CFA Level 1 syllabus

CFA Level 1 syllabus with module-wise chapter coverage

Use this page to scan the full Level 1 syllabus, jump to any module, and understand how each section fits into the overall exam.

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Full coverage

All 10 modules in one structured view

The CFA Level 1 syllabus spans ethics, quantitative tools, economics, accounting, corporate finance, equity, fixed income, derivatives, alternative investments, and portfolio construction. This page organizes the entire chapter list module by module so you can review scope before building a study plan.

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Module 01 · Ethical and Professional Standards Module 02 · Quantitative Methods Module 03 · Economics Module 04 · Financial Statement Analysis Module 05 · Corporate Finance Module 06 · Equities Module 07 · Fixed Income Module 08 · Derivatives Module 09 · Alternative Investments Module 10 · Portfolio Construction

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Level 1 overview

Go back to the main Level 1 page for eligibility, exam structure, and prep guidance.

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Use the study plan page to sequence this syllabus into a workable preparation timeline.

Dates and deadlines

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MODULE 0115-20%

Ethical and Professional Standards

The ethics module sets the tone for the entire CFA Program. It builds judgment, professional standards, and practical decision-making discipline.

10 chaptersBack to top

Chapter list

Module 01: Ethical and Professional Standards

Code

Chapter Name

ETH1

Ethics and Trust in the Investment Profession

ETH2

Code of Ethics and Standards of Professional Conduct

ETH3

Guidance for Standard I: Professionalism

ETH4

Guidance for Standard II: Integrity of Capital Markets

ETH5

Guidance for Standard III: Duties to Clients

ETH6

Guidance for Standard IV: Duties to Employers

ETH7

Guidance for Standard V: Investment Analysis, Recommendations, and Actions

ETH8

Guidance for Standard VI: Conflicts of Interest

ETH9

Guidance for Standard VII: Responsibilities as a CFA Institute Member or CFA Candidate

ETH10

Application of the Code and Standards: Level I

MODULE 026-9%

Quantitative Methods

This module gives you the numerical toolkit behind valuation, portfolio analysis, and evidence-based financial reasoning.

11 chaptersBack to top

Chapter list

Module 02: Quantitative Methods

Code

Chapter Name

QM1

Returns of Financial Assets and Instruments

QM2

Types of Financial Returns

QM3

Benchmarking Returns

QM4

The Time Value of Money in Finance

QM5

Statistical Characteristics of Asset Returns

QM6

Statistical Distributions for Financial Asset Prices and Returns

QM7

Estimation and Hypothesis Testing

QM8

The Return and Risk of a Financial Portfolio

QM9

Simulation of Financial Asset Prices and Returns

QM10

Applications of Simple Linear Regression in Finance

QM11

Introduction to Financial Data Science

MODULE 036-9%

Economics

Economics connects the CFA curriculum to the broader environment in which businesses, consumers, governments, and markets operate.

8 chaptersBack to top

Chapter list

Module 03: Economics

Code

Chapter Name

ECO1

The Firm and Market Structures

ECO2

Understanding Business Cycles

ECO3

Fiscal Policy

ECO4

Monetary Policy

ECO5

Introduction to Geopolitics

ECO6

International Trade

ECO7

Capital Flows and the FX Market

ECO8

Exchange Rate Calculations

MODULE 0411-14%

Financial Statement Analysis

A high-value section for most candidates, this module builds your ability to read, interpret, and question financial reporting quality.

12 chaptersBack to top

Chapter list

Module 04: Financial Statement Analysis

Code

Chapter Name

FSA1

Introduction to Financial Statement Analysis

FSA2

Analyzing Income Statements

FSA3

Analyzing Balance Sheets

FSA4

Analyzing Statements of Cash Flows I

FSA5

Analyzing Statements of Cash Flows II

FSA6

Analysis of Inventories

FSA7

Analysis of Long-Term Assets

FSA8

Topics in Long-Term Liabilities and Equity

FSA9

Analysis of Income Taxes

FSA10

Financial Reporting Quality

FSA11

Financial Analysis Techniques

FSA12

Introduction to Financial Statement Modeling

MODULE 056-9%

Corporate Finance

Corporate Finance explains how firms make financing, capital allocation, governance, and operating decisions that affect investors.

