CFA Level 1: 2025 Curriculum

Topic LM # Reading Name Comments

1 Rates and Returns
2 Time Value of Money in Finance
3 Statistical Measures of Asset Returns
4 Probability Trees and Conditional Expectations
5 Portfolio Mathematics
Quantitative
6 Simulation Methods
Methods (QM)
7 Estimation and Inference
8 Hypothesis Testing
9 Parametric and Non-Parametric Tests of Independence
10 Simple Linear Regression
11 Introduction to Big Data Techniques
12 The Firm & Market Structures
13 Understanding Business Cycles
14 Fiscal Policy
15 Monetary Policy
Economics
16 Introduction to Geopolitics
17 International Trade
18 Capital Flows and the FX Market
19 Exchange Rate Calculations
20 Organizational Forms, Corporate Issuer Features, and Ownership
21 Investors and Other Stakeholders
22 Corporate Governance: Conflicts, Mechanisms, Risks, and Benefits
Corporate
23 Working Capital and Liquidity
Issuers
24 Capital Investments and Capital Allocation
25 Capital Structure
26 Business Models
27 Introduction to Financial Statement Analysis
28 Analyzing Income Statements
29 Analyzing Balance Sheets
30 Analyzing Statements of Cash Flows I
31 Analyzing Statements of Cash Flows II
Financial
32 Analysis of Inventories
Statement
33 Analysis of Long-Term Assets
Analysis (FSA)
34 Topics in Long-Term Liabilities and Equity
35 Analysis of Income Taxes
36 Financial Reporting Quality
37 Financial Analysis Techniques
38 Introduction to Financial Statement Modeling
39 Market Organization & Structure
40 Security Market Indexes
41 Market Efficiency
42 Overview of Equity Securities
Equity
43 Company Analysis: Past and Present
44 Industry and Competitive Analysis
45 Company Analysis: Forecasting
46 Equity Valuation: Concepts and Basic Tools
47 Fixed-Income Instrument Features
48 Fixed-Income Cash Flows and Types
49 Fixed-Income Issuance and Trading
50 Fixed-Income Markets for Corporate Issuers
51 Fixed-Income Markets for Government Issuers
52 Fixed-Income Bond Valuation: Prices and Yields
53 Yield and Yield Spread Measures for Fixed-Rate Bonds
54 Yield and Yield Spread Measures for Floating-Rate Instruments
55 The Term Structure of Interest Rates: Spot, Par, and Forward Curves
Fixed Income 56 Interest Rate Risk and Return
57 Yield-Based Bond Duration Measures and Properties
58 Yield-Based Bond Convexity and Portfolio Properties
59 Curve-Based and Empirical Fixed-Income Risk Measures
60 Credit Risk
61 Credit Analysis for Government Issuers
62 Credit Analysis for Corporate Issuers
63 Fixed-Income Securitization
64 Asset-Backed Security (ABS) Instrument and Market Features
65 Mortgage-Backed Security (MBS) Instrument and Market Features
66 Derivative Instrument and Derivative Market Features
67 Forward Commitment and Contingent Claim Features and Instruments
68 Derivative Benefits, Risks, and Issuer and Investor Uses
69 Arbitrage, Replication, and the Cost of Carry in Pricing Derivatives
70 Pricing and Valuation of Forward Contracts and for an Underlying with Varying Maturities
Derivatives
71 Pricing and Valuation of Futures Contracts
72 Pricing and Valuation of Interest Rate and Other Swaps
73 Pricing and Valuation of Options
74 Option Replication Using Put-Call Parity
75 Valuing a Derivative Using a One-Period Binomial Model
76 Alternative Investment Features, Methods, and Structures
77 Alternative Investment Performance and Returns
78 Investments in Private Capital: Equity and Debt
Alternative
79 Real Estate and Infrastructure
Investments
80 Natural Resources
81 Hedge Funds
82 Introduction to Digital Assets
83 Portfolio Risk & Return: Part I
84 Portfolio Risk & Return: Part II
Portfolio 85 Portfolio Management: An Overview
Management 86 Basics of Portfolio Planning & Construction
87 The Behavioral Biases of Individuals
88 Introduction to Risk Management
89 Ethics and Trust in the Investment Profession Minor revisions in Curriculum
90 Code of Ethics and Standards of Professional Conduct
Ethics 91 Guidance for Standards I-VII
92 Introduction to the Global Investment Performance Standards (GIPS)
93 Ethics Application