Probability Concepts CFA® Exam Level 1 Course Content Probability – Basic Terminology Two Defining Properties of Probability Empirical, Subjective and Priori Probability State the Probability of an Event as Odds Unconditional and Conditional Probabilities Multiplication, Addition and Total Probability Rules Joint Probability of Two Events Probability of Atleast One of the Events Occuring Dependent Vs. Independent Events in Probability Joint Probability of a Number of Independent Events Unconditional Probability Using Total Probability Rule Expected Value of Investments Calculating Variance and Standard Deviation of Stock Returns Conditional Expected Values Calculating Covariance and Correlation Expected Value of a Portfolio Variance and Standard Deviation of a Portfolio Bayes’ Theorem Multiplication Rule of Counting Permutation and Combination Formula