2026 CFA Level I Curriculum

Master CFA Level I. One module at a time.

A gamified study dashboard with cheat sheets, flashcards, quizzes, and a full mock exam. Track your progress, build your streak, and crush the exam.

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10

Subjects

59

Modules

725+

Flash Cards

180

Mock Questions

Everything You Need to Pass

Six built-in study tools designed for efficient CFA exam preparation.

Cheat Sheets

Key concepts distilled into scannable summaries for all 59 modules.

Mind Maps

Visual connections between topics — see how the curriculum fits together.

725+ Flash Cards

Flip through formulas, concepts, and frameworks for active recall.

248 Quiz Questions

Test yourself after each module with targeted questions and explanations.

80+ Formulas

Every key formula across all 10 subjects — searchable and organized.

180-Q Mock Exam

A full-length practice exam simulating the real CFA Level I experience.

Free Study Tools

Browse our study resources — no signup required.

Formula Sheet

All 80+ CFA Level 1 formulas — searchable, organized by subject.

Practice Questions

248 quiz questions + 180-question mock exam with explanations.

Flashcards

725+ flip cards covering concepts, formulas, and decision frameworks.

Cheat Sheets

Concise summaries for all 59 modules — key concepts at a glance.

Your Learning Path

Follow a gamified study path through all 10 CFA subjects. Track your progress, build streaks, and see exactly where you stand.

Visual Progress

See your journey through all 59 modules as a clear learning path.

Study Streaks

Build daily study habits and track your consistency.

Track Mastery

Quiz scores, completion tracking, and score history over time.

Preview

Time Value

Statistics

Probability

Hypothesis

Complete 2026 CFA Level I Curriculum

10 subjects, 59 modules — mapped to the official CFA Institute learning modules.

Each module includes a cheat sheet with key concepts, a visual mind map, flashcards for active recall, and quiz questions with detailed explanations. Study in any order — the gamified learning path adapts to your progress.

Quantitative Methods

11 modules · Exam weight: 6-9%

  • Rates and Returns
  • 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 of Independence
  • Simple Linear Regression
  • Introduction to Big Data Techniques

Economics

8 modules · Exam weight: 6-9%

  • The Firm and Market Structures
  • Understanding Business Cycles
  • Fiscal Policy
  • Monetary Policy
  • Introduction to Geopolitics
  • International Trade
  • Capital Flows and the FX Market
  • Exchange Rate Calculations

Financial Statement Analysis

9 modules · Exam weight: 11-14%

  • Introduction to Financial Statement Analysis
  • Analyzing Income Statements
  • Analyzing Balance Sheets
  • Analyzing Statements of Cash Flows I
  • Analyzing Statements of Cash Flows II
  • Analysis of Inventories
  • Analysis of Long-Term Assets
  • Topics in Long-Term Liabilities and Equity
  • Analysis of Income Taxes

Corporate Issuers

7 modules · Exam weight: 6-9%

  • Organizational Forms, Corporate Issuer Features, and Ownership
  • Investors and Other Stakeholders
  • Corporate Governance: Conflicts, Mechanisms, Risks, and Benefits
  • Working Capital and Liquidity
  • Capital Investments and Capital Allocation
  • Capital Structure
  • Business Models

Equity Investments

6 modules · Exam weight: 11-14%

  • Market Organization and Structure
  • Security Market Indexes
  • Market Efficiency
  • Overview of Equity Securities
  • Company Analysis: Past and Present
  • Equity Valuation: Concepts and Basic Tools

Fixed Income

5 modules · Exam weight: 11-14%

  • Fixed-Income Instrument Features
  • Fixed-Income Cash Flows and Types
  • Fixed-Income Bond Valuation
  • Interest Rate Risk and Duration
  • Credit Risk and Credit Analysis

Derivatives

2 modules · Exam weight: 5-7%

  • Derivative Instruments and Markets
  • Derivative Pricing and Valuation

Alternative Investments

3 modules · Exam weight: 5-8%

  • Alternative Investment Features, Methods, and Structures
  • Private Capital: Equity and Debt
  • Real Estate, Infrastructure, and Hedge Funds

Portfolio Management

3 modules · Exam weight: 8-12%

  • Portfolio Risk and Return: Part I
  • Portfolio Risk and Return: Part II
  • Portfolio Management Overview and Planning

Ethical & Professional Standards

5 modules · Exam weight: 15-20%

  • Ethics and Trust in the Investment Profession
  • Code of Ethics and Standards of Professional Conduct
  • Guidance for Standards I–VII
  • Introduction to GIPS
  • Ethics Application

How It Works

Three steps to start your CFA Level I preparation.

1

Pick a Module

Choose from 59 modules across 10 subjects. Start wherever you want.

2

Study & Practice

Read the cheat sheet, flip flashcards, then test yourself with a quiz.

3

Track & Level Up

Mark modules complete, review scores, and tackle the full mock exam.

Frequently Asked Questions

Common questions about CFA Level 1 and CFA Master.

Begin Your CFA Journey Today

Jump in and start working through the 2026 curriculum. Your future self will thank you.

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