2026 CFA Level 1 IFT Study notes

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Prepare for CFA Level 1 Exam with the 2026 CFA Level 1 IFT Study notes.

It includes 10 topics:

Quantitative Methods
Economics
Corporate Issuers
Financial Statement Analysis
Equity Investments
Fixed Income
Derivatives
Alternative Investments
Portfolio Management
Ethical and Professional Standards.

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Course Content

Prerequisite Readings

Lesson Content

0% Complete 0/6 Steps

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

Lesson Content

0% Complete 0/7 Steps

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

Lesson Content

0% Complete 0/9 Steps

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

Lesson Content

0% Complete 0/11 Steps

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

Lesson Content

0% Complete 0/8 Steps

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

Lesson Content

0% Complete 0/7 Steps

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

Lesson Content

0% Complete 0/12 Steps

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

Lesson Content

0% Complete 0/8 Steps

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

Lesson Content

0% Complete 0/19 Steps

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

Lesson Content

0% Complete 0/10 Steps

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

Lesson Content

0% Complete 0/7 Steps

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

Lesson Content

0% Complete 0/6 Steps

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

Lesson Content

0% Complete 0/5 Steps

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