CFA Level 1 Syllabus
The CFA Level 1 Syllabus 2018 can be broadly divided into the following topic areas which
are as follows:
Ethics and Professional Standards: CFA Syllabus Level 1
The CFA – CFA Level I Ethics Module offers over 50 lectures covering the CFA ethics
module. Topics covered in the course include Professionalism.
Integrity of Capital Markets, Duties to Clients, Duties to Employers, Investment
Analysis, Recommendations, Actions, Responsibilities as a CFA Institute Member or
CFA Candidate and GIPS.
The course videos and study materials are designed for commerce graduates, MBA’s,
professionals and engineers. Topics covered in Ethics and Professional Standards are
as follows:
Professional Standards of Practice
Ethical Practices
Financial Reporting and Analysis: Syllabus Of CFA Level 1
Popularly known as the “Accounting” module, the Financial and Reporting Analysis
module accounts for twenty percent of the marks in the CFA Level 1 exam.
Financial reporting requires a solid foundation in accounting techniques. A strong
understanding of income statements, balance sheets
Financial Reporting System (with an emphasis on IFRS)
Analysis of Principal Financial Statements
Financial Reporting Quality
Analysis of Inventories and Long-Lived Assets
Analysis of Taxes
Analysis of Debt
Analysis of Off-Balance-Sheet Assets and Liabilities
Analysis of Pensions, Stock Compensation, and Other Employee Benefits
Analysis of Inter-Corporate Investments
Analysis of Business Combinations
Analysis of Global Operations
Ratio and Financial Analysis
Quantitative Methods: Syllabus For CFA Level 1
The Quantitative Methods module accounts for twelve percent of the marks in the
level 1 CFA exam.
The topics covered in this module require a firm grasp and understanding of
mathematics and statistics.
Time Value of Money
Probability
Probability Distributions and Descriptive Statistics
Sampling and Estimation
Hypothesis Testing
Correlation Analysis and Regression
Time-Series Analysis
Simulation Analysis
Technical Analysis
Economics:
Market Forces of Supply and Demand
The Firm and Industry Organization
Measuring National Income and Growth
Business Cycles
The Monetary System
Inflation
International Trade and Capital Flows
Currency Exchange Rates
Monetary and Fiscal Policy
Economic Growth and Development
Effects of Government Regulation
Impact of Economic Factors on Investment Markets
Corporate Finance:
Corporate Governance
Dividend Policy
Capital Investment Decisions
Business and Financial Risk
Capital Structure Decisions
Working Capital Management
Mergers and Acquisitions and Corporate Restructuring
Equity Investments:
Types of Equity Securities and Their Characteristics
Equity Markets: Characteristics and Institutions
Equity Market Indexes and Benchmarks
Valuation of Individual Equity Securities
Fundamental Analysis (Sector, Industry, Company)
Equity Market Valuation and Return Analysis
Equity Portfolio Management Strategies
Fixed Income:
Types of Fixed-Income Securities and Their Characteristics
Fixed-Income Markets: Characteristics & Institutions
Fixed Income Portfolio Benchmarks
Fixed-Income Valuation (Sector, Industry, Company) and Return Analysis
Term Structure Determination and Yield Spreads
Analysis of Interest Rate Risk
Analysis of Credit Risk
Valuing Bonds with Embedded Options
Structured Products
Fixed-Income Portfolio Management Strategies
Derivatives:
Types of Derivative Instruments and Their Characteristics
Forward Markets and Valuation of Forward Contracts
Futures Markets and Valuation of Futures Contracts
Options Markets and Valuation of Option Contracts
Swaps Markets and Valuation of Swap Contracts
Credit Derivatives Markets and Instruments
Uses of Derivatives in Portfolio Management
Alternative Investments:
Types of Alternative Investments and Their Characteristics
Real Assets and Valuation
Real Estate Valuation
Investment Entities and Valuation
Private Equity/Venture Capital and Valuation
Hedge Fund Strategies and Valuation
Commodities
Asset Allocation to Alternative Investments
Portfolio Management and Wealth Planning: CFA Level 1 Syllabus 2018
The Investment Policy Statement
Modern Portfolio Management Concepts
Behavioral Finance
Environmental, Social, and Governance (ESG) Investing
Management of Individual/Family Investor Portfolios
Management of Institutional Investor Portfolios
Investment Manager Selection
Economic Analysis and Setting Capital Market Expectations
Tax Efficiency Strategies
Asset Allocation
Portfolio Construction and Revision
Risk Management
Execution of Portfolio Decisions (Trading)
Performance Evaluation
Presentation of Performance Results
