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What Is The Best CFA Level 1 Study Order?What Is The Best CFA Level 1 Study Order?What Is The Best CFA Level 1 Study Order?What Is The Best CFA Level 1 Study Order?What Is The Best CFA Level 1 Study Order?What Is The Best CFA Level 1 Study Order?What Is The Best CFA Level 1 Study Order?What Is The Best CFA Level 1 Study Order?What Is The Best CFA Level 1 Study Order?
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Level 1 Topic Order • Level 2 Topic Order • Level 3 Topic Order
There are 57 readings in CFA Level 1 curriculum. But should you study the topics
in order? Or is there an optimal CFA Level 1 study order?
We’ve received questions like these time and again in the 300Hours forum
(which, by the way, you can join for free CFA advice).
In order to get the best answers, we reached out to John Bowman, CFA
(previously managing director & co-lead of Education at CFA Institute) and his
advice to readers is below:
While there is no hard fast “o�cial” order of the readings, the published �ow
mirrors the content progression of the competences taught in the Program.
https://300hours.com/author/zee/
https://300hours.com/articles/what-is-the-most-effective-level-ii-cfa-exam-study-session-order
https://300hours.com/articles/cfa-level-3-study-order
https://300hours.com/cfa-curriculum-changes-topic-weights/
https://300hours.com/forum/
https://300hours.com/
So what should be your ideal CFA Level 1 study order?
We have some advice in this area as well. Rob Thakur, CFA, Head of Fitch
Learning Professional Quali�cations, has also chipped in on this subject with his
expertise.
Rob will be analyzing each study session, what you should expect, and
recommend a plan with the best CFA Level 1 study order.
We hope this helps you prepare for your CFA Level 1 exam!
For Levels 1 & 2 it is Ethics -> Tools ->Asset Classes -> Portfolio
Management.
Since Level 3 is basically all Portfolio Management, the �ow follows the
portfolio management process and is Ethics -> PM Framework -> Asset
Class Strategies -> Client Needs -> Execution -> Performance Evaluation.  
However, the design of the readings in each study session do not assume
that the candidate approaches the study sessions in any particular order.
Generally the same holds true for readings within a particular
study session but the best approach is to follow the order of the readings
within a study session.  Alternatively, some candidates tackle areas of
weakness or less familiarity �rst.  We would also stress to cover Ethics both
at the beginning and end given its importance.
Master the New CFA CBT Format
https://www.cfainstitute.org/en/programs/cfa/curriculum/study-sessions
https://300hours.com/articles/cfa-ethics-why-you-need-to-master-it
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The Recommended Study Plan for CFA Level 1 Topics
In the process of guiding candidates to passing their CFA exams, I’ve
determined and used an alternate order to approach CFA readings.
This study structure has been followed by over 34,000 CFA exam candidates
over 16 years.
1st: Quantitative Methods (Readings 6-8)
Quantitative Methods is the absolute foundation of the CFA Level 1 syllabus.
Covering concepts such as the Time Value of Money (TVM), Present & Future
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Values, and Annuities. A solid understanding of these topics will pay dividends
later in areas such as Asset Valuation and Portfolio Management. 
During the course of this study session, you will also be expected to get to grips
with the o�cial CFA calculator, the Texas Instruments BA II Plus. Check out this
BA II Plus calculator guide for more tips.
2nd: Financial Reporting and Analysis (Reading 19-30)
Covering the interactions of the Balance Sheet, the Income Statement and the
Cash Flow Statement, Readings 21-23 are particularly useful if you are
unfamiliar with the basics of accounting.  
You will be focusing on the speci�c categories of assets and liabilities that are
typically susceptible to alternative accounting policies and estimates. 
As an analyst, the ability to interpret company accounts and economic capacity
is vital so this area is a signi�cant piece of your learning. Topics covered here
include: Inventory Costing (LIFO/FIFO), Depreciation, Intangible Assets, Deferred
Taxes, Leasing and Accounting for Bonds.
3rd: Asset Classes (Readings 36-50, in the following order)
https://300hours.com/ba-ii-plus-guide/
https://300hours.com/articles/a-day-in-the-life-of-an-investment-banking-analyst
https://300hours.com/f/cfa/level-1/topic/fifo-lifo/
https://300hours.com/f/cfa/level-2/topic/deferred-taxes-in-fcf/
With a multitude of asset classes covered in the syllabus, here’s my suggested
study order:
Fixed Income (Readings 42-47): Having mastered the concept of TVM in
Quantitative Methods (Readings 6-8) you will be well positioned to
quickly understand the topics covered in this session.
Equity (Readings 39-41, then 36-38): Readings 39-41 focuses on the
analysis, valuation and characteristics of equity securities. Once again
your knowledge of TVM will prove bene�cial as you can move quickly
from an understanding of equity securities to valuing the equity itself.
With a clear understanding of equity securities from the previous
readings, you should be able to move through Readings 36-38 and its
topics with relative ease.
