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CFA Level 1 revision notes

Revise one idea at a time. Concepts, formulas, worked examples and quick checks for the 2027 curriculum.

102 readings · First reading of each topic free

Quantitative Methods Economics Corporate Issuers Financial Statement Analysis Equity Investments Fixed Income Derivatives Alternative Investments Portfolio Management Ethical and Professional Standards

Quantitative Methods

1Returns of Financial Assets and Instruments23 cards · Free
2Types of Financial Returns23 cards · CFA Level 1 access
3Benchmarking Returns24 cards · CFA Level 1 access
4The Time Value of Money in Finance25 cards · CFA Level 1 access
5Statistical Characteristics of Asset Returns25 cards · CFA Level 1 access
6Statistical Distributions for Financial Asset Prices and Returns24 cards · CFA Level 1 access
7Estimation and Hypothesis Testing24 cards · CFA Level 1 access
8The Return and Risk of a Financial Portfolio24 cards · CFA Level 1 access
9Simulation of Financial Asset Prices and Returns24 cards · CFA Level 1 access
10Applications of Simple Linear Regression in Finance24 cards · CFA Level 1 access
11Introduction to Financial Data Science21 cards · CFA Level 1 access

Economics

12The Firm and Market Structures24 cards · Free
13Understanding Business Cycles21 cards · CFA Level 1 access
14Fiscal Policy23 cards · CFA Level 1 access
15Monetary Policy24 cards · CFA Level 1 access
16Introduction to Geopolitics22 cards · CFA Level 1 access
17International Trade21 cards · CFA Level 1 access
18Capital Flows and the FX Market24 cards · CFA Level 1 access
19Exchange Rate Calculations20 cards · CFA Level 1 access

Corporate Issuers

20Organizational Forms, Corporate Issuer Features, and Ownership23 cards · Free
21Investors and Other Stakeholders22 cards · CFA Level 1 access
22Corporate Governance: Conflicts, Mechanisms, Risks, and Benefits23 cards · CFA Level 1 access
23Working Capital and Liquidity23 cards · CFA Level 1 access
24Capital Investments and Capital Allocation24 cards · CFA Level 1 access
25Capital Structure23 cards · CFA Level 1 access
26Business Models20 cards · CFA Level 1 access

Financial Statement Analysis

27Introduction to Financial Statement Analysis24 cards · Free
28Analyzing Income Statements24 cards · CFA Level 1 access
29Analyzing Balance Sheets24 cards · CFA Level 1 access
30Analyzing Statements of Cash Flows I24 cards · CFA Level 1 access
31Analyzing Statements of Cash Flows II19 cards · CFA Level 1 access
32Analysis of Inventories25 cards · CFA Level 1 access
33Analysis of Long-Term Assets24 cards · CFA Level 1 access
34Topics in Long-Term Liabilities and Equity24 cards · CFA Level 1 access
35Analysis of Income Taxes24 cards · CFA Level 1 access
36Financial Reporting Quality24 cards · CFA Level 1 access
37Financial Analysis Techniques24 cards · CFA Level 1 access
38Introduction to Financial Statement Modeling23 cards · CFA Level 1 access

Equity Investments

39Equity Instrument Features19 cards · Free
40Equity Jurisdictions, Classes, and the Voting Process20 cards · CFA Level 1 access
41Equity Issuance and Trading23 cards · CFA Level 1 access
42Sources of Equity Returns20 cards · CFA Level 1 access
43Introduction to Equity Valuation23 cards · CFA Level 1 access
44Discounted Cash Flow (DCF) and Growth Models24 cards · CFA Level 1 access
45Relative Value Equity Valuation Approaches24 cards · CFA Level 1 access
46Financial Statement Forecasting in Equity Valuation23 cards · CFA Level 1 access
47Industry and Competitive Analysis24 cards · CFA Level 1 access
48Company Analysis: Past, Present, and Future24 cards · CFA Level 1 access
49Equity Analyst Research Reports24 cards · CFA Level 1 access
50The Capital Asset Pricing Model, Market Model, and Other Factor-Based Equity Models24 cards · CFA Level 1 access

