CFA® – Level I

1. Quantitative Methods part 1

• The time value of Money
• Discounted Cashflow Applications
• Statistical Concepts and Market Returns
• Probability Concepts

2. Quantitative Methods part 2

• Common Probability Distributions
• Sampling and Estimation
• Hypothesis Testing

3. Financial Reporting and Analysis part 1

• Introduction to financial statement analysis
• Financial reporting mechanisms
• Authorities and setting bodies
• The IASB conceptual framework
• IAS No.1
• Monitoring standards

4. Financial Reporting and Analysis part 2

• The income statement
• The balance sheet
• The cash flow statement
• Financial analysis techniques

5. Financial Reporting and Analysis part 3

• Inventories
• Long-lived assets
• Income tax
• Bonds
• Leasing

6. Financial Reporting Analysis part 4

• Earnings manipulations
• Accounting warning signs
• Cash flow manipulation
• Financial statement analysis: applications

7. Ethics

• Code of ethics
• Overview of the Standards of Professional Conduct
• Standard I: Professionalism
• Standard II: Integrity of capital markets
• Standard III: Duties to clients
• Standard IV: Duties to employees
• Standard V: Investment analysis, recommendation and actions
• Standard VI: Conflict of interest
• Standard VII: responsibilities as a CFA Institute member or CFA candidate
• The Professional Conduct Program
• Global Investment Performance Standards (GIPS)

8. Economics part 1

• International Trade and Capital Cashflows
• Currency Exchange Rates
• Aggregate Output, Prices and Economic Growth
• Understanding Business Cycles
• Monetary and Fiscal Policy

9. Economics part 2

• Demand and Supply Analysis: Introduction
• Demand and Supply Analysis: Consumer Demand
• Demand and Supply Analysis: The Firm
• The Firm and Market Structures

10. Corporate Finance

• The capital budgeting process
• The cost of capital
• Leverage
• Dividends and share repurchases
• Working capital management
• Corporate governance

11. Fixed income part 1

• Features of debt securities
• Risks associated with investing in bonds
• Overview of bond sectors and instruments
• Understanding yield spreads

12. Fixed income part 2

• Introduction to the valuation of debt securities
• Yield measures, spot rates and forward rates
• Introduction to the measurement of interest rate risk
• Fundamentals of credit analysis

13. Equity

• Market organization and structure
• Market indices
• Market efficiency
• Overview of equity securities
• Introduction to company and industry analysis
• Equity valuation

14. Derivatives

• Derivative markets and instruments
• Forward markets and contracts
• Futures markets and contracts
• Option markets and contracts
• Swap markets and contracts
• Risk management applications of option strategies

15. Alternative Investments

• Introduction to alternative investments
• Investing in commodities

16. Portfolio Management

• Portfolio management: an overview
• Portfolio risk and return
• Basic of portfolio planning and construction