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 management. 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 Issuers Module 06 · Equity Investment Module 07 · Fixed Income Module 08 · Derivatives Module 09 · Alternative Investments Module 10 · Portfolio Management

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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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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.

5 chaptersBack to top

Chapter list

Module 01: Ethical and Professional Standards

Chapter

Topics

Ethics and Trust in the Investment Profession

Code of Ethics and Standards of Professional Conduct

Guidance for Standards I-VII

Introduction to the Global Investment Performance Standards (GIPS)

Ethics Application

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

Chapter

Topics

Rates and Returns

Time Value of Money in Finance

Statistical Measures of Asset Returns

Probability Trees and Conditional Expectations

Portfolio Mathematics

Simulation Methods

Estimation and Inference

Hypothesis Testing

Parametric and Non-Parametric Tests of Independence

Simple Linear Regression

Introduction to Big Data Techniques

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

Chapter

Topics

The Firm and Market Structures

Understanding Business Cycles

Fiscal Policy

Monetary Policy

Introduction to Geopolitics

International Trade

Capital Flows and the FX Market

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

Chapter

Topics

Introduction to Financial Statement Analysis

Analyzing Income Statement

Analyzing Balance Sheet

Analyzing Statement of Cash Flow I

Analyzing Statement of Cash Flow II

Analysis of Inventories

Analysis of Long-Term Assets

Long-Term Liabilities and Equity

Analysis of Income Taxes

Financial Reporting Quality

Financial Statement Analysis Techniques

Introduction to Financial Statement Modeling

MODULE 056-9%

Corporate Issuers

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

7 chaptersBack to top

Chapter list

Module 05: Corporate Issuers

Chapter

Topics

Organizational Forms, Corporate Issuer Features, and Ownership

Investors and Other Stakeholders

Corporate Governance: Conflicts, Mechanisms, Risks, and Benefits

Working Capital and Liquidity

Capital Investments and Capital Allocation

Capital Structure

Business Models

MODULE 0611-14%

Equity Investment

This section introduces market structure, company analysis, and the valuation logic used to assess equity opportunities.

8 chaptersBack to top

Chapter list

Module 06: Equity Investment

Chapter

Topics

Market Organization and Structure

Security Market Indexes

Market Efficiency

Overview of Equity Securities

Company Analysis: Past and Present

Industry and Competitive Analysis

Company Analysis: Forecasting

Equity Valuation: Concepts and Basic Tools

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

Chapter

Topics

Fixed-Income Instrument Features

Fixed-Income Cash Flows and Types

Fixed-Income Issuance and Trading

Fixed-Income Markets for Corporate Issuers

Fixed-Income Markets for Government Issuers

Fixed-Income Bond Valuation: Prices and Yields

Yield and Yield Spread Measures for Fixed-Rate Bonds

Yield and Yield Spread Measures for Floating-Rate Instruments

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

Interest Rate Risk and Return

Yield-Based Bond Duration Measures and Properties

Yield-Based Bond Convexity and Portfolio Properties

Curve-Based and Empirical Fixed-Income Risk Measures

Credit Risk

Credit Analysis for Government Issuers

Credit Analysis for Corporate Issuers

Fixed-Income Securitization

Asset-Backed Security Instrument and Market Features

Mortgage-Backed Security 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

Chapter

Topics

Derivative Instruments and Derivative Market Features

Forward Commitment and Contingent Claim Features and Instruments

Derivative Benefits, Risks, and Issuer and Investor Uses

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

Pricing and Valuation of Forward Contracts

Pricing and Valuation of Futures Contracts

Pricing and Valuation of Interest Rate and Other Swaps

Pricing and Valuation of Options

Option Replication Using Put-Call Parity

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

Chapter

Topics

Alternative Investment Features, Methods, and Structures

Alternative Investment Performance and Returns

Investments in Private Capital: Equity and Debt

Real Estate and Infrastructure

Natural Resources

Hedge Funds

Introduction to Digital Assets

MODULE 108-12%

Portfolio Management

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

6 chaptersBack to top

Chapter list

Module 10: Portfolio Management

Chapter

Topics

Portfolio Risk and Return: Part I

Portfolio Risk and Return: Part II

Portfolio Management: An Overview

Basics of Portfolio Planning and Construction

The Behavioral Biases of Individuals

Introduction to Risk Management