Study guide

CFA Level I study guide

Read a lesson, then practice the ideas you want to remember.

Lessons

  1. Eligibility, Registration, Passport, and PSM
  2. Exam Format, Fees, Windows, and Results
  3. Official Source Control and 2026 Curriculum
  4. Three-Hundred-Hour Study Plan — Free Study Guide 2026
  5. Topic Weights and Session Map — Free Study Guide 2026
  6. What Level I Tests and Why It Matters — Free Study Guide 2026
  7. Duties to Clients and Employers — Free Study Guide 2026
  8. Ethics Weight, Code, and Standards Map — Free Study Guide 2026
  9. GIPS, Performance Presentation, and Ethics C
  10. Investment Analysis, Recommendations, and Co
  11. Professionalism and Integrity of Capital Mar
  12. Responsibilities as a CFA Candidate and Memb
  13. Portfolio Mathematics and Safety-First — Free Study Guide 2026
  14. Probability, Conditional Expectations, and B
  15. Rates, Returns, and Time Value of Money
  16. Regression, Simulation, and Big Data — Free Study Guide 2026
  17. Sampling, Estimation, and Hypothesis Testing
  18. Statistics, Distributions, and Risk Measures
  19. Business Cycles and Economic Indicators
  20. Economics Case Lab — Free CFA Level I Study Guide Guide 2026
  21. Firm Market Structures and Breakeven Analysi
  22. Fiscal Policy, Monetary Policy, and Central
  23. Foreign Exchange, Capital Flows, and Arbitra
  24. Geopolitics, Globalization, and Trade — Free Study Guide 2026
  25. Balance Sheets, Assets, Liabilities, and Equ
  26. Cash Flow Statements and Free Cash Flow
  27. FSA Framework and Information Quality — Free Study Guide 2026
  28. Income Statements, Revenue, Expense, and EPS
  29. Inventories, Long-Lived Assets, and Taxes
  30. Reporting Quality, Ratios, DuPont, and Model
  31. Business Models and Corporate Case Lab — Free Study Guide 2026
  32. Capital Budgeting, NPV, IRR, and Real Option
  33. Capital Structure, WACC, and Modigliani-Mill
  34. Organizational Forms and Corporate Features
  35. Stakeholders, ESG, and Governance Conflicts
  36. Working Capital, Liquidity, and Cash Convers
  37. Company Analysis and Competitive Position
  38. Dividend Discount Models and Valuation Input
  39. Equity Securities and Industry Analysis
  40. Market Organization, Orders, and Trading
  41. Multiples, Private Company Valuation, and Eq
  42. Security Market Indexes and Efficiency — Free Study Guide 2026
  43. Bond Features, Issuance, and Cash Flow Struc
  44. Bond Valuation, Clean Price, and Accrued Int
  45. Credit Risk, Ratings, and Spreads — Free Study Guide 2026
  46. Duration, Convexity, and Interest Rate Risk
  47. Securitization and Fixed Income Case Lab
  48. Yield Measures, Spot Rates, and Forward Rate
  49. Arbitrage, Pricing, and No-Arbitrage Intuiti
  50. Derivative Markets, Forward Commitments, and
  51. Derivatives Case Lab — Free CFA Level I Study Guide Guide 2026
  52. Forwards, Futures, and Swap Basics — Free Study Guide 2026
  53. Hedging, Speculation, and Risk Management
  54. Option Payoffs, Moneyness, and Risk — Free Study Guide 2026
  55. Alternatives Case Lab — Free Study Guide 2026
  56. Alternatives Role, Characteristics, and Stru
  57. Hedge Funds, Strategies, Fees, and Risks
  58. Liquidity, Due Diligence, and Performance Me
  59. Private Capital, Venture, Buyout, and Privat
  60. Real Estate, Infrastructure, and Commodities
  61. Behavioral Finance and Client Decision Error
  62. Fintech, Data, and Portfolio Applications
  63. Portfolio Case Lab — Free CFA Level I Study Guide Guide 2026
  64. Portfolio Planning, Policy, and Construction
  65. Portfolio Return, Risk, and Diversification
  66. Risk Management and Investor Objectives
  67. Formula Sheet and Calculator Workflow — Free Study Guide 2026
  68. Mixed-Topic Case Lab — Free CFA Level I Study Guide Guide 2026
  69. Mock Exam Review and Error Log — Free Study Guide 2026
  70. Question Stem Reading and Answer Elimination
  71. Session One Integration: Ethics, Quant, Econ
  72. Session Two Integration: Equity, Fixed Incom
  73. Career Path, Charter Requirements, and Membe
  74. Exam Week Prometric and Passport Checklist
  75. Final Readiness Audit — Free Study Guide 2026
  76. If You Fail: Retake and Deferral Strategy
  77. If You Pass: Level II Path — Free Study Guide 2026
  78. Ninety-Day, Sixty-Day, and Thirty-Day Plan
  79. PSM Completion and Result Release — Free Study Guide 2026