Cliro

CFA® Level I · 2027 curriculum

Corporate Finance for CFA® Level I

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.

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What this topic covers

Corporate Finance connects the legal and organisational foundations of a company with the decisions that determine how it operates, invests and finances itself. You will examine ownership structures, stakeholder claims and governance, then move into liquidity and working-capital management. The topic finishes with long-term capital allocation, financing choices and the business-model features analysts use to understand an issuer’s prospects and risks.

By the end of this topic you should be able to:

  • Compare organisational forms, ownership structures and their implications for investors.
  • Distinguish debt and equity claims and the incentives of corporate stakeholders.
  • Assess governance conflicts, control mechanisms and their consequences for issuers.
  • Evaluate working capital, liquidity and cash-conversion efficiency across corporate issuers.
  • Apply capital-allocation measures and interpret real investment flexibility.
  • Explain capital structure, WACC and business-model implications for issuers.

How the topic is structured

The topic begins with how companies are legally organised and how public and private ownership affect investors. It then examines the claims and incentives of lenders, shareholders and other stakeholders before showing how governance mechanisms manage conflicts. The middle section moves into short-term operating finance through working capital and liquidity. The final modules address long-term investment decisions, the cost and mix of financing, and the business-model choices that shape how an issuer creates and captures value.

Practice in Cliro

How you practice Corporate Finance in Cliro

  • Practice by topic

    Work through this topic on its own, or include it in a mixed session across the curriculum.

  • Detailed explanations

    See why the correct answer works after every practice question.

  • Review and mistakes

    The mistake log keeps incorrectly answered questions easy to revisit. Review brings due concepts back after time has passed.

  • Formula Gym and progress

    Recall key formulas without prompts and track progress by topic and concept.

Exam Pass and Monthly both include the two full mock exams.

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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.

Other Level I topics

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.

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Free diagnostic • 20 questions • No payment details required