CFA Level 1 Curriculum
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10 volumes · Work through each volume at your own pace.
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VOL 1
Quantitative Methods
0%
▾M01
Rates and Returns
Understand rate conventions, return calculations, and how annualisation and compounding affect CFA-style performance questions.
M02
The Time Value of Money in Finance
Apply present value and cash flow shapes to bonds, mortgages, dividend stocks, and no-arbitrage pricing.
M03
Statistical Measures of Asset Returns
Choose the right measures of central tendency, dispersion, skewness, and kurtosis for asset-return data.
M04
Probability Trees and Conditional Expectations
Use scenario trees, conditional expectations, and total probability logic to solve multi-stage uncertainty problems.
M05
Portfolio Mathematics
Analyze covariance, correlation, portfolio variance, and shortfall risk when combining risky assets.
M06
Simulation Methods
Distinguish Monte Carlo simulation from bootstrapping and understand lognormal price paths in finance.
M07
Estimation and Inference
Build confidence intervals and connect sample evidence to population conclusions with estimation and inference tools.
M08
Hypothesis Testing
Learn null and alternative hypotheses, error types, critical values, and how test decisions are made under uncertainty.
M09
Parametric and Non-Parametric Tests of Independence
Choose between Pearson, Spearman, and chi-square approaches when testing independence and association.
M10
Simple Linear Regression
Interpret regression output, fit simple linear models, and evaluate explained versus unexplained variation.
M11
Introduction to Big Data Techniques
Get a practical introduction to big data concepts, data science workflows, and modern analytical techniques in finance.
VOL 2
Ethics and Professional Standards
0%
▾M01
Ethics and Trust in the Investment Profession
Study ethics and trust in the investment profession through Ethics definition, Code of ethics analysis, and professional definition evaluation, as tested in the CFA Level 1 exam.
M02
Code of Ethics and Standards of Professional Conduct
Study code of ethics and standards of professional conduct through CFA Institute structure analysis, enforcement process evaluation, and Code of Ethics components analysis, as tested in the CFA Level 1 exam.
M03
Guidance for Standards I–VII
Study guidance for standards i–vii through Code of Ethics application analysis, professional integrity evaluation, and Preventive practices analysis, as tested in the CFA Level 1 exam.
M04
Introduction to the Global Investment Performance Standards (GIPS)
Study introduction to the global investment performance standards (gips) through GIPS standards analysis, compliance benefits evaluation, and GIPS Standards concepts analysis, as tested in the CFA Level 1 exam.
M05
Ethics Application
Study ethics application through Practices evaluation analysis, Code of Ethics compliance, and Violation analysis, as tested in the CFA Level 1 exam.
VOL 3
Economics
0%
▾M01
Firms and Market Structures
Study firms and market structures through Breakeven analysis, production costs, and market structures, as tested in the CFA Level 1 exam.
M02
Understanding Business Cycles
Study understanding business cycles through Business cycle phases, economic indicators, and economic analysis, as tested in the CFA Level 1 exam.
M03
Fiscal Policy
Study fiscal policy through Monetary vs fiscal policy, policy analysis, and Fiscal policy objectives, as tested in the CFA Level 1 exam.
M04
Monetary Policy
Study monetary policy through Central bank functions, monetary policy objectives, and economic analysis, as tested in the CFA Level 1 exam.
M05
Introduction to Geopolitics
Study introduction to geopolitics through Geopolitical dynamics, cooperation vs competition, and international relations, as tested in the CFA Level 1 exam.
M06
International Trade
Study international trade through International trade analysis, economic benefits, and cost implications, as tested in the CFA Level 1 exam.
M07
Capital Flows and the FX Market
Study capital flows and the fx market through Foreign exchange market dynamics, nominal vs real rates, and currency analysis, as tested in the CFA Level 1 exam.
M08
Exchange Rate Calculations
Study exchange rate calculations through Currency cross-rate calculations, exchange rate analysis, and Arbitrage analysis, as tested in the CFA Level 1 exam.
VOL 4
Financial Statement Analysis
0%
▾M01
Introduction to Financial Statement Analysis
Study introduction to financial statement analysis through Financial statement analysis framework, analytical techniques, and Financial analysis roles, as tested in the CFA Level 1 exam.
M02
Analyzing Income Statements
Study analyzing income statements through Revenue recognition principles, financial analysis implications, and accounting standards, as tested in the CFA Level 1 exam.
M03
Analyzing Balance Sheets
Study analyzing balance sheets through Intangible assets reporting, financial disclosures, and accounting analysis, as tested in the CFA Level 1 exam.
