**CFA Level 1 - Ethics and Standards**

**Introduction****Code of Ethics****The Standards of Professional Conduct****Standard I-A: Knowledge of the Law****Standard I-B: Independence And Objectivity****Standard I-C: Misrepresentation****Standard I-D: Misconduct****Standard II-A: Material Nonpublic Information****Standard II-B: Market Manipulation****Standard III-A: Loyalty, Prudence And Care****Standard III-B: Fair Dealing****Standard: III-C: Suitability****Standard III-D: Performance Presentation****Standard III-E: Preservation Of Confidentiality****Standard IV: Duties to Employers, Standard IV-A: Loyalty****Standard IV-B: Additional Compensation Arrangements****Standard IV-C: Responsibilities Of Supervisors****Standard V-A: Diligence And Reasonable Basis****Standard V-B: Communication With Clients And Prospective Clients****Standard V-C: Record Retention****Standard VI-A: Disclosure Of Conflicts****Standard VI-B: Priority Of Transaction****Standard VI-C: Referral Fees****Standard VII: CFA Responsibilities****Disciplining CFA Members****Global Investment Performance Standards (GIPS)****GIPS: Composites And Verification****GIPS: Key Characteristics****GIPS: Disclosure And Scope****GIPS: Requirements And Recommendations****GIPS: Fundamentals Of Compliance And Conclusion**

**CFA Level 1 - Quantitative Methods**

**Introduction****What Is The Time Value Of Money?****The Five Components Of Interest Rates****Time Value Of Money Calculations****Time Value Of Money Applications****Net Present Value and the Internal Rate of Return****Money Vs. Time-Weighted Return****Calculating Yield****Statistical Concepts And Market Returns****Basic Statistical Calculations****Standard Deviation And Variance****Skew And Kurtosis****Basic Probability Concepts****Joint Probability****Advanced Probability Concepts****Common Probability Distributions****Common Probability Distribution Calculations****Common Probability Distribution Properties****Confidence Intervals****Discrete and Continuous Compounding****Sampling and Estimation****Hypothesis Testing****Interpreting Statistical Results****Correlation and Regression****Regression Analysis**

**CFA Level 1 - Microeconomics**

**Introduction****Supply and Demand****Price Elasticity****Elasticity of Demand****Elasticity of Supply****Marginal Benefit and Marginal Cost****Market Efficiency****Price Ceilings and Floors****Effect of Taxes on Supply and Demand****Opportunity Costs****Achieving Economic & Technological Efficiency****Types of Markets & Concentration Measures****Modifying Output****Marginal and Average Total Cost Curves****Perfectly Competitive Markets****Effects on Equilibrium in the Short and Long Run****Characteristics of Monopolies****Inefficiencies of Monopolies****Monopolistic Competition****Oligopolies****Conclusion**

**CFA Level 1 - Macroeconomics**

**Introduction****Gross Domestic Product (GDP)****Nominal vs. Real GDP, and the GDP Deflator****Limitations of GDP and Alternative Measures****The Demand and Supply of Financial and Physical Capital****Economic Rent and Opportunity Cost****Monitoring Cycles, Jobs, and Price Level****Key Labor Market Indicators****Types of Unemployment****The Consumer Price Index & Inflation****Aggregate Supply & Aggregate Demand****Short and Long-run Macroeconomic Equilibrium****Economic Theories****Money, Banks, and the Federal Reserve****The Banking System****Goals And Targets of US Federal Reserve****Money, Interest, Real GDP, and the Price Level****The Equation of Exchange****Inflation****Phillips Curve****Fiscal Policy Basics****Effects of Fiscal Policy****Multiplier Effect****Discretionary Fiscal Policy and Automatic Stabilizers****Monetary Policy and Price Level Stability****Expectations of Monetary Policy**

