CFA^® Level I Exam

An exploration of quantitative concepts and financial analysis. Concepts include the time value of money, data organization, visualization, and description, probability theory in investments, and testing for hypotheses. Conclude with an introduction to linear regression.

An introduction to supply-and-demand analysis for customers and firms. Concepts include market structures, macroeconomics, the business cycle, and monetary and fiscal policies. We introduce global economics and conclude with currency exchange rates.

An introduction to primary financial statements. We explore a general framework for financial statement analysis, three major financial statements, financial reporting for specific assets and liabilities, and financial reporting quality.

An introduction to corporate governance and stakeholder management, exploring uses and sources of capital. We cover some foundational topics in estimating cost of capital and conclude with how companies use leverage.

An overview of financial markets. We discuss construction and use of security market indexes, market efficiency, equity securities, useful frameworks for conducting industry and individual company analysis, and three equity valuation approaches.

An exploration of fixed-income securities. We discuss global fixed-income markets and valuation of fixed-income securities. We introduce securitization, examine bond returns and risks, and conclude with credit risk and analysis.

A look at basic derivatives and derivative markets. We discuss the essential functions of forwards, futures, swaps, and contingent claims (e.g., options) as well as the basics of valuing these derivatives.

A discussion of hedge funds, private equity, real estate, commodities, and infrastructure investments. We discuss their distinguishing characteristics and potential benefits and risks.

An introduction to the portfolio approach to investments. We discuss risk and return, modern portfolio theory, portfolio planning and construction, a risk management framework, technical analysis, and the ways financial technology is impacting investing.

An introduction to ethics and its role in the investment profession. We examine the CFA Institute Code of Ethics, Standards of Professional Conduct, and the Global Investment Performance Standards.

An exploration of quantitative concepts and financial analysis. The concepts covered include the time value of money, statistical analysis in finance, probability theory in investments, and hypothesis testing. The topic concludes with an introduction to linear regression and big data techniques.

An introduction to firms and market structures. The topic covers concepts such as the business cycle, monetary and fiscal policies, geopolitics, international finance, and concludes with currency exchange rates.

An introduction to different organizational forms, stakeholder management, and corporate governance. This topic emphasizes the importance of understanding working capital & liquidity and capital allocation. It concludes by covering foundational topics in capital structures and business models.

An introduction to primary financial statements. We explore a general framework for financial statement analysis, three major financial statements, financial reporting for specific assets and liabilities, and financial reporting quality.

An overview of financial markets. We discuss construction and use of security market indexes, market efficiency, equity securities, useful frameworks for conducting industry and individual company analysis, and three equity valuation approaches.

An exploration of fixed-income securities. We discuss global fixed-income markets and valuation of fixed-income securities. We examine bond returns and risks, introduce credit risk and analysis, and conclude with securitization.

A look at basic derivatives and derivative markets. We discuss the essential functions of forwards, futures, swaps, and contingent claims (e.g., options) as well as the basics of valuing these derivatives.

An overview of the features and performance appraisal for alternative investments. We discuss private capital, real estate and infrastructure, natural resources, hedge funds, and digital assets.

An introduction to the portfolio approach to investments. We discuss risk and return, modern portfolio theory, portfolio planning and construction, a risk management framework, technical analysis, and the ways financial technology is impacting investing.

An introduction to ethics and its role in the investment profession. We examine the CFA Institute Code of Ethics, Standards of Professional Conduct, and the Global Investment Performance Standards.