Cliro

CFA® Level I · 2027 curriculum

Equities for CFA® Level I

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.

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What this topic covers

Equities follows the path from owning a share to forming an investment view. You will examine common and preference share features, shareholder rights, voting, issuance and trading, then connect dividends and price changes to investor returns. The topic develops absolute and relative valuation, financial statement forecasting, industry and company analysis, research reports, and finally the CAPM, market model and multifactor approaches used to estimate required returns.

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

  • Distinguish equity instruments, ownership rights and public-versus-private market features.
  • Understand share classes, voting processes, issuance, trading venues and liquidity.
  • Calculate equity returns and interpret dividends, repurchases and share-count actions.
  • Apply present-value and relative valuation approaches to estimate equity value.
  • Link forecasts, industry structure and company strategy to valuation conclusions.
  • Estimate required equity returns using CAPM, market and multifactor models.

How the topic is structured

The topic moves from market structure into valuation and then analysis. Equity instrument features and shareholder rights establish what investors own, while issuance, trading and return mechanics explain how positions are created and rewarded. Valuation modules compare intrinsic-value approaches, multiples and forecast-based models. Industry and company analysis then provide the economic narrative behind those assumptions. Research reports bring the evidence together into an investment conclusion, and the final module links equity risk exposures to required returns.

Practice in Cliro

How you practice Equities 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.

Take the free diagnostic

Free diagnostic • 20 questions • No payment details required