CFA Level 1 Topic Weights (vs.

Previous Years)
Topics / Weight 2018 2019 2020 2021 2022
Quantitative Methods 12% 10% 10% 8-12% 8-12%
Economics 10% 10% 10% 8-12% 8-12%
Financial Statement Analysis 20% 15% 15% 13-17% 13-17%
Corporate Finance / Issuers 7% 10% 10% 8-12% 8-12%
Equity 10% 11% 11% 10-12% 10-12%
Fixed Income 10% 11% 11% 10-12% 10-12%
Derivatives 5% 6% 6% 5-8% 5-8%
Alternative Investments 4% 6% 6% 5-8% 5-8%
Portfolio Management 7% 6% 6% 5-8% 5-8%
Ethics 15% 15% 15% 15-20% 15-20%

Session Functional Area Topic Exam Weight

Ethical and Professional Standards Ethical and Professional Standards 15-20%
Tools Quantitative Methods 8-12%
1
Economics 8-12%
Financial Reporting and Analysis 13-17%
Portfolio Management and Analysis Corporate Finance 8-12%
Portfolio Management 5-8%
Assets Equity Investments 10-12%
2
Fixed Income 10-12%
Derivatives 5-8%
Alternative Investments 5-8%
 First session (2 hours, 15 minutes): 90 multiple choice questions, covering the topics of ethics & professional
standards, quantitative methods, economics, and financial reporting and analysis
 Second session (2 hours, 15 minutes): 90 multiple choice questions, covering the topics of corporate finance, equity,
fixed income, derivatives, alternative investments and portfolio management