CFA Level 1  /  All Modules
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📚 All Modules

Quick-navigate across all 10 subjects and 92 modules. Click any module to jump straight in.

Quantitative Methods · Economics · Financial Statement Analysis · Corporate Issuers · Equity · Fixed Income · Derivatives · Alternative Investments · Portfolio Management · Ethical And Professional Standards

Quantitative Methods

6–9% · 11 modules · View subject ›
M1Rates and ReturnsM2The Time Value of Money in FinanceM3Statistical Measures of Asset ReturnsM4Probability Trees and Conditional ExpectationsM5Portfolio MathematicsM6Simulation MethodsM7Estimation and InferenceM8Hypothesis TestingM9Parametric and Non-parametric Tests of IndependenceM10Simple Linear RegressionM11Introduction to Big Data Techniques

Economics

6–9% · 8 modules · View subject ›
M1Firms and Market StructuresM2Business CyclesM3Fiscal PolicyM4Monetary PolicyM5Introduction to GeopoliticsM6International TradeM7Capital Flows and the FX MarketM8Exchange Rate Calculations

Financial Statement Analysis

11–14% · 11 modules · View subject ›
M1Introduction to Financial Statement AnalysisM2Analyzing Income StatementsM3Analyzing Balance SheetsM4Analyzing Statements of Cash Flows IM5Analyzing Statements of Cash Flows IIM6Analysis of InventoriesM7Analysis of Long-Term AssetsM8Long-Term Liabilities and EquityM9Analysis of Income TaxesM10Financial Reporting QualityM11Financial Analysis Techniques

Corporate Issuers

6–9% · 7 modules · View subject ›
M1Organizational Forms, Corporate Issuer Features, and OwnershipM2Investors and Other StakeholdersM3Corporate Governance: Conflicts, Mechanisms, Risks & BenefitsM4Working Capital and LiquidityM5Capital Investment and Capital AllocationM6Capital StructureM7Business Models

Equity

11–14% · 8 modules · View subject ›
M1Market Organization and StructureM2Security Market IndexesM3Market EfficiencyM4Overview of Equity SecuritiesM5Company Analysis: Past and PresentM6Industry and Competitive AnalysisM7Company Analysis: ForecastingM8Equity Valuation: Concepts and Basic Tools

Fixed Income

11–14% · 19 modules · View subject ›
M1Fixed-Income Instrument FeaturesM2Fixed-Income Cash Flows and TypesM3Fixed-Income Issuance and TradingM4Fixed-Income Markets for Corporate IssuersM5Fixed-Income Markets for Government IssuersM6Fixed-Income Bond Valuation: Prices and YieldsM7Yield and Yield Spread Measures for Fixed-Rate BondsM8Yield and Yield Spread Measures for Floating-Rate InstrumentsM9The Term Structure of Interest RatesM10Interest Rate Risk and ReturnM11Yield-Based Bond Duration MeasuresM12Yield-Based Bond Convexity and Portfolio PropertiesM13Curve-Based and Empirical Fixed-Income Risk MeasuresM14Credit RiskM15Credit Analysis for Government IssuersM16Credit Analysis for Corporate IssuersM17Fixed-Income SecuritizationM18Asset-Backed Securities (ABS)M19Mortgage-Backed Securities (MBS)

Derivatives

5–8% · 10 modules · View subject ›
M1Derivative Markets and InstrumentsM2Forward Commitment and Contingent Claim FeaturesM3Derivative Benefits, Risks, and UsesM4Arbitrage, Replication, and the Cost of CarryM5Pricing and Valuation of Forward ContractsM6Pricing and Valuation of Futures ContractsM7Pricing and Valuation of Interest-Rate and Other SwapsM8Pricing and Valuation of OptionsM9Option Replication Using Put-Call ParityM10Valuing a Derivative Using a One-Period Binomial Model

Alternative Investments

5–8% · 7 modules · View subject ›
M1Alternative Investment Features, Methods, and StructuresM2Alternative Investment Performance and ReturnsM3Investments in Private Capital: Equity and DebtM4Real Estate and InfrastructureM5Natural ResourcesM6Hedge FundsM7Introduction to Digital Assets

Portfolio Management

5–8% · 6 modules · View subject ›
M1Portfolio Risk and Return — Part IM2Portfolio Risk and Return — Part II (CAPM)M3Portfolio Management: An OverviewM4Basics of Portfolio Planning and ConstructionM5The Behavioral Biases of IndividualsM6Introduction to Risk Management

Ethical And Professional Standards

15–20% · 5 modules · View subject ›
M1Ethics and Trust in the Investment ProfessionM2Code of Ethics and Standards of Professional ConductM3Guidance for Standards I–VIIM4Introduction to Global Investment Performance Standards (GIPS)M5Ethics Application