CFA Level 1 Exam Prep Bootcamp:Core Readings Simplified (P2)

Master Quant, FSA, Econ, Ethics & More—CFA Core Concepts Simplified

Created byMarkos Kolatsis

Last updated 6/2025

English

What you'll learn

Master all 10 CFA Level 1 core curriculum topics with clarity and efficiency in this 2 part course
Apply financial principles to solve CFA-style problems across disciplines.
Understand how global markets, instruments, and ethical standards interconnect.
Build the foundational knowledge required for a successful finance career.

Course content

5 sections • 36 lectures • 21h 49m total length

Fixed Income LM 1 to 51:55:15
LEARNING MODULE 1 – Fixed-Income Instrument Features
Describe the features of a fixed-income security.
Describe the contents of a bond indenture and contrast affirmative and negative covenants.
LEARNING MODULE 2 – Fixed-Income Instrument Features
Describe common cash flow structures of fixed-income instruments and contrast cash flow contingency provisions that benefit issuers and investors.
Describe how legal, regulatory, and tax considerations affect the issuance and trading of fixed-income securities.
LEARNING MODULE 3 – Fixed-Income Issuance and Trading
Describe fixed-income market segments and their issuer and investor participants.
Describe types of fixed-income indexes.
Compare primary and secondary fixed-income markets to equity markets.
LEARNING MODULE 4 – Fixed-Income Markets for Corporate Issuers
Compare short-term funding alternatives available to corporations and financial institutions.
Describe repurchase agreements (repos), their uses, and their benefits and risks.
Contrast the long-term funding of investment-grade versus high-yield corporate issuers.
LEARNING MODULE 5 – Fixed-Income Markets for Government Issuers
Describe funding choices by sovereign and non-sovereign governments, quasi-government entities, and supranational agencies.
Contrast the issuance and trading of government and corporate fixed-income instruments.
Fixed Income LM 6 to 9 (P1)1:11:34
LEARNING MODULE 6 – Fixed-Income Bond Valuation: Prices and Yields
Calculate a bond’s price given a yield-to-maturity on or between coupon dates.
Identify the relationships among a bond’s price, coupon rate, maturity, and yield-to-maturity.
Describe matrix pricing.
LEARNING MODULE 7 – Yield and Yield Spread Measures for Fixed-Rate Bonds
Calculate annual yield on a bond for varying compounding periods in a year.
Compare, calculate, and interpret yield and yield spread measures for fixed-rate bonds.
LEARNING MODULE 8 – Yield and Yield Spread Measures for Floating-Rate Bonds
Calculate and interpret yield spread measures for floating-rate instruments.
Calculate and interpret yield measures for money market instruments.
LEARNING MODULE 9 – The Term Structure of Interest Rates: Spot, Par, and Forward Curves
Define spot rates and the spot curve, and calculate the price of a bond using spot rates.
Define par and forward rates, and calculate par rates, forward rates from spot rates, spot rates from forward rates, and the price of a bond using forward rates.
Compare the spot curve, par curve, and forward curve.
Fixed Income LM 6 to 9 (P2)47:57
Fixed Income LM 10 to 13 (P1)1:24:14
LEARNING MODULE 10 – Interest Risk and Return
Calculate and interpret the sources of return from investing in a fixed-rate bond.
Describe the relationships among a bond’s holding period return, its Macaulay duration, and the investment
horizon.
Define, calculate, and interpret Macaulay duration.
LEARNING MODULE 11 – Yield-Based Bond Duration Measures and Properties
Define, calculate, and interpret modified duration, money duration, and the price value of a basis point (PVBP).
Explain how a bond’s maturity, coupon, and yield level affect its interest rate risk.
LEARNING MODULE 12 – Yield-Based Bond Convexity and Portfolio Properties
Calculate and interpret convexity and describe the convexity adjustment.
Calculate the percentage price change of a bond for a specified change in yield, given the bond’s
duration and convexity.
Calculate portfolio duration and convexity and explain the limitations of these measures.
LEARNING MODULE 13 – Curve-Based and Empirical Fixed-Income Risk Measures
Explain why effective duration and effective convexity are the most appropriate measures of interest rate risk for bonds with embedded options.
Calculate the percentage price change of a bond for a specified change in benchmark yield, given the bond’s
effective duration and convexity.
Define key rate duration and describe its use to measure price sensitivity of fixed-income instruments to benchmark yield curve changes.
Describe the difference between empirical duration and analytical duration.
Fixed Income LM 10 to 13 (P2)6:39
Fixed Income LM 14 to 1652:32
LEARNING MODULE 14 – Credit Risk
Describe credit risk and its components, probability of default and loss given default.
Describe the uses of ratings from credit rating agencies and their limitations.
Describe macroeconomic, market, and issuer-specific factors that influence the level and volatility of yield spreads.
LEARNING MODULE 15 – Credit Analysis for Government Issuers
Explain special considerations when evaluating the credit of sovereign and non-sovereign government debt issuers and issues.
LEARNING MODULE 16 – Credit Analysis for Corporate Issuers
Describe the qualitative and quantitative factors used to evaluate a corporate borrower’s creditworthiness.
Calculate and interpret financial ratios used in credit analysis.
Describe the seniority rankings of debt, secured versus unsecured debt and the priority of claims in bankruptcy, and their impact on credit ratings.
Fixed Income LM 17 to 19 (P1)44:25
LEARNING MODULE 17 – Fixed-Income Securitization
Explain benefits of securitization for issuers, investors, economies, and financial markets.
Describe securitization, including the parties and the roles they play.
LEARNING MODULE 18 – Asset-Backed Security (ABS) Instrument and Market Features
Describe characteristics and risks of covered bonds and how they differ from other asset-backed securities.
Describe typical credit enhancement structures used in securitizations.
Describe types and characteristics of non-mortgage asset-backed securities, including the cash flows and risks of each type.
Describe collateralized debt obligations, including their cash flows and risks.
LEARNING MODULE 19 – Mortgage-Backed Security (MBS) Instrument and Market Features
Define prepayment risk and describe time tranching structures in securitizations and their purpose.
Describe fundamental features of residential mortgage loans that are securitized.
Describe types and characteristics of residential mortgage-backed securities, including mortgage pass-through securities and collateralized mortgage obligations, and explain the cash flows and risks for each type.
Describe characteristics and risks of commercial mortgage-backed securities.
Fixed Income LM 17 to 19 (P2)7:40

