CFA Advance Level 1 2025/2026
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CFA Advance Level 1 - Feb 2026 (Sat 4 Oct25 - 1 Feb26)-198 Hrs.pdf
CFA Advance Level 1 - May 2026 (Sat 3 Jan26 - 3 May26)-198 Hrs.pdf
CFA Advance Level 1 - Aug 2026 (Sat 18 Apr26 - 16 Aug26)-198Hrs.pdf
CFA Advance Level 1 - Nov 2026 (Sat 11 Jul26 - 8 Nov26)-198Hrs.pdf
L1 Advance Study Session 1 : Quantiative Methods (Reading 1-11)

L1 Advance Reading 1 : Rates and Returns
L1 Advance Reading 2 : The Time Value of Money in Finance
L1 Advance Reading 3 : Statistical Measures of Asset Returns
L1 Advance Reading 4 : Probability Trees and Conditional Expectations
L1 Advance Reading 5 : Portfolio Mathematics
L1 Advance Reading 6 : Simulation Methods
L1 Advance Reading 7 : Estimation and Inference
L1 Advance Reading 8 : Hypothesis Testing
L1 Advance Reading 9 : Parametric and Non-Parametric Tests of Independence
L1 Advance Reading 10 : Introduction to Linear Regression
L1 Advance Reading 11 : Introduction to Big Data Techniques
L1 Advance Study Session 2 : Economics (Reading 12-19)

L1 Advance Reading 12 : The Firm and Market Structures
L1 Advance Reading 13 : Understanding Business Cycles
L1 Advance Reading 14 : Fiscal Policy
L1 Advance Reading 15 : Monetary Policy
L1 Advance Reading 16 : Introduction to Geopolitics
L1 Advance Reading 17 : International Trade
L1 Advance Reading 18 : Capital Flows and the FX Market
L1 Advance Reading 19 : Exchange Rate Calculations
L1 Advance Study Session 3 : Corporate Issuers (Reading 20-26)

L1 Advance Reading 20 : Organizational Forms, Corporate Issuer Features, and Ownership
L1 Advance Reading 21 : Investors and Other Stakeholders
L1 Advance Reading 22 : Corporate Governance: Conflicts, Mechanisms, Risks, and Benefits
L1 Advance Reading 23 : Working Capital and Liquidity
L1 Advance Reading 24 : Capital Investments and Capital Allocations
L1 Advance Reading 25 : Capital Structure
L1 Advance Reading 26 : Business Models
L1 Advance Study Session 4 : Financial Reporting and Analysis (Reading 27-38)

L1 Advance Reading 27 : Introduction to Financial Statement Analysis
L1 Advance Reading 28 : Analyzing Income Statements
L1 Advance Reading 29 : Analyzing Balance Sheets
L1 Advance Reading 30 : Analyzing Statements of Cash Flows I
L1 Advance Reading 31 : Analyzing Statements of Cash Flows II
L1 Advance Reading 32 : Analysis of Inventories
L1 Advance Reading 33 : Long-Lived Assets
L1 Advance Reading 34 : Topics in Long-Term Liabilities and Equity
L1 Advance Reading 35 : Income Taxes
L1 Advance Reading 37 : Financial Analysis Techniques
L1 Advance Reading 38 : Financial Statement Modeling
L1 Advance Study Session 5 : Equity Investments (Reading 39-46)

L1 Advance Reading 39 : Market Organization and Structure
L1 Advance Reading 40 : Security Market Indices
L1 Advance Reading 41 : Market Efficiency
L1 Advance Reading 42 : Overview of Equity Securities
L1 Advance Reading 43 : Company Analysis: Past and Present
L1 Advance Reading 44 : Industry and Competitive Analysis
L1 Advance Reading 45 : Company Analysis: Forecasting
L1 Advance Reading 46 : Equity Valuation: Concepts and Basic Tools
L1 Advance Study Session 6 : Fixed Income (Reading 47-65)

