Cliro

CFA® Level I · 2027 curriculum

Economics for CFA® Level I

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.

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What this topic covers

Economics gives you a framework for understanding the forces behind company behaviour, economic fluctuations and policy decisions. You will examine how market structure affects firms, how business and credit cycles evolve, and how governments and central banks respond. The topic then moves outward to geopolitics, international trade, capital flows and the foreign exchange relationships connecting global markets.

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

  • Analyse firm behaviour under different market structures and cost conditions.
  • Interpret business and credit cycles using economic indicators and output gaps.
  • Compare fiscal and monetary policy tools, objectives, transmission and limitations.
  • Assess geopolitical forces, institutions and risks affecting economies and investments.
  • Explain international trade, restrictions and regional economic integration.
  • Interpret FX markets, exchange-rate regimes, cross-rates and forward-rate relationships.

How the topic is structured

The topic moves from individual firms to the wider economy and then to international markets. Market structures establish how competition, costs and pricing shape company behaviour. Business cycles show how economic activity changes over time, followed by fiscal and monetary policy as responses to those conditions. Geopolitics and trade then introduce cross-border forces, while the final two sections focus on foreign exchange markets, exchange-rate regimes and the calculations linking spot rates, forwards and interest rates.

Practice in Cliro

How you practice Economics 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.

See what is included

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.

Take the free diagnostic

Free diagnostic • 20 questions • No payment details required