Derivatives, Market Features, Forward Commitments & Contingent Claims56:35
LEARNING MODULE 1 ‐ Derivative Instrument and Derivative Market Features
Define a derivative and describe basic features of a derivative instrument.
Describe the basic features of derivative markets, and contrast over-the-counter and exchange-traded
derivative markets.
LEARNING MODULE 2 ‐ Forward Commitment and Contingent Claim Features and Instruments
Define forward contracts, futures contracts, swaps, options (calls and puts), and credit derivatives and
compare their basic characteristics.
Determine the value at expiration and profit from a long or a short position in a call or put option.
Contrast forward commitments with contingent claims.
Derivatives: Benefits, Risks, Uses, Pricing, Valuation, Arbitrage & Carry21:54
LEARNING MODULE 3 ‐ Derivative Benefits, Risks, and Issuer and Investor Uses
Describe the benefits and risks of derivative instruments.
Compare the use of derivatives among issuers and investors.
LEARNING MODULE 4 ‐ Arbitrage, Replication, and the Cost of Carry in Pricing Derivatives
Explain how the concepts of arbitrage and replication are used in pricing derivatives.
Explain the difference between the spot and expected future price of an underlying and the cost of carry
associated with holding the underlying asset.
Derivatives: Benefits, Risks, Uses, Pricing, Valuation, Arbitrage & Carry (PII)30:34
LEARNING MODULE 5 ‐ Pricing and Valuation of Forward Contracts and for an Underlying with
Varying Maturities
Explain how the value and price of a forward contract are determined at initiation, during the life of the
contract, and at expiration.
Explain how forward rates are determined for interest rate forward contracts and describe the uses of
these forward rates.
LEARNING MODULE 6 ‐ Pricing and Valuation of Futures Contracts
Compare the value and price of forward and futures contracts.
Explain why forward and futures prices differ.
Swaps, Options, Put-Call Parity, and One-Period Binomial Valuation23:26
LEARNING MODULE 7 ‐ Pricing and Valuation of Interest Rates and Other Swaps
Describe how swap contracts are similar to but different from a series of forward contracts.
Contrast the value and price of swaps.
LEARNING MODULE 8 ‐ Pricing and Valuation of Options
Explain the exercise value, moneyness, and time value of an option.
Contrast the use of arbitrage and replication concepts in pricing forward commitments and contingent
claims.
Identify the factors that determine the value of an option and describe how each factor affects the value
of an option.
Swaps, Options, Put-Call Parity, and One-Period Binomial Valuation (PII)18:03
LEARNING MODULE 9 ‐ Option Replication Using Put–Call Parity
Explain put–call parity for European options.
Explain put–call forward parity for European options.
LEARNING MODULE 10 ‐ Valuing a Derivative Using a One‐Period Binomial Model
Explain how to value a derivative using a one-period binomial model.
Describe the concept of risk neutrality in derivatives pricing.

