59 Modules, Every Key Concept
Condensed study notes for every CFA Level 1 module — key concepts, formulas, and decision frameworks distilled into quick-reference cheat sheets.
Key Concepts
Formulas
Decision Frameworks
11 modules
8 modules
9 modules
7 modules
6 modules
5 modules
2 modules
3 modules
3 modules
5 modules
Quantitative Methods — Module 1. Full cheat sheet below.
Nominal rate = Real risk-free rate + Inflation premium + Default risk premium + Liquidity premium + Maturity premium.
Total return earned from holding an asset over a single period, including price change and income.
Arithmetic mean is the simple average of returns; geometric mean accounts for compounding. Geometric ≤ Arithmetic always.
Used for averaging ratios like P/E or dollar-cost averaging. Always ≤ Geometric mean ≤ Arithmetic mean.
IRR of all cash flows; sensitive to timing and size of external cash flows. Reflects investor experience.
Geometric mean of sub-period returns; not affected by external cash flows. Reflects manager performance.
rcc = ln(1 + HPR). Allows additive compounding across time periods.
Gross = before management fees; Net = after all fees. Pre-tax vs after-tax returns also critical.
Where: P0 = beginning price, P1 = ending price, D1 = income/dividend
Where: Ri = return in period i, n = number of periods
Where: n = number of observations, Xi = individual values
Where: c = number of periods per year
Where: ln = natural logarithm
Where: π = inflation rate
Use when:
Avoid when:
Use when:
Avoid when:
Time Value of Money in Finance
7 concepts · 7 formulas · 2 decisions
Statistical Measures of Asset Returns
7 concepts · 6 formulas · 2 decisions
Probability Trees and Conditional Expectations
6 concepts · 4 formulas · 1 decisions
Portfolio Mathematics
5 concepts · 4 formulas · 1 decisions
Simulation Methods
4 concepts · 2 formulas · 1 decisions
Estimation and Inference
5 concepts · 3 formulas · 1 decisions
Hypothesis Testing
5 concepts · 3 formulas · 1 decisions
Parametric and Non-Parametric Tests of Independence
3 concepts · 3 formulas · 1 decisions
Simple Linear Regression
5 concepts · 5 formulas · 1 decisions
Introduction to Big Data Techniques
5 concepts · 1 decisions
The Firm and Market Structures
7 concepts · 6 formulas · 1 decisions
Understanding Business Cycles
5 concepts · 1 decisions
Fiscal Policy
6 concepts · 3 formulas · 1 decisions
Monetary Policy
6 concepts · 3 formulas · 1 decisions
Introduction to Geopolitics
5 concepts · 1 decisions
International Trade
5 concepts · 1 formulas · 1 decisions
Capital Flows and the FX Market
5 concepts · 1 formulas · 1 decisions
Exchange Rate Calculations
6 concepts · 4 formulas · 1 decisions
Introduction to Financial Statement Analysis
6 concepts · 1 decisions
Analyzing Income Statements
6 concepts · 6 formulas · 1 decisions
Analyzing Balance Sheets
5 concepts · 4 formulas · 1 decisions
Analyzing Statements of Cash Flows I
6 concepts · 3 formulas · 1 decisions
Analyzing Statements of Cash Flows II
3 concepts · 5 formulas · 1 decisions
Analysis of Inventories
5 concepts · 4 formulas · 1 decisions
Analysis of Long-Term Assets
5 concepts · 4 formulas · 1 decisions
Topics in Long-Term Liabilities and Equity
4 concepts · 2 formulas · 1 decisions
Analysis of Income Taxes
6 concepts · 3 formulas · 1 decisions
Organizational Forms, Corporate Issuer Features, and Ownership
6 concepts · 1 decisions
Investors and Other Stakeholders
5 concepts · 1 decisions
Corporate Governance: Conflicts, Mechanisms, Risks, and Benefits
5 concepts · 1 decisions
Working Capital and Liquidity
5 concepts · 6 formulas · 1 decisions
Capital Investments and Capital Allocation
6 concepts · 4 formulas · 1 decisions
Capital Structure
6 concepts · 4 formulas · 1 decisions
Business Models
6 concepts · 1 decisions
Market Organization and Structure
7 concepts · 3 formulas · 1 decisions
Security Market Indexes
4 concepts · 2 formulas · 1 decisions
Market Efficiency
6 concepts · 1 decisions
Overview of Equity Securities
5 concepts · 3 formulas
Company Analysis: Past and Present
4 concepts · 2 formulas
Equity Valuation: Concepts and Basic Tools
6 concepts · 6 formulas · 1 decisions
Fixed-Income Instrument Features
4 concepts · 2 formulas · 1 decisions
Fixed-Income Cash Flows and Types
4 concepts · 3 formulas
Fixed-Income Bond Valuation
4 concepts · 4 formulas · 1 decisions
Interest Rate Risk and Duration
5 concepts · 5 formulas · 1 decisions
Credit Risk and Credit Analysis
5 concepts · 3 formulas · 1 decisions
Derivative Instruments and Markets
5 concepts · 5 formulas · 1 decisions
Derivative Pricing and Valuation
5 concepts · 5 formulas · 1 decisions
Alternative Investment Features, Methods, and Structures
5 concepts · 3 formulas · 1 decisions
Private Capital: Equity and Debt
4 concepts
Real Estate, Infrastructure, and Hedge Funds
5 concepts · 2 formulas · 1 decisions
Portfolio Risk and Return: Part I
6 concepts · 4 formulas · 1 decisions
Portfolio Risk and Return: Part II
5 concepts · 5 formulas · 1 decisions
Portfolio Management Overview and Planning
5 concepts · 1 decisions
Ethics and Trust in the Investment Profession
6 concepts · 1 decisions
Code of Ethics and Standards of Professional Conduct
6 concepts · 1 decisions
Guidance for Standards I–VII
8 concepts · 1 decisions
Introduction to GIPS
5 concepts · 1 decisions
Ethics Application
5 concepts · 1 decisions
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