**CFA Level 1 - Global Economic Analysis**

**CFA Level 1 - Financial Statements Analysis**

**Introduction****Financial Statement Analysis****Accounting Process****Income Statement Basics****Income Statement Components****Income Statement: Non-recurring Items****Balance Sheet Basics****Balance Sheet Components - Assets****Balance Sheet Components - Liabilities****Balance Sheet Components - Marketable & Nonmarketable Instruments****Shareholders' (Stockholders') Equity Basics****Components of Stockholders' Equity****Accounting for Dividends****Accounting for Equities****Revenue Recognition****Revenue Recognition Methods and Implications****Revenue Recognition and Accounting Entries****Revenue Recognition Effects on Cash Flows and Financial Ratios****The Cash Flow Statement****Cash Flow Statement Basics****Cash Flow Computations - Indirect Method****Cash Flow Computations - Direct Method****Free Cash Flow****Management Discussion and Analysis & Financial Statement Footnotes****The Auditor and Audit Opinion****Financial Reporting Objectives and Enforcement****Accounting Qualities****Setting and Enforcing Global Accounting Standards**

**CFA Level 1 - Financial Ratios**

**Introduction****Internal Liquidity Ratios****Operating Profitability Ratios****Return on Investment Ratios****Operating Efficiency Ratios****Business Risk Ratios****Financial Risk Ratios****Growth Potential Ratios****Return on Equity and the Dupont System****Uses and Limitations of Financial Ratios****Basic Earnings Per Share****Dilutive Effect of Splits and Dividends****Dilutive Securities****Calculating Basic and Fully Diluted EPS in a Complex Capital Structure**

**CFA Level 1 - Assets**

**Choosing the Appropriate Accounting Method For Investment Securities****Accounting for Credit Transactions****Basics of Inventories****Effects of Misstated Inventory****Inventory Valuation****Inventory Analysis****Converting LIFO to FIFO****Converting FIFO to LIFO****Effects of Inventory Accounting****Causes a Decline in LIFO Reserve****Long Term Asset Basics****Depreciation Accounting****Accelerated Depreciation****Natural Resource Assets****Effects of Capitalizing vs.Expensing****Computing the Effect of Capitalizing vs. Expensing****Capitalizing Intangible Assets****Depreciation****Fixed Asset Disclosures****Asset Impairment**

**CFA Level 1 - Liabilities**

**Current Liability Basics****Income Tax Terminology****Tax Deferred Liabilities****Permanent Vs. Temporary Items****Adjustments To Financial Statements From Tax Rate Changes****Long-Term Liability Basics****Journal Entries and Accounting Impact****Total Interest Cost Components****Reporting The Retirement Or Conversion of Bonds****Accounting For Long-Term Liabilities****Post-Retirement Obligations****Effects Of Debt Issuance****Implications Of Debt Issuance****Effect Of Changing Interest Rate On Debt Market Value****Capital And Operating Leases****Effects Of Capital Vs. Operating Leases****Determining The Value Of The Lease And The Lease Asset****Sale And Leaseback****Types Of Off-Balance-Sheet Financing****Effects Of Off-Balance Sheet Financing Transactions On Financial Ratios****Accounting For Leases**

**CFA Level 1 - Red Flags**

**Introduction****Managerial Discretion****Shenanigans Strategies****What Causes Shenanigans And Manipulation?****Finding Shenanigans**

**CFA Level 1 - Corporate Finance**

**Introduction to Corporate Finance****Agent-Principle Relationship****Capital Budgeting Basic****The Cost of Capital****Cost of Retained Earnings****Factors Affecting the Cost of Capital****Payback Period****Net Present Value(NPV) and the Internal Rate of Return(IRR**)**The NPV Profile****Cash Folw and NPV Applications****Advantages and Disadvantages of the NPV and IRR methods****Applying NPV Analysis to Project Decisions****Comparing Projects With Unequal Lives****Types of Risk****Risk Analysis Techniques****Security Market Line Beta Basics****Factors that influence a Company's Capital-Structure Decision****Business and Financial Risk****Operating Leverage and its Effects on a Project's Expected Rate of Return****Financial Leverage****Sales and Leverage****Effects of Debts on Capital Structure****Tax and Bankrupcy Costs****The MM Capital Structure vs. The Tradeoff Theory of Leverage****Signaling Prospects Through Financing Decisions****Degree of Total Leverage****Devidend Theories****Devidend Growth Rate and The Effect of Changing Devidend Policy****Setting Devidends****Devidend Payment Procedures****Stock Devidends and Repurchases**

