MasarمسارCFA
Topics and learning modules

Ten topics, 102 learning modules.

CFA Level I has 10 topic areas. Masar-CFA covers all of them, in the order of the published topic outline.

TopicWeight in the examLearning modulesFree trial
Quantitative Methods11 to 14%11Not in the trial
Economics6 to 9%8Not in the trial
Corporate Finance6 to 9%7Not in the trial
Financial Statement Analysis11 to 14%12Not in the trial
Equities11 to 14%12Not in the trial
Fixed Income11 to 14%19Not in the trial
Derivatives6 to 9%10Not in the trial
Alternative Investments6 to 9%7Not in the trial
Portfolio Construction8 to 12%6Not in the trial
Ethical and Professional Standards10 to 15%10Learning modules 1 to 3

Weights are the ranges of the published topic outline, in percent of the exam.

11 to 14% of the exam

Quantitative Methods

  1. Learning module 1Returns of Financial Assets and Instruments
  2. Learning module 2Types of Financial Returns
  3. Learning module 3Benchmarking Returns
  4. Learning module 4The Time Value of Money in Finance
  5. Learning module 5Statistical Characteristics of Asset Returns
  6. Learning module 6Statistical Distributions for Financial Asset Prices and Returns
  7. Learning module 7Estimation and Hypothesis Testing
  8. Learning module 8The Return and Risk of a Financial Portfolio
  9. Learning module 9Simulation of Financial Asset Prices and Returns
  10. Learning module 10Applications of Simple Linear Regression in Finance
  11. Learning module 11Introduction to Financial Data Science
6 to 9% of the exam

Economics

  1. Learning module 1The Firm and Market Structures
  2. Learning module 2Understanding Business Cycles
  3. Learning module 3Fiscal Policy
  4. Learning module 4Monetary Policy
  5. Learning module 5Introduction to Geopolitics
  6. Learning module 6International Trade
  7. Learning module 7Capital Flows and the FX Market
  8. Learning module 8Exchange Rate Calculations
6 to 9% of the exam

Corporate Finance

  1. Learning module 1Organizational Forms, Corporate Issuer Features, and Ownership
  2. Learning module 2Investors and Other Stakeholders
  3. Learning module 3Corporate Governance: Conflicts, Mechanisms, Risks, and Benefits
  4. Learning module 4Working Capital and Liquidity
  5. Learning module 5Capital Investments and Capital Allocation
  6. Learning module 6Capital Structure
  7. Learning module 7Business Models
11 to 14% of the exam

Financial Statement Analysis

  1. Learning module 1Introduction to Financial Statement Analysis
  2. Learning module 2Analyzing Income Statements
  3. Learning module 3Analyzing Balance Sheets
  4. Learning module 4Analyzing Statements of Cash Flows I
  5. Learning module 5Analyzing Statements of Cash Flows II
  6. Learning module 6Analysis of Inventories
  7. Learning module 7Analysis of Long-Term Assets
  8. Learning module 8Topics in Long-Term Liabilities and Equity
  9. Learning module 9Analysis of Income Taxes
  10. Learning module 10Financial Reporting Quality
  11. Learning module 11Financial Analysis Techniques
  12. Learning module 12Introduction to Financial Statement Modeling
11 to 14% of the exam

Equities

  1. Learning module 1Equity Instrument Features
  2. Learning module 2Equity Jurisdictions, Classes, and the Voting Process
  3. Learning module 3Equity Issuance and Trading
  4. Learning module 4Sources of Equity Returns
  5. Learning module 5Introduction to Equity Valuation
  6. Learning module 6Discounted Cash Flow (DCF) and Growth Models
  7. Learning module 7Relative Value Equity Valuation Approaches
  8. Learning module 8Financial Statement Forecasting in Equity Valuation
  9. Learning module 9Industry and Competitive Analysis
  10. Learning module 10Company Analysis: Past, Present, and Future
  11. Learning module 11Equity Analyst Research Reports
  12. Learning module 12The Capital Asset Pricing Model, Market Model, and Other Factor-Based Equity Models
11 to 14% of the exam

