CFA Level 1 Study Plan for the November 2026 Exam — Month by Month
The November 2026 CFA Level 1 exam window opens in early November. Starting in May 2026 gives you exactly 6 months — the right amount of time for most candidates to cover the curriculum thoroughly, do meaningful mock practice, and enter the exam room with a legitimate chance of passing. This plan is built for that timeline. If you're starting later, the structure is the same — just compress the first four months.
Two Tracks — Pick the One That Fits Your Life
Before diving into the month-by-month sequence, choose the track that reflects your actual available hours. Be honest — overestimating your study time in June will create problems in October.
| Factor | Working Professional Track | Student / Full-Time Track |
|---|---|---|
| Weekly hours | 15 hrs/week | 25 hrs/week |
| Weekday study | 2–2.5 hrs/day (evenings) | 3–4 hrs/day |
| Weekend study | 5–6 hrs total | 6–8 hrs/day |
| Total study hours in 6 months | ~390 hrs | ~650 hrs |
| Mock exam schedule | 1 per fortnight (final 6 wks) | 1 per week (final 6 wks) |
| When to start coaching | May (6 months out) | May (or June if strong background) |
The 6-Month Topic Sequence
Month 1 — May: Ethics + Quantitative Methods
Start with Ethics — not because it's the heaviest topic (it carries 15–20% exam weight and takes roughly 30 study hours) but because it rewards familiarity built over time. Reading it now and revisiting it in Month 6 means you're entering the exam with two passes, not one.
Quantitative Methods covers the essential analytical foundation: time value of money, probability, statistics, and regression. These concepts recur throughout fixed income and portfolio management, so getting them solid early pays dividends for the rest of the plan.
Working professionals targeting 15 hrs/week will accumulate roughly 60 hours this month. Students at 25 hrs/week will reach approximately 100 hours.
Month 1 milestone: Complete Quantitative Methods and Ethics. Do topic-level practice questions for both before moving on.
Month 2 — June: Economics + Financial Reporting & Analysis Part 1
Economics covers micro foundations (demand and supply, elasticity, firm behaviour) and macro (GDP, inflation, monetary and fiscal policy, exchange rates). It carries 6–9% exam weight and is manageable in a single month alongside the start of FRA.
Financial Reporting and Analysis (FRA) is the heaviest technical topic in the curriculum at 11–14% exam weight and approximately 20 study hours. Begin with the income statement, balance sheet, and cash flow statement this month — these form the foundation everything else in FRA builds on. Do not rush this material.
Month 2 milestone: Complete Economics fully. Complete the FRA income statement and balance sheet sections with practice questions done alongside each reading.
Month 3 — July: FRA Part 2 + Corporate Issuers
Finish FRA this month. Part 2 covers inventories, long-lived assets, income taxes, non-current liabilities, financial reporting quality, and financial statement analysis integration. These are the sections where candidates lose marks because they rushed earlier — take them seriously.
Corporate Issuers covers capital structure, leverage, dividends, and working capital management. It carries 6–9% exam weight and is a lighter topic by comparison — a useful recovery month after the intensity of FRA.
Month 3 milestone: FRA fully complete with all practice questions done. Corporate Issuers finished.
Month 4 — August: Equity Investments + Fixed Income
Equity Investments covers market organisation, indices, the efficient market hypothesis, and equity valuation fundamentals including dividend discount models, Gordon growth, and basic multiples. It carries 11–14% exam weight and also lays the conceptual groundwork for Level II.
Fixed Income introduces bond features, valuation, yield measures, credit risk fundamentals, and duration. Also 11–14% exam weight, approximately 14 study hours. Concepts build on each other — work through this topic at a steady pace rather than trying to sprint it.
Month 4 milestone: Equity and Fixed Income complete. Sit your first full-length mock exam at the end of this month.
Month 5 — September: Derivatives + Alternatives + Portfolio Management + Mock Phase Begins
Derivatives at Level I is introductory — forwards, futures, options, and swaps at a conceptual level. The exam focuses on understanding payoff structures and basic pricing intuition rather than deep mathematics. 5–8% weight, roughly 8 study hours. Do not over-invest time here relative to the weight.
Alternative Investments gives an overview of private equity, real estate, commodities, and hedge funds. At 5–8% weight and approximately 6 study hours, it is the fastest topic in the curriculum. Read it thoroughly once and move on.
Portfolio Management covers portfolio theory, asset class roles, and a behavioural finance overview. 5–8% weight, roughly 16 study hours. Finish this to complete the full curriculum.
From mid-September, sit one full mock exam every two weeks under timed exam conditions. Review every question — both the ones you got wrong and the ones you guessed correctly. Both represent knowledge gaps.
Month 5 milestone: Curriculum complete. Two full mocks done. Target mock score: 55% or above.
Month 6 — October + First Week of November: Revision + Mock Marathon + Ethics Revisit
No new topics this month. Revision only.
Revisit Ethics in full. Read the entire Ethics section again. Candidates who study Ethics only in Month 1 and ignore it afterward consistently underperform on Ethics questions — the material rewards recency, and the exam tests it at every window.
Run a mock marathon: one full mock per week across October, giving you four mocks this month. After each mock, identify your weakest two or three topics and do a targeted practice question set on those before the next mock.
In the final two weeks before the exam, shift to light review only — formula sheets, calculator drills, and topic summary notes. Do not sit a full mock in the final 10 days. Use that time for rest and targeted reinforcement of genuinely weak areas.
Month 6 milestone: Four or more full mocks completed. Target mock score: 65% or above. Ethics re-read complete.
What to Do With Mock Scores
| Mock Score | Interpretation | Action |
|---|---|---|
| Below 50% | Significant gaps remain | Identify weak topics; do targeted question sets before next mock; consider whether your timeline allows for additional preparation time |
| 50–60% | On track but needs work | Find the two or three topics dragging your average; prioritise those in the next 2 weeks |
| 60–70% | Good position | Fine-tune weak areas; focus on time management in the exam; revisit Ethics |
| Above 70% | Strong position | Don't change strategy; do one more mock to maintain sharpness; trust your preparation |
Calculator Practice — Not Optional
CFA Level 1 has heavy calculator use across Quantitative Methods, FRA, Fixed Income, Derivatives, and Portfolio Management. If you cannot execute TVM calculations, bond pricing, and IRR/NPV calculations fluently on the BA II Plus, you lose minutes per question under exam pressure. Practice calculator drills alongside every quantitative topic as you go through the curriculum — do not leave this for the final month.
If You're Joining Coaching
If you're joining Rankers' November 2026 batch (starting May 1), the coaching schedule follows this exact sequence with your mentor doing the heavy lifting on difficult topics. The advantage of mentor-led preparation is real-time course correction — if your mock scores show a fixed income weakness in Month 5, Venika adjusts your preparation focus before it's too late.
Quick Answers
The November 2026 Batch Starts in May.
Rankers' November 2026 batch follows this exact 6-month sequence, led by Venika Wadhwa, CFA. Small batch of 30. In-person in Delhi or live online from anywhere in India.