Deep Dive: CFA® Level I Prep 2026
Master the complete CFA® Level I curriculum—one learning module at a time. Each episode is a concise, high-impact dialogue that explains core concepts in plain English, with zero fluff and no long intro/outro. Perfect for commuters, last-minute crammers, and anyone who learns best by listening. Independently produced; not affiliated with, sponsored by, or endorsed by CFA Institute.
Episodes
QUANT - Estimation and Inference
Reading 7: Estimation & Inference with Mara Ellington & Dorian Hayes.In this bite-sized CFA L1 episode, we turn symbols into intuition: Sampling methods: simple random, stratified, cluster, convenience & judgmental. Central Limit Theorem: why sample means of size n behave (almost) normal. Resampling: using bootstrap & jackknife when theory won’t give you a clean formula.Quick, foc
QUANT - Simulation Methods
Dive into Simulation Methods from Quantitative Methods – CFA Level I with Mara Ellington & Dorian Hayes. Normal vs lognormal curves for asset prices & returns How Monte Carlo paths price risk in portfolios Using bootstrap resampling when data is limited Turn randomness into insight, one simulation at a time.
QUANT - Portfolio Mathematics [2026]
Portfolio Mathematics – CFA Level IJoin Mara Ellington and Dorian Hayes as they turnChapter 1 Quantitative Methods into something you can actually use. Build intuition for expected return, variance & risk. See how covariance and correlation shape portfolios. Use Roy’s safety-first ratio to guard against shortfall risk.Perfect bite-sized review for your CFA Level I prep.
QUANT - Probability Trees and Conditional Expectations [2026]
CFA® Level I Boost w/ Mara Ellington & Dorian HayesLearn how to turn messy scenarios into clean probability trees and sharp conditional expectations—in one focused session. Draw & read probability trees like an analyst Master P(A|B) = P(A∩B)/P(B) without fear Apply the logic to payoffs, defaults & simple return pathsPerfect for commute-length revision and exam-day clarity.
QUANT - Statistical Measures of Asset Returns [2026]
Statistical Measures of Returns with Mara Ellington & Dorian Hayes.In this bite-size Quant Methods episode, we turn raw return data into insight: Means that matter: arithmetic vs. geometric returns (μ, g). How variance, standard deviation & downside risk frame volatility (σ, σ2). Reading the shape: skewness, kurtosis & (non-)normality. Why cov(Ri, Rj) and ρ drive diversification.Perfec
QUANT - Time Value of Money [2026]
Time Value of Money Deep Dive with Mara Ellington & Dorian Hayes.In this episode we turn abstract formulas into real decisions: Present value (PV) of bonds & equities from future cash flows Implied returns from today’s market prices Cash-flow additivity & the no-arbitrage mindset Forward rates, FX forwards & a first look at optionsPerfect for CFA Level I candidates reviewing Quant
QUANT - Rates and Return [2026]
Hosted by Mara Ellington & Dorian HayesReady to finally “get” rates & returns instead of memorising formulas? In this bite-size episode we turn Quant Methods – Chapter 1 into clear, exam-ready intuition. Holding period, arithmetic & geometric mean returns – when each one actually matters. Nominal vs real return (and why inflation quietly eats your gains). Simple, compound & effecti
ETHICS - Ethics Application
This module brings ethics to life through realistic scenarios and case studies that apply the Code and Standards. You'll practice identifying violations, applying ethical reasoning, and making judgment calls in complex situations. It’s all about turning ethical principles into confident, day-to-day decision-making.
ETHICS - Introduction to the Global Investment Performance Standards (GIPS)
This module introduces the Global Investment Performance Standards (GIPS), a set of voluntary, ethics-based principles that promote fair and transparent reporting of investment results. You'll learn why GIPS exist, who uses them, and how they help clients compare performance across firms by standardizing calculations, disclosures, and presentation practices.
ETHICS - Standard VII: Responsibilities as a CFA Institute Member
Standard VII reinforces the duty to uphold the reputation and integrity of the CFA designation. It requires members and candidates to comply with the Code and Standards, avoid any conduct that could harm the CFA Institute, and never misrepresent the meaning or implications of earning or pursuing the CFA charter.
ETHICS - Standard VI: Conflicts of Interest
Standard VI addresses the importance of identifying and managing conflicts of interest that could compromise objectivity. It requires full and fair disclosure of any potential conflicts—especially those involving ownership, compensation, or referral arrangements—so that clients and employers can make informed decisions with confidence.
