| Examples

CFA LEVEL 1

Quantitative Methods

Rates and Returns

Statistical Measures of Asset Returns

Probability Trees and Conditional Expectations

Portfolio Mathematics

Simulation Methods

Estimation and Inference

Parametric and Non-Parametric Tests of Independence

Simple Linear Regression

Introduction to Big Data Techniques

Hypothesis Testing

Economics

The Firm & Market Structures

Understanding Business Cycles

Fiscal Policy

Monetary Policy

Introduction to Geopolitics

International Trade

Capital Flows and the FX Market

Exchange Rate Calculations

Portfolio Management

Portfolio Risk & Return: Part I

Portfolio Risk & Return: Part II

Portfolio Management: An Overview

Basics of Portfolio Planning & Construction

The Behavioral Biases of Individuals

Introduction to Risk Management

Corporate Issuers

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

Financial Statement Analysis

Introduction to Financial Statement Analysis

Business Models

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

Analysis of Income Taxes

Financial Reporting Quality

Financial Analysis Techniques

Topics in Long-Term Liabilities and Equity

Introduction to Financial Statement Modeling

Equity

Security Market Indexes

Market Efficiency

Overview of Equity Securities

Equity Valuation: Concepts and Basic Tools

Fixed Income

Fixed-Income Instrument Features

Fixed-Income Cash Flows and Types

Fixed-Income Issuance and Trading

Fixed-Income Markets for Corporate Issuers

Fixed-Income Markets for Government Issuers

Fixed-Income Bond Valuation: Prices and Yields

Yield and Yield Spread Measures for Fixed-Rate Bonds

Yield and Yield Spread Measures for Floating-Rate Instruments

The Term Structure of Interest Rates: Spot, Par, and Forward Curves

Interest Rate Risk and Return

Yield-Based Bond Duration Measures and Properties

Yield-Based Bond Convexity and Portfolio Properties

Curve-Based and Empirical Fixed-Income Risk Measures

Credit Risk

Credit Analysis for Government Issuers

Credit Analysis for Corporate Issuers

Fixed-Income Securitization

Asset-Backed Security

Mortgage-Backed Security

Derivatives

Derivative Instrument and Derivative Market Features

Forward Commitment and Contingent Claim Features and Instruments

Arbitrage, Replication, and the Cost of Carry in Pricing Derivatives

Pricing and Valuation of Futures Contracts

Pricing and Valuation of Forward Contracts and Forwards

Pricing and Valuation of Interest Rate and Other Swaps

Pricing and Valuation of Options

Option Replication Using Put-Call Parity

Valuing a Derivative Using a One-Period Binomial Model

Derivative Benefits, Risks, and Issuer and Investor Uses

Alternative Investments

Alternative Investment Features, Methods, and Structures

Alternative Investment Performance and Returns

Investments in Private Capital: Equity and Debt

Real Estate and Infrastructure

Natural Resources

Hedge Funds

Introduction to Digital Assets

Ethics

Ethics and Trust in the Investment Profession

Code of Ethics and Standards of Professional Conduct

Guidance for Standards I-VII

Introduction to the Global Investment Performance Standards

Ethics Application

CFA LEVEL 2

Quantitative Methods

Basics of Multiple Regression and Underlying Assumptions

Evaluating Regression Model Fit and Interpreting Model Results

Model Misspecification

Extensions of Multiple Regression

Time-Series Analysis

Machine Learning

Big Data Projects

Economics

Currency Exchange Rates: Understanding Equilibrium Value

Economic Growth

Economics of Regulations

Financial Statement Analysis

Intercorporate Investments

Employee Compensation: Post Employment and Share-based

Multinational Operations

Analysis of Financial Institutions

Evaluating Quality of Financial Reports

Integration of Financial Statement Analysis Techniques

Financial Statement Modeling

Corporate Issuers

Analysis of Dividends and Share Repurchases

Environmental, Social, and Governance

Cost of Capital: Advanced Topics

Corporate Restructuring

Equity

Equity Valuation: Applications and Processes

Discounted Dividend Valuation

Free Cash Flow Valuation

Market-Based Valuation: Price and Enterprise Value Multiples

Residual Income Valuation

Private Company Valuation

Portfolio Management

Hedge Fund Strategies

Exchange-Traded Funds: Mechanics & Applications

Using Multifactor Models

Measuring & Managing Market Risk

Backtesting and Simulation

Economics and Investment Markets

Analysis of Active Portfolio Management

Fixed Income

The Term Structure & Interest Rate Dynamics

The Arbitrage Free Valuation Framework

Valuation & Analysis of Bonds with Embedded Options

Credit Analysis Models

Credit Default Swaps

Derivatives

Pricing & Valuation of Forward Commitments

Valuation of Contingent Claims

Alternative Investments

Introduction to Commodities & Commodity Derivatives

Overview of Types of Real Estate Investment

Investments in Real Estate Through Publicly Traded Securities

Ethics

Application of the Code and Standards: Level II

CFA LEVEL 3

Economics

Capital Market Expectations, Part 1: Framework and Macro Considerations

Capital Market Expectations, Part 2: Forecasting Asset Class Returns

Currency Management: An Introduction

Fixed Income

Overview of Fixed-Income Portfolio Management

Liability-Driven and Index-Based Strategies

Yield Curve Strategies

Fixed-Income Active Management: Credit Strategies

Alternative Investments

Hedge Fund Strategies

Asset Allocation to Alternative Investments

Portfolio Management

Overview of Asset Allocation

Principles of Asset Allocation

Asset Allocation with Real-World Constraints

Overview of Private Wealth Management

Topics in Private Wealth Management

Risk Management for Individuals

Portfolio Management for Institutional Investors

Trade Strategy and Execution

Portfolio Performance Evaluation

Case Study in Risk Management: Institutional

Investment Manager Selection

Case Study in Portfolio Management: Institutional

Case Study in Risk Management: Private Wealth

Equity

Overview of Equity Portfolio Management

Passive Equity Investing

Active Equity Investing: Strategies

Active Equity Investing: Portfolio Construction

Ethics

Code of Ethics and Standards of Professional Conduct

Guidance for Standards I-VII Lesson

Asset Manager Code of Professional Conduct

Overview of the Global Investment Performance Standards

Derivatives

Option Strategies

Swaps, Forwards, and Futures Strategies

Last Updated: November 14, 2024

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