With the exam format understood and effective techniques in hand, let’s talk planning. CFA Institute recommends ~6 months of prep for Level I, and survey data show successful candidates often invest 300–400 hours studying for Level I. 

Of course, raw hours aren’t everything – how you use them is key – but you likely need to budget a few hundred hours over several months to cover the material thoroughly and leave time for practice and review. Here we outline a structured study approach you can personalize to your schedule.

Start Early and Build a Routine

Ideally, begin at least 5–6 months before your exam date. 

For example, if your exam is in late May, start by December or January. An early start gives you flexibility to absorb unexpected life events or tough topics that require extra time. 

It also aligns with CFA Institute’s policy that candidates cannot sit for another exam within 6 months – effectively signaling that 6 months is the minimum intended prep window.

Create a weekly study schedule and stick to it as much as possible. Consistency beats cramming. Many candidates aim for about 10-15 hours per week (which over ~20 weeks yields ~300 hours).

How you break that down depends on your work and personal commitments.

For instance: 2 hours each weekday evening + 5 hours on weekends is one model; or perhaps 1 hour each morning before work + a longer session on Saturday. Treat these study blocks as appointments with yourself that you cannot miss. 

Importantly, allocate study time to both learning and practice from the start. A common mistake is spending 90% of time reading/watching videos and only 10% on questions until the very end. Instead, aim for something like a 70/30 split in the early months (learning vs. practice), shifting to 50/50 or even 30/70 in the final month as you do more mocks and review.

Milestones and Phase-wise Prep

It’s helpful to think of your prep in phases:

Phase 1: Learning (Months 1–3)

During this period, you focus on covering the curriculum content. Set milestones for finishing readings or study notes for each topic. For example, “Finish Quant and Econ by end of January; FSA and Corporate Finance by end of February; remaining topics by end of March.” That’s a rough guideline for a May exam. If starting earlier, you can stretch it a bit more. By the end of Phase 1, you want to have gone through all 10 topics at least once (via reading the official curriculum or third-party notes, or watching lecture videos – whatever your primary learning source is).

As you finish each reading or topic, do the end-of-chapter questions from the curriculum and/or QBank questions on that topic to reinforce learning. Keep a notebook of “tricky points” or mistakes you make – this will be gold for final review. 

Phase 2: Practice & Strengthening (Months 4–5)

Once the curriculum is initially covered, shift into a mode of intense practice and targeted review. This is when you start taking full-length mock exams under timed conditions. Initially, maybe take a mock exam in two sittings on a weekend (to simulate the real thing with 180 questions in two sessions). 

Your score on the first full mock might be humbling (don’t be discouraged if it’s, say, 50–60%). Use it diagnostically: Which areas did you do poorly in? Analyze the results by topic and even by question – was it a knowledge gap or a careless error? This will direct your subsequent review.

In this phase, you should also re-study weak topics. Suppose your mock results show you scored only 40% in Fixed Income and 50% in Quant, but 80% in Ethics. That suggests you need to revisit Fixed Income and Quant materials to shore up understanding (while continuing some Ethics practice to maintain it). It’s common to do a “second pass” of tough readings now – but you can do it faster than the first time, focusing on sections you struggled with or formulas you didn’t remember.

Aim to take 4–6 mock exams in total before the real exam. If you start 6-8 weeks out, that might be one mock every weekend. 

After each, spend ample time reviewing answers – this is where lots of learning happens. 

If you got a question right by guessing or you were unsure, still review it and confirm the reasoning. If you got a question wrong, determine if it was because you didn’t know something (so you need to memorize that item) or because you misinterpreted/ misapplied (so you need to practice that style of question more).

Phase 3: Final Review (Last 2–4 weeks) 

The final stretch is for consolidation and fine-tuning. By now you should have a clear idea of your strong and weak points. Make a “final review plan” that ensures you touch each topic one last time, with extra time on weak spots. 

During final review, actively study – do practice problems, create flashcards for any remaining formulas or facts you keep forgetting, and memorize your must-know lists (formulas, definitions, accounting adjustments, etc.).

Continue taking a couple of mock exams if possible, or at least large quiz blocks, but many candidates taper down a few days before the exam to avoid burnout. In the last week, focus on retention. Skim your formula sheet daily. Re-read the Ethics Standards one more time. 

Simulate test day at least once in final weeks: one morning session of 90 questions, break, one afternoon session of 90 questions, with a timer. This not only tests knowledge but builds your stamina and timing. It will reveal if you have any time management issues (e.g., consistently spending too long on certain question types).

Summary Phases Table:

Phase	Timing	Focus	Key Actions & Milestones
Phase 1: Learning	Months 1–3	Cover the full curriculum once	– Set milestones by topic (e.g. finish Quant & Econ by Jan, FSA & Corp Fin by Feb, remaining topics by Mar for a May exam).– Read/watch study material (official text or third-party notes/videos).– Do end-of-chapter or QBank questions after each reading.– Keep a “tricky points” notebook for mistakes and confusing areas.– Include Ethics early (don’t leave it to the end).
Phase 2: Practice & Strengthening	Months 4–5	Shift from learning to practice	– Begin full-length mock exams under timed conditions (180 questions, two sessions). First mock may be 50–60% — use it diagnostically.– Analyse results by topic: identify weak areas (e.g. 40% Fixed Income, 50% Quant).– Re-study weak areas with a quicker “second pass,” focusing on problem sections and forgotten formulas.– Aim for 4–6 mocks before exam day (about one per week starting 6–8 weeks out).– Review every mock thoroughly: check both wrong and guessed-right answers.
Phase 3: Final Review	Last 2–4 weeks	Consolidation and exam rehearsal	– Create a review plan to cover every topic at least once more; allocate extra time to weak/high-weight topics (e.g. 2 days FSA, 2 days Fixed Income, 1 day Derivatives).– Active review: flashcards, formula sheet, end-of-chapter questions, mock retakes.– Take 1–2 more mocks or large mixed quiz blocks; taper down in final days to avoid burnout.– In final week: skim formula sheet daily, re-read Ethics Standards (worth 15–20% and decisive if borderline).– Simulate full exam once (Session 1 = 90 Qs AM, Session 2 = 90 Qs PM) to test stamina and timing.