Quick answer: CFA Level I candidates preparing for 2027 should use the current CFA Institute curriculum, confirm their exam window and registration fees on the official site, and build a study plan around the published topic weights. Planning to take the CFA Level I 2027 exam? See our exam preparation guides for related resources. The curriculum has changed, particularly in Quantitative Methods and Equities, so candidates preparing for 2027 should make sure they are using the new syllabus rather than relying on older CFA study plans.
This guide covers the CFA 2027 syllabus, Level I topic weights, curriculum changes, exam fees, preparation roadmap, and official CFA resources you need to get started.
New Curriculum
from February 2027
Level 1
10 Topics
Computer Based
400+ Test Centers
CFA Level I 2027 Exam at a Glance
| Questions | 180 multiple-choice questions |
| Sessions | 2 sessions of 135 minutes each |
| Questions per session | 90 |
| Time per question | About 90 seconds on average |
| Incorrect answers | No penalty |
| 2027 curriculum | Applies from the February 2027 exam cycle |
CFA Institute confirms that all Level I questions are equally weighted and there is no penalty for an incorrect answer. The exam is split into two 135-minute sessions, with 90 questions in each session.
What Changed for CFA Level I in 2027?
The CFA Level I 2027 syllabus includes substantial updates designed to make parts of the curriculum more practical and relevant to modern investment analysis.
Quantitative Method
11-14% exam weight
- Financial data science
- Artificial intelligence and large language models
- Historical simulation
- Bootstrapping
- Monte Carlo simulation
- Portfolio optimisation
- More practical applications using Excel and Google Sheets
Equities
11-14% exam weight
- Financial statement forecasting
- Revenue and margin projectionsScenario analysisIndustry and company analysis
- Porter’s Five Forces and PESTLE
- Cost of equity
- CAPM and multi-factor models
- Equity research reports
- Buy-side and sell-side research
Don’t Study This Wrong
Don’t prepare for CFA Level I 2027 using only a 2026 syllabus or an old study plan.
The changes to Quantitative Methods are particularly important. Its exam weighting moves from 6–9% in 2026 to 11–14% in 2027, while Ethical and Professional Standards moves from 15–20% to 10–15%.
CFA Level I 2027 Topic Weights
The official 2027 Level I topic weights show where candidates can expect exam emphasis. Use these ranges to guide revision, while still preparing across the full curriculum.
| Topic | 2027 exam weight |
|---|---|
| Ethical and Professional Standards | 10–15% |
| Quantitative Methods | 11–14% |
| Economics | 6–9% |
| Financial Statement Analysis | 11–14% |
| Corporate Finance | 6–9% |
| Equities | 11–14% |
| Fixed Income | 11–14% |
| Derivatives and Risk Management | 6–9% |
| Alternative Investments | 6–9% |
| Portfolio Construction | 8–12% |
What stands out: Quantitative Methods rises materially versus 2026, while Ethics carries a lower range. CFA Institute says the 2027 updates focus primarily on Quantitative Methods and Equities, together representing roughly a quarter of the Level I exam.
Always check that books, courses, question banks and study plans specifically cover the 2027 CFA curriculum.
Your CFA Level I Roadmap
A simple way to approach CFA Level I preparation is:
- 1. Register
- Choose the appropriate CFA Level I exam window and complete your registration through CFA Institute.
- Before paying, check the exam window, scheduling deadlines, current fees and CFA Institute’s latest deferral rules.
- 2. Learn
- Work systematically through all 10 curriculum areas.
- Give additional attention to the revised 2027 Quantitative Methods and Equities material, particularly if you are using third-party study resources.
- 3. Practice
- Move from reading into active problem solving.
- Use practice questions to identify weaker topics, then return to the curriculum where necessary. CFA Institute’s Learning Ecosystem includes practice questions and other preparation tools for registered candidates.
- 4. Mock & Review
- As the exam approaches, shift towards timed practice and mock exams.
- Use your results to identify gaps, review weaker areas and make sure Ethics remains part of your final revision rather than leaving it until the last minute.
A Simple CFA Level I Study Plan
Rather than treating the CFA syllabus as one large block, divide preparation into stages.
- Month 1: Foundations
- Start with Quantitative Methods, Financial Statement Analysis and Economics. Build the concepts that support later topics.
- Month 2: Core Topics
- Move deeper into Equities, Fixed Income, Corporate Finance and Portfolio Construction.
- Month 3: Practice
- Increase question practice across all topics. Track weak areas and revisit concepts where your accuracy remains low.
- Final Stage: Mocks & Review
- Complete mock exams, revise weaker areas and conduct a final review of Ethical and Professional Standards.
This is a framework rather than a fixed timetable. Your actual preparation period should depend on your existing finance knowledge, available study time and exam date.
CFA Level I 2027 Fees
- CFA Institute removed the previous USD 350 one-time enrollment fee beginning with the 2026 exam cycle.
- CFA Institute’s current store lists CFA Level I registration at USD 1,340 for available exam windows, including February and May 2027. Pricing and registration availability can change, so candidates should confirm the amount shown for their chosen window before registering.
Tip: Don’t rely on an old blog post or screenshot for CFA fees. Check the official registration page before paying.
2027 Deferral Policy Change
Important for 2027 candidates: CFA Institute is eliminating the paid deferral option beginning with February 2027 exam administrations. Candidates who decide not to sit their scheduled exam will generally forfeit their registration fee and need to register again for a later exam window. Emergency deferrals remain subject to CFA Institute’s eligibility rules and current policy.
Official CFA Level I Resources
- CFA Learning Ecosystem
- Registered candidates can access curriculum materials, practice questions, mock exams, study-planning tools, flashcards and Practical Skills Modules through the CFA Learning Ecosystem.
- 2027 Curriculum Updates
- CFA Institute has published a dedicated curriculum update explaining the major changes introduced for 2027, including the revisions to Quantitative Methods and Equities.
- Curriculum Errata
- Candidates should also check the official errata during preparation. CFA Institute says confirmed corrections are updated weekly in the Learning Ecosystem, while online errata notices for PDF and eBook users are updated monthly.
CFA Level I 2027 FAQs
Has the CFA Level I syllabus changed for 2027?
Yes. CFA Institute has made substantial updates to Level I, particularly in Quantitative Methods and Equities. The new curriculum applies to exams beginning in February 2027.
What are the biggest CFA Level I changes for 2027?
Quantitative Methods now includes expanded coverage of financial data science, AI and LLM concepts, simulation and portfolio optimisation. Equities has also been revised to place greater emphasis on practical valuation, forecasting, scenario analysis and company research.
How much is Quantitative Methods worth in CFA Level I 2027?
Quantitative Methods accounts for 11–14% of the 2027 Level I exam, compared with 6–9% in 2026.
What are the highest-weighted CFA Level I 2027 topics?
Quantitative Methods, Financial Statement Analysis, Equities and Fixed Income each carry an official weight of 11–14%. Ethical and Professional Standards carries 10–15%.
Can I use 2026 CFA study materials for the 2027 exam?
Older materials may still cover concepts that remain in the curriculum, but they should not be your only preparation source. Candidates should use materials aligned with the 2027 CFA Level I curriculum, especially for revised areas such as Quantitative Methods and Equities.
When does the CFA 2027 curriculum take effect?
The updated curriculum applies to CFA candidates sitting exams beginning in February 2027.