CFA Level I

Exam day

Know what CFA Level I asks on the day.

Question formats to expect:

• Single select (Radio) (100%)

  Select one option from a collection of options

Curriculum

Inside the CFA Level I plan.

12 modules · 58 units · ~58h of structured prep.

1. 01

   Ethical and Professional Standards

   5 units · ~5h

   Deep study of the CFA Institute Code of Ethics and Standards of Professional Conduct, the Global Investment Performance Standards (GIPS) at an introductory level, and application of ethics through repeated standalone-style scenario questions. Ethics carries significant exam weight and requires repetition-based mastery.

   1. 1. Code of Ethics and Professionalism Foundations
   2. 2. Standards of Professional Conduct I-III
   3. 3. Standards of Professional Conduct IV-VII
   4. 4. Ethics Application: Standalone Scenario Drills
   5. 5. Introduction to GIPS Standards
2. 02

   Quantitative Methods

   5 units · ~5h

   Core quantitative tools tested at Level I: time value of money, statistical measures, probability theory, and return calculations including holding period return. Emphasis on formula fluency and calculator proficiency.

   1. 1. Time Value of Money and Calculator Fluency
   2. 2. Holding Period Return and Return Measures
   3. 3. Descriptive Statistics
   4. 4. Probability Concepts
   5. 5. Quant Formula Fluency Drills
3. 03

   Economics

   4 units · ~4h

   Microeconomic and macroeconomic foundations tested at Level I, including supply and demand, market structures, aggregate output and income measurement, and business cycles.

   1. 1. Demand, Supply, and Market Structures
   2. 2. Aggregate Output, Income, and Price Levels
   3. 3. Business Cycles and Economic Indicators
   4. 4. Economics Standalone MCQ Practice
4. 04

   Financial Statement Analysis

   5 units · ~5h

   Financial reporting standards, the three primary financial statements, and analytical techniques, including diluted EPS calculation and a general framework for financial statement analysis (FSA).

   1. 1. Financial Reporting Standards and Framework
   2. 2. Income Statement and EPS Calculation
   3. 3. Balance Sheet and Cash Flow Statement
   4. 4. Financial Analysis Techniques and Ratios
   5. 5. FSA Standalone MCQ Practice
5. 05

   Corporate Issuers

   5 units · ~5h

   Corporate governance, business organizational forms and associated liability, investing and financing decisions, cost analysis, leverage, and working capital management from the issuer's perspective.

   1. 1. Business Organizational Forms and Liability
   2. 2. Corporate Governance Fundamentals
   3. 3. Cost Analysis and Firm Profitability
   4. 4. Capital Investments and Capital Structure
   5. 5. Working Capital Management
6. 06

   Equity Investments

   5 units · ~5h

   Characteristics of equity securities, organization and functioning of security markets, market indexes, and basic equity valuation models used at Level I.

   1. 1. Equity Securities and Market Organization
   2. 2. Security Market Indexes
   3. 3. Exchange-Traded Funds Structure
   4. 4. Basic Equity Valuation Models
   5. 5. Equity Standalone MCQ Practice
7. 07

   Fixed Income

   6 units · ~6h

   Fixed income security features, yield measures, valuation and risk factors, securitization, credit analysis, and repurchase agreement pricing mechanics.

   1. 1. Fixed Income Security Features and Markets
   2. 2. Yield Measures and Bond Valuation
   3. 3. Repurchase Agreement (Repo) Pricing
   4. 4. Securitization and Asset-Backed Structures
   5. 5. Credit Analysis and Risk Factors
   6. 6. Fixed Income Standalone MCQ Practice
8. 08

   Derivatives

   5 units · ~5h

   Conceptual framework for derivatives and derivative markets, including forwards, futures, swaps, options, and the role of central clearing and counterparty risk mitigation.

   1. 1. Derivatives Markets and Instrument Types
   2. 2. Central Clearing and Counterparty Risk
   3. 3. Forward and Futures Pricing and Arbitrage
   4. 4. Swaps and Contingent Claims (Options)
   5. 5. Derivatives Standalone MCQ Practice
9. 09

   Alternative Investments

   4 units · ~4h

   Overview of alternative investment categories including hedge funds, private equity, real estate, infrastructure, and commodities, with emphasis on commodity investments as an inflation hedge.

   1. 1. Overview of Alternative Investment Categories
   2. 2. Commodity Investments and Inflation Hedging
   3. 3. Real Estate and Infrastructure Investments
   4. 4. Alternative Investments Standalone MCQ Practice
10. 10

    Portfolio Management

    5 units · ~5h

    Fundamentals of portfolio management including the portfolio management process, investment policy statement development, asset allocation, risk and return measurement, and the capital asset pricing model.

    1. 1. Portfolio Management Process and Asset Allocation
    2. 2. Investment Policy Statement Development
    3. 3. Risk and Return Measurement
    4. 4. Capital Asset Pricing Model (CAPM)
    5. 5. Portfolio Management Standalone MCQ Practice
11. 11

    Topic Review Cycles and Error-Log Remediation

    4 units · ~4h

    Structured cross-topic review cycles designed to interleave all ten CFA Level I topic areas, reinforce weak areas identified through error logs, and build cumulative retention ahead of mock exams.

    1. 1. First Review Cycle: Ethics, Quant, and Economics
    2. 2. Second Review Cycle: FSA, Corporate Issuers, and Equity
    3. 3. Third Review Cycle: Fixed Income, Derivatives, and Alternatives
    4. 4. Fourth Review Cycle: Portfolio Management Integration