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You must follow these steps to apply for CFA Level 1:
Reference: https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-i-exam
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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Equity Investments | 11–14% | - Industry and company analysis - Market organization and structure - Equity valuation models |
| Topic 2: Alternative Investments | 7–10% | - Private equity, real estate, hedge funds - Investment characteristics and returns - Commodities and infrastructure |
| Topic 3: Ethical and Professional Standards | 15–20% | - Global Investment Performance Standards (GIPS) - Code of Ethics and Standards of Professional Conduct |
| Topic 4: Quantitative Methods | 6–9% | - Time value of money - Probability and hypothesis testing - Statistical concepts and returns - Regression and time-series analysis |
| Topic 5: Corporate Issuers | 6–9% | - Capital budgeting - Capital structure - Business and financial risk - Corporate governance |
| Topic 6: Derivatives | 5–8% | - Derivative markets and instruments - Forwards, futures, options, swaps - Derivative pricing and valuation basics |
| Topic 7: Portfolio Management | 8–12% | - Portfolio planning and construction - Risk and return concepts - Asset allocation and performance measurement |
| Topic 8: Economics | 6–9% | - Microeconomics - Macroeconomics - International trade and currency markets - Monetary and fiscal policy |
| Topic 9: Financial Statement Analysis | 11–14% | - Income statement, balance sheet, cash flow statement - Ratio analysis and profitability - Inventories, long-lived assets, taxes, debt - Financial reporting standards |
| Topic 10: Fixed Income | 11–14% | - Yield measures, spot rates, forward rates - Fixed income securities characteristics - Bond valuation and risk measures |
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