**CFA Level 1 - Securities Market**

**Introduction to Securities Market****Issuing Bonds****Types of Market****Exchange Market Structure****Exchange Market Characteristics****Short Selling****Buying on Margin and Maintenance Margin****Effect of the institutionalization of Capital Market****Characteristics of Security Indexes****Computing Indexes****Domestic vs.Global Indexes****The Efficient Market Hypothesis****Weak, Semi-Strong and Strong EMH****Market Anomalies****Implications of Efficients Market**

**CFA Level 1 - Equity Investments**

**Introduction to Security Valuation****The Dividend Discount Model(DDM)****DDM and Earnings Multiplier****Developing Inputs Estimates Used in the DDM****Earnings Analysis****Determining the EPS of a Company****Life Cycle Analysis: The Business Cycle****Life Cycle Analysis: The Industry Life Cycle****The Concentration Ratio and the Herfindahl Index****Considerations of Global Industry Competition****Analysing a Company-Types of Stock****Technical Analysis****Using Price Multiples**

**CFA Level 1 - Fixed Income Investments**

**Introduction****Bond Features****Basic Coupon Structures****Bond Early Retirement****Provisions For Redeeming Bonds****Refunding in Bonds****The Important of Embedded Options****Institutional Investors and Financing Purchases****Interest Rate Risk****Call and Prepayment Risk****Reinvestment Risk****Yield Curve Risk****Credit Risk****Liquidity Risk****Exchange-Rate Risk****Volatility Risk****Inflation Risk****Event Risk****Pricing Bonds****Duration****International Bonds****Government Bonds****Mortgage-Backed Securities(MBS)****Federal Issues****Bondholder's Rights****Other Types of Bond****Asset-Backed Securities(ABS)****Yield Curves****The Term Structure of Interest Rates****Types of Yield Measures****Intermarket vs Intramarket Sector Spreads****Option and their Benefits****After Tax Yield of a Taxable Securities****London Interbank Offer Rate(LIBOR)****Bond Valuation Basics****Bonds With Difficult Expected Cash Flow Estimation****Bond Value and Price****Arbitrage-free Valuation Approach****Typical Yield Measures****Assumptions Underlying Traditional Yield Curve Measures****Importance of Reinvestment Income and Reinvestment Risk****Spot Rate and Bond Valuation****Differenciating Between Spreads****What are Forward Rates?****Measuring Interest Rate Risk****Price Volatility****Effective,Modified,and Macaulay Duration****Convexity****Price Value of a Basis Point (PVBP)**

**CFA Level 1 - Derivatives**

**What is a Derivatives ?****Common Characteristics of Futures and Forwards****Fundalmental Differences Betweens Futures and Forwards****Forward Contracts****Futures Contracts****Options:Calls and Puts****Options:Basic Characteristics****Swaps****Purposes and Benefits of Derivatives****Criticisms of Derivatives****Arbitrage****Forward Markets and Contracts: Settlement Procedures****Terminating a Forward Contracts Prior to Expiration****End Users and Dealers****Equity Forward Contracts****Forward Contracts on Bonds****Eurodollar Time Deposit Markets****Characteristics of Forward Agreements(FRAs)****Currency Forward Contracts****Futures vs. Forwards****Futures Markets Margin****The Futures Trade Process****Computing the Margin Balance for a Futures Account****Closing and Terminating a Futures Position****Other Types of Derivatives****European vs. American Options and Moneyness****Exchange Traded Options****Interest Rate Options vs FRAs****Interest Rate Caps and Floors****Minimum and Maximum Values for Options****Straddles and Strangles****Option Prices and the Time to Expiration****Put-Call Parity****Effect of Cash Flows on Put-Call Parity and the Lower Bounds****Swap Markets and Contracts****Currency Swaps****Interest Rate and Currency Swaps****Managing Risks with Options Strategies:Long and Short Call and Put Positions****Managing Risks with Options Strategies:Covered Calls and Protective Puts**

**CFA Level 1 - Alternative Investment**

**Introduction to Alternative Investment****Open and Close-End Funds****Net Asset Value****Fees****Investment Strategies****Exchange Traded Funds(ETFs)****Real Estate Investments****Real Estate Calculations****The Stages in Venture Capital Investing****Venture Capital Investment Characteristics and NPV****Hedge Fund Basics****Hedge Fund Classifications****Hedge Fund Risks and Performance****Fund of Funds Investing****Alternative Investment Valuation****Commodities as Alternative Investments**

**CFA Level 1 - Portfolio Managment**