L1 Advance Reading 47 : Fixed-Income Instrument Features
L1 Advance Reading 48 : Fixed-Income Cash Flows and Types
L1 Advance Reading 49 : Fixed Income Issuance and Trading
L1 Advance Reading 50 : Fixed-Income Markets for Corporate Issuers
L1 Advance Reading 51 : Fixed-Income Markets for Government Issuers
L1 Advance Reading 52 : Fixed-Income Bond Valuation: Prices and Yields
L1 Advance Reading 53 : Yield and Yield Spread Measures for Fixed-Rate Bonds
L1 Advance Reading 54 : Yield and Yield Spread Measures for Floating-Rate Instruments
L1 Advance Reading 55 : The Term Structure of Interest Rates: Spot, Par, and Forward Curves
L1 Advance Reading 56 : Interest Rate Risk and Return
L1 Advance Reading 57 : Yield-Based Bond Duration Measures and Properties
L1 Advance Reading 58 : Yield-Based Bond Convexity and Portfolio Properties
L1 Advance Reading 59 : Curve-Based and Empirical Fixed-Income Risk Measures
L1 Advance Reading 60 : Credit Risk
L1 Advance Reading 61 : Credit Analysis of Government Issuers
L1 Advance Reading 62 : Credit Analysis for Corporate Issuers
L1 Advance Reading 63 : Fixed-Income Securitization
L1 Advance Reading 64 : Asset-Backed Security (ABS) Instrument and Market Features
L1 Advance Reading 65 : Mortgage-Backed Security (MBS) Instrument and Market Features
L1 Advance Study Session 7 : Derivatives (Reading 66-75)

L1 Advance Reading 66 : Derivative Instruments and Derivative Features
L1 Advance Reading 67 : Forward Commitment and Contingent Claim Features and Instruments
L1 Advance Reading 68 : Derivative Benefits, Risks, and Issuer and Investor Uses
L1 Advance Reading 69 : Arbitrage, Replication, and the Cost of Carry in Pricing Derivatives
L1 Advance Reading 70 : Pricing and Valuation of Forward Contracts and for an Underlying with Varying Maturities
L1 Advance Reading 71 : Pricing and Valuation of Futures Contracts
L1 Advance Reading 72 : Pricing and Valuation of Interest Rates and Other Swaps
L1 Advance Reading 73 : Pricing and Valuation of Options
L1 Advance Reading 74 : Option Replication Using Put-Call Parity
L1 Advance Reading 75 : Valuing a Derivative Using a One-Period Binomial Model
L1 Advance Study Session 8 : Alternative Investment (Reading 76-82)

L1 Advance Reading 76 : Alternative Investment Features, Methods, and Structures
L1 Advance Reading 77 : Alternative Investment Performance and Returns
L1 Advance Reading 78 : Investments in Private Capital: Equity and Debt
L1 Advance Reading 79 : Real Estate and Infrastructure
L1 Advance Reading 80 : Natural Resources
L1 Advance Reading 81 : Hedge Funds
L1 Advance Reading 82 : Introduction to Digital Assets
L1 Advance Study Session 9 : Portfolio Management (Reading 83-88)

L1 Advance Reading 83 : Portfolio Risk and Return: Part 1
L1 Advance Reading 84 : Portfolio Risk and Return: Part 2
L1 Advance Reading 85 : Portfolio Management: An Overview
L1 Advance Reading 86 : Basics of Portfolio Planning and Construction
L1 Advance Reading 87 : The Behavioural Biases of Individuals
L1 Advance Reading 88 : Introduction to Risk Management
L1 Advance Summary