7 chaptersBack to top

Chapter list

Module 05: Corporate Finance

Code

Chapter Name

CORP1

Organizational Forms, Corporate Issuer Features, and Ownership

CORP2

Investors and Other Stakeholders

CORP3

Corporate Governance: Conflicts, Mechanisms, Risks, and Benefits

CORP4

Working Capital and Liquidity

CORP5

Capital Investments and Capital Allocation

CORP6

Capital Structure

CORP7

Business Models

MODULE 0611-14%

Equities

This section introduces equity instruments, issuance, returns, company analysis, and the valuation logic used to assess equity opportunities.

12 chaptersBack to top

Chapter list

Module 06: Equities

Code

Chapter Name

EQ1

Equity Instrument Features

EQ2

Equity Jurisdictions, Classes, and the Voting Process

EQ3

Equity Issuance and Trading

EQ4

Sources of Equity Returns

EQ5

Introduction to Equity Valuation

EQ6

Discounted Cash Flow (DCF) and Growth Models

EQ7

Relative Value Equity Valuation Approaches

EQ8

Financial Statement Forecasting in Equity Valuation

EQ9

Industry and Competitive Analysis

EQ10

Company Analysis: Past, Present, and Future

EQ11

Equity Analyst Research Reports

EQ12

The Capital Asset Pricing Model, Market Model, and Other Factor-Based Equity Models

MODULE 0711-14%

Fixed Income

One of the heaviest modules in Level 1, Fixed Income combines security structure, pricing logic, yield measures, and risk analysis.

19 chaptersBack to top

Chapter list

Module 07: Fixed Income

Code

Chapter Name

FI1

Fixed-Income Instrument Features

FI2

Fixed-Income Cash Flows and Types

FI3

Fixed-Income Issuance and Trading

FI4

Fixed-Income Markets for Corporate Issuers

FI5

Fixed-Income Markets for Government Issuers

FI6

Fixed-Income Bond Valuation: Prices and Yields

FI7

Yield and Yield Spread Measures for Fixed-Rate Bonds

FI8

Yield and Yield Spread Measures for Floating-Rate Instruments

FI9

The Term Structure of Interest Rates: Spot, Par, and Forward Curves

FI10

Interest Rate Risk and Return

FI11

Yield-Based Bond Duration Measures and Properties

FI12

Yield-Based Bond Convexity and Portfolio Properties

FI13

Curve-Based and Empirical Fixed-Income Risk Measures

FI14

Credit Risk

FI15

Credit Analysis for Government Issuers

FI16

Credit Analysis for Corporate Issuers

FI17

Fixed-Income Securitization

FI18

Asset-Backed Security (ABS) Instrument and Market Features

FI19

Mortgage-Backed Security (MBS) Instrument and Market Features

MODULE 085-8%

Derivatives

Derivatives introduces the instruments and pricing logic used to manage risk, create exposure, and understand payoff structures.

10 chaptersBack to top

Chapter list

Module 08: Derivatives

Code

Chapter Name

DER1

Derivative Instrument and Derivative Market Features

DER2

Forward Commitment and Contingent Claim Features and Instruments

DER3

Derivative Benefits, Risks, and Issuer and Investor Uses

DER4

Arbitrage, Replication, and the Cost of Carry in Pricing Derivatives

DER5

Pricing and Valuation of Forward Contracts and for an Underlying with Varying Maturities

DER6

Pricing and Valuation of Futures Contracts

DER7

Pricing and Valuation of Interest Rate and Other Swaps

DER8

Pricing and Valuation of Options

DER9

Option Replication Using Put-Call Parity

DER10

Valuing a Derivative Using a One-Period Binomial Model

MODULE 097-10%

Alternative Investments

This module expands beyond stocks and bonds into private capital, real assets, hedge funds, and diversification use cases.

7 chaptersBack to top

Chapter list

Module 09: Alternative Investments

Code

Chapter Name

ALT1

Alternative Investment Features, Methods, and Structures

ALT2

Alternative Investment Performance and Returns

ALT3

Investments in Private Capital: Equity and Debt

ALT4

Real Estate and Infrastructure

ALT5

Natural Resources

ALT6

Hedge Funds

ALT7

Introduction to Digital Assets

MODULE 108-12%

Portfolio Construction

Portfolio Construction ties the program together through risk, return, diversification, investor behavior, and planning principles.

6 chaptersBack to top

Chapter list

Module 10: Portfolio Construction

Code

Chapter Name

PORT1

Portfolio Risk and Return: Part I

PORT2

Portfolio Risk and Return: Part II

PORT3

Portfolio Management: An Overview

PORT4

Basics of Portfolio Planning and Construction

PORT5

The Behavioral Biases of Individuals

PORT6

Introduction to Risk Management