlight the key formulas and concepts; refrain from marking whole paragraphs.
• Consider this as your foundational knowledge. Every other resource assists but does not replace this.

2. Summary Notes (Schweser / edZeb’s Condensed Notes)

The syllabus is extensive. Thus, summary notes allow you to review faster and more scientifically. Therefore, you must make it powerful,

• After the first complete study of the curriculum, use them.
• These notes are great for revision before mocks since they point out what is really examinable.
• Visit these notes again every Sunday to test your memory of them.
• The purpose is not to wipe out the curriculum but to enhance your memory.

3. Formula Sheets

The CFA exams place a heavy emphasis on formulas. A special formula sheet clears things up and is thus very useful in the revision phase. How to use it:

• From the very first day, start compiling your formula sheet.
• Put together all the formulas for QoQ (Quant), FI (Fixed Income), Derivatives, and Portfolio Management in one location.
• Spend 15 minutes every day on formula revision—this is good for memory.
• Don’t just learn formulas; through question sets, practice applying them.
• Your formula sheet is going to be your biggest asset in the last 30 days.

4. Question Banks (QBank)

The QBank provides questions on different topics with a wide range of difficulty levels. It makes your brain adapt to the CFA exam style of thinking.

Usage methods:

• When you complete a chapter, try doing 30~50 QBank questions from that chapter at least.
• Try to answer the questions without a time limit at first to improve accuracy before speed.
• Examine each wrong answer critically—note down the error in a separate “Error Notebook.”
• Each weekend, practice a mixed set to check retention.
• Don’t forget: question solving is more critical than reading repeatedly.

5. CFA Institute Learning Ecosystem (LES)

This is the approved online platform, which includes videos, flashcards, question sets, and chapter summaries. Ways to use the platform effectively: 

• Use the flashcards for the subjects of Ethics, Economics, and Portfolio theories.
• Official practice questions should be tried; these are the closest ones to the real exam.
• Do the quizzes at the end of each reading session.
• It is a MUST to be present at the LES since the official questions are the most certain indicator of exam difficulty.

6. Mock Tests (Full-Length Exams)

Mock tests are undoubtedly the mainstay of your preparation. The main reason for the failure of a good number of students is that they completely skip the mocks or just take a few of them. The following is the most effective way to use mocks:

• Start by giving mocks at least 45-60 days before the exam.
• Make sure to take at least 6 full mocks—3 from the official source and 3 from a reliable coaching/QBank provider.
• Always simulate the exam atmosphere:
• Stay in front of the computer for 4.5 hours
• Do not use your phone
• No break
• For each mock test, spend around 6 to 8 hours analysing the mistakes made.
• Maintain the scores for each topic and address the weak areas right away.
• Mocks change your preparation to exam-ready performance.

7. Revision Maps + Flashcards

Revision maps represent a compact picture of extensive subjects. Flashcards are a great way to up memory. Here are some tips on how to use them:

• For the last 30 days, use them when revision is at lightning speed.
• Make personal flashcards specifically for Ethics, FRA changes, and Debt securities vocabulary.
• Utilise revision maps the day before mock exams and before unit tests.
• This increases recall speed, which is vital during the exam when you have less than 2 minutes per question.

8. Error Notebook (Your Personal Weak-Area Guide)

Purchasing is not the option for this resource; it is a creation instead. The effective usage presents itself as follows: 

• Each time you answer a question incorrectly, write down:
• The concept you did not grasp
• The right method
• The reason your method was incorrect
• Go through this notebook every night for 15 minutes.
• By the last week, this notebook has turned into your strongest revision aid.

Tips to Follow During Your 6-Month CFA Study Plan

You must adhere to the advice provided to attain high marks.

• Create a daily schedule and stick to it so that your preparation remains uniform and you do not lag behind.
• Begin with the fundamental subjects, as strong foundations make it easier to grasp the advanced chapters.
• Revise weekly, as the CFA syllabus is extensive and continuous revision helps you retain what you have learned.
• Do more question practice than reading, as the exam is about applying knowledge, not just theory.
• Examine each mistake made so that the same errors are not repeated during subsequent practice.
• Study Ethics first and then revise it again, as it has a large weightage and affects borderline cases.
• Have a formula sheet and keep adding to it as your preparation goes on, so that revision is quicker.
• Simulate tests at regular intervals and evaluate each one to discover your weak points.
• Do not use too many study materials, as limiting them to a few trusted ones keeps your preparation clear and on point.
• Take breaks during your studies to prevent exhaustion and to be able to work productively for a longer time. 

Conclusion

Following a structured CFA Level 1 Study Plan for 6 Months helps you stay consistent, complete the vast syllabus on time, and build the confidence needed to clear the exam. When you divide your preparation month-wise, revise regularly, and practise enough questions, the workload becomes much easier to handle. Make sure you rely on the right study materials, analyse every mock test, and keep your basics strong from the start. With discipline, a fixed routine, and smart practice, you can complete the CFA Level 1 syllabus effectively and walk into the exam with full clarity and confidence.