Paper 1: CFA Level I Exam
- Returns of Financial Assets and Instruments
- Types of Financial Returns
- Benchmarking Returns
- The Time Value of Money in Finance
- Statistical Characteristics of Asset Returns
- Statistical Distributions for Financial Asset Prices and Returns
- Estimation and Hypothesis Testing
- The Return and Risk of a Financial Portfolio
- Simulation of Financial Asset Prices and Returns
- Applications of Simple Linear Regression in Finance
- Introduction to Financial Data Science
- The Firm and Market Structures
- Understanding Business Cycles
- Fiscal Policy
- Monetary Policy
- Introduction to Geopolitics
- International Trade
- Capital Flows and the FX Market
- Exchange Rate Calculations
- Organizational Forms, Corporate Issuer Features, and Ownership
- Investors and Other Stakeholders
- Corporate Governance: Conflicts, Mechanisms, Risks, and Benefits
- Working Capital and Liquidity
- Capital Investments and Capital Allocation
- Capital Structure
- Business Models
- Introduction to Financial Statement Analysis
- Analyzing Income Statements
- Analyzing Balance Sheets
- Analyzing Statements of Cash Flows I
- Analyzing Statements of Cash Flows II
- Analysis of Inventories
- Analysis of Long-Term Assets
- Topics in Long-Term Liabilities and Equity
- Analysis of Income Taxes
- Financial Reporting Quality
- Financial Analysis Techniques
- Introduction to Financial Statement Modeling
- Equity Instrument Features
- Equity Jurisdictions, Classes, and the Voting Process
- Equity Issuance and Trading
- Sources of Equity Returns
- Introduction to Equity Valuation
- Discounted Cash Flow (DCF) and Growth Models
- Relative Value Equity Valuation Approaches
- Financial Statement Forecasting in Equity Valuation
- Industry and Competitive Analysis
- Company Analysis: Past, Present, and Future
- Equity Analyst Research Reports
- The Capital Asset Pricing Model, Market Model, and Other Factor-Based Equity Models
- Fixed-Income Instrument Features
- Fixed-Income Cash Flows and Types
- Fixed-Income Issuance and Trading
- Fixed-Income Markets for Corporate Issuers
- Fixed-Income Markets for Government Issuers
- Fixed-Income Bond Valuation: Prices and Yields
- Yield and Yield Spread Measures for Fixed-Rate Bonds
- Yield and Yield Spread Measures for Floating-Rate Instruments
- The Term Structure of Interest Rates: Spot, Par, and Forward Curves
- Interest Rate Risk and Return
- Yield-Based Bond Duration Measures and Properties
- Yield-Based Bond Convexity and Portfolio Properties
- Curve-Based and Empirical Fixed-Income Risk Measures
- Credit Risk
- Credit Analysis for Government Issuers
- Credit Analysis for Corporate Issuers
- Fixed-Income Securitization
- Asset-Backed Security (ABS) Instrument and Market Features
- Mortgage-Backed Security (MBS) Instrument and Market Features
- Derivative Instrument and Derivative Market Features
- Forward Commitment and Contingent Claim Features and Instruments
- Derivative Benefits, Risks, and Issuer and Investor Uses
- Arbitrage, Replication, and the Cost of Carry in Pricing Derivatives
- Pricing and Valuation of Forward Contracts and for an Underlying with Varying Maturities
- Pricing and Valuation of Futures Contracts
- Pricing and Valuation of Interest Rate and Other Swaps
- Pricing and Valuation of Options
- Option Replication Using Put-Call Parity
- Valuing a Derivative Using a One-Period Binomial Model
- Alternative Investment Features, Methods, and Structures
- Alternative Investment Performance and Returns
- Investments in Private Capital: Equity and Debt
- Real Estate and Infrastructure
- Natural Resources
- Hedge Funds
- Introduction to Digital Assets
- Portfolio Risk and Return: Part I
- Portfolio Risk and Return: Part II
- Portfolio Management: An Overview
- Basics of Portfolio Planning and Construction
- The Behavioral Biases of Individuals
- Introduction to Risk Management
- Ethics and Trust in the Investment Profession
- Code of Ethics and Standards of Professional Conduct
- Guidance for Standard I: Professionalism
- Guidance for Standard II: Integrity of Capital Markets
- Guidance for Standard III: Duties to Clients
- Guidance for Standard IV: Duties to Employers
- Guidance for Standard V: Investment Analysis, Recommendations, and Actions
- Guidance for Standard VI: Conflicts of Interest
- Guidance for Standard VII: Responsibilities as a CFA Institute Member or CFA Candidate
- Application of the Code and Standards: Level I