CFA LEVEL I – FULL STUDY PROGRAM
(Classroom Format)
✅ Goal: Pass CFA Level I confidently with full
concept understanding, real practice, and mock
exam simulation
✅ Based On: CFA Institute Official Curriculum
+ Kaplan Schweser structure
📘 TOPIC 1: ETHICS (Weeks 1–2)
Readings (Kaplan/CFA)
Code of Ethics and Standards of Professional Conduct
Guidance for Standards I–VII
Global Investment Performance Standards (GIPS)
✅ Practice: Ethical scenarios, decision tree logic, GIPS questions
✅ Goal: Score >75% — high return topic (15–20% of exam)
📘 TOPIC 2: QUANTITATIVE METHODS (Weeks 3–5)
Readings
1. Rates and Returns
2. The Time Value of Money in Finance
3. Statistical Measures of Asset Return
4. Probability Trees and Conditional Expectations
5. Portfolio Mathematics
6. Simulation Methods
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
✅ Extra: Step-by-step teaching of all math/stat formulas
✅ Practice: 100+ questions with visuals & Excel methods
📘 TOPIC 3: ECONOMICS (Weeks 6–7)
Readings
Microeconomic & Macroeconomic Principles
Supply/Demand, Elasticity
Aggregate Output & Growth
Monetary & Fiscal Policy
Currency Exchange Rates
Trade & Capital Flows
✅ Clear, human-style teaching of graphs & economic flows
✅ Practice: Real economic scenarios and CFA-style MCQs
📘 TOPIC 4: FINANCIAL REPORTING & ANALYSIS (FRA) (Weeks 8–10)
Readings
Income Statement, Balance Sheet, Cash Flow
Inventory, Long-Lived Assets
Income Taxes, Leases
Ratios and Financial Analysis
✅ Extra: Rebuild sample financials in Excel
✅ Practice: 100+ questions with full walkthroughs
📘 TOPIC 5: CORPORATE ISSUERS (Weeks 11)
Readings
Cost of Capital
Capital Structure & Measures
Dividend & Share Repurchase Policies
Corporate Governance
✅ Practice: Capital budgeting, ratios, and payout scenarios
📘 TOPIC 6: EQUITY INVESTMENTS (Week 12)
Readings
Equity Markets, Indices, Order Types
Industry & Company Analysis
Valuation Techniques (P/E, DCF basics)
✅ Practice: Valuation cases, terminal value, index math
📘 TOPIC 7: FIXED INCOME (Weeks 13)
Readings
Bond Features, Price/Yield
Spot Rates, Forward Rates
Duration & Convexity
Credit Risk, Securitization
✅ Extra: Practice with Z-spread, duration in Excel
📘 TOPIC 8: DERIVATIVES (Week 14)
Readings
Forwards, Futures, Swaps, Options
Derivative Payoffs, Margin, Pricing Basics
✅ Practice: Payoff charts, option valuation examples
📘 TOPIC 9: ALTERNATIVE INVESTMENTS (Week 15)
Readings
Real Estate, Hedge Funds, Private Equity, Commodities
✅ Practice: Illiquidity, valuation, structure comparisons
📘 TOPIC 10: PORTFOLIO MANAGEMENT (Week 16)
Readings
Risk & Return, Portfolio Concepts
CAPM, Efficient Frontier, Behavioral Biases
✅ Practice: Beta, standard deviation, correlation, optimization logic
📚 PHASE 2 – DRILL PHASE (Weeks 17–20)
Week Focus
17 Ethics + Quant + FRA – rework + quizzes
18 Equity + Corp Issuers + Portfolio
19 Fixed Income + Derivatives + Alternatives
20 All Topic Drills + Cumulative Mini Mocks
🧪 PHASE 3 – FINAL REVIEW + MOCKS (Weeks 21–24)
Week Focus
21 Mock Exam #1 + Feedback Review
22 Targeted Weak Areas
23 Mock Exam #2 + Timed Drill
24 Final Concepts + Ethics Refresh
✅ WEEKLY TARGET SUMMARY
Topic Estimated Hours Practice Qs Key Goals
Ethics 10–12 hrs 60–80 Master scenarios, memorize standards
Quant Methods 20–24 hrs 120–150 Fully master TVM, stats, probability
Economics 14–16 hrs 80–100 Understand policy & FX flows
FRA 24–28 hrs 150–200 Rebuild F/S, understand ratio logic
Corp Issuers 10–12 hrs 60–80 WACC, payout, structure reasoning
Equity 10–12 hrs 60–80 Valuation methods + real examples
Fixed Income 14–16 hrs 100–120 Duration, spreads, bond pricing
Derivatives 10 hrs 60–80 Payoffs + option logic
Alternatives 8 hrs 50–70 Structures + valuation
Portfolio 10–12 hrs 60–80 Risk, CAPM, allocation
🧠 KEY STRATEGY NOTES
• We will finish each topic fully before moving on
• Each topic will include:
• 📘 Lesson-style explanation
• 📝 Practice questions per reading
• 📊 Topic-level quiz
• ✅ Review sheet with formulas, CFA phrasing
• At the end: 2 full Mock Exams, timed with review