Alternative Investment Features, Methods, and Structures27:44
Learning Module 1: Alternative Investment Features, Methods, and Structures
Describe features and categories of alternative investments.
Compare direct investment, co-investment, and fund investment methods for alternative investments.
Describe investment ownership and compensation structures commonly used in alternative investments.
Alternative Investment Performance and Returns14:11
Learning Module 2: Alternative Investment Performance and Returns
Describe the performance appraisal of alternative investments.
Calculate and interpret alternative investment returns both before and after fees.
Investments in Private Capital: Equity and Debt17:29
Learning Module 3: Investments in Private Capital: Equity and Debt
Explain features of private equity and its investment characteristics.
Explain features of private debt and its investment characteristics.
Describe the diversification benefits that private capital can provide.
Real Estate and Infrastructure22:37
Learning Module 4: Real Estate and Infrastructure
Explain features and characteristics of real estate.
Explain the investment characteristics of real estate investments.
Explain features and characteristics of infrastructure.
Explain the investment characteristics of infrastructure investments.
Natural Resources17:23
Learning Module 5: Natural Resources
Explain features of raw land, timberland, and farmland and their investment characteristics.
Describe features of commodities and their investment characteristics.
Analyze sources of risk, return, and diversification among natural resource investments.
Hedge Funds15:41
Learning Module 6: Hedge Funds
Explain investment features of hedge funds and contrast them with other asset classes.
Describe investment forms and vehicles used in hedge fund investments.
Analyze sources of risk, return, and diversification among hedge fund investments.
Introduction to Digital Assets18:48
Learning Module 7: Introduction to Digital Assets
Describe financial applications of distributed ledger technology.
Explain investment features of digital assets and contrast them with other asset classes.
Describe investment forms and vehicles used in digital asset investments.
Analyze sources of risk, return, and diversification among digital asset investments.

