CFA Level 1 - STUDY PLAN 2025

Overview
Instructor’s Notes
Video Explanation

Overview
Instructor’s Notes
Video Explanation

The study plan has been structured after careful analysis to sequence topics logically for CFA Level 1. Follow the weeks in order for a balanced mix of quantitative and conceptual learning.Click here to download the schedule as PDF.

KEY used to represent CFA Level 1 topics:

QM

Quantitative Methods

ECO

Economics

CI

Corporate Issuers

AI

Alternative Investments

EQ

Equity

FI

Fixed Income

FSA

Financial Statement Analysis

DER

Derivatives

PM

Portfolio Management

ETH

Ethics

Schedule

WEEK

01

QM 1 PreInterest Rates, Present Value & Future Value- (60 minutes)
QM 1 CoreRates and Returns- (150 minutes)
QM 2 CoreTime Value of Money in Finance- (150 minutes)

WEEK

02

QM 2 PreOrganizing, Visualizing & Describing Data- (100 minutes)
QM 3 CoreStatistical Measures of Asset Returns- (150 minutes)
QM 5 CorePortfolio Mathematics- (60 minutes)

WEEK

03

QM 3 PreProbability Concepts- (150 minutes)
QM 4 CoreProbability Trees and Conditional Expectations- (90 minutes)
QM 4 PreCommon Probability Distributions- (90 minutes)
QM 6 CoreSimulation Methods- (60 minutes)

WEEK

04

QM 5 PreSampling and Estimation- (60 minutes)
QM 7 CoreEstimation and Inference- (60 minutes)
QM 6 PreBasics of Hypothesis Testing- (120 minutes)
QM 8 CoreHypothesis Testing- (30 minutes)
QM 9 CoreParametric and Non-Parametric Tests of Independence- (30 minutes)

WEEK

01

QM 1 PreInterest Rates, Present Value & Future Value- (60 minutes)
QM 1 CoreRates and Returns- (150 minutes)
QM 2 CoreTime Value of Money in Finance- (150 minutes)

WEEK

02

QM 2 PreOrganizing, Visualizing & Describing Data- (100 minutes)
QM 3 CoreStatistical Measures of Asset Returns- (150 minutes)
QM 5 CorePortfolio Mathematics- (60 minutes)

WEEK

03

QM 3 PreProbability Concepts- (150 minutes)
QM 4 CoreProbability Trees and Conditional Expectations- (90 minutes)
QM 4 PreCommon Probability Distributions- (90 minutes)
QM 6 CoreSimulation Methods- (60 minutes)

WEEK

04

QM 5 PreSampling and Estimation- (60 minutes)
QM 7 CoreEstimation and Inference- (60 minutes)
QM 6 PreBasics of Hypothesis Testing- (120 minutes)
QM 8 CoreHypothesis Testing- (30 minutes)
QM 9 CoreParametric and Non-Parametric Tests of Independence- (30 minutes)

WEEK

05

QM 10 CoreSimple Linear Regression- (200 minutes)
QM 11 CoreIntroduction to Big Data Techniques- (30 minutes)

WEEK

06

Block Test - Quantitative Methods (Complete Module Revision)

WEEK

07

ECO

Eco 1 PreTopics in Demand and Supply Analysis- (60 minutes)
Eco 2 PreIntroduction to the Firm and Market Organisation- (60 minutes)
Eco 1 CoreThe Firm and Market Structures- (90 minutes)
Eco 3 PreAggregate Output, Prices, and Economic Growth- (120 minutes)

WEEK

08

ECO

Eco 4 PreIntroduction to Business Cycles- (75 minutes)
Eco 2 CoreUnderstanding Business Cycles- (60 minutes)
Eco 5 PreMonetary and Fiscal Policy- (90 minutes)
Eco 3 CoreFiscal Policy- (60 minutes)
Eco 4 CoreMonetary Policy- (60 minutes)

WEEK

09

ECO

Eco 5 CoreIntroduction to Geopolitics- (150 minutes)
Eco 6 PreInternational Trade and Capital Flows- (60 minutes)
Eco 6 CoreInternational Trade- (60 minutes)

WEEK

10

ECO

Eco 7 PreCurrency Exchange Rates- (120 minutes)
Eco 7 CoreCapital Flows and the FX Market- (60 minutes)
Eco 8 CoreExchange Rate Calculations- (75 minutes)

WEEK

11

CI 1 CoreOrganizational Forms, Features & Ownership- (75 minutes)
CI 2 CoreInvestors and Other Stakeholders- (60 minutes)
CI 3 CoreCorporate Governance- (60 minutes)
CI 4 CoreWorking Capital and Liquidity- (90 minutes)

WEEK

12

CI 5 CoreCapital Investments and Allocation- (120 minutes)
CI 6 CoreCapital Structure- (150 minutes)
CI 7 CoreBusiness Model- (125 minutes)

WEEK

13

Block Test - Economics and Corporate Issuers Modules

WEEK

14

AI 1 CoreAlternative Investment Features, Methods & Structures- (120 minutes)
AI 2 CoreAlternative Investment Performance and Returns- (120 minutes)
AI 3 CorePrivate Capital: Equity and Debt- (75 minutes)

WEEK

15

AI 4 CoreReal Estate and Infrastructure- (120 minutes)
AI 5 CoreNatural Resources- (75 minutes)
AI 6 CoreHedge Funds- (60 minutes)
AI 7 CoreIntroduction to Digital Assets- (100 minutes)

WEEK

16

Equity 1 CoreMarket Organization and Structure- (200 minutes)
Equity 2 CoreSecurity Market Indexes- (120 minutes)

