CFA Exam Prep Course

Lesson 1 • Standards of Professional Conduct

Introduces the seven Standards covering professionalism, integrity, and duties to clients. Anchors ethical reasoning used in every subsequent quantitative and analytical chapter.

Lesson 2 • Ethical Decision-Making Frameworks

Applies structured reasoning models to resolve conflicts of interest and gray-area scenarios. Builds judgment skills tested heavily in Level II and Level III ethics questions.

Lesson 3 • CFA Credential and Exam Structure

Covers the three-level exam progression, topic weights, and registration requirements. Provides the roadmap candidates use to allocate study time across all domains.

Lesson 1 • Time Value of Money

Covers present value, future value, annuities, and perpetuities using financial calculator keystrokes. These mechanics underpin every fixed-income and equity valuation model in later chapters.

Lesson 2 • Probability and Expected Value

Introduces probability rules, conditional probability, and expected return calculations. Directly supports portfolio theory and derivatives pricing covered in later chapters.

Lesson 3 • Regression and Time-Series Analysis

Explains simple and multiple regression, autocorrelation, and ARIMA models for financial data. Prepares candidates for equity factor models and economic forecasting in advanced chapters.

Lesson 4 • Sampling, Estimation, and Hypothesis Testing

Covers sampling distributions, confidence intervals, and parametric and nonparametric tests. Equips candidates to evaluate research claims and back-test investment strategies.

Lesson 1 • GDP, Business Cycles, and Indicators

Analyzes output measurement, expansion and contraction phases, and leading versus lagging indicators. Establishes the economic context for equity and fixed-income valuation in later chapters.

Lesson 2 • Inflation, Interest Rates, and the Yield Curve

Covers inflation measurement, Fisher equation, and term structure theories. Directly supports fixed-income duration and convexity analysis in the dedicated bond chapter.

Lesson 3 • Economic Growth and Market Efficiency

Reviews growth theories, productivity drivers, and the efficient market hypothesis in three forms. Bridges macroeconomic analysis to the equity valuation and active management chapters ahead.

Lesson 4 • Monetary and Fiscal Policy

Examines central bank tools, policy transmission mechanisms, and government spending effects on growth. Links policy decisions to interest rate movements and bond pricing covered later.

Lesson 1 • Financial Ratio Analysis

Applies liquidity, solvency, profitability, and efficiency ratios to assess operating performance. Ratios computed here feed directly into the DuPont decomposition and equity screening models.

Lesson 2 • Off-Balance-Sheet Items and Quality of Earnings

Identifies operating lease conversions, pension obligations, and variable interest entities that distort reported leverage. Builds the analytical skepticism required for credit and equity analysis.

Lesson 3 • Long-Lived Assets and Depreciation

Examines depreciation methods, impairment testing, and intangible asset treatment under different standards. Adjustments here feed directly into enterprise value and free cash flow models.

Lesson 4 • Financial Statement Framework

Introduces the conceptual framework, accrual basis, and the articulation of the three core statements. Establishes the accounting logic required before any ratio or valuation work.

Lesson 1 • Capital Structure and Leverage

Analyzes Modigliani-Miller propositions, trade-off theory, and pecking order theory of financing. Connects leverage decisions to credit risk assessment covered in the fixed-income chapter.

Lesson 2 • Capital Budgeting Techniques

Compares NPV, IRR, payback, and profitability index methods for project evaluation. NPV mastery is prerequisite for the equity valuation and free cash flow models in the next chapter.

Lesson 3 • Mergers, Acquisitions, and Corporate Governance

Covers merger motives, valuation methods for targets, and governance mechanisms that protect shareholders. Integrates accounting adjustments and capital structure analysis from prior sections.

Lesson 4 • Cost of Capital Estimation

Derives WACC using CAPM for equity, yield-to-maturity for debt, and target capital structure weights. WACC feeds directly into DCF equity valuation and economic profit models.

Lesson 1 • Residual Income and Economic Profit Models

Derives residual income from accounting data and links it to the clean surplus relation. Provides an alternative valuation lens that reconciles with DCF under consistent assumptions.

Lesson 2 • Discounted Cash Flow Equity Models

Builds DDM, FCFE, and FCFF models from scratch using prior WACC and accounting knowledge. Mastery of these models is the foundation for all relative valuation comparisons that follow.

Lesson 3 • Relative Valuation Multiples

Applies P/E, EV/EBITDA, P/B, and P/S multiples with justified benchmark comparisons. Connects normalized earnings from the financial reporting chapter to market-based pricing.

Lesson 4 • Equity Market Organization and Indices

Describes market structures, order types, and index construction methodologies. Provides the market mechanics context needed before applying valuation models to real securities.

Lesson 1 • Yield Measures and Spot Rates

Distinguishes YTM, current yield, spot rates, and forward rates derived from the yield curve. Spot and forward rates are used in derivatives pricing and liability-driven investing sections.

Lesson 2 • Credit Analysis and Ratings

Applies the four Cs of credit, rating agency methodologies, and credit spread analysis to corporate bonds. Integrates leverage ratios from the financial reporting chapter into default probability assessment.

Lesson 3 • Duration and Convexity

Calculates Macaulay, modified, and effective duration alongside convexity for price sensitivity. These measures are applied directly in interest rate risk hedging and immunization strategies.

Lesson 4 • Bond Features and Pricing Mechanics

Reviews coupon structures, embedded options, and the inverse price-yield relationship. Builds on TVM skills from the quantitative chapter to price bonds under varying discount rates.

Lesson 1 • Alternative Investments Overview

Surveys hedge funds, private equity, real estate, commodities, and infrastructure as asset classes. Evaluates return drivers, fee structures, and diversification benefits within a multi-asset portfolio.

Lesson 2 • Forward and Futures Contracts

Derives no-arbitrage forward prices for equities, bonds, and currencies using cost-of-carry logic. Builds on TVM and currency concepts to price contracts and mark positions to market.

Lesson 3 • Options: Pricing and Strategies

Applies put-call parity, binomial trees, and Black-Scholes-Merton to value options. Constructs covered calls, protective puts, and spread strategies for risk management purposes.

Lesson 4 • Portfolio Risk Management and VaR

Applies VaR, CVaR, stress testing, and scenario analysis to measure and limit portfolio risk. Integrates derivatives hedging tools with the portfolio construction framework from the equity chapter.