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ExamDragon is independent exam preparation. It is not affiliated with, endorsed by or reviewed by CFA Institute. CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute, used only to name the examination. Every question and guide here is our own, written to CFA Institute's published 2027 Level I topics and weights.

Chartered Financial Analyst (CFA®) Program Level I exam

What this covers

Every Level I topic and learning module, the study guide that teaches it, and a free study sheet per topic.

• Session 110-15% of the exam

  Ethical and Professional Standards

  Modules

  10

  In our mock

  21

  Practice

  20

  Mock written

  21

  The 10 learning modules, in our words

  1. ETH.1Why ethics builds trust in finance
  2. ETH.2The Code, the Standards and enforcement
  3. ETH.3Law, independence, honesty and competence
  4. ETH.4Inside information and market manipulation
  5. ETH.5What members owe their clients
  6. ETH.6What members owe their employers
  7. ETH.7Research basis, client communication, records
  8. ETH.8Disclosing conflicts, trade priority, referrals
  9. ETH.9Candidate conduct and using the CFA name
  10. ETH.10Mixed ethics cases at Level I

  Study guide, Ethical and Professional StandardsStudy sheet (free PDF)
• Session 111-14% of the exam

  Quantitative Methods

  Modules

  11

  In our mock

  22

  Practice

  24

  Mock written

  22

  The 11 learning modules, in our words

  1. QM.1What returns are and what investors require
  2. QM.2Measuring returns in different ways
  3. QM.3Money-weighted, time-weighted and index returns
  4. QM.4Discounting cash flows and no-arbitrage pricing
  5. QM.5Describing return data: centre, spread, shape
  6. QM.6Probability models for prices and returns
  7. QM.7Sampling, confidence intervals and hypothesis tests
  8. QM.8Portfolio risk, diversification and the CML
  9. QM.9Historical, bootstrap and Monte Carlo simulation
  10. QM.10Simple regression and the CAPM beta
  11. QM.11Big data and machine learning in investing

  Study guide, Quantitative MethodsStudy sheet (free PDF)
• Session 16-9% of the exam

  Economics

  Modules

  8

  In our mock

  13

  Practice

  14

  Mock written

  13

  The 8 learning modules, in our words

  1. ECON.1Costs, competition and market power
  2. ECON.2Expansions, recessions and credit cycles
  3. ECON.3Government spending, taxes and deficits
  4. ECON.4Central banks and interest rate policy
  5. ECON.5Geopolitics, globalisation and investment risk
  6. ECON.6Gains from trade and trade barriers
  7. ECON.7Currency markets, regimes and capital flows
  8. ECON.8Cross-rates and forward exchange rates

  Study guide, EconomicsStudy sheet (free PDF)
• Session 111-14% of the exam

  Financial Statement Analysis

  Modules

  12

  In our mock

  21

  Practice

  23

  Mock written

  21

  The 12 learning modules, in our words

  1. FSA.1The analyst's framework and information sources
  2. FSA.2Revenue, expenses and earnings per share
  3. FSA.3Reading the balance sheet
  4. FSA.4Building the cash flow statement
  5. FSA.5Interpreting cash flows and free cash flow
  6. FSA.6Inventory measurement and cost flows
  7. FSA.7Intangibles, impairment and asset disposals
  8. FSA.8Leases, pensions and share-based pay
  9. FSA.9Deferred taxes and tax rates
  10. FSA.10Judging the quality of reported numbers
  11. FSA.11Ratios, DuPont and comparative analysis
  12. FSA.12Forecasting with pro forma models

  Study guide, Financial Statement AnalysisStudy sheet (free PDF)
• Session 16-9% of the exam

  Corporate Finance

  Modules

  7

  In our mock

  13

  Practice

  14

  Mock written

  13

  The 7 learning modules, in our words

  1. CORP.1Business forms and ownership structures
  2. CORP.2Lenders, shareholders and other stakeholders
  3. CORP.3Governance, agency conflicts and controls
  4. CORP.4Managing working capital and liquidity
  5. CORP.5Choosing investments with NPV, IRR and ROIC
  6. CORP.6Cost of capital and the debt mix
  7. CORP.7How companies create and capture value

