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CFA Level 1 Syllabus & Subjects 2024 - Important Topic, Weightage, Exam Pattern

CFA Level 1 Syllabus & Subjects 2024 - Important Topic, Weightage, Exam Pattern

Edited By Team Careers360 | Updated on Apr 19, 2024 04:53 PM IST | #CFA Exam

The Chartered Financial Analyst Institute provides complete details related to the CFA level 1 subjects 2024 on its official website - cfainstitute.org. CFA level 1 syllabus 2024 will covers 10 subjects from different areas of finance. Candidates desirous of appearing for the upcoming sessions of the CFA level 1 exam should familiarise themselves with the syllabus of CFA level 1.

CFA Level 1 Syllabus & Subjects 2024 - Important Topic, Weightage, Exam Pattern
CFA Level 1 Syllabus & Subjects 2024 - Important Topic, Weightage, Exam Pattern

The CFA level 1 exam syllabus is divided into two parts to attempted in two sessions. There will be 90 CFA level 1 questions in each of the two sessions based on the 10 CFA level 1 subjects. The detailed CFA level 1 syllabus 2024, including topics, weightage and other important details are given in this article.

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Overview of the Subjects Covered Under CFA Level 1 Exam 2024

The syllabus of CFA Level 1 includes topics from subject areas such as ethical and professional standards, economics, equity investments, corporate issuers and finance, quantitative methods, financial statement analysis, fixed income, derivatives, alternative investments, portfolio management and investment analysis.

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Each CFA level 1 subject carries a different weightage in the exam. Candidates should have clarity in all the CFA level 1 subject areas and devote proper time to qualify in the CFA Level 1 exam. The detailed topic wise CFA Level 1 syllabus is given below.

CFA Level 1 Subjects, Topics and Aim

CFA Syllabus Level 1
Topics
Aim of Study

Ethical and Professional Standards

  • Professional Standards of Practice
  • Ethical Practices
  • Presentation of Performance Results (GIPS)
  • Asset Manager Code of Professional Conduct
  • Help students understand ethics and related challenges to ethical behavior.

  • Know the about the role that ethics and professionalism play in the investment industry

Quantitative Methods

  • Time Value of Money
  • Sampling and Estimation
  • Probability Distributions and Concepts
  • Artificial Intelligence/Machine Learning and Big Data Analysis and Applications
  • Back-testing, Simulation, and Scenario Analysis
  • Regression Analysis
  • Time-Series Analysis

Exploring about quantitative concepts and techniques used in financial analysis; investment decision making

Economics

  • Market Forces of Supply and Demand
  • Business Cycles
  • The Firm and Industry Organization
  • International Trade and Capital Flows
  • Monetary System, Monetary and Fiscal Policy
  • Effects of Regulations
  • Inflation and Deflation
  • Currency Exchange Rates
  • Economic Growth and Development
  • Economic Analysis and Setting Capital Market Expectations
  • Effects of Geopolitics on Economies and Investment Markets
  • Applications of Economic Factors in the Investment Process

  • To analyse the fundamental concepts of supply and demand

  • Understand various market structures, macroeconomic concepts and principles

Financial Statement Analysis
  • Analysis of Financial Statements
  • Analysis of Off-Balance-Sheet Assets and Liabilities
  • Financial Reporting Quality
  • Analysis of Off-Balance-Sheet Assets and Liabilities
  • Building a Company Financial Model
  • Analysis of Stock Compensation and Other Employee Benefits
  • Financial Analysis of Banks and Insurance Companies
  • Analysis of Intercorporate Investments and Business Combinations
  • Analysis of Global Operations
  • Ratio and Financial Analysis
  • ESG considerations in Financial Statement Analysis
  • Aims to provide thorough explanation of financial reporting procedures

  • Understand the standards that govern the financial reporting disclosures


Corporate Issuers/ Finance

  • Corporate Structures and Strategies
  • Risk Factors (including environmental and social)
  • Corporate Ownership and Governance
  • Corporate Actions, Combinations, and Restructuring
  • Corporate Financing Decisions
  • Introduction to corporate governance

  • Know the growing impact of environmental and social considerations in investing

Equity Investments

  • Types of Equity Securities and Markets
  • Valuation of Individual Equity Securities
  • Fundamental Equity Analysis
  • Equity Portfolio Management
  • Equity Market Valuation
  • ESG considerations in Equity Investments

  • Understand the workings of equity investments, security markets, and indexes

  • Know how to analyze industries, companies, and equity securities as well as the use of basic equity valuation models

Fixed Income

  • Types of Fixed Income Securities and Markets
  • Term Structure Determination and Yield Spreads
  • Fundamental Fixed Income
  • Analysis of Interest Rate Risk
  • Valuing Bonds with Embedded Options
  • Fixed Income Portfolio Management Strategies
  • Valuation of Individual Fixed Income Securities
  • Analysis of Credit Risk
  • Structured Products
  • ESG considerations in Fixed Income
  • Learn about the fixed income securities and their yield measures, risk factors, markets, and valuation measurements.

