CFA Level 1 Study Guide

Ethical and Professional Standards

Master the CFA Code of Ethics and Standards of Professional Conduct essential for exam success and professional practice.

Quantitative Methods

Build foundational skills in time value of money, statistics, probability, and hypothesis testing for investment analysis.

Economics

Understand microeconomics, macroeconomics, monetary policy, and international trade concepts affecting global financial markets.

Financial Statement Analysis

Analyze financial statements using IFRS and US GAAP to evaluate company performance and financial health.

Corporate Issuers

Examine corporate governance, capital structure decisions, and stakeholder management affecting firm value and investment decisions.

Equity Investments

Learn equity valuation techniques, market structures, and security analysis for stock selection and portfolio construction.

Fixed Income

Master bond valuation, yield measures, interest rate risk, and credit analysis for fixed income securities.

Derivatives

Understand forwards, futures, options, and swaps including their valuation, payoffs, and risk management applications.

Alternative Investments

Explore hedge funds, private equity, real estate, commodities, and infrastructure investment characteristics and strategies.

Portfolio Management

Apply modern portfolio theory, asset allocation, and risk-return optimization in constructing diversified investment portfolios.

Wealth Planning

Understand individual investor needs, behavioral biases, and wealth management considerations in investment planning processes.

CFA Exam Preparation and Practice

Develop test-taking strategies through vignette-style questions and timed practice exams simulating actual CFA conditions.