1. Ethical and Professional Standards

• Weightage:15-20%

• Why First:

Ethics forms the foundation of the entire CFA exam. Starting with Ethics allows you to internalize the professional standards you'll need to adhere to throughout your CFA journey. Moreover, Ethics tends to be revisited across all three levels of the CFA program, so mastering it early is key.

• Benefit:

CFA Level 1 often has several tricky questions on Ethics, and since it's a large portion of the exam, getting a good grip on it can significantly boost your score.

2. Quantitative Methods

• Weightage:6-9%

• Why Second:

Quantitative Methods introduces many important concepts, including time value of money, probability, and statistical analysis. These are fundamental to understanding several other topics like Corporate Finance, Equity, and Fixed Income.

• Benefit:

Building your quantitative skills early will make it easier to grasp the formulas and calculations you'll encounter throughout the curriculum.

3. Financial Statement and Analysis (FSA)

• Weightage:11-14%

• Why Third:

FSA is one of the largest sections in CFA Level 1 and is the backbone for much of what you’ll see in Corporate Finance, Equity Investments, and Fixed Income. Understanding how financial statements work is essential to comprehending valuation and financial performance.

• Benefit:

Early mastery of FRA will make the rest of the curriculum more manageable, especially when interpreting financial data in real-world scenarios.

4. Corporate Issuers

• Weightage:6-9%

• Why Fourth:

After you’ve grasped Quantitative Methods and FSA, Corporate Issuers become easier to tackle. The topics revolve around the cost of capital, capital budgeting, and corporate governance, which rely heavily on the principles of finance and accounting covered earlier.

• Benefit:

Corporate Finance builds on quantitative and financial reporting concepts, offering a comprehensive understanding of how businesses make financial decisions.

5. Equity Investments

• Weightage:11-14%

• Why Fifth:

Equity Investments deals with the valuation of equity securities, an extension of concepts learned in FSA and Corporate Issuers. This topic is crucial for understanding how stocks and markets function, making it easier to understand portfolio management later.

• Benefit:

It's an interesting topic that many candidates find engaging, providing a mental break after heavy subjects like FSA and Corporate Finance.

6. Fixed Income

• Weightage:11-14%

• Why Sixth:

Fixed Income focuses on bonds and interest rates. Many formulas in this section rely on concepts from Quantitative Methods and Financial Reporting, so it’s better to approach this after having a strong grasp of earlier topics.

• Benefit:

It’s a dense subject but essential for understanding bond valuation, yield, and risk analysis.

7. Derivatives

• Weightage:5-8%

• Why Seventh:

Derivatives can be intimidating, but it becomes easier if you've already covered topics like Fixed Income and Quantitative Methods. The basics of options, futures, and swaps rely on an understanding of underlying asset classes like equities and bonds.

• Benefit:

Tackling Derivatives after understanding equity and fixed-income markets allows for a smoother transition into this subject.

8. Alternative Investments

• Weightage:7-10%

• Why Eighth:

This section introduces hedge funds, real estate, and private equity. While not heavily quantitative, it’s best-studied after you’ve built a strong foundation in the other investment classes.

• Benefit:

It’s a relatively smaller section, and getting through this part later in your preparation will give you confidence going into the final stages of your study.

9. Economics

• Weightage:6-9%

• Why Ninth:

While Economics is important, it tends to be less quantitative than the earlier sections. However, certain topics like inflation, GDP, and interest rates tie into Fixed Income and Equity, so it’s best to approach it after covering those areas.

• Benefit:

Economics is broad but relatively straightforward once you’ve dealt with the more technical subjects.

10. Portfolio Management

• Weightage: 8-12%

• Why Last:

Portfolio Management integrates all the concepts from the rest of the curriculum, such as equities, fixed income, derivatives, and alternative investments. By tackling it last, you’ll have a solid foundation to understand portfolio construction and management techniques

• Benefit:

It ties everything together, allowing you to apply the knowledge gained in previous topics to real-world portfolio management scenarios.

Conclusion

The CFA Level 1 curriculum is vast and complex, but approaching it with a clear strategy can make your preparation more manageable and effective.

By starting with Ethics and progressing through foundational topics before diving into more advanced areas like Derivatives and Portfolio Management, you'll build a strong understanding and increase your chances of success.

Remember to review and practice consistently to ensure that concepts remain fresh in your mind.