By Nikhil Gupta, CFA · checked against CFA Institute’s Level I exam outlines on 22 October 2026
The short answer
The 2027 Level I outline keeps the same ten topics and the same exam format (180 questions in two 135-minute sessions), but it moves weight: Quantitative Methods rises from 6–9% to 11–14%, and Ethics falls from 15–20% to 10–15%. Four topics are also renamed. Plan your study hours around the new weights if your exam falls under the 2027 outline.
Topic weights, 2026 vs 2027
| Topic | 2026 outline | 2027 outline |
|---|---|---|
| Ethical and Professional Standards | 15–20% | 10–15% |
| Quantitative Methods | 6–9% | 11–14% |
| Economics | 6–9% | 6–9% |
| Financial Statement Analysis | 11–14% | 11–14% |
| Corporate Issuers | 6–9% | 6–9% |
| Equity Investments | 11–14% | 11–14% |
| Fixed Income | 11–14% | 11–14% |
| Derivatives | 5–8% | 6–9% |
| Alternative Investments | 7–10% | 6–9% |
| Portfolio Management | 8–12% | 8–12% |
Exam weights from CFA Institute’s Level I exam outlines. The 2027 outline renames some topics (Corporate Finance, Equities, Derivatives and Risk Management, Portfolio Construction) and moves weight from Ethics to Quantitative Methods. Check cfainstitute.org for the outline that applies to your exam window.
What moved, and what it means for your study plan
- Quantitative Methods: up to 11–14%. Now as heavy as FSA, Equity and Fixed Income. Budget it like a core topic, not a warm-up.
- Ethics: down to 10–15%. Still a large block and still tested in every session. Don’t cut it, but it no longer needs a fifth of your time.
- Derivatives up to 6–9%; Alternatives down to 6–9%. Small shifts; plan both as mid-sized topics.
- Unchanged: Economics (6–9%), FSA (11–14%), Corporate Finance (6–9%), Equities (11–14%), Fixed Income (11–14%) and Portfolio (8–12%).
Renamed topics
| 2026 name | 2027 name |
|---|---|
| Corporate Issuers | Corporate Finance |
| Equity Investments | Equities |
| Derivatives | Derivatives and Risk Management |
| Portfolio Management | Portfolio Construction |
What we teach differently for the Feb 2027 batch
Our Feb 2027 batch follows the 2027 curriculum. Based on that curriculum, its plan gives Quantitative Methods eight sessions and adds these areas:
- Quantitative Methods. Index construction and weighting; money- vs time-weighted returns; covariance, semi-deviation and coefficient of variation; distributions; portfolio return and risk up to the efficient frontier, CAL, CML and CAPM; historical simulation, bootstrapping and Monte Carlo in Excel; CAPM beta by regression; and financial data science, AI and LLMs.
- Equities. Equity instruments, jurisdictions, share classes and voting; issuance and trading; valuation and DCF; relative value; forecasting; industry and company analysis; analyst research reports; and CAPM, the market model and factor models.
Session topics come from our Feb 2027 batch schedule. Always check the official outline for your exam window on cfainstitute.org.
Questions
Which curriculum applies to my exam?
CFA Institute lists the 2026 and 2027 Level I outlines side by side on its Level I exam page. Check which one applies to the exam window you register for; our Nov 2026 batch follows 2026 and our Feb 2027 batch follows 2027.
Has the Level I exam format changed?
No. CFA Institute describes Level I as 180 multiple-choice questions in two sessions of 135 minutes, 90 questions each.
Is Ethics less important now?
Its weight falls from 15–20% to 10–15%, but it is still one of the larger topics. Keep it in your plan from the start.
Do the study hours change?
CFA Institute says successful candidates report more than 300 hours per level. What changes is how you split those hours across topics.
Talk to us before you decide
Leave your number and we'll call you to suggest the right course and plan. Or visit us at Second Floor, Amber Tower, O-30, Sansar Chandra Road, Pink City, Jaipur 302001 · +91 78510 03243 · WhatsApp