The ten CFA® Level I topics, 2027 curriculum
What each Level I topic covers, how it is structured and how you practice it in Cliro.
01
Ethical and Professional Standards
Ethical and Professional Standards explains how investment professionals build trust, apply the CFA Institute Code and Standards, recognise ethical conflicts and choose appropriate professional actions.
02
Quantitative Methods
Quantitative Methods builds the mathematical and statistical tools used throughout investment analysis, covering returns, valuation, probability, inference, portfolio risk, simulation, regression and financial data science.
03
Economics
Economics explains how firms, economies, policymakers and global markets interact, covering market structures, business cycles, fiscal and monetary policy, geopolitics, trade, capital flows and exchange rates.
04
Financial Statement Analysis
Financial Statement Analysis explains how analysts interpret financial reports, accounting choices and ratios to assess performance, financial position, cash generation, reporting quality and future company results.
05
Corporate Finance
Corporate Finance explains how businesses are organised, financed, governed and managed, covering stakeholders, working capital, capital investment, capital structure and the business models that drive corporate decisions.
06
Equities
Equities explains how ownership securities are structured, traded, valued and analysed, linking shareholder rights and market mechanics with returns, forecasting, company research and required-return models.
07
Fixed Income
Fixed Income explains how debt securities are structured, issued, valued and analysed, and how investors assess their yields, interest-rate exposure, credit risk and securitised cash flows.
08
Derivatives and Risk Management
Derivatives and Risk Management explains how contracts linked to underlying assets or variables create, transfer and price financial exposures, from forwards and options to swaps, parity and binomial valuation.
09
Alternative Investments
Alternative Investments explains how private capital, real assets, hedge funds and digital assets differ from traditional investments, covering access structures, performance measurement, return drivers, risks and diversification.
10
Portfolio Construction
Portfolio Construction connects investment risk and return with investor objectives, covering diversification, efficient portfolios, CAPM, portfolio planning, behavioural biases, asset allocation, performance evaluation and risk management.
Where Cliro fits
Use Cliro at any stage of your Level I preparation.
Starting Level I
Take the free diagnostic, then practice by topic. Your results build a picture of where you stand across all ten topics.
Retaking Level I
Your diagnostic and practice results show which concepts are still weak. The mistake log keeps incorrectly answered questions easy to revisit, and Review brings due concepts back after time has passed.
Alongside your existing materials
Cliro is designed to work alongside your core reading materials, adding question practice, mock exams, Formula Gym, review and progress tracking.
Start with a clear picture of where you stand.
The free diagnostic gives you an initial topic profile. Upgrade when you want the full Question Bank, mock exams and Formula Gym.
Free diagnostic • 20 questions • No payment details required