CFA Level I topic weights for 2027, next to 2026
For CFA Level I exams from February 2027, four topic weights moved: Ethics falls from 15–20% to 10–15%, Quantitative Methods rises from 6–9% to 11–14%, Derivatives rises from 5–8% to 6–9% and Alternative Investments falls from 7–10% to 6–9%. The other six are unchanged. The exam is still 180 questions in two 135-minute sessions.
Checked on 22 October 2026. Weights come from the CFA® Program Level I exam page, which shows both years, and match CFA Institute's 2027 Level I topic outlines. Module and curriculum context comes from the curriculum changes note for 2027 and the May 2026 announcement. Analyst Dojo is independent and not affiliated with CFA Institute.
This is the weights page of our 2027 curriculum changes overview. Analyst Dojo teaches the 2027 curriculum on the 2027 study map and keeps the 2026 one on the 2026 study map, so you can use either side.
What are the 2027 topic weights?
Each topic carries a range of the exam, and the table gives it for both years. Topics that changed are marked in bold. The last column is our arithmetic: 180 questions times the 2027 weight, rounded.
| Session | Topic (2026 name) | 2026 weight | 2027 weight | Change | About how many questions, 2027 |
|---|---|---|---|---|---|
| 1 | Ethical and Professional Standards | 15–20% | 10–15% | −5 points | 18 to 27 |
| 1 | Quantitative Methods | 6–9% | 11–14% | +5 points | 20 to 25 |
| 1 | Economics | 6–9% | 6–9% | No change | 11 to 16 |
| 1 | Financial Statement Analysis | 11–14% | 11–14% | No change | 20 to 25 |
| 1 | Corporate Finance (Corporate Issuers) | 6–9% | 6–9% | No change | 11 to 16 |
| 2 | Equities (Equity Investments) | 11–14% | 11–14% | No change | 20 to 25 |
| 2 | Fixed Income | 11–14% | 11–14% | No change | 20 to 25 |
| 2 | Derivatives and Risk Management (Derivatives) | 5–8% | 6–9% | +1 point | 11 to 16 |
| 2 | Alternative Investments | 7–10% | 6–9% | −1 point | 11 to 16 |
| 2 | Portfolio Construction (Portfolio Management) | 8–12% | 8–12% | No change | 14 to 22 |
Source: CFA Program Level I exam. The same page lists the 2026 weights. The full table is also on our exam guide.
What moved, and where did it go?
Two pairs of topics traded weight, and each pair sits in one session. Ethics lost 5 points and Quantitative Methods gained 5 in session 1. Alternative Investments lost 1 point and Derivatives gained 1 in session 2.
- Session 1: Ethics to Quantitative Methods. That is nine questions at either end of the range. Ethics goes from about 27 to 36 questions to about 18 to 27, and Quantitative Methods from about 11 to 16 to about 20 to 25. Our Ethics and Quantitative Methods pages cover what changed inside each topic.
- Session 2: Alternative Investments to Derivatives. That is about two questions. Alternative Investments goes from 7–10% to 6–9% and Derivatives from 5–8% to 6–9%.
- Session totals did not change. The five session 1 topics add up to 44–61% in both years, and the five session 2 topics to 42–58%.
- Five topics now share the top midpoint. Ethics (10–15%), Quantitative Methods, Financial Statement Analysis, Equities and Fixed Income (each 11–14%) all sit at 12.5%.
Which topics were renamed?
Four topics have new names on CFA Institute's exam page, with no change to their weights. We use the 2027 names throughout these pages and show the 2026 name once.
| 2026 name | 2027 name |
|---|---|
| Corporate Issuers | Corporate Finance |
| Equity Investments | Equities |
| Derivatives | Derivatives and Risk Management |
| Portfolio Management | Portfolio Construction |
One wrinkle: the exam page's weights table says "Derivatives and Risk Management", but the 2027 topic outline still heads that topic "Derivatives". We found no risk-management module in the 2027 Level I outline, so the new name does not point to new modules.
How should you use the weights?
Revise by weight, and in 2027 that means one more topic near the top. Quantitative Methods joins Ethics, Financial Statement Analysis, Equities and Fixed Income as the five heaviest topics, and together those five are 62.5% of the exam at the midpoint of their ranges.
- Spend the most time where the ranges are highest. In the last weeks, give Quantitative Methods the revision time you may have given Ethics before.
- Read question counts as ranges. The midpoints add up to 102.5% in both years, so they cannot all be true at once. Nobody can tell you the exact count for a topic on your sitting.
- Do not skip the small topics. Economics, Corporate Finance, Derivatives and Alternative Investments are each 6–9%, which is still about 11 to 16 questions apiece.
Our study plan lays out 12, 16 and 24 weeks, and the 2027 study map shows every module with your progress. Every lesson is free, and progress carries over automatically.
How much do Quantitative Methods and Equities weigh together?
Together the two topics are 22–28% of the 2027 exam, against 17–23% in 2026. CFA Institute's May 2026 announcement says its updates, which focus primarily on Level I Quantitative Methods and Equity Investments (its name for Equities), represent "about 25 percent" of the exam. The midpoint of the combined range, 25%, matches that figure.
| 2026 | 2027 | |
|---|---|---|
| Quantitative Methods | 6–9% | 11–14% |
| Equities (Equity Investments in 2026) | 11–14% | 11–14% |
| Together | 17–23% | 22–28% |
Equities keeps its weight, so the rise comes from Quantitative Methods. For the module lists, see our Quantitative Methods and Equities pages. If you studied for 2026 and are now sitting in 2027, the deferred-from-2026 guide shows what to re-study.
Questions about the 2027 weights
How many Ethics questions will the 2027 exam have?
Ethics is 10–15% of the 2027 exam, which is about 18 to 27 of the 180 questions. At the 2026 weight of 15–20% it was about 27 to 36. Treat both as ranges, not a promise for any one sitting.
Is Quantitative Methods now the biggest topic?
It ties for the top. Ethics (10–15%), Quantitative Methods, Financial Statement Analysis, Equities and Fixed Income (each 11–14%) share the highest midpoint, 12.5%. Because weights are ranges, plan around the ranges rather than one largest topic.
Did the session structure change for 2027?
No. Session 1 and session 2 keep the same five topics each, and the exam is still 180 multiple-choice questions in two 135-minute sessions of 90 questions. The weight shifts happen inside each session.
Where do these weights come from?
From CFA Institute's Level I exam page, which shows the 2026 and 2027 weights side by side. We last checked it on 22 October 2026. The question counts are our own arithmetic: 180 times each weight.