CFA Level 1 Notes

Complete Topic-by-Topic Study Notes for 2026

Free study notes covering all 10 subjects and 59 modules of the CFA Level I curriculum. Key concepts, formulas, decision frameworks, and exam tips -- organized by topic for efficient review.

314

Key Concepts

163

Formulas

58

Decision Frameworks

59

Modules

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Quick answer

What are CFA Level 1 study notes and how should you use them?

CFA Level 1 study notes are condensed summaries of each curriculum module — the definitions, formulas, and decision rules you are expected to recall in the exam, stripped of the worked derivations. CFA Master's notes cover all 10 Level 1 subjects and 59 modules for the 2026 curriculum. They are built for revision alongside the CFA Institute curriculum or a prep provider, not as a replacement for reading it once properly.

  • 10 subjects and 59 modules, mapped to the 2026 Level I curriculum
  • Each module note pairs with an editable cheat sheet you add your own wording to
  • Free to read — no signup required for the public notes
  • Best used on the second pass, after you have read the source material once

Related Study Tools

Formula Sheet (80+)Cheat SheetsFlashcards (725+)Practice Questions

Notes by Subject

Jump to any subject below to see all modules and key takeaways.

Quantitative Methods

11 modules · 6-9%

60 concepts43 formulas14 decisions

Economics

8 modules · 6-9%

45 concepts18 formulas8 decisions

Financial Statement Analysis

9 modules · 11-14%

46 concepts31 formulas9 decisions

Corporate Issuers

7 modules · 6-9%

39 concepts14 formulas7 decisions

Equity Investments

6 modules · 11-14%

32 concepts16 formulas4 decisions

Fixed Income

5 modules · 11-14%

22 concepts17 formulas4 decisions

Derivatives

2 modules · 5-7%

10 concepts10 formulas2 decisions

Alternative Investments

3 modules · 5-8%

14 concepts5 formulas2 decisions

Portfolio Management

3 modules · 8-12%

16 concepts9 formulas3 decisions

Ethical & Professional Standards

5 modules · 15-20%

30 concepts5 decisions

Detailed Notes by Subject

Economics

Exam weight: 6-9% · 8 modules · 45 concepts · 18 formulas

Key Takeaways

  • 1.Supply and demand curves shift vs movement along -- know the difference and what causes each
  • 2.GDP can be measured three ways: expenditure, income, and value-added approaches
  • 3.Exchange rates are quoted as price currency per unit of base currency -- forward premiums/discounts reflect interest rate differentials
1

The Firm and Market Structures

7 concepts · 6 formulas · 1 decisions

2

Understanding Business Cycles

5 concepts · 1 decisions

3

Fiscal Policy

6 concepts · 3 formulas · 1 decisions

4

Monetary Policy

6 concepts · 3 formulas · 1 decisions

5

Introduction to Geopolitics

5 concepts · 1 decisions

6

International Trade

5 concepts · 1 formulas · 1 decisions

7

Capital Flows and the FX Market

5 concepts · 1 formulas · 1 decisions

8

Exchange Rate Calculations

6 concepts · 4 formulas · 1 decisions

View full Economics notes

Financial Statement Analysis

Exam weight: 11-14% · 9 modules · 46 concepts · 31 formulas

Key Takeaways

  • 1.Revenue recognition under IFRS 15 follows a 5-step model -- identify contract, performance obligations, transaction price, allocate, recognize
  • 2.FIFO vs LIFO affects COGS, inventory values, taxes, and profitability ratios differently in rising vs falling price environments
  • 3.Cash flow from operations can be calculated using direct or indirect method -- indirect starts with net income and adjusts for non-cash items
1

