CFA Level I Study Planner

Here at Fitch Learning we have designed a course that will allow you to study in the most efficient manner possible.
We strongly advise you study the topic areas in the order that you see below. You will notice that this is not
sequentially study session by study session, but by covering study session topics in a slightly different order you will
experience a smoother and more effective learning experience.
We recommend the following order of study:

Study
Session

Topic Area

Instructor Note

You may not wish to begin your studies with this study session and that is fine, but we
would recommend you dedicate time in your study plan to cover this area sooner rather
Ethical and
than later. It is an important topic area so you should also schedule in time to revisit this
Professional Standards study session in the week leading up to the exam, as a refresher. Make sure you
understand the rule and regulations that make up the ethics syllabus scenarios in the
CFAI curriculum will allow you to put these conventions into a practical context.

This study session is the absolute foundation of the Level I syllabus. Covering concepts
such as the time value of money (TVM), present and future values, and annuities, a
Quantitative Methods:
solid understanding of these topics will pay dividends later in areas such as Asset
Basic Concepts
Valuation and Portfolio Management. During the course of this study session, you will
also be expected to get to grips with the official CFA calculator, the Texas BAII+

Financial Reporting
and Analysis: An
Introduction

Financial Reporting
Analysis: The Income
Statement, Balance
Sheet and Cash Flow
Statement

Financial Reporting
Analysis: Inventories,
Long-lived Assets,
Income Taxes and
Non-current Liabilities

10

Financial Reporting
and Analysis:
Application and
International Standards
Convergence

15

Fixed Income: Basic

Concepts

Covering the interactions of the Balance Sheet, the Income Statement and the Cash
Flow Statement, SS7 is particularly useful if you are unfamiliar with the basics of
accounting.
This study session focuses on each of the three major financial statements its
purpose, construction and the pertinent rations. You will also be introduced to the
multitude of ratios that can be used in Financial Analysis, which you will need to master
for the exam.
By SS9 you will be focussing on the specific categories of assets and liabilities that are
typically susceptible to alternative accounting policies and estimates. As an analyst the
ability to interpret company accounts and economic capacity is vital so this session is a
significant piece of your learning. Topics covered here include: Inventory Costing
(LIFO/FIFO), Depreciation, Intangible Assets, Deferred Taxes, Leasing and Accounting
for Bonds.
The final study session in this topic area brings together the specific accounting skills
you have learnt and applies them to practical financial analysis techniques, including
assessing the past and future performance of a company, credit risk and screening
potential equity investments. It is also important to understand the variations between
international and US accounting standards, as you will be expected to know the key
differences for the exam.
Having mastered the concept of TVM in SS2 you will be well positioned to quickly
understand the topics covered in this session.

Study
Session

Topic Area

Instructor Note
This identifies the risks involved with bonds. The study session focuses on interest rate
risk as measured by duration. The study also introduces the topic of credit analysis.

16

Analysis of Risk

14

Equity Analysis and

Valuation

This study session focuses on the analysis, valuation and characteristics of equity
securities. Once again your knowledge of TVM will prove beneficial as you can move
quickly from an understanding of equity securities to valuing the equity itself.

18

Alternative
Investments

This is a relatively small study session that can be easily overlooked do so at your
peril! Covering topics such as real estate and private equity, this is a relatively straight
forward topic area and while it makes up only 3% of the exam that 3% could make a
significant difference to your overall mark!

13

Market Organization,
Market Indices and
Market Efficiency

11

17

12

Corporate Finance

With a clear understanding of equity securities from the previous study session you
should be able to move through this study session and its topics with relative ease.
While there is some overlap in this study session with the accounting section of the
syllabus, notably Financial Analysis Techniques, as well Net Present Values and
Internal Rates of Return in Quantitative Methods, topics such as Budgeting the Cost Of
Capital and Measures of Leverage are the foundations of this study session. Corporate
Governance also features in this topic, and is definitely one that should be reviewed
closer to the exam.

Veering back into the world of Quantitative Methods, this study session is often viewed
as one of the more difficult areas of the syllabus to master. Introducing concepts such
Quantitative Methods:
as sampling and estimation as well as hypothesis, you should be aware the perceived
Application
difficulty of these topics may slow the pace of your studies. You should build in
adequate time to tackle this session therefore.
Derivatives

Building the conceptual framework for the understanding of basic derivative securities,
forwards, future options and swaps, this study session will ensure you are competent in
your comprehension of these different financial instruments.

Portfolio planning and the construction process are critical topics in this study session.
In addition, the idea of diverisification is introduced, and statistical concepts such as
Portfolio Management
standard deviation covered previously are applied in the context of Portfolio
Management.

Economics:
Microeconomic
Analysis

Important particularly if you are new to the world of Economics, this study session
introduces the basic concept of supply and demand. Once you have grasped this, you
can expand your knowledge to cover the output and costs incurred by firms fixed,
variable and marginal costs.

Economics:
Macroeconomic
Analysis

Covering basic macroeconomic concepts this study session begins with an analysis of
aggregate demand, supply and output combined with examination of economic growth.
Moving onto business cycles in different economies, this session concludes with a look
at the fiscal and monetary policy as a backdrop for mitigating economic activity.

Economics: Economics This study session explains the flow of goods and services, physical and financial
in a Global Context
capital across countries. It also provides an overview of currency market fundamentals.