  Study guide, Corporate FinanceStudy sheet (free PDF)
• Session 211-14% of the exam

  Equities

  Modules

  12

  In our mock

  21

  Practice

  25

  Mock written

  21

  The 12 learning modules, in our words

  1. EQ.1Shares: types and core features
  2. EQ.2Share classes, votes and proxy advice
  3. EQ.3Equity markets, trading venues and indexes
  4. EQ.4Dividends, buybacks, splits and share returns
  5. EQ.5Price, value and families of valuation models
  6. EQ.6Present value models for shares
  7. EQ.7Valuing shares with price and EV multiples
  8. EQ.8Building forecast models to value equity
  9. EQ.9Analysing industries and competitive forces
  10. EQ.10Company strategy, drivers and capital needs
  11. EQ.11Writing and reading equity research
  12. EQ.12CAPM and factor models for required return

  Study guide, EquitiesStudy sheet (free PDF)
• Session 211-14% of the exam

  Fixed Income

  Modules

  19

  In our mock

  24

  Practice

  28

  Mock written

  24

  The 19 learning modules, in our words

  1. FI.1Bond features and indenture covenants
  2. FI.2Cash flow structures and embedded provisions
  3. FI.3Bond market segments, indexes and trading
  4. FI.4How companies and banks borrow
  5. FI.5Government, agency and supranational borrowing
  6. FI.6Pricing a bond from its yield
  7. FI.7Yield conventions and spreads for fixed coupons
  8. FI.8Floating-rate notes and money market yields
  9. FI.9Spot, par and forward rate curves
  10. FI.10Bond return sources and Macaulay duration
  11. FI.11Modified duration, money duration and PVBP
  12. FI.12Convexity and portfolio duration
  13. FI.13Effective, key rate and empirical duration
  14. FI.14Default risk, ratings and spreads
  15. FI.15Assessing sovereign and municipal credit
  16. FI.16Assessing corporate borrowers
  17. FI.17How securitization works
  18. FI.18Covered bonds, ABS and CDOs
  19. FI.19Mortgage-backed securities and prepayment risk

  Study guide, Fixed IncomeStudy sheet (free PDF)
• Session 26-9% of the exam

  Derivatives

  Modules

  10

  In our mock

  14

  Practice

  14

  Mock written

  14

  The 10 learning modules, in our words

  1. DER.1What derivatives are and where they trade
  2. DER.2Forwards, futures, swaps and options compared
  3. DER.3Why issuers and investors use derivatives
  4. DER.4No-arbitrage pricing and the carry of an asset
  5. DER.5Forward contract pricing and value
  6. DER.6Futures versus forwards
  7. DER.7Swaps as bundles of forwards
  8. DER.8What drives an option's value
  9. DER.9Put-call parity and its forward form
  10. DER.10One-step binomial option pricing

  Study guide, DerivativesStudy sheet (free PDF)
• Session 26-9% of the exam

  Alternative Investments

  Modules

  7

  In our mock

  14

  Practice

  17

  Mock written

  14

  The 7 learning modules, in our words

  1. ALT.1Alternative assets: types, access and fees
  2. ALT.2Measuring alternative returns after fees
  3. ALT.3Private equity and private credit funds
  4. ALT.4Property and infrastructure investing
  5. ALT.5Land, timber, farmland and commodities
  6. ALT.6Hedge fund strategies and vehicles
  7. ALT.7Ledger technology and crypto assets

  Study guide, Alternative InvestmentsStudy sheet (free PDF)
• Session 28-12% of the exam

  Portfolio Construction

  Modules

  6

  In our mock

  17

  Practice

  21

  Mock written

  17

  The 6 learning modules, in our words

  1. PC.1Diversification, utility and efficient frontiers
  2. PC.2CAPM, beta and risk-adjusted ratios
  3. PC.3Investor types, pensions and pooled funds
  4. PC.4Writing an IPS and allocating assets
  5. PC.5Cognitive errors and emotional biases
  6. PC.6Risk frameworks, governance and budgets

  Study guide, Portfolio ConstructionStudy sheet (free PDF)

Source: CFA Institute, CFA Program Level I exam. The topics, weights and sessions are CFA Institute's; the module names, guides, questions and how the mock spreads each topic's questions are ours. Every source this path is built on.