Alternative Investments (Reading 50): This is relatively small study
session that can be easily overlooked – but do so at your peril. Covering
topics such as Real Estate and Private Equity, this is a relatively straight
forward topic area. But while it makes up only 3% of the exam, that 3%
could make a signi�cant difference to your overall mark!
Derivatives (Readings 48-49): Building the conceptual framework for the
understanding of basic Derivative Securities, Forwards, Future Options
and Swaps, these readings will ensure you are competent in your
comprehension of these different �nancial instruments, which form a
foundation for future levels.
4th: Corporate Finance (Readings 31-35)
While there is some overlap in this study session with the accounting section of
the syllabus, notably Financial Analysis Techniques, as well Net Present Value
and Internal Rates of Return in Quantitative Methods, topics such as Budgeting
the Cost of Capital and Measures of Leverage are the foundations of this study
session. 
Corporate Governance also features in this topic, and is de�nitely one that
should be reviewed closer to the exam.
5th: Quantitative Methods (Readings 9-11)
Jumping back into the world of Quantitative Methods, this study session is
often viewed as one of the more di�cult areas of the syllabus to master.
Introducing concepts such as sampling and estimation as well as hypothesis,
you should be aware that perceived di�culty of these topics may slow the pace
of your studies. You should therefore build in adequate time to tackle this
session.
6th: Portfolio Management (Readings 51-57)
Portfolio planning and the construction process are critical topics in this study
session.
In addition, the area of diversi�cation is introduced, and statistical concepts
such as standard deviation covered previously are applied in the context of
Portfolio Management.
7th: Economics (Readings 12-18)
Economics covers three main areas and takes time to get through:
https://300hours.com/articles/how-to-understand-diversification-in-level-i
Microeconomic and Macroeconomic Analysis (Readings 12-15):
Important particularly if you are new to the world of Economics,these
readings introduce the basic concept of supply and demand (Reading
12). Once you have grasped this, you can expand your knowledge to
cover the output and costs incurred by �rms – �xed, variable and
marginal costs (Reading 13). Covering basic macroeconomic concepts
this study session begins with the analysis of aggregate demand, supply
and output combined with examination of economic growth (Reading
14). Moving onto business cycles in different economies, this session
concludes with a look at the �scal and monetary policy as a backdrop for
mitigating economic activity (Reading 15).
Monetary and Fiscal Policy, International Trade, and Currency Exchange
Rates (Readings 16-18): This study session explains the �ow of goods
and services, physical and �nancial capital across countries. It also
provides an overview of currency market fundamentals.
Last, but not Least: Ethical and Professional Standards (Readings 1-5)
This is a crucial topic which isn’t easy, so don’t leave it to the last week. That’s
too late.
Ideally, have a review early in your studies and then hit it hard in the �nal month.
Make sure you understand the rule and regulations that make up the ethics
syllabus – scenarios in the CFAI curriculum will allow you to put these
conventions into a practical context. The questions will be scenario-based so
make sure you can apply the rules to hypothetical situations.
https://300hours.com/articles/3-must-know-tips-to-nailing-ethics
If you have any questions about the CFA Level 1 study order, comment below!
P.S – these resources may be helpful: 3H
Get 300Hours’ upgraded Study Planner for free → 
Refer to the latest CFA curriculum & topic weight changes for all 3
Levels → 
CFA Level 1 – The 10 Commandments → 
CFA Level 1: How to Prepare & Pass CFA in 18 Months → 
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The 2021 CFA Candidate Recommended Reading List
6 thoughts on “What Is The Best CFA Level 1 Study Order?”
http://www.300hours.com/articles/300-hours-rough-guide-to-a-solid-cfa-study-plan
https://www.300hours.com/articles/cfa-exam-curriculum-and-topic-weight-changes
https://300hours.com/articles/cfa-level-i-the-10-commandments
https://300hours.com/how-to-prepare-cfa-level-1/
https://300hours.com/kaplan-schweser-exam-sim-cfa-cbt/
https://300hours.com/the-essential-cfa-candidate-reading-list/
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K
M
Kholoud
13 Aug 2021 at 4:46 pm
Hi there, 
Where can i �nd the “Readings”? which text book is this article referring to?
Zee Tan
13 Aug 2021 at 7:53 pm
The o�cial CFA curriculum – the curriculum text that you get in soft copy when you register for
the CFA exam.
Mario
28 Jul 2021 at 6:45 am
Is there any update to 2022? Sorry kind of lost.
Zee Tan
28 Jul 2021 at 5:32 pm
Yes, the curriculum changes every year – the summary of changes from 2021 to 2022 can be
found here. However our recommended order of study for 2022 remains unchanged.
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Roberto
02 Aug 2021 at 12:00 am
Can you please update your proposed order for 2022 L1? (considering some readings have
been added/ some deleted).
Sophie Macon
04 Aug 2021 at 2:51 pm
Hi Roberto, we plan to update the proposed order in a few months time as there are still
2021 L1 candidates. However, judging from the overall minor changes for L1 2022’s
syllabus, we suspect the recommended topic study order wouldn’t change much, if at all!
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