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CFA Level 1
CFA Level 1 Complete Course Curriculum
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MODULE 01 — Ethics (Ethical and Professional Standards)
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MODULE 02 — Quantitative Methods
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MODULE 03 — Economics
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MODULE 04 — Financial Statement Analysis
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MODULE 05 — Corporate Finance (renamed from Corporate Issuers)
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MODULE 06 — Equities (renamed from Equity Investment)
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MODULE 07 — Fixed Income
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MODULE 08 — Derivatives
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MODULE 09 — Alternative Investments
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MODULE 10 — Portfolio Construction (renamed from Portfolio Management)
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Tutorial lessons
Module 1: Introduction to the CFA Program and Study Strategy
The first module of the CFA Level 1 course focuses on helping students understand the CFA program, its structure, and the expectations of the exam. Before beginning technical topics such as quantitati
Module 2: Ethical and Professional Standards
Ethics plays a central role in the CFA Program and reflects the importance of trust and integrity in the investment profession. Financial markets function efficiently only when investors believe that
Module 3: Quantitative Methods
Quantitative methods provide the mathematical and statistical tools used in financial analysis. Investment professionals rely on these tools to evaluate investments, measure risk, analyze financial da
Module 4: Economics
Economics helps investors understand how economic forces influence financial markets and investment decisions. Changes in economic conditions affect interest rates, company profits, consumer spending,
Module 5: Financial Statement Analysis
Financial Statement Analysis is a core component of investment analysis. Investors and analysts use financial statements to evaluate a company’s financial health, profitability, efficiency, and
Module 6: Corporate Issuers
Corporate finance focuses on how companies make financial decisions related to investments, financing, and managing day to day operations. The goal of corporate finance is to maximize shareholder valu
Module 7: Equity Investments
Equity investments represent ownership in a company. When investors purchase shares of a company, they become partial owners and are entitled to a portion of the company’s profits and assets. Eq
Module 8: Fixed Income
Fixed income securities are financial instruments that provide investors with regular interest payments and repayment of principal at maturity. These securities are widely used by governments, corpora
Module 9: Derivatives
Derivatives are financial contracts whose value is derived from the value of an underlying asset. The underlying asset may be a stock, bond, commodity, currency, interest rate, or market index. Deriva
Module 10: Alternative Investments
Alternative investments refer to asset classes that fall outside traditional investments such as stocks and bonds. These investments provide additional opportunities for diversification and may offer
Module 11: Portfolio Management
Portfolio management is the process of selecting and managing a collection of investments in order to achieve specific financial objectives. The primary goal of portfolio management is to balance risk
Module 12: Practice and Exam Preparation
The final stage of CFA Level 1 preparation focuses on applying the knowledge gained from all previous modules and improving exam performance through practice and revision. While understanding concepts
ALTERNATIVE INVESTMENTFEATURES, METHODS, ANDSTRUCTURES
Learn about alternative investment structures including private equity, private debt, hedge funds, real assets, co-investments, fund investing, limited partnerships, and fee arrangements.
ALTERNATIVE INVESTMENT PERFORMANCE AND RETURNS
Learn how to evaluate alternative investment performance, including IRR, money multiples, leverage effects, J-curve, valuation risks, fee structures, and return calculations before and after fees.
The Firm and Market Structures
How firms set price and output, when they break even or shut down, how scale shapes cost, and how economists tell one market structure from another. Check-yourself items are study aids. Revenue under
ECO1 The Firm and Market Structures
How firms choose output and price under different competitive conditions. Check-yourself items are study aids. Profit Maximization, Breakeven, and Shutdown Every firm operates in one of two broad envi
ECO 2 Understanding Business Cycles
How economies expand and contract in phases, how credit moves with them, and how indicators read the cycle. Check-yourself items are study aids. The business cycle and its phases An economy produces g
ECO 3 Fiscal Policy
How governments use spending and taxes to steer demand, why the debt-to-GDP ratio is debated, and why fiscal policy is hard to time. Check-yourself items are study aids. Monetary versus fiscal policy
ECO 4 Monetary Policy
What central banks do, the tools and channels they use to steer money and credit, and how monetary policy interacts with fiscal policy. Check-yourself items are study aids. The Role of Central Banks A
ECO 5 Introduction to Geopolitics
How geography and politics shape cooperation, globalization, and the risks that reach investor portfolios. Check-yourself items are study aids. National Governments and Political Cooperation Geopoliti
ECO 6 International Trade
Why nations gain from trade, how tariffs and quotas redistribute welfare, and what different trading blocs do. Check-yourself items are study aids. Benefits and Costs of International Trade Trade poli
ECO 7 Capital Flows and the FX Market
How currencies are quoted and traded, how nominal and real rates differ, and why capital flows drive exchange rates. Check-yourself items are study aids. The Foreign Exchange Market Currencies trade a
ECO 8 Exchange Rate Calculations
How to build cross rates, read forward points, and tie spot rates, forward rates, and interest rates together with no-arbitrage logic. Check-yourself items are study aids. Cross Rates and Triangular A
QM 1 Returns of Financial Assets and Instruments
How to measure and compare investment returns, and how required returns are built from a risk-free rate and risk premia. Check-yourself items are study aids. Total Return and Its Components A financia