Portfolio Risk and Return: PI1:21:28
Learning Module 1: Portfolio Risk and Return: Part I
Describe characteristics of the major asset classes that investors consider in forming portfolios.
Explain risk aversion and its implications for portfolio selection.
Explain the selection of an optimal portfolio, given an investor's utility (or risk aversion) and the capital allocation line.
Calculate and interpret the mean, variance, and covariance (or correlation) of asset returns based on historical data.
Calculate and interpret portfolio standard deviation.
Describe the effect on a portfolio's risk of investing in assets that are less than perfectly correlated.
Describe and interpret the minimum-variance and efficient frontiers of risky assets and the global minimum-variance portfolio.
Portfolio Risk and Return: PII (V1)23:05
Learning Module 2: Portfolio Risk and Return: Part II
Describe the implications of combining a risk-free asset with a portfolio of risky assets.
Explain the capital allocation line (CAL) and the capital market line (CML).
Explain systematic and nonsystematic risk, including why an investor should not expect to receive additional return for bearing nonsystematic risk.
Explain return generating models (including the market model) and their uses.
Calculate and interpret beta.
Explain the capital asset pricing model (CAPM), including its assumptions, and the security market line (SML).
Calculate and interpret the expected return of an asset using the CAPM.
Describe and demonstrate applications of the CAPM and the SML.
Calculate and interpret the Sharpe ratio, Treynor ratio, M2, and Jensen's alpha.
Portfolio Risk and Return: PII (V2)28:45
Portfolio Management: An Overview47:44
Learning Module 3: Portfolio Management: An Overview
Describe the portfolio approach to investing.
Describe the steps in the portfolio management process.
Describe types of investors and distinctive characteristics and needs of each.
Describe defined contribution and defined benefit pension plans.
Describe aspects of the asset management industry.
Describe mutual funds and compare them with other pooled investment products.
Basics of Portfolio Planning and Construction35:29
Learning Module 4: Basics of Portfolio Planning and Construction
Describe the reasons for a written investment policy statement (IPS).
Describe the major components of an IPS.
Describe risk and return objectives and how they may be developed for a client.
Distinguish between the willingness and the ability (capacity) to take risk in analyzing an investor's financial risk tolerance.
Describe the investment constraints of liquidity, time horizon, tax concerns, legal and regulatory factors, and unique circumstances and their implications for the choice of portfolio assets.
Explain the specification of asset classes in relation to asset allocation.
Describe the principles of portfolio construction and the role of asset allocation in relation to the IPS.
Describe how environmental, social, and governance (ESG) considerations may be integrated into portfolio planning and construction.
The Behavioral Biases of Individuals (V1)1:19:13
Learning Module 5: The Behavioral Biases of Individuals
Compare and contrast cognitive errors and emotional biases;
Discuss commonly recognized behavioral biases and their implications for financial decision making;
Describe how behavioral biases of investors can lead to market characteristics that may not be explained by traditional finance;
The Behavioral Biases of Individuals (V2)13:31
Introduction to Risk Management1:06:44
Learning Module 6: Introduction to Risk Management
Define risk management.
Describe features of a risk management framework.
Define risk governance and describe elements of effective risk governance.
Explain how risk tolerance affects risk management.
Describe risk budgeting and its role in risk governance.
Identify financial and non-financial sources of risk and describe how they may interact.
Describe methods for measuring and modifying risk exposures and factors to consider in choosing among the methods.

Ethics and Trust in the Investment Profession35:50
Learning Module 1: Ethics and Trust in the Investment Profession
Explain ethics.
Describe the role of a code of ethics in defining a profession.
Describe professions and how they establish trust.
Describe the need for high ethical standards in investment management.
Explain professionalism in investment management.
Identify challenges to ethical behaviour.
Compare and contrast ethical standards and legal standards.
Describe a framework for ethical decision making.
Code of Ethics and Standards of Professional Conduct - CHANGES14:39
Learning Module 2: Code of Ethics and Standards of Professional Conduct
Describe the structure of the CFA Institute Professional Conduct Program and the process for the enforcement of the Code and Standards;
Identify the six components of the Code of Ethics and the seven Standards of Professional Conduct;
Explain the ethical responsibilities required by the Code and Standards, including the sub-sections of each Standard.
Code of Ethics and Standards of Professional Conduct13:08
Guidance for Standards I–VII (V1)56:34
Learning Module 3: Guidance for Standards I-VII
Demonstrate the application of the Code of Ethics and Standards of Professional Conduct to situations involving issues of professional integrity.
Recommend practices and procedures designed to prevent violations of the Code of Ethics and Standards of Professional Conduct.
Identify conduct that conforms to the Code and Standards and conduct that violates the Code and Standards.
Guidance for Standards I–VII (V2)49:04
Guidance for Standards I–VII (V3)33:07
Introduction to the Global Investment Performance Standards (GIPS)12:25
Learning Module 4: Introduction to the Global Investment Performance Standards (GIPS)
Explain why the GIPS standards were created, what parties the GIPS standards apply to, and who is benefitted by the standards;
Describe the key concepts of the GIPS standards for firms;
Explain the purpose of composites in performance reporting;
Describe the fundamentals of compliance, including the recommendations of the GIPS Standards with respect to the definition of the firm and the firm’s definition of discretion;
Describe the concept of independent verification;
Ethics Application3:34
Learning Module 5: Ethics Application
Evaluate practices, policies, and conduct relative to the CFA Institute Code of Ethics and Standards of Professional Conduct.
Explain how the practices, policies, and conduct do or do not violate the CFA Institute Code of Ethics and Standards of Professional Conduct.

