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CFA Level I · Learn
46 lessons in 10 units, about 75 h of reading and core practice. Each lesson ends with a quick check.
Unit 1
Applies the CFA Institute ethical framework, professional standards, and GIPS foundations that underpin all investment practice and are tested heavily through scenario-based multiple-choice questions.
4 lessons · 6 h of study · ≈15% of the test
Unit 2
Builds the mathematical, statistical, and calculator-based foundations used throughout valuation, portfolio analysis, and risk measurement.
5 lessons · 8 h 30 min of study · ≈10% of the test
Unit 3
Covers microeconomic and macroeconomic principles, policy effects, and international linkages relevant to markets, issuers, and valuation.
5 lessons · 7 h 45 min of study · ≈8% of the test
Unit 4
Analyzes financial reports, accounting choices, and ratios to assess profitability, cash flow, solvency, and reporting quality under major reporting frameworks.
7 lessons · 11 h 45 min of study · ≈13% of the test
Unit 5
Examines issuer decisions on governance, investment, financing, leverage, and short-term liquidity management.
4 lessons · 6 h 30 min of study · ≈7% of the test
Unit 6
Covers equity market mechanics, index construction, market efficiency, company analysis, and basic equity valuation methods.
5 lessons · 8 h of study · ≈13% of the test
Unit 7
Develops knowledge of debt instruments, fixed-income market structure, bond valuation, and the measurement of interest-rate and credit risk.
5 lessons · 8 h 30 min of study · ≈13% of the test
Unit 8
Introduces derivative contracts, no-arbitrage relationships, basic valuation logic, and foundational hedging and risk-management uses.
4 lessons · 6 h 30 min of study · ≈7% of the test
Unit 9
Surveys the characteristics, structures, return drivers, and risks of non-traditional investment categories and vehicles.
3 lessons · 5 h of study · ≈8% of the test
Unit 10
Applies portfolio theory and the portfolio management process to diversification, risk-return trade-offs, asset pricing, and basic portfolio construction.
4 lessons · 6 h 30 min of study · ≈9% of the test
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Ethical and professional standards · Lesson 1 of 4
This topic covers the ethical foundations of the investment profession, with emphasis on why trust is essential to capital markets and how ethical behavior supports clients, market integrity, and the functioning of the industry. On the exam, candidates are typically asked to explain the role of ethics, distinguish ethical from legal conduct, and apply the CFA Institute ethical decision-making framework to practical situations.
1 h of study≈3% of the test
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Every lesson is free to read. With an account, finished lessons are ticked off, quick checks feed your mastery, and flashcards come back for review.
Strategy, scoring and test day, beyond the syllabus.
Learn, then practise
Each lesson ends with three quick questions. For more, practice adapts to the topics you’re weakest on.
Open practice