  • Calculating yields, the securitization of assets, fixed income securities, bond returns and risks, credit analysis.

Derivatives

  • Types of Derivative Instruments and Markets
  • Valuation of Option Contracts
  • Valuation of Forwards and Futures Contracts
  • Uses of Derivatives in Portfolio Management
  • Valuation of Swap Contracts
  • Valuation concepts such as forwards, futures, swaps, and contingent claims

  • Learn about the conceptual framework related to derivatives and derivative markets

Alternative Investments

  • Types of Alternative Investments
  • Real Assets (including Infrastructure, Timber and Farm Land)
  • Real Estate
  • Hedge Funds
  • Alternative Investments Portfolio Management
  • Private Capital (including Private Equity, Private Credit and Venture Capital)
  • Commodities
  • ESG considerations in Alternative Investments

Know about edge funds, private equity, real estate, commodities, and infrastructure

Portfolio Management and Wealth Planning

  • The Investment Policy Statement
  • Investment Vehicles (including ETFs and Mutual Funds)
  • Modern Portfolio Management Concepts
  • Market Indexes
  • Environmental, Social, and Governance (ESG) Investing
  • Market Efficiency and Passive Investing
  • Tax Impact of Investment Decisions
  • Investment Manager Selection
  • Portfolio Construction and Revision
  • Behavioral Finance
  • Management of Individual/Family Investor Portfolios
  • Liability – Driven Investments (including Asset Liability Management and Goal-Based Investing)
  • Management of Institutional Investor Portfolios
  • Execution of Portfolio Decisions (including Trading and Market Microstructure)
  • Asset Allocation
  • Currency Management
  • Risk Management (including environmental risk)
  • Performance Attribution and Appraisal

Learn about the fundamentals of portfolio and risk management


Know how to prepare for CFA level 1 exam

Core Curriculum Topics

CFA Level 1 TopicsWeight%

Ethical and Professional Standards

15-20%

Financial Reporting and Analysis

13-17%

Equity Investments

10-12%

Fixed Income

10-12%

Corporate Issuers/ Finance

8-12%

Quantitative Methods

8-12%

Economics

8-12%

Portfolio Management

5-8%

Derivatives

5-8%

Alternative Investments

5-8%

CFA level 1 Exam Pattern 2024

The Chartered Financial Analyst Institute made significant changes in the number of questions asked as well as the exam duration. In the CFA level 1 exams for 2024 session, the exam will be conducted in two sessions of 2 hours and 15 minutes each. As per the CFA level 1 exam pattern, candidates have to solve 180 multiple-choice questions (90 MCQs in each session). All the CFA level 1 questions will carry equal weightage and will be based on the 10 topics mentioned in the above table. As per the CFA level 1 exam pattern 2024, there will be no negative marking for wrong answers in the exam.

It must also be noted that with effect from 2021, the exam format of CFA exams has been changed from paper-based examination to computer-based exam. The Chartered Financial Analyst Institute now conducts the CFA level 1 exam in four sittings - February, May, August and November.

To qualify, CFA level 1 study material provided by the institute should be referred to. As per the CFA level 1 results of previous session, the pass rate for August 2023 exam was 37%.

Frequently Asked Question (FAQs)

1. How many subjects are covered under CFA level 1 exam?

There are total of 10 subjects under the CFA level 1 exam.

2. How much time should I spend in studying for the CFA exam?

You should devote at least 300 hours to qualify the CFA level 1 exam.

3. Is CFA curriculum provided by the institute enough to qualify for the CFA level 1 exam?

Yes, study material provided by the institute is sufficient and quite extensive. It is always advisable to look for additional study notes and practice previous year question papers to get a better understanding.

4. Will there be any negative marking in CFA level 1 exam?

No, there will not be any negative marking in CFA level 1 exam.

5. How many subjects in CFA level 1?

CFA Level 1 has a total of 10 topic areas or subjects

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