Fixed Income

51Fixed-Income Instrument Features22 cards · Free
52Fixed-Income Cash Flows and Types24 cards · CFA Level 1 access
53Fixed-Income Issuance and Trading24 cards · CFA Level 1 access
54Fixed-Income Markets for Corporate Issuers23 cards · CFA Level 1 access
55Fixed-Income Markets for Government Issuers23 cards · CFA Level 1 access
56Fixed-Income Bond Valuation: Prices and Yields24 cards · CFA Level 1 access
57Yield and Yield Spread Measures for Fixed-Rate Bonds23 cards · CFA Level 1 access
58Yield and Yield Spread Measures for Floating-Rate Instruments18 cards · CFA Level 1 access
59The Term Structure of Interest Rates: Spot, Par, and Forward Curves22 cards · CFA Level 1 access
60Interest Rate Risk and Return22 cards · CFA Level 1 access
61Yield-Based Bond Duration Measures and Properties23 cards · CFA Level 1 access
62Yield-Based Bond Convexity and Portfolio Properties23 cards · CFA Level 1 access
63Curve-Based and Empirical Fixed-Income Risk Measures24 cards · CFA Level 1 access
64Credit Risk24 cards · CFA Level 1 access
65Credit Analysis for Government Issuers19 cards · CFA Level 1 access
66Credit Analysis for Corporate Issuers23 cards · CFA Level 1 access
67Fixed-Income Securitization18 cards · CFA Level 1 access
68Asset-Backed Security (ABS) Instrument and Market Features25 cards · CFA Level 1 access
69Mortgage-Backed Security (MBS) Instrument and Market Features24 cards · CFA Level 1 access

Derivatives

70Derivative Instrument and Derivative Market Features23 cards · Free
71Forward Commitment and Contingent Claim Features and Instruments24 cards · CFA Level 1 access
72Derivative Benefits, Risks, and Issuer and Investor Uses21 cards · CFA Level 1 access
73Arbitrage, Replication, and the Cost of Carry in Pricing Derivatives21 cards · CFA Level 1 access
74Pricing and Valuation of Forward Contracts and for an Underlying with Varying Maturities25 cards · CFA Level 1 access
75Pricing and Valuation of Futures Contracts22 cards · CFA Level 1 access
76Pricing and Valuation of Interest Rate and Other Swaps21 cards · CFA Level 1 access
77Pricing and Valuation of Options22 cards · CFA Level 1 access
78Option Replication Using Put-Call Parity21 cards · CFA Level 1 access
79Valuing a Derivative Using a One-Period Binomial Model18 cards · CFA Level 1 access

Alternative Investments

80Alternative Investment Features, Methods, and Structures25 cards · Free
81Alternative Investment Performance and Returns24 cards · CFA Level 1 access
82Investments in Private Capital: Equity and Debt24 cards · CFA Level 1 access
83Real Estate and Infrastructure24 cards · CFA Level 1 access
84Natural Resources23 cards · CFA Level 1 access
85Hedge Funds23 cards · CFA Level 1 access
86Introduction to Digital Assets24 cards · CFA Level 1 access

Portfolio Management

87Portfolio Risk and Return: Part I24 cards · Free
88Portfolio Risk and Return: Part II24 cards · CFA Level 1 access
89Portfolio Management: An Overview24 cards · CFA Level 1 access
90Basics of Portfolio Planning and Construction23 cards · CFA Level 1 access
91The Behavioral Biases of Individuals22 cards · CFA Level 1 access
92Introduction to Risk Management24 cards · CFA Level 1 access

Ethical and Professional Standards

93Ethics and Trust in the Investment Profession24 cards · Free
94Code of Ethics and Standards of Professional Conduct22 cards · CFA Level 1 access
95Guidance for Standard I: Professionalism21 cards · CFA Level 1 access
96Guidance for Standard II: Integrity of Capital Markets17 cards · CFA Level 1 access
97Guidance for Standard III: Duties to Clients24 cards · CFA Level 1 access
98Guidance for Standard IV: Duties to Employers21 cards · CFA Level 1 access
99Guidance for Standard V: Investment Analysis, Recommendations, and Actions20 cards · CFA Level 1 access
100Guidance for Standard VI: Conflicts of Interest19 cards · CFA Level 1 access
101Guidance for Standard VII: Responsibilities as a CFA Institute Member or CFA Candidate15 cards · CFA Level 1 access
102Application of the Code and Standards: Level I22 cards · CFA Level 1 access

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