M04
Analyzing Statements of Cash Flows I
Study analyzing statements of cash flows i through Cash flow statement linkage, financial statement analysis, and accounting principles, as tested in the CFA Level 1 exam.
M05
Analyzing Statements of Cash Flows II
Study analyzing statements of cash flows ii through Cash flow statement analysis, common-size interpretation, and Free cash flow calculations, as tested in the CFA Level 1 exam.
M06
Analysis of Inventories
Study analysis of inventories through Inventory measurement principles, accounting analysis, and Inventory valuation methods, as tested in the CFA Level 1 exam.
M07
Analysis of Long-Term Assets
Study analysis of long-term assets through Intangible assets reporting, accounting comparison, and Impairment analysis, as tested in the CFA Level 1 exam.
M08
Topics in Long-Term Liabilities and Equity
Study topics in long-term liabilities and equity through Lease accounting, financial reporting perspectives, and Compensation plan reporting, as tested in the CFA Level 1 exam.
M09
Analysis of Income Taxes
Study analysis of income taxes through Accounting vs taxable income, tax implications, and Deferred tax analysis, as tested in the CFA Level 1 exam.
M10
Financial Reporting Quality
Study financial reporting quality through Financial reporting quality analysis, earnings quality evaluation, and Financial reporting quality spectrum, as tested in the CFA Level 1 exam.
M11
Financial Analysis Techniques
Study financial analysis techniques through Financial analysis tools, techniques evaluation, and limitations analysis, as tested in the CFA Level 1 exam.
M12
Introduction to Financial Statement Modeling
Study introduction to financial statement modeling through Pro forma modeling, sales forecasting, and Behavioral factors analysis, as tested in the CFA Level 1 exam.
VOL 5
Corporate Issuers
0%
▾M01
Organizational Forms, Corporate Issuer Features, and Ownership
Study organizational forms, corporate issuer features, and ownership through Business organizational forms, Corporate issuer characteristics, and Public vs private ownership, as tested in the CFA Level 1 exam.
M02
Investors and Other Stakeholders
Study investors and other stakeholders through Lender vs shareholder analysis, financial claims, and investment motivations, as tested in the CFA Level 1 exam.
M03
Corporate Governance: Conflicts, Mechanisms, Risks, and Benefits
Study corporate governance: conflicts, mechanisms, risks, and benefits through Principal-agent dynamics, conflict analysis, and corporate governance, as tested in the CFA Level 1 exam.
M04
Working Capital and Liquidity
Study working capital and liquidity through Cash conversion cycle analysis, liquidity comparison, and financial management, as tested in the CFA Level 1 exam.
M05
Capital Investments and Capital Allocation
Study capital investments and capital allocation through Capital investment types, investment strategies, and Capital allocation analysis, as tested in the CFA Level 1 exam.
M06
Capital Structure
Study capital structure through WACC calculations, Capital structure factors, and WACC analysis, as tested in the CFA Level 1 exam.
M07
Business Models
Study business models through Business model characteristics, strategic evaluation, and Business model types, as tested in the CFA Level 1 exam.
VOL 6
Equity Investments
0%
▾M01
Market Organization and Structure
Study market organization and structure through Financial system functions, economic analysis, and market dynamics, as tested in the CFA Level 1 exam.
M02
Security Market Indexes
Study security market indexes through Security market index analysis, Index value calculations, and return interpretation, as tested in the CFA Level 1 exam.
M03
Market Efficiency
Study market efficiency through Market efficiency analysis, Market vs intrinsic value analysis, and Market efficiency factors, as tested in the CFA Level 1 exam.
M04
Overview of Equity Securities
Study overview of equity securities through Equity securities characteristics, Equity classes analysis, and ownership characteristics, as tested in the CFA Level 1 exam.
M05
Company Analysis: Past and Present
Study company analysis: past and present through Company research report elements, Business model determination, and strategic evaluation, as tested in the CFA Level 1 exam.
M06
Industry and Competitive Analysis
Study industry and competitive analysis through Industry analysis purposes, competitive analysis steps, and Industry classification methods, as tested in the CFA Level 1 exam.
M07
Company Analysis: Forecasting
Study company analysis: forecasting through Forecasting principles, financial results analysis, and strategic evaluation, as tested in the CFA Level 1 exam.
M08
Equity Valuation: Concepts and Basic Tools
Study equity valuation: concepts and basic tools through Security valuation analysis, market price evaluation, and Equity valuation models, as tested in the CFA Level 1 exam.
