Patients with first episode psychosis (FEP) and schizophrenia have impaired neurocognitive functioning. However, there are inconsistencies about the prevalence and severity of impairment of specific neurocognitive functions and domains and relationships between this two groups. These inconsistencies can be partly explained by the heterogeneity of this populations, ie the existence of subgroups with different domains of neurocognitive functions and their different relationships with other parameters of the disorder and treatment outcomes. Therefore, in this study, we tested the hypothesis of heterogeneity of populations of patients with FEP and schizophrenia with respect to latent domain profiles of neurocognitive functions. We investigated the differences between FEP and schizophrenia, and investigated the association of these profiles with psychopathology and everyday functioning. We confirmed the existence of three relatively homogeneous profiles in patients with FEP and schizophrenia. We have shown that they do not differ structurally, but that there is a significant statistical possibility of belonging to a certain profile. We also showed the association of psychopathology, more precise negative symptoms with neurocognitive profiles in FEP. In conclusion, classifying patients with FEP and schizophrenia into specific profiles based on cognitive functioning could be important in determining phenotype, specific biological mechanisms underlying the disease, and tailoring an individualized therapeutic approach for better treatment outcome.