Study Material for CFA Level 1

CFA Level 1 exam is a complete multiple choice exam. The multiple choice questions are crafted with each of the incorrect responses (distracters) carefully constructed to represent common mistakes in either calculation or logic. A Level I examination consists of 240 questions to be completed in a six-hour time frame.

The Level I study program emphasizes tools and inputs, and includes an introduction to asset valuation, financial reporting and analysis, and portfolio management techniques.

The topics and their weights are provided below. For each topic, CFA institute provides study session documents which contain the detailed outline, reading list, and the learning outcome statements. For example, the first topic “Ethical and Professional Standards”, there is one study session which consists of 4 readings.

Topic AreaLevel I
Ethical and Professional Standards (total)15
Investment Tools (total)50
Corporate Finance8
Economics10
Financial Reporting and Analysis20
Quantitative Methods12
Asset Classes (total)30
Alternative Investments3
Derivatives5
Equity Investments10
Fixed Income12
Portfolio Management and Wealth Planning (total)5
Total100

The curriculum is organized into 18 study sessions.

Study Material

Our study material will be organized as per the study sessions. From January 2012 till May 2012, we will cover all the 18 study sessions. Do come back to this page (or bookmark it) regularly to view the newly added content.

Study Session 1 – Ethical and Professional

Session Overview – Ethical and Professional

Study Session 2 – Quantitative Methods: Basic Concepts

Study Session 3 – Quantitative Methods: Application

Study Session 4 – Economics: Microeconomic Analysis

Study Session 5 – Econimics: Macroeconomic Analysis

Study Session 6 – Econimics: Economics in Global Context

Study Session 7 – Financial Reporting and Analysis: An Introduction

Study Session 8 – Financial Reporting and Analysis: Income Statements, Balance Sheets, and Cash Flow Statements

Study Session 9 – Financial Reporting and Analysis: Inventories, Long-lived Assets, Income Taxes, and Non-current Liabilities

Study Session 10 – Financial Reporting and Analysis: Evaluating Financial Reporting Quality and Other Applications

Study Session 11 – Corporate Finance

Study Session 12 – Portfolio Management

Study Session 13 – Market Organization, Market
Indices, and Market Efficiency

Study Session 14 – Equity Analysis and Valuation

Study Session 15 – Fixed Income: Basic Concepts

Study Session 16 – Fixed Income: Analysis and Valuation

Study Session 17 – Derivatives

Study Session 18 – Alternative Investments

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