These CFA® Level 1 2025 study notes provide complete coverage of the full curriculum as structured by the CFA Institute. Authored by a top-scoring passed candidate, this 2000-page document is an integrated resource developed to help candidates confidently master all 10 exam topics. Each section breaks down complex material into practical, digestible explanations aligned with learning outcome statements. These notes are ideal for candidates looking to reinforce knowledge, accelerate review, and gain exam-level understanding of every core domain.
Covered Topics:
Quantitative Methods (6–9%)
Builds fundamental skills in statistical analysis, the time value of money, probability distributions, sampling, estimation, hypothesis testing, correlation, regression, and simulation methods. These tools support analytical decision-making and risk evaluation in portfolio management and investment analysis.
- Rate and Return
- 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
- Simple Linear Regression
- Big Data Techniques
Economics (6–9%)
Examines both microeconomic and macroeconomic principles. Topics include supply and demand, elasticity, market structures, GDP, inflation, unemployment, business cycles, fiscal and monetary policy, foreign exchange, international trade, capital flows, and geopolitical implications for global markets.
- Firm & Market Structures
- Understanding Business Cycles
- Fiscal Policy
- Monetary Policy
- Introduction to Geopolitics
- International Trade
- Capital Flows and the FX Market
- Exchange Rate Calculations
Corporate Issuers (6–9%)
Focuses on corporate governance, stakeholder management, financial policy decisions, working capital management, capital structure, dividend policy, and the integration of ESG factors in investment decisions. It also explores how companies allocate resources and finance growth.
- Organizational Forms and Ownership
- Stakeholder Analysis
- Corporate Governance Mechanisms
- Working Capital & Liquidity Management
- Capital Allocation Decisions
- Leverage and Capital Structure
- Business Models and Strategic Considerations
Financial Statement Analysis (11–14%)
This section teaches how to evaluate financial health through detailed analysis of income statements, balance sheets, and cash flows. It also covers inventory accounting, long-term assets and liabilities, income taxes, financial ratios, reporting standards, and financial modeling techniques.
- Income Statement Analysis
- Balance Sheet Analysis
- Cash Flow Statements
- Inventory Accounting
- Long-Term Assets
- Income Taxes
- Leases, Bonds & Pensions
- Financial Reporting Quality
- Financial Ratios and Common-Size Statements
- Financial Modeling Basics
Equity Investments (11–14%)
Explores market structures, security markets, indices, valuation methods, industry analysis, financial modeling, and forecasting. Learn how to assess company fundamentals and apply key valuation techniques including discounted cash flow (DCF), relative valuation, and market multiples.
- Market Organization and Structure
- Security Market Indices
- Market Efficiency
- Equity Securities Overview
- Industry and Company Analysis
- Forecasting Techniques
- Basic Valuation Methods
Fixed Income (11–14%)
Covers features and types of fixed income securities, bond valuation, yield and spread analysis, duration, convexity, term structure of interest rates, credit risk, securitization, and fixed income portfolio construction. Learn to assess interest rate and credit risks using practical tools.
- Features of Fixed Income Instruments
- Cash Flows and Types
- Government and Corporate Bond Markets
- Bond Pricing and Yield Calculations
- Yield Spreads
- Spot, Par, and Forward Curves
- Duration and Convexity
- Interest Rate Risk Management
- Credit Risk Assessment
- Asset-backed Securities (ABS & MBS)
Derivatives (5–8%)
Introduces forwards, futures, options, and swaps. Key topics include pricing and valuation models, arbitrage relationships, replication strategies, put-call parity, binomial models, and derivative-based portfolio strategies. This section builds a foundational understanding of risk management tools.
- Derivative Instrument Basics
- Forward Commitments and Options
- Uses and Risks of Derivatives
- Arbitrage and Replication
- Pricing Forwards and Futures
- Swap Valuation
- Option Pricing Models (Binomial Trees, BSM)
- Put-Call Parity
Alternative Investments (7–10%)
Covers non-traditional assets such as hedge funds, private equity, real estate, commodities, infrastructure, and digital assets. Learn about unique risk/return profiles, valuation approaches, due diligence, fund structures, and the diversification benefits in portfolio construction.
- Alternative Asset Classes Overview
- Real Estate & Infrastructure
- Commodities and Natural Resources
- Hedge Funds and Private Equity
- Risk and Return Analysis
- Digital Assets Introduction
Portfolio Management (8–12%)
Provides tools for constructing, managing, and evaluating portfolios. Topics include risk/return trade-offs, capital asset pricing model (CAPM), investor constraints, strategic and tactical asset allocation, behavioral biases, and risk management frameworks. Prepares you to optimize investment outcomes across individual and institutional contexts.
- Portfolio Risk and Return Measures
- Portfolio Planning & Construction
- Behavioral Biases
- Risk Management Fundamentals
- Investor Needs & Constraints
- Capital Asset Pricing Model (CAPM)
Ethical and Professional Standards (15–20%)
This section provides a comprehensive foundation in ethics and professionalism. It covers the CFA Institute Code of Ethics and Standards of Professional Conduct, ethical decision-making models, and GIPS (Global Investment Performance Standards). Emphasis is placed on how to maintain client trust and navigate ethical dilemmas in real-world investment settings.
- Ethics and Trust in Finance
- Code of Ethics and Standards of Professional Conduct
- Guidance on Standards I–VII
- Global Investment Performance Standards (GIPS)
- Ethical Case Applications
Exam Format and Structure:
- Exam Format: 180 multiple-choice questions
- Session Breakdown: Two 135-minute sessions with an optional break
- Question Style:
- Each item consists of a question stem and three unique answer choices (A, B, C)
- Sentence completion or direct question formats
- Does not use “except,” “all of the above,” or “none of the above”
- Wording focuses on “most likely,” “best described,” or “least accurate”
- Equal weighting for each question
- No penalty for incorrect answers
This study resource condenses the extensive CFA Level I 2025 syllabus into precise, candidate-ready material. It is ideal for those aiming to streamline their study strategy while maintaining depth, clarity, and full alignment with CFA Institute standards. Whether you’re studying with or without third-party prep providers, this document serves as your single-source master reference for exam success.
You must log in and be a buyer of this download to submit a review.