Fixed Income

  1. Learning module 1Fixed-Income Instrument Features
  2. Learning module 2Fixed-Income Cash Flows and Types
  3. Learning module 3Fixed-Income Issuance and Trading
  4. Learning module 4Fixed-Income Markets for Corporate Issuers
  5. Learning module 5Fixed-Income Markets for Government Issuers
  6. Learning module 6Fixed-Income Bond Valuation: Prices and Yields
  7. Learning module 7Yield and Yield Spread Measures for Fixed-Rate Bonds
  8. Learning module 8Yield and Yield Spread Measures for Floating-Rate Instruments
  9. Learning module 9The Term Structure of Interest Rates: Spot, Par, and Forward Curves
  10. Learning module 10Interest Rate Risk and Return
  11. Learning module 11Yield-Based Bond Duration Measures and Properties
  12. Learning module 12Yield-Based Bond Convexity and Portfolio Properties
  13. Learning module 13Curve-Based and Empirical Fixed-Income Risk Measures
  14. Learning module 14Credit Risk
  15. Learning module 15Credit Analysis for Government Issuers
  16. Learning module 16Credit Analysis for Corporate Issuers
  17. Learning module 17Fixed-Income Securitization
  18. Learning module 18Asset-Backed Security (ABS) Instrument and Market Features
  19. Learning module 19Mortgage-Backed Security (MBS) Instrument and Market Features
6 to 9% of the exam

Derivatives

  1. Learning module 1Derivative Instrument and Derivative Market Features
  2. Learning module 2Forward Commitment and Contingent Claim Features and Instruments
  3. Learning module 3Derivative Benefits, Risks, and Issuer and Investor Uses
  4. Learning module 4Arbitrage, Replication, and the Cost of Carry in Pricing Derivatives
  5. Learning module 5Pricing and Valuation of Forward Contracts and for an Underlying With Varying Maturities
  6. Learning module 6Pricing and Valuation of Futures Contracts
  7. Learning module 7Pricing and Valuation of Interest Rate and Other Swaps
  8. Learning module 8Pricing and Valuation of Options
  9. Learning module 9Option Replication Using Put-Call Parity
  10. Learning module 10Valuing a Derivative Using a One-Period Binomial Model
6 to 9% of the exam

Alternative Investments

  1. Learning module 1Alternative Investment Features, Methods, and Structures
  2. Learning module 2Alternative Investment Performance and Returns
  3. Learning module 3Investments in Private Capital: Equity and Debt
  4. Learning module 4Real Estate and Infrastructure
  5. Learning module 5Natural Resources
  6. Learning module 6Hedge Funds
  7. Learning module 7Introduction to Digital Assets
8 to 12% of the exam

Portfolio Construction

  1. Learning module 1Portfolio Risk and Return: Part I
  2. Learning module 2Portfolio Risk and Return: Part II
  3. Learning module 3Portfolio Management: An Overview
  4. Learning module 4Basics of Portfolio Planning and Construction
  5. Learning module 5The Behavioral Biases of Individuals
  6. Learning module 6Introduction to Risk Management
10 to 15% of the exam

Ethical and Professional Standards

  1. Learning module 1Ethics and Trust in the Investment Profession (free trial)
  2. Learning module 2Code of Ethics and Standards of Professional Conduct (free trial)
  3. Learning module 3Guidance for Standard I: Professionalism (free trial)
  4. Learning module 4Guidance for Standard II: Integrity of Capital Markets
  5. Learning module 5Guidance for Standard III: Duties to Clients
  6. Learning module 6Guidance for Standard IV: Duties to Employers
  7. Learning module 7Guidance for Standard V: Investment Analysis, Recommendations, and Actions
  8. Learning module 8Guidance for Standard VI: Conflicts of Interest
  9. Learning module 9Guidance for Standard VII: Responsibilities as a CFA Institute Member or CFA Candidate
  10. Learning module 10Application of the Code and Standards: Level I

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7 days from your first lesson. The first 3 Ethics learning modules and the diagnostic, with no payment details.

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