Introduction to Financial Statement Analysis

6 concepts · 1 decisions

2

Analyzing Income Statements

6 concepts · 6 formulas · 1 decisions

3

Analyzing Balance Sheets

5 concepts · 4 formulas · 1 decisions

4

Analyzing Statements of Cash Flows I

6 concepts · 3 formulas · 1 decisions

5

Analyzing Statements of Cash Flows II

3 concepts · 5 formulas · 1 decisions

6

Analysis of Inventories

5 concepts · 4 formulas · 1 decisions

7

Analysis of Long-Term Assets

5 concepts · 4 formulas · 1 decisions

8

Topics in Long-Term Liabilities and Equity

4 concepts · 2 formulas · 1 decisions

9

Analysis of Income Taxes

6 concepts · 3 formulas · 1 decisions

View full Financial Statement Analysis notes

Equity Investments

Exam weight: 11-14% · 6 modules · 32 concepts · 16 formulas

Key Takeaways

  • 1.Intrinsic value = PV of expected future cash flows -- the Gordon Growth Model is the simplest DDM: V = D1/(r-g)
  • 2.Market efficiency has three forms -- weak (past prices), semi-strong (public info), strong (all info including private)
  • 3.Price multiples (P/E, P/B, EV/EBITDA) are relative valuation tools -- always compare within the same industry
1

Market Organization and Structure

7 concepts · 3 formulas · 1 decisions

2

Security Market Indexes

4 concepts · 2 formulas · 1 decisions

3

Market Efficiency

6 concepts · 1 decisions

4

Overview of Equity Securities

5 concepts · 3 formulas

5

Company Analysis: Past and Present

4 concepts · 2 formulas

6

Equity Valuation: Concepts and Basic Tools

6 concepts · 6 formulas · 1 decisions

View full Equity Investments notes

Fixed Income

Exam weight: 11-14% · 5 modules · 22 concepts · 17 formulas

Key Takeaways

  • 1.Bond price moves inversely to yield -- duration measures sensitivity, convexity measures the curvature of the price-yield relationship
  • 2.Spot rates are zero-coupon yields; forward rates are implied future rates derived from the spot curve
  • 3.Credit spreads widen during economic downturns and tighten during expansions -- default risk, recovery rate, and loss given default are key metrics
1

Fixed-Income Instrument Features

4 concepts · 2 formulas · 1 decisions

2

Fixed-Income Cash Flows and Types

4 concepts · 3 formulas

3

Fixed-Income Bond Valuation

4 concepts · 4 formulas · 1 decisions

4

Interest Rate Risk and Duration

5 concepts · 5 formulas · 1 decisions

5

Credit Risk and Credit Analysis

5 concepts · 3 formulas · 1 decisions

View full Fixed Income notes

Ethical & Professional Standards

Exam weight: 15-20% · 5 modules · 30 concepts · 0 formulas

Key Takeaways

  • 1.The Code of Ethics has 6 components and the Standards have 7 main categories (I-VII) with sub-standards
  • 2.Standard I(A) Knowledge of the Law -- follow the stricter of local law or CFA Standards when they conflict
  • 3.GIPS (Global Investment Performance Standards) require firms to present composite performance using specific calculation methods
1

Ethics and Trust in the Investment Profession

6 concepts · 1 decisions

2

Code of Ethics and Standards of Professional Conduct

6 concepts · 1 decisions

3

Guidance for Standards I–VII

8 concepts · 1 decisions

4

Introduction to GIPS

5 concepts · 1 decisions

5

Ethics Application

5 concepts · 1 decisions

View full Ethical & Professional Standards notes

How to Use These Study Notes

Read the Notes

Start with the module notes to understand key concepts, formulas, and decision frameworks. Each module is organized for quick review.

Test with Flashcards

After reading, flip through the flashcards for active recall. 725+ cards across all modules reinforce what you just learned.

Practice Questions

Take the module quiz to test understanding. Then tackle the full 180-question mock exam when you have covered all subjects.

Start Reading the Full Notes

Open the dashboard to read complete study notes for all 59 modules, with interactive flashcards, quizzes, mind maps, and a full mock exam.

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Frequently asked questions

Are CFA Level 1 study notes enough to pass the exam?

No. Notes are a revision layer, not a substitute for working through the curriculum. Candidates who pass typically read the source material once, then revise from condensed notes and practice questions in the final weeks. CFA Master is designed for that second stage.

How many modules are in CFA Level 1?

The 2026 CFA Level I curriculum is organised into 10 subjects containing 59 learning modules, covering Quantitative Methods, Economics, Financial Statement Analysis, Corporate Issuers, Equity Investments, Fixed Income, Derivatives, Alternative Investments, Portfolio Management, and Ethical and Professional Standards.

Are these CFA Level 1 notes free?

The public study notes are free to read without an account. Premium unlocks the editable versions across every subject, the full formula sheet, and the complete mock exam.