VOL 7
Fixed Income
0%
▾M01
Fixed-Income Instrument Features
Study fixed-income instrument features through Fixed-income security features, Bond indenture analysis, and covenant types comparison, as tested in the CFA Level 1 exam.
M02
Fixed-Income Cash Flows and Types
Study fixed-income cash flows and types through Fixed-income cash flow structures, contingency provisions analysis, and Legal and regulatory considerations, as tested in the CFA Level 1 exam.
M03
Fixed-Income Issuance and Trading
Study fixed-income issuance and trading through Fixed-income market segments analysis, issuer and investor roles, and Fixed-income indexes analysis, as tested in the CFA Level 1 exam.
M04
Fixed-Income Markets for Corporate Issuers
Study fixed-income markets for corporate issuers through Short-term funding analysis, corporate finance, and financial institutions, as tested in the CFA Level 1 exam.
M05
Fixed-Income Markets for Government Issuers
Study fixed-income markets for government issuers through Government funding analysis, sovereign vs non-sovereign, and Government vs corporate instruments, as tested in the CFA Level 1 exam.
M06
Fixed-Income Bond Valuation: Prices and Yields
Study fixed-income bond valuation: prices and yields through Bond pricing calculations, yield-to-maturity analysis, and Bond price relationships, as tested in the CFA Level 1 exam.
M07
Yield and Yield Spread Measures for Fixed-Rate Bonds
Study yield and yield spread measures for fixed-rate bonds through Annual yield calculations, compounding analysis, and Yield measures comparison, as tested in the CFA Level 1 exam.
M08
Yield and Yield Spread Measures for Floating-Rate Instruments
Study yield and yield spread measures for floating-rate instruments through Floating-rate yield calculations, spread measures analysis, and Money market yield calculations, as tested in the CFA Level 1 exam.
M09
The Term Structure of Interest Rates: Spot, Par, and Forward Curves
Study the term structure of interest rates: spot, par, and forward curves through Spot rates definition, spot curve analysis, and bond pricing techniques, as tested in the CFA Level 1 exam.
M10
Interest Rate Risk and Return
Study interest rate risk and return through Fixed-rate bond return analysis, Holding period return analysis, and Macaulay duration relationships, as tested in the CFA Level 1 exam.
M11
Yield-Based Bond Duration Measures and Properties
Study yield-based bond duration measures and properties through Modified duration calculations, PVBP analysis, and interest rate risk evaluation, as tested in the CFA Level 1 exam.
M12
Yield-Based Bond Convexity and Portfolio Properties
Study yield-based bond convexity and portfolio properties through Convexity calculations, financial interpretation, and risk assessment, as tested in the CFA Level 1 exam.
M13
Curve-Based and Empirical Fixed-Income Risk Measures
Study curve-based and empirical fixed-income risk measures through Effective duration and convexity analysis, embedded options evaluation, and Price change calculations, as tested in the CFA Level 1 exam.
M14
Credit Risk
Study credit risk through Credit risk analysis, default probability evaluation, and Credit ratings analysis, as tested in the CFA Level 1 exam.
M15
Credit Analysis for Government Issuers
Study credit analysis for government issuers through Government credit analysis, and sovereign vs non-sovereign evaluation, as tested in the CFA Level 1 exam.
M16
Credit Analysis for Corporate Issuers
Study credit analysis for corporate issuers through Corporate creditworthiness analysis, qualitative vs quantitative factors, and Credit analysis ratios calculations, as tested in the CFA Level 1 exam.
M17
Fixed-Income Securitization
Study fixed-income securitization through Securitization benefits analysis, financial markets evaluation, and Securitization process analysis, as tested in the CFA Level 1 exam.
M18
Asset-Backed Security (ABS) Instrument and Market Features
Study asset-backed security (abs) instrument and market features through Covered bonds analysis, risk evaluation, and asset-backed securities comparison, as tested in the CFA Level 1 exam.
M19
Mortgage-Backed Security (MBS) Instrument and Market Features
Study mortgage-backed security (mbs) instrument and market features through Prepayment risk analysis, time tranching evaluation, and securitization purposes, as tested in the CFA Level 1 exam.
VOL 8
Derivatives
0%
▾M01
Derivative Instrument and Derivative Market Features
Study derivative instrument and derivative market features through Derivative definition, basic features analysis, and Derivative markets analysis, as tested in the CFA Level 1 exam.
M02
Forward Commitment and Contingent Claim Features and Instruments
Study forward commitment and contingent claim features and instruments through Forward and futures contracts analysis, options and swaps comparison, and Option valuation analysis, as tested in the CFA Level 1 exam.
