CFA Course

Lesson 1 • Study Strategy and Exam Preparation

Provides evidence-based study scheduling, resource prioritisation, and practice-exam tactics. Equips candidates to manage the full preparation timeline efficiently.

Lesson 2 • Ethics and Professional Standards Overview

Introduces the Code of Ethics and the seven Standards of Professional Conduct. Anchors all subsequent technical content in fiduciary responsibility.

Lesson 3 • CFA Programme Structure and Levels

Covers the three-level exam progression, topic weights, and registration requirements. Provides the roadmap candidates need before beginning content study.

Lesson 1 • Regression and Time-Series Analysis

Covers simple and multiple regression, autocorrelation, and ARMA models. Provides tools for factor modelling and return forecasting used in advanced chapters.

Lesson 2 • Probability and Expected Value

Introduces probability rules, conditional probability, and expected return calculations. Directly supports portfolio theory and risk measurement in later chapters.

Lesson 3 • Sampling, Estimation, and Hypothesis Testing

Explains sampling methods, confidence intervals, and significance tests. Enables candidates to evaluate research claims and back-test investment strategies.

Lesson 4 • Time Value of Money

Covers present value, future value, annuities, and perpetuities. These calculations underpin bond pricing, equity valuation, and capital budgeting covered later.

Lesson 1 • Microeconomic Foundations

Reviews supply and demand, elasticity, and market structures. Establishes the firm-level context needed for equity analysis in later chapters.

Lesson 2 • Economic Growth and Forecasting

Introduces growth theories, productivity drivers, and economic forecasting methods. Connects long-run growth expectations to equity valuation and capital market assumptions.

Lesson 3 • Macroeconomic Indicators and Business Cycles

Examines GDP, inflation, unemployment, and business cycle phases. Links macroeconomic conditions to asset class performance and sector rotation.

Lesson 4 • Monetary and Fiscal Policy

Analyses central bank tools and government spending effects on interest rates and growth. Prepares candidates to assess policy impacts on fixed income and equities.

Lesson 1 • Revenue Recognition and Expense Matching

Covers revenue recognition criteria and matching principles under current standards. Enables detection of earnings manipulation and aggressive accounting choices.

Lesson 2 • Financial Ratio Analysis

Applies liquidity, solvency, profitability, and efficiency ratios to assess firm performance. Provides the analytical toolkit used directly in equity and credit analysis.

Lesson 3 • Inventories, Long-Lived Assets, and Taxes

Analyses inventory cost methods, depreciation approaches, and deferred tax items. Prepares candidates to adjust reported figures for cross-company comparisons.

Lesson 4 • Off-Balance-Sheet Items and Quality of Earnings

Identifies operating leases, special-purpose entities, and earnings management techniques. Equips candidates to restate financials and assess true economic performance.

Lesson 1 • Cost of Capital Estimation

Derives WACC using cost of equity, debt, and preferred stock components. Provides the discount rate used in all equity and project valuation models.

Lesson 2 • Corporate Governance and ESG Integration

Examines board structure, shareholder rights, and environmental, social, and governance factors. Connects governance quality to investment risk and long-term value creation.

Lesson 3 • Dividends and Share Repurchases

Evaluates dividend policy theories, payout ratios, and buyback mechanics. Links payout decisions to shareholder value and signaling effects.

Lesson 4 • Capital Structure and Gearing

Analyzes optimal capital structure, Modigliani-Miller propositions, and financial distress costs. Connects gearing decisions to firm value and credit risk.

Lesson 1 • Relative Valuation Multiples

Applies P/E, EV/EBITDA, P/B, and P/S multiples for peer comparison. Complements DCF analysis with market-based benchmarks for investment decisions.

Lesson 2 • Industry and Competitive Analysis

Applies Porter's Five Forces, industry life cycle, and competitive positioning frameworks. Provides the qualitative foundation for forecasting company revenues and margins.

Lesson 3 • Equity Market Organisation and Efficiency

Covers market structures, order types, and the efficient market hypothesis. Establishes the market context within which valuation and active management operate.

Lesson 4 • Discounted Cash Flow Valuation

Builds DDM, FCFE, and FCFF models to estimate intrinsic value. Integrates financial statement analysis and cost of capital estimation from prior chapters.

Lesson 1 • Duration, Convexity, and Interest Rate Risk

Measures price sensitivity using Macaulay, modified, and effective duration. Quantifies convexity adjustments for large rate moves and immunisation strategies.

Lesson 2 • Bond Pricing and Yield Measures

Derives bond prices from cash flows and explains yield to maturity, current yield, and spot rates. Applies time value of money skills to fixed income instruments.

Lesson 3 • Structured Products and Securitisation

Explains mortgage-backed securities, asset-backed securities, and CDO structures. Addresses prepayment risk, tranching, and credit enhancement mechanisms.

Lesson 4 • Fixed Income Portfolio Strategies

Compares passive indexing, immunisation, and active duration management strategies. Integrates yield curve views and credit selection into portfolio construction.

Lesson 1 • Portfolio Theory and Mean-Variance Optimization

Applies Markowitz framework to construct efficient frontiers and optimal risky portfolios. Builds directly on probability and statistics from the quantitative methods chapter.

Lesson 2 • Performance Measurement and Attribution

Measures portfolio returns using time-weighted and money-weighted methods and decomposes alpha. Connects GIPS standards from Chapter 1 to real-world performance reporting.

Lesson 3 • Investment Policy Statement and Client Profiling

Constructs IPS documents covering return objectives, risk tolerance, and constraints. Translates client goals into actionable asset allocation mandates.

Lesson 4 • Asset Pricing Models

Derives CAPM, APT, and multifactor models to explain expected returns. Provides the theoretical basis for performance attribution and factor investing.