L1 Advance Summary Reading 1 : Rates and Returns
L1 Advance Summary Reading 2 : The Time Value of Money in Finance
L1 Advance Summary Reading 3 : Statistical Measures of Asset Returns
L1 Advance Summary Reading 4 : Probability Trees and Conditional Expectations
L1 Advance Summary Reading 5 : Portfolio Mathematics
L1 Advance Summary Reading 6 : Simulation Methods
L1 Advance Summary Reading 7 : Estimation and Inference
L1 Advance Summary Reading 8 : Hypothesis Testing
L1 Advance Summary Reading 9 : Parametric and Non-Parametric Tests of Independence
L1 Advance Summary Reading 10 : Simple Linear Regression
L1 Advance Summary Reading 11 : Introduction to Big Data Techniques
L1 Advance Summary Reading 12 : Firms and Market Structures
L1 Advance Summary Reading 13 : Understanding Business Cycles
L1 Advance Summary Reading 14 : Fiscal Policy
L1 Advance Summary Reading 15 : Monetary Policy
L1 Advance Summary Reading 16 : Introduction to Geopolitics
L1 Advance Summary Reading 17 : International Trade
L1 Advance Summary Reading 18 : Capital Flows and the FX Market
L1 Advance Summary Reading 19 : Exchange Rate Calculations
L1 Advance Summary Reading 20 : Organizational Forms, Corporate Issuer Features, and Ownership
L1 Advance Summary Reading 21 : Investors and Other Stakeholders
L1 Advance Summary Reading 22 : Corporate Governance: Conflicts, Mechanisms, Risks, and Benefits
L1 Advance Summary Reading 23 : Working Capital and Liquidity
L1 Advance Summary Reading 24 : Capital Investments and Capital Allocations
L1 Advance Summary Reading 25 : Capital Structure
L1 Advance Summary Reading 26 : Business Models
L1 Advance Summary Reading 27 : Introduction to Financial Statement Analysis
L1 Advance Summary Reading 28 : Analyzing Income Statements
L1 Advance Summary Reading 29 : Analyzing Balance Sheets
L1 Advance Summary Reading 30 : Analyzing Statements of Cash Flows I
L1 Advance Summary Reading 31 : Analyzing Statements of Cash Flows II
L1 Advance Summary Reading 32 : Analysis of Inventories
L1 Advance Summary Reading 33 : Analysis of Long-Term Assets
L1 Advance Summary Reading 34 : Topics in Long-Term Liabilities and Equity
L1 Advance Summary Reading 35 : Analysis of Income Taxes
L1 Advance Summary Reading 36 : Financial Reporting Quality
L1 Advance Summary Reading 37 : Financial Analysis Techniques
L1 Advance Summary Reading 38 : Introduction to Financial Statement Modeling
L1 Advance Summary Reading 39 : Market Organization and Structure
L1 Advance Summary Reading 40 : Security Market Indexes
L1 Advance Summary Reading 41 : Market Efficiency
L1 Advance Summary Reading 42 : Overview of Equity Securities
L1 Advance Summary Reading 43 : Company Analysis: Past and Present
L1 Advance Summary Reading 44 : Industry and Company Analysis
L1 Advance Summary Reading 45 : Company Analysis: Forecasting
L1 Advance Summary Reading 46 : Equity Valuation: Concepts and Basic Tools
L1 Advance Summary Reading 47 : Fixed-Income Instrument Features
L1 Advance Summary Reading 48 : Fixed-Income Cash Flows and Types
L1 Advance Summary Reading 49 : Fixed Income Issuance and Trading
L1 Advance Summary Reading 50 : Fixed-Income Markets for Corporate Issuers
L1 Advance Summary Reading 51 : Fixed-Income Markets for Government Issuers
L1 Advance Summary Reading 52 : Fixed-Income Bond Valuation: Prices and Yields
L1 Advance Summary Reading 53 : Yield and Yield Spread Measures for Fixed-Rate Bonds
L1 Advance Summary Reading 54 : Yield and Yield Spread Measures for Floating-Rate Instruments
L1 Advance Summary Reading 55 : The Term Structure of Interest Rates: Spot, Par, and Forward Curves
L1 Advance Summary Reading 56 : Interest Rate Risk and Return
L1 Advance Summary Reading 57 : Yield-Based Bond Duration Measures and Properties
L1 Advance Summary Reading 58 : Yield-Based Bond Convexity and Portfolio Properties
L1 Advance Summary Reading 59 : Curve-Based and Empirical Fixed-Income Risk Measures
L1 Advance Summary Reading 60 : Credit Risk
L1 Advance Summary Reading 61 : Credit Analysis of Government Issuers
L1 Advance Summary Reading 62 : Credit Analysis for Corporate Issuers
L1 Advance Summary Reading 63 : Fixed-Income Securitization
L1 Advance Summary Reading 64 : Asset-Backed Security (ABS) Instrument and Market Features
L1 Advance Summary Reading 65 : Mortgage-Backed Security (MBS) Instrument and Market Features
L1 Advance Summary Reading 66 : Derivative Instrument and Derivative Market Features
L1 Advance Summary Reading 67 : Forward Commitment and Contingent Claim Features and Instruments
L1 Advance Summary Reading 68 : Derivative Benefits, Risks, and Issuer and Investor Uses
L1 Advance Summary Reading 69 : Arbitrage, Replication, and the Cost of Carry in Pricing Derivatives
L1 Advance Summary Reading 70 : Pricing and Valuation of Forward Contracts and for an Underlying with Varying Maturities
L1 Advance Summary Reading 71 : Pricing and Valuation of Futures Contracts
L1 Advance Summary Reading 72 : Pricing and Valuation of Interest Rates and Other Swaps
L1 Advance Summary Reading 73 : Pricing and Valuation of Options
L1 Advance Summary Reading 74 : Option Replication Using Put-Call Parity
L1 Advance Summary Reading 75 : Valuing a Derivative Using a One-Period Binomial Model
L1 Advance Summary Reading 76 : Alternative Investment Features, Methods, and Structures
L1 Advance Summary Reading 77 : Alternative Investment Performance and Returns
L1 Advance Summary Reading 78 : Investments in Private Capital: Equity and Debt
L1 Advance Summary Reading 79 : Real Estate and Infrastructure
L1 Advance Summary Reading 80 : Natural Resources
L1 Advance Summary Reading 81 : Hedge Funds
L1 Advance Summary Reading 82 : Introduction to Digital Assets
L1 Advance Summary Reading 83 : Portfolio Risk and Return, Part I
L1 Advance Summary Reading 84 : Portfolio Risk and Return, Part II
L1 Advance Summary Reading 85 : Portfolio Management: An Overview
L1 Advance Summary Reading 86 : Basics of Portfolio Planning and Construction
L1 Advance Summary Reading 87 : The Behavioral Biases of Individuals
L1 Advance Summary Reading 88 : Introduction to Risk Management
L1 Advance Summary Reading 89 : Ethics & Trust in the Investment Profession
L1 Advance Summary Reading 90 & 91 : Code of Ethics & Standards of Professional Conduct+Guidance for Standards I–VII
L1 Advance Summary Reading 92 : Introduction to the Global Investment Performance Standards (GIPS)
L1 Advance Mock Exams Q&A

L1 Advance Mock Exam 1 : 1 First Session
L1 Advance Mock Exam 2 : 1 Second Session
L1 Advance Mock Exam 3 : 2 First Session
L1 Advance Mock Exam 4 : 2 Second Session
L1 Advance Mock Exam 5 : 3 First Session
L1 Advance Mock Exam 6 : 3 Second Session
L1 Advance Mock Exam 7 : 4 First Session
L1 Advance Mock Exam 8 : 4 Second Session
L1 Advance Mock Exam 9 : 1 First Session (2024)
L1 Advance Mock Exam 10 : 1 Second Session (2024)
L1 Advance Mock Exam 11 : 2 First Session (2024)
L1 Advance Mock Exam 12 : 2 Second Session (2024)
L1 Advance Mock Exam 13 : 3 First Session (2024)
L1 Advance Mock Exam 14 : 3 Second Session (2024)
L1 Advance Mock Exam 15 : 4 First Session (2024)

L1 Advance Study Session 3 : Corporate Issuers (Reading 20-26)

7 Lessons