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2026 CFA Level 1 IFT Study notes
Prerequisite Readings
01. Quantitative Methods
Sample Lesson
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01. Quantitative Methods
6 Topics
LM01 Interest Rates Present Value and Future Value
LM02 Organizing Visualizing and Describing Data
LM03 Probability Concepts
LM04 Common Probability Distributions
LM05 Sampling and Estimation
LM06 Hypothesis Testing
02. Economics
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02. Economics
7 Topics
LM01 Topics in Demand and Supply Analysis
LM02 Introduction to the Firm and Market Organization
LM03 Aggregate Output Prices and Economic Growth
LM04 Introduction to Business Cycles
LM05 Monetary and Fiscal Policy
LM06 International Trade and Capital Flows
LM07 Currency Exchange Rates
03. Financial Statement Analysis
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03. Financial Statement Analysis
9 Topics
LM01 Introduction to Financial Reporting
LM02 Income Statements
LM03 Balance Sheets
LM04 Cash Flow Statements
LM05 Inventories
LM06 Long-Lived Assets
LM07 Income Taxes
LM08 Non-Current Liabilities
LM09 Applications of Financial Statement Analysis
Core Topics
01. Quantitative Methods
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01. Quantitative Methods
11 Topics
LM01 Rates and Returns
LM02 The Time Value of Money in Finance
LM03 Statistical Measures of Asset Returns
LM04 Probability Trees and Conditional Expectations
LM05 Portfolio Mathematics
LM06 Simulation Methods
LM07 Estimation and Inference
LM08 Hypothesis Testing
LM09 Parametric and Non-Parametric Tests of Independence
LM10 Simple Linear Regression
LM11 Introduction to Big Data Techniques
02. Economics
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02. Economics
8 Topics
LM01 Firms and Market Structures
LM02 Understanding Business Cycles
LM03 Fiscal Policy
LM04 Monetary Policy
LM05 Introduction to Geopolitics
LM06 International Trade
LM07 Capital Flows and the FX Market
LM08 Exchange Rate Calculations
03. Corporate Issuers
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03. Corporate Issuers
7 Topics
LM01 Organizational Forms, Corporate Issuer Features, and Ownership
LM02 Investors and Other Stakeholders
LM03 Corporate Governance – Conflicts, Mechanisms, Risks, and Benefits
LM04 Working Capital and Liquidity
LM05 Capital Investments and Capital Allocation
LM06 Capital Structure
LM07 Business Models
04. Financial Statement Analysis
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04. Financial Statement Analysis
12 Topics
LM01 Introduction to Financial Statement Analysis
LM02 Analyzing Income Statements
LM03 Analyzing Balance Sheets
LM04 Analyzing Statements of Cash Flows I
LM05 Analyzing Statements of Cash Flows II
LM06 Analysis of Inventories
LM07 Analysis of Long-Term Assets
LM08 Topics in Long-Term Liabilities and Equity
LM09 Analysis of Income Taxes
LM10 Financial Reporting Quality
LM11 Financial Analysis Techniques
LM12 Introduction to Financial Statement Modeling
05. Equity Investments
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05. Equity Investments
8 Topics
LM01 Market Organization and Structure
LM02 Security Market Indexes
LM03 Market Efficiency
LM04 Overview of Equity Securities
LM05 Company Analysis – Past and Present
LM06 Industry and Competitive Analysis
LM07 Company Analysis – Forecasting
LM08 Equity Valuation Concepts and Basic Tools
06. Fixed Income
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06. Fixed Income
19 Topics
LM01 Fixed-Income Instrument Features
LM02 Fixed-Income Cash Flows and Types
LM03 Fixed-Income Issuance and Trading
LM04 Fixed-Income Markets for Corporate Issuers
LM05 Fixed-Income Markets for Government Issuers
LM06 Fixed-Income Bond Valuation – Prices and Yields
LM07 Yield and Yield Spread Measures for Fixed-Rate Bonds
LM08 Yield and Yield Spread Measures for Floating-Rate Instruments
LM09 The Term Structure of Interest Rates- Spot, Par, and Forward Curves
LM10 Interest Rate Risk and Return
LM11 Yield-Based Bond Duration Measures and Properties
LM12 Yield-Based Bond Convexity and Portfolio Properties
LM13 Curve-Based and Empirical Fixed-Income Risk Measures
LM14 Credit Risk
LM15 Credit Analysis for Government Issuers
LM16 Credit Analysis for Corporate Issuers
LM17 Fixed-Income Securitization
LM18 Asset-Backed Security (ABS) Instrument and Market Features
LM19 Mortgage-Backed Security (MBS) Instrument and Market Features
07. Derivatives
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07. Derivatives
10 Topics
LM01 Derivative Instrument and Derivative Market Features
LM02 Forward Commitment and Contingent Claim Features and Instruments
LM03 Derivative Benefits, Risks, and Issuer and Investor Uses
LM04 Arbitrage, Replication, and the Cost of Carry in Pricing Derivatives
LM05 Pricing and Valuation of Forward Contracts
LM06 Pricing and Valuation of Futures Contracts
LM07 Pricing and Valuation of Interest Rates and Other Swaps
LM08 Pricing and Valuation of Options
LM09 Option Replication Using Put Call Parity
LM10 Valuing a Derivative Using a One-Period Binomial Model
08. Alternative Investments
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08. Alternative Investments
7 Topics
LM01 Alternative Investment Features, Methods, and Structures
LM02 Alternative Investment Performance and Returns
LM03 Investments in Private Capital – Equity and Debt
LM04 Real Estate and Infrastructure
LM05 Natural Resources
LM06 Hedge Funds
LM07 Introduction to Digital Assets
09. Portfolio Management
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09. Portfolio Management
6 Topics
LM01 Portfolio Risk and Return Part I
LM02 Portfolio Risk and Return Part II
LM03 Portfolio Management An Overview
LM04 Basics of Portfolio Planning and Construction
LM05 The Behavioral Biases of Individuals
LM06 Introduction to Risk Management
10. Ethical and Professional Standards
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10. Ethical and Professional Standards
5 Topics
LM01 Ethics and Trust in the Investment Profession
LM02 Code of Ethics and Standards of Professional Conduct
LM03 Guidance for Standards I-VII
LM04 Introduction to GIPS
LM05 Ethics Application
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LM05 Sampling and Estimation
2026 CFA Level 1 IFT Study notes
01. Quantitative Methods
LM05 Sampling and Estimation
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