CFA Level I Complete

15–20%The Code of Ethics and Standards of Professional Conduct, applied to realistic workplace situations, plus an introduction to the Global Investment Performance Standards.

6–9%Time value of money, rates and returns, statistics, probability, sampling, hypothesis testing and simple regression for investment analysis.

6–9%Firms and market structures, business cycles, monetary and fiscal policy, international trade and currency exchange rates.

11–14%Income statements, balance sheets and cash-flow statements; inventories, long-lived assets, taxes and liabilities; ratio analysis and reporting quality.

6–9%Organisational forms, corporate governance, capital investment decisions, capital structure and working-capital management.

11–14%Market organisation, indices and efficiency; industry and company analysis; equity valuation with dividend discount and multiples models.

11–14%Bond features and markets, pricing and yields, term structure, interest-rate risk (duration and convexity) and credit analysis.

5–8%Forwards, futures, swaps and options: how they work, how they are priced, and how they are used to manage risk.

7–10%Private equity and debt, real estate, infrastructure, hedge funds, commodities and digital assets, and how they are evaluated.

8–12%Risk and return, modern portfolio theory, CAPM, the investment policy statement, behavioural biases and an introduction to risk management.