Milestone map
Milestone map
3 milestones
Build Your Study Plan and Assess Ethics Mastery
4–6 weeks
CFA Level 1 tests 10 topic areas across approximately 180 questions. Begin with a structured study plan allocating 300+ hours across your available weeks. Start with Ethics — the topic that most differentiates passing and failing candidates because the CFA Institute applies an 'Ethics Adjustment' that can raise or lower your borderline score. Competence in Ethics is non-negotiable. Use the official CFA Institute Learning Ecosystem (free with registration) and free practice materials.
Proof required
Submit: (a) your study plan document showing weekly hour allocations across all 10 topic areas and your exam date, (b) three Ethics scenario responses (minimum 150 words each) showing your reasoning process for applying the CFA Institute Code of Standards to ambiguous situations — not just stating the correct answer, but explaining which standard applies and why alternative interpretations were rejected, and (c) confirmation that you have purchased or accessed the official CFA curriculum materials.
What gets checked
- Study plan allocates at least 300 hours and is distributed across all 10 topic areas — not concentrated in only quantitative areas
- Ethics responses demonstrate reasoning, not just correct answers — the CFA examiners test your ability to apply standards to novel situations
- Official CFA curriculum access confirmed — third-party prep materials alone are insufficient for Ethics
Common mistakes
- Underweighting Ethics in the study plan — Ethics is the one topic where the CFA Institute can override a borderline pass decision
- Memorising the standards list without developing reasoning ability — CFA Ethics questions present novel scenarios where memorising text is insufficient
Resources
What a verifier looks for
- Review the Ethics scenario responses: does the submitter identify the specific CFA Standard being tested and explain why alternative interpretations were rejected? Correct answers without reasoning do not satisfy this milestone.
- The study plan should show deliberate distribution — candidates who load quantitative topics and underweight Ethics or Fixed Income frequently fail.
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Complete Topic-by-Topic Review with Mock Exam Validation
12–16 weeks
Work through all 10 topic areas systematically: Ethical and Professional Standards, Quantitative Methods, Economics, Financial Statement Analysis, Corporate Issuers, Equity Investments, Fixed Income, Derivatives, Alternative Investments, and Portfolio Management. After completing each topic, take a topic-level mock assessment to identify gaps. Aim for a minimum of 70% on topic mocks before moving on.
Proof required
Submit: (a) a topic-completion log showing the date completed and mock score for each of the 10 topic areas, (b) a gaps analysis identifying the three lowest-scoring topic areas and your specific remediation plan for each, and (c) a summary of the two most conceptually difficult areas for you personally and what specific actions you took to address them.
What gets checked
- All 10 topic areas are logged with mock scores — not just the topics the candidate found easy
- Gaps analysis is specific — 'I struggled with swaps valuation because I conflated fixed-rate payer vs. receiver' not 'derivatives were hard'
- Remediation plan includes specific practice methods
Common mistakes
- Stopping topic review after one pass without a mock validation step — repeated exposure with feedback is what builds retention
- Skipping Fixed Income or Derivatives — these two topics together comprise approximately 25% of the exam
Resources
What a verifier looks for
- Review the gaps analysis: is it specific to the conceptual sticking point? A candidate who can name the specific calculation that trips them up is demonstrating the metacognition that CFA Level 1 requires.
- Check mock scores: are any topic areas below 60%? These need targeted intervention before the final exam phase.
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Pass the CFA Level 1 Examination
Exam day
The CFA Level 1 exam is a 180-question computer-based exam across two 135-minute sessions. The minimum passing score varies by cohort — historically approximately 70% correct. Sit and pass the exam. The proof is your official CFA Institute result notification showing a pass.
Proof required
Submit: (a) your official CFA Institute pass notification email or PDF showing your name, exam date, and pass result, and (b) a reflection (minimum 300 words) describing which topic areas were most difficult on the actual exam vs. your mock preparation, what you would change for Level 2, and what surprised you about the exam experience.
What gets checked
- Official CFA Institute pass notification is from the CFA Institute directly — not a third-party prep provider result
- Reflection addresses the actual exam experience — not a restatement of study preparation
- Reflection identifies at least one specific adjustment for Level 2 preparation
Common mistakes
- Not submitting the official CFA Institute notification — mock exam passes or third-party certificates do not satisfy this milestone
- Reflection written without reference to the actual exam experience
Resources
What a verifier looks for
- Verify that the pass notification is from the CFA Institute directly (cfainstitute.org email domain or official PDF). Mock exam providers issue their own certificates — these are not equivalent.
- Ask the submitter to identify one specific question type or topic they encountered that their preparation did not cover — this probe reveals whether they actually sat the exam.
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