M03
Derivative Benefits, Risks, and Issuer and Investor Uses
Study derivative benefits, risks, and issuer and investor uses through Derivative benefits analysis, risk evaluation, and Derivative usage comparison, as tested in the CFA Level 1 exam.
M04
Arbitrage, Replication, and the Cost of Carry in Pricing Derivatives
Study arbitrage, replication, and the cost of carry in pricing derivatives through Arbitrage and replication analysis, pricing techniques, and Spot vs future price analysis, as tested in the CFA Level 1 exam.
M05
Pricing and Valuation of Forward Contracts and for an Underlying with Varying Maturities
Study pricing and valuation of forward contracts and for an underlying with varying maturities through Forward contract pricing analysis, valuation techniques, and Forward rates determination, as tested in the CFA Level 1 exam.
M06
Pricing and Valuation of Futures Contracts
Study pricing and valuation of futures contracts through Forward vs futures contracts comparison, pricing analysis, and Forward vs futures pricing analysis, as tested in the CFA Level 1 exam.
M07
Pricing and Valuation of Interest Rates and Other Swaps
Study pricing and valuation of interest rates and other swaps through Swap contracts analysis, forward contracts comparison, and Swap pricing analysis, as tested in the CFA Level 1 exam.
M08
Pricing and Valuation of Options
Study pricing and valuation of options through Option valuation concepts, Arbitrage vs replication analysis, and pricing techniques, as tested in the CFA Level 1 exam.
M09
Option Replication Using Put–Call Parity
Study option replication using put–call parity through Put-call parity analysis, European options evaluation, and Put-call forward parity analysis, as tested in the CFA Level 1 exam.
M10
Valuing a Derivative Using a One-Period Binomial Model
Study valuing a derivative using a one-period binomial model through One-period binomial model analysis, derivative valuation techniques, and Risk neutrality analysis, as tested in the CFA Level 1 exam.
VOL 9
Alternative Investments
0%
▾M01
Alternative Investment Features, Methods, and Structures
Study alternative investment features, methods, and structures through Alternative investments analysis, categories evaluation, and Investment methods comparison, as tested in the CFA Level 1 exam.
M02
Alternative Investment Performance and Returns
Study alternative investment performance and returns through Performance appraisal analysis, alternative investments evaluation, and Return calculations analysis, as tested in the CFA Level 1 exam.
M03
Investments in Private Capital: Equity and Debt
Study investments in private capital: equity and debt through Private equity features analysis, investment characteristics evaluation, and Private debt features analysis, as tested in the CFA Level 1 exam.
M04
Real Estate and Infrastructure
Study real estate and infrastructure through Real estate features analysis, investment characteristics evaluation, and Real estate investment characteristics analysis, as tested in the CFA Level 1 exam.
M05
Natural Resources
Study natural resources through Natural resources features analysis, investment characteristics evaluation, and Commodities features analysis, as tested in the CFA Level 1 exam.
M06
Hedge Funds
Study hedge funds through Hedge funds features analysis, asset classes comparison, and Hedge fund investment vehicles analysis, as tested in the CFA Level 1 exam.
M07
Introduction to Digital Assets
Study introduction to digital assets through Digital assets features analysis, asset classes comparison, and Digital asset investment vehicles analysis, as tested in the CFA Level 1 exam.
VOL 10
Portfolio Management
0%
▾M01
Portfolio Risk and Return: Part I
Study portfolio risk and return: part i through Asset classes characteristics analysis, portfolio formation implications, and Risk aversion analysis, as tested in the CFA Level 1 exam.
M02
Portfolio Risk and Return: Part II
Study portfolio risk and return: part ii through Risk-free asset implications analysis, portfolio combination evaluation, and CAL and CML analysis, as tested in the CFA Level 1 exam.
M03
Portfolio Management: An Overview
Study portfolio management: an overview through Portfolio investing analysis, Portfolio management process analysis, and Investor types analysis, as tested in the CFA Level 1 exam.
M04
Basics of Portfolio Planning and Construction
Study basics of portfolio planning and construction through Investment policy statement analysis, IPS components analysis, and Risk and return objectives analysis, as tested in the CFA Level 1 exam.
M05
The Behavioral Biases of Individuals
Study the behavioral biases of individuals through Cognitive errors vs emotional biases analysis, Behavioral biases analysis, and financial decision-making implications, as tested in the CFA Level 1 exam.
M06
Introduction to Risk Management
Study introduction to risk management through Risk management definition, Risk management framework analysis, and Risk governance definition, as tested in the CFA Level 1 exam.
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