🎓 CFA Level I Exam Guide 2026: Syllabus, Changes & Difficulty

If you’re planning to sit for the CFA Level I exam in 2026, this guide lays out what you need to know: the syllabus, any changes, how difficult the exam is, and how you should prepare—including using a solid question bank and full-mock exams.

The CFA Level I exam is the entry-level exam for the globally recognised CFA Institute credential. It focuses on foundational investment tools and ethical practices. Passing it means you’re ready to move on to Level II and eventually earn the CFA charter.

For 2026 the typical structure is:

• Two sessions (morning & afternoon) – each roughly 2 hours-long. 
• Combined total: 180 multiple-choice questions (90 in each session).
• Topics span ten major areas.
• You must pass Level I to progress to Level II.

1. Ethical and Professional Standards – 15-20%
2. Quantitative Methods – 6-9%
3. Economics – 6-9%
4. Financial Statement Analysis – 11-14%

1. Corporate Issuers – 6-9%
2. Equity Investments – 11-14%
3. Fixed Income – 11-14%
4. Derivatives – 5-8%
5. Alternative Investments – 7-10%
6. Portfolio Management – 8-12%

The major change is in the Ethics topic: some standards have been updated (for example, conflicts of interest, client disclosures), which means you’ll find some new case-style questions.
 

Other than that, the structure, weights, and major topic areas remain unchanged. This means if you have already begun studying with the 2025 curriculum, you’re still largely on the right track.

Many candidates rate it as challenging but fair if you prepare well. Key factors:

• It’s broad: you’ll need to cover ten topics, not just two or three.
• Depth: many questions test the application, not just memorisation.
• Time pressure: you must maintain pace through 180 questions over ~4 hours.
• Ethics and FSA often separate average from above-average scorers.

If you approach it with strong preparation, mock exams, good question banks, and a structured schedule, you give yourself a solid chance to pass.

1. Understand the syllabus and topic weights. Focus heavier time on areas like Ethics, FSA, Equity, and Fixed Income.
2. Use a reliable question bank. Practise hundreds of MCQs by topic.
3. Take full-length timed mock exams. Get accustomed to the duration and pacing.
4. Review your results. Identify weak areas and revisit them specifically.
5. Consistent schedule. Study daily, not just in long bursts. Even small regular sessions add up.

If you’re using a CFA question bank or mock test simulator, track your performance by topic. You’ll quickly see which areas need deeper review.

The CFA Level I exam in 2026 is your chance to demonstrate mastery of investment fundamentals and ethical standards. With the syllabus largely stable and only minor updates, this is a great time to prepare. A targeted approach with the right practice material - mock exams, question banks, structured review - will help you succeed.