CFA Level I Preparation Program

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Quantitative Methods

Horas: 06 hours

SS1: Presents the fundamentals of those quantitative techniques that are essential in almost any type of financial analysis, and which will be used throughout the remainder of the CFA Program curriculum. This session introduces two main building blocks of the quantitative analytical tool kit: (1) the time value of money and (2) statistics and probability theory. SS2: Introduces the discrete and continuous probability distributions that are most commonly used to describe the behavior of random variables. Probability theory and calculations are widely applied in finance, for example, in the field of investment and project valuation and in financial risk management.

Economics

Horas: 09 hours

SS1: Focuses on microeconomic concepts and how firms are affected by these concepts. Equilibrium. Demand and supply. Price level. Efficiency. Firm's optimal output given its cost and revenue functions. SS2: First, compares and contrasts the different market structures in which firms operate. then introduces the macroeconomic concepts that have an impact on all firms in the same environment, be it a country, a group of related countries, or a particular industry. SS3: Focuses on the monetary and fiscal sectors of an economy. It examines the functions of money and how it is created, highlighting the special role of the central bank within an economy.

Financial Statement Analysis

Horas: 12 hours

SS1: This study session discuss the general principles of the financial reporting system, underscoring the critical role of the analysis of financial reports in investment decision making. SS2: Each reading in this study session focuses on one of the three major financial statements: the balance sheet, the income statement, and the statement of cash flows. SS3: Examine specific categories of assets and liabilities that are particularly susceptible to the impact of alternative accounting policies and estimates. Analysts must understand the effects of alternative policies on financial statements and ratios, and be able to execute appropriate adjustments to enhance comparability between companies. SS4: Discuss the financial analysis techniques, the financial statement analysis applications, and the international convergence of accounting standards.

Portfolio Management

Horas: 03 hours

SS1: Provides the critical framework and context for subsequent Level I study sessions covering equities, fixed income, derivatives, and alternative investments. Furthermore, this study session provides the underlying theories and tools for portfolio management at Levels II and III.

Fixed Income

Horas: 06 hours

SS1: This study session presents the foundation for fixed income investments, one of the largest and fastest growing segments of global financial markets. It begins with an introduction to the basic features and characteristics of fixed income securities and the associated risks. The session then builds by describing the primary issuers, sectors, and types of bonds. Finally, the study session concludes with an introduction to yields and spreads and the effect of monetary policy on financial markets. SS2: Illustrates the primary tools for valuation and analysis of fixed income securities and markets. It begins with a study of basic valuation theory and techniques for bonds and concludes with a more in-depth explanation of the primary tools for fixed income investment valuation, specifically, interest rate and yield valuation and interest rate risk measurement and analysis.

Alternative Investments

Horas: 03 hours

SS1: Due to diversification benefits and higher expectations of investment returns, investors are increasingly turning to alternative investments. This study session describes the common types of alternative investments, methods for their valuation, unique risks and opportunities associated with them, and the relation between alternative investments and traditional investments.

Equity Investments

Horas: 06 hours

SS1: Addresses how securities are bought and sold and what constitutes a well-functioning securities market. The reading on market indexes gives an understanding of how indexes are constructed and calculated and the biases inherent in each of the weighting schemes used. SS2: Focuses on industry and company analysis and describes the tools used in forming an opinion about investing in a particular stock or group of stocks.

Ethics and Professional Standards

Horas: 03 hours

SS1: The readings in this study session present a framework for ethical conduct in the investment profession by focusing on the CFA Institute Code of Ethics and Standards of Professional Conduct as well as the Global Investment Performance Standards (GIPS®).

Corporate Finance

Horas: 03 hours

SS1: Covers the principles that corporations use to make their investing and financing decisions. Capital budgeting is the process of making decisions about which long-term projects the corporation should accept for investment, and which it should reject. Both the expected return of a project and the financing cost should be taken into account. The cost of capital, or the rate of return required for a project, must be developed using economically sound methods. Corporate managers are also concerned with shorter-term liquidity and solvency, and use financial statements to evaluate performance as well as to develop and communicate future plans.

Derivatives

Horas: 03 hours

SS1: Financial instruments that offer a return based on the return of some underlying asset have become increasingly important and fundamental in effectively managing financial risk and creating synthetic exposures to asset classes. As in other security markets, arbitrage and market efficiency play a critical role in establishing prices and maintaining parity. This study session builds the conceptual framework for understanding derivative investments (forwards, futures, options, and swaps), derivative markets, and the use of options in risk management.