WEEK

17

Equity 3 CoreMarket Efficiency- (75 minutes)
Equity 4 CoreOverview of Equity Securities- (75 minutes)
Equity 5 CoreCompany Analysis: Past and Present- (150 minutes)
Equity 6 CoreIndustry and Competitive Analysis- (90 minutes)

WEEK

18

Equity 7 CoreCompany Analysis: Forecasting- (100 minutes)
Equity 8 CoreEquity Valuation: Concepts and Basic Tools- (180 minutes)

WEEK

19

Block Test - Equity and Alternative Investments

WEEK

20

FI 1 CoreFixed-Income Instrument Features- (120 minutes)
FI 2 CoreFixed-Income Cash Flows and Types- (100 minutes)
FI 3 CoreFixed-Income Issuance and Trading- (120 minutes)

WEEK

21

FI 4 CoreMarkets for Corporate Issuers- (90 minutes)
FI 5 CoreMarkets for Government Issuers- (60 minutes)
FI 6 CoreBond Valuation: Prices and Yields- (180 minutes)

WEEK

22

FI 7 CoreYield & Spread Measures for Fixed-Rate Bonds- (120 minutes)
FI 8 CoreYield & Spread Measures for Floating-Rate Instruments- (120 minutes)
FI 9 CoreTerm Structure: Spot, Par, Forward Curves- (100 minutes)

WEEK

23

FI 10 CoreInterest Rate Risk and Return- (120 minutes)
FI 11 CoreDuration Measures & Properties- (120 minutes)
FI 12 CoreConvexity & Portfolio Properties- (60 minutes)
FI 13 CoreCurve-Based & Empirical Risk Measures- (90 minutes)

WEEK

24

FI 14 CoreCredit Risk- (120 minutes)
FI 15 CoreCredit Analysis for Government Issuers- (75 minutes)
FI 16 CoreCredit Analysis for Corporate Issuers- (100 minutes)

WEEK

25

FI 17 CoreFixed-Income Securitization- (120 minutes)
FI 18 CoreABS Instrument & Market Features- (120 minutes)
FI 19 CoreMBS Instrument & Market Features- (120 minutes)

WEEK

26

Block Test - Fixed Income

WEEK

27

FSA

FSA 1 CoreIntroduction to Financial Statement Analysis- (90 minutes)
FSA 1 PreIntroduction to Financial reporting- (150 minutes)
FSA 2 PreIncome Statements- (150 minutes)

WEEK

28

FSA

FSA 3 PreBalance Sheet- (80 minutes)
FSA 3 CoreAnalyzing Balance Sheets- (80 minutes)
FSA 4 PreCash Flow Statements- (60 minutes)
FSA 4 CoreAnalyzing Statements of Cash Flows I- (60 minutes)
FSA 5 CoreAnalyzing Statements of Cash Flows II- (60 minutes)

WEEK

29

FSA

FSA 5 PreInventories- (90 minutes)
FSA 6 CoreAnalysis of Inventories- (90 minutes)
FSA 6 PreLong-Lived Assets- (90 minutes)
FSA 7 CoreAnalysis of Long-Term Assets- (90 minutes)

WEEK

30

FSA

FSA 8 PreNon-Current (Long-Term) Liabilities- (120 minutes)
FSA 8 CoreTopics in Long-Term Liabilities and Equity- (120 minutes)
FSA 7 PreIncome Tax- (90 minutes)
FSA 9 CoreAnalysis of Income Taxes- (60 minutes)

WEEK

31

FSA

FSA 10 CoreFinancial Reporting Quality- (150 minutes)
FSA 11 CoreFinancial Analysis Techniques- (120 minutes)
FSA 12 CoreIntroduction to Financial Statement Modeling- (120 minutes)

WEEK

32

FSA

Block Test - Financial Statement Analysis

WEEK

33

DER

Der. 1 CoreDerivative Instrument & Market Features- (120 minutes)
Der. 2 CoreForward Commitment & Contingent Claim Features- (150 minutes)
Der. 3 CoreDerivative Benefits, Risks, Uses- (90 minutes)

WEEK

34

DER

Der. 4 CoreArbitrage, Replication & Cost of Carry- (90 minutes)
Der. 5 CorePricing & Valuation of Forwards- (100 minutes)
Der. 6 CorePricing & Valuation of Futures- (60 minutes)

WEEK

35

DER

Der. 7 CorePricing & Valuation of Swaps- (60 minutes)
Der. 8 CorePricing & Valuation of Options- (120 minutes)
Der. 9 CoreOption Replication Using Put-Call Parity- (90 minutes)
Der. 10 CoreOne-Period Binomial Model- (75 minutes)

WEEK

36

PM 3 CorePortfolio Management: An Overview- (60 minutes)
PM 1 CorePortfolio Risk and Return: Part I- (180 minutes)
PM 2 CorePortfolio Risk and Return: Part II- (150 minutes)

WEEK

37

PM 4 CoreBasics of Portfolio Planning and Construction- (90 minutes)
PM 5 CoreThe Behavioral Biases of Individuals- (150 minutes)
PM 6 CoreIntroduction to Risk Management- (120 minutes)

WEEK

38

Block Test - Portfolio Management

WEEK

39

ETH

Ethics- (300 minutes)

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CFA Level 1 - STUDY PLAN 2025

Overview

Instructor’s Notes

Video Explanation

Overview

Instructor’s Notes

Video Explanation

KEY used to represent CFA Level 1 topics:

QM

ECO

CI

AI

EQ

FI

FSA

DER

PM

ETH

Schedule

WEEK

01

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02

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03

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04

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05

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06

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07

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08

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09

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10

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11

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