ETHICS - Standard V: Investment Analysis, Recommendations, and Actions
Standard V focuses on maintaining the integrity and quality of investment research and decisions. It requires professionals to base analyses on thorough due diligence, clearly communicate investment recommendations and risks, and retain records that support the investment process. The standard ensures transparency and accountability in all investment actions.
ETHICS - Standard IV: Duties to Employers
Standard IV outlines the responsibilities investment professionals have toward their employers. It covers the duty of loyalty, maintaining competence, and acting with integrity while on the job. It also addresses proper conduct when leaving a firm and the importance of not misusing employer resources or confidential information.
ETHICS - Standard III: Duties to Clients
Standard III emphasizes the fiduciary responsibility investment professionals owe to their clients. It outlines duties such as loyalty, prudence, and care; ensuring fair dealing; preserving confidentiality; and providing suitable, objective advice. This standard reinforces that clients’ interests must always come first.
ETHICS - Standard II: Integrity of Capital Markets
Standard II protects the fairness and transparency of global capital markets. It focuses on two key areas: Material Nonpublic Information—ensuring analysts don’t misuse inside information—and Market Manipulation—prohibiting practices that distort prices or trading volume. The goal: promote investor confidence by keeping markets level and trustworthy.
ETHICS - Standard I: Professionalism
Standard I covers the fundamental duty of acting with integrity and professionalism. It sets expectations around knowledge of the law, independence and objectivity, misrepresentation, and misconduct. You'll learn how to navigate conflicts, avoid biased research, and maintain trust in your professional interactions—especially when legal and ethical standards diverge.
ETHICS - Code of Ethics and Standards of Professional Conduct
This module introduces the CFA Institute Code of Ethics and the Standards of Professional Conduct, the backbone of ethical investment practice. You'll explore the six core ethical responsibilities and seven standards that guide duties to clients, employers, markets, and the profession. Each standard is explained with practical examples to help you apply them in real-world scenarios.
ETHICS - Ethics and Trust in the Investment Profession
This opening module explains why ethics and trust are foundational to functioning capital markets. It explores how ethical conduct enhances investor confidence, defines professionalism, and reduces systemic risk. You'll also learn to distinguish ethical standards from legal ones, and understand the consequences when fiduciary duty is breached. This sets the tone for the rest of the Ethics curricul
PORT - Introduction to Risk Management
The final chapter frames risk management as an enterprise-wide process. It describes risk governance, risk tolerance and budgeting, distinguishes financial from non-financial risks, and evaluates tools for measuring, preventing, accepting, transferring, or shifting risk—providing a comprehensive toolkit for modern risk managers. :contentReference[oaicite:5]{index=5}
PORT - The Behavioral Biases of Individuals
Here the curriculum turns to behavioral finance, categorizing cognitive errors and emotional biases that can distort investor decisions. It illustrates common biases (e.g., overconfidence, loss aversion), links them to market anomalies such as momentum and bubbles, and discusses how awareness of these tendencies can improve wealth-management advice. :contentReference[oaicite:4]{index=4}
PORT - Basics of Portfolio Planning and Construction
Focusing on practical implementation, this chapter explains the Investment Policy Statement—its key components, objectives, and constraints—and shows how client information feeds into capital-market expectations, strategic asset allocation, and ESG considerations when assembling portfolios. :contentReference[oaicite:3]{index=3}
PORT - Portfolio Management: An Overview
The chapter adopts a portfolio perspective, highlighting diversification benefits and the risk–return trade-off. It walks through the three-step portfolio-management process (planning, execution, feedback), profiles individual and institutional investors, and surveys the structure and current trends of the global asset-management industry. :contentReference[oaicite:2]{index=2}
PORT - Portfolio Risk and Return: Part II
Building on Part I, this chapter introduces capital-market theory. It derives the Capital Market Line and the Security Market Line, decomposes total risk into systematic and nonsystematic components, develops the CAPM and beta, and presents key risk-adjusted performance measures such as the Sharpe, Treynor, M² and Jensen’s alpha. :contentReference[oaicite:1]{index=1}
PORT - Portfolio Risk and Return: Part I
This chapter lays the foundations of modern portfolio theory. It reviews the historical risk-return profile of major asset classes, explains risk aversion and utility, shows how diversification shapes the minimum-variance and efficient frontiers, and demonstrates how investors combine a risk-free asset with risky portfolios to reach an optimal allocation. :contentReference[oaicite:0]{index=0}
ALT - Hedge Funds
Long/short, event, relative-value, macro … Unpack the strategy zoo. Key features: leverage, shorting, derivatives and flexible mandates. Direct vs. fund-of-funds vs. liquid-alt wrappers. Risk/return drivers, common draw-downs and true diversification worth.You’ll finish able to decode any hedge-fund pitch-book in under five minutes.
ALT - Natural Resources
Timber, farmland, and commodities join the alternatives toolkit. Contrast land-based investments (farmland, timberland) with commodity futures rolls. Dive into supply-and-demand drivers, storage costs and seasonality. Explore inflation-hedging properties and where natural resources fit alongside real estate in the real-asset bucket.Perfect if you’ve ever wondered why soybeans and gold d
ALT - Real Estate and Infrastructure
Bricks, mortar & bridges. Compare the cash-flow engines ofincome-producing property and long-lived infrastructure projects. Equity vs. debt vs. REIT structures for property exposure. Greenfield, brownfield and secondary-stage infrastructure—how risk and return step down each stage. Inflation linkage, GDP sensitivity and diversification traits of each sub-asset.After this module you’
ALT - Investments in Private Capital: Equity and Debt
From start-ups to leveraged buy-outs. Map the spectrum ofprivate equity (VC, growth, buy-out) and private debt (direct lending,mezzanine, distressed). Key terms: committed vs. called capital, exit routes, GP/LP economics. Risk–return expectations and why valuation lags can mask volatility. Diversification benefits and where private capital slots into a broader portfolio.Essential listening b
ALT - Alternative Investment Performance and Returns
Measuring performance is trickier here. Longer life-cycles,irregular cash flows, leverage and complex fees mean IRR and MOIC trump simpletime-weighted returns. See capital commitment → deployment → distribution phases and the infamous J-curve. Work through fee waterfalls: management, incentive, hurdles, high-water marks, clawbacks. Calculate before- and after-fee returns and spot surviv
ALT - Alternative Investment Features, Methods, and Structures
Why alternatives? They promise higher expected returns andlower correlations—but at the cost of liquidity, longer holding periods andspecialised know-how. This module: Distils the three big categories — private capital, real assets and hedge funds. Compares fund, co-investment and direct routes, showing how control, fees and effort shift across methods. Explains ownership & compensa
DERIV - Valuing a Derivative Using a One-Period Binomial Model
Construct a simple up/down binomial tree to price a European call. Learn risk-neutralprobabilities, replicate pay-offs with ∆-hedged portfolios, and generalise theframework for any derivative where pay-off depends on one period of pricemovement.
DERIV - Option Replication Using Put–Call Parity
Employ put–call parity to replicate forwards, build collars, and decompose equityvalue into debt + option components. Extend to forward parity for off-marketstrikes and see how corporate finance uses these identities.
DERIV - Pricing and Valuation of Options
Break option value into intrinsic and time components, test moneyness, andstudy six core inputs (spot, strike, time, rate, volatility, income). Use arbitrage andreplication arguments to bound fair prices before jumping into models later.
DERIV - Pricing and Valuation of Interest Rate and Other Swaps
View a plain-vanilla swap as a strip of forward contracts: solve for the par swaprate that sets initial value to zero, then track mark-to-market gains as rates move.Covers fixed-for-float interest swaps, currency swaps and the impact of clearing.
DERIV - Pricing and Valuation of Futures Contracts
Derive fair-value futures prices at inception, then follow daily variation margin tosee how gains/losses crystallise. Compare futures with equivalent forwards, explorerate-futures versus FRAs, and note how central clearing reshapes counter-partyrisk.
DERIV - Pricing and Valuation of Forward Contracts and for an Underlying with Varying Maturities
Price and mark-to-market forwards between trade date and expiry—first fornon-income assets, then for instruments with cash flows. Extend the logic tounderlyings that have their own term structures (rates, FX), and master forwardrate agreements (FRAs) as a special case.
DERIV - Arbitrage, Replication, and the Cost of Carry in Pricing Derivatives
Link spot and forward prices through no-arbitrage. Build synthetic forwards bycombining cash positions with borrowing/lending, then adjust for dividends,storage, or FX rate differentials in the cost-of-carry. Understand why forwardprices can trade above or below spot—depending on net carry.
DERIV - Derivative Benefits, Risks, and Issuer and Investor Uses
See how issuers hedge earnings, how investors gain cheap leverage or preciseexposures, and where dangers lurk: basis, liquidity, counter-party and systemicrisk. Real examples show futures lowering funding needs and swaps smoothingcash-flow volatility—alongside cautionary tales of excessive leverage.
DERIV - Forward Commitment and Contingent Claim Features and Instruments
Firm promises vs. flexible rights: dissect forwards, futures and swaps(linear pay-offs) then contrast them with options and credit derivatives(non-linear, buyer-only choice). Learn how margin, daily settlement and embeddedleverage shape risk, and why put–call parity lets you build a synthetic forward fromtwo options.
DERIV - Derivative Instrument and Derivative Market Features
Quick tour of the derivatives universe: define what makes a contract aderivative, classify popular underlyings (equities, rates, FX, commodities, credit),and compare OTC versus exchange-traded markets—including how centralcounterparties (CCPs) reduce default risk. By the end you’ll know where eachinstrument trades, why standardisation matters for liquidity, and how margin keepsthe system safe.
FIXED - MBS Instrument & Market Features
From pass-throughs to CMOs we unpack prepayment mechanics, tranche types and commercial vs. residential differences. Understand PSA curves, extension risk and how agencies wrap credit.
FIXED - ABS Instrument & Market Features
Explore structural credit enhancement, tranche waterfalls and trigger tests. Compare classic asset classes—autos, cards—and newer niches like solar leases and whole-business deals.
FIXED - Fixed-Income Securitization
Follow the pipeline from loan pool to special-purpose entity to tranche. See how credit- and time-tranching reshape risk for issuers and investors, plus the economic case for securitization.
FIXED - Credit Analysis – Corporate
Dive into business risk, moats, management and detailed financial ratios. Finish with recovery analysis across the capital stack and why ratings can lag the market.
FIXED - Credit Analysis – Government
Blend qualitative governance checks with quantitative debt, growth and external-balance ratios to rank sovereign default risk. Contrast with sub-sovereign and supranational analysis.
FIXED - Credit Risk
Define default, recovery and credit migration. Walk through structural vs. reduced-form models and see how ratings, leverage and cyclical forces feed into spread moves.
FIXED - Curve-Based & Empirical Risk Measures
Swap from yield-shift to curve-shift analytics: key-rate durations, twist & butterfly exposures, plus empirical (regression) duration when cash-flow data are messy.
FIXED - Yield-Based Convexity & Portfolios
Add curvature to your risk toolkit. Topics: standalone bond convexity, duration-plus-convexity price estimates and building target-duration/convexity portfolios.
FIXED - Yield-Based Duration Measures
Compute modified, money duration and price-value-of-a-basis-point for bullets, zeros, floaters and perps. See how convexity tweaks the linear estimate.
FIXED - Interest-Rate Risk & Return
Break total return into income, reinvestment and price change. Link Macaulay duration, investment horizon and curve shifts to work out when rising rates can still boost realised return.
FIXED - Term Structure: Spot, Par & Forward Curves
Boot-strap spot curves, derive par & forward rates, and flip between them to price bonds or swaps. Finish with curve shapes and what they signal about growth, inflation and policy.
FIXED - Yield and Yield Spread Measures for Floating-Rate Instruments
Floating notes aren’t risk-free. We calculate money-market yields, discount margins and quoted margins, then see how caps, floors and reference-rate changes alter valuation.
FIXED - Yield and Yield Spread Measures for Fixed-Rate Bonds
Deconstruct quoted yields: street-convention, bond-equivalent, periodicity tweaks and callable-bond option-adjusted spreads. Learn when each metric best explains risk-adjusted return.
FIXED - Bond Valuation: Prices & Yields
Discount every coupon like a pro. Topics include PV with spot curves, YTM conventions, full vs. flat price, constant-yield price paths and matrix pricing when comparable issues are thinly traded.
FIXED - Markets for Government Issuers
Survey sovereign T-bills, notes & bonds, plus quasi-govt, municipal and supranational paper. We show auction formats, benchmark curves and the unique tax, liquidity and policy roles these securities play worldwide.
FIXED - Markets for Corporate Issuers
Short-term working-capital lines, ABCP, bank revolvers and repos vs. long-term IG or HY bonds—this module links funding choices to credit strength. Walk through loan covenants, backup liquidity lines and why HY issuers rely on collateral and call protection.
FIXED - Issuance & Trading
From roadshow to re-offer we track a new issue’s life, then dive into secondary-market micro-structure. Understand broad vs. sector indexes, turnover math and why liquidity clusters in the newest (“on-the-run”) paper. We also compare primary auctions, syndications and private placements.
FIXED - Cash Flows & Types
Go beyond plain-vanilla coupons. We map amortizing schedules, sinking-funds, FRNs, zeros, linkers and deferred-coupon bonds. Compare issuer pros & investor cons, then learn how contingency features—calls, puts, converts—reshape risk/return for both sides of the deal.
FIXED - Fixed-Income Instrument Features
First stop on the bond tour: what exactly are you buying? We break down issuer types, par value, coupons (fixed vs. floating), seniority in liquidation and the covenants that legally bind the borrower. See how each feature shapes cash-flow timing