Requirements

CFA Level 1 registration or intent to sit the exam.
An undergraduate degree or equivalent work experience, as recommended by the CFA Institute.
Basic proficiency in mathematics, Excel, and reading financial content.
No prior professional finance experience needed—everything is explained from the ground up.
Course includes downloadable cheat sheets, CFA-style questions, and formula summaries.

Description

Passing CFA Level 1 requires more than memorization—it demands mastery of core concepts across ten essential topics. This all-in-one course simplifies the CFA curriculum, bringing clarity, structure, and strategy to your exam preparation.

Whether you're new to finance or revisiting fundamentals, this course covers all ten core areas of CFA Level 1 with concise video lessons, practice questions, visual aids, downloadable resources, and real-world applications. Each module is aligned directly with CFA Institute’s Learning Outcome Statements (LOS), ensuring your effort is exam-relevant and focused.

You’ll explore:

Pre-Reads:

Quantitative Methods – time value of money, statistics, and probability (Pre-Reads Course only)
Economics – micro/macro fundamentals, policy, and currency markets (Pre-Reads Course only)
Financial Statement Analysis (FSA) – financial reporting, ratios, and adjustments (Pre-Reads Course only)

Core - Reads:

Quantitative Methods – time value of money, statistics, and probability (Part 1)
Economics – micro/macro fundamentals, policy, and currency markets (Part 1)
Financial Statement Analysis (FSA) – financial reporting, ratios, and adjustments (Part 1)
Corporate Issuers – governance, capital structure, and dividend policy (Part 1)
Equity – market efficiency, valuation, and industry analysis (Part 1)
Fixed Income – bonds, yield curves, and interest rate risk (Part 2)
Derivatives – options, forwards, swaps, and risk strategies (Part 2)
Alternative Investments – real assets, private equity, and hedge funds (Part 2)
Portfolio Management – diversification, risk/return, behavioral finance (Part 2)
Ethics – Code of Ethics, Standards of Professional Conduct, and GIPS (Part 2)

By the end of this course, you’ll be ready not only to tackle the CFA Level 1 exam but to build the professional knowledge base required in global finance.

Who this course is for:

CFA Level 1 candidates aiming for a structured, simplified core reading review.
Students and early-career professionals preparing for a rigorous finance certification.
Anyone looking to gain a deep understanding of investment analysis, ethics, and financial markets.
Repeat test takers seeking clarity and exam strategies tailored to CFA standards.

CFA Level 1 Exam Prep Bootcamp:Core Readings Simplified (P2)

What you'll learn

Explore related topics

Course content

FIXED INCOME8 lectures • 7hr 10min

Derivatives5 lectures • 2hr 31min

Alternative Investments7 lectures • 2hr 14min

Portfolio Management8 lectures • 6hr 16min

Ethics8 lectures • 3hr 38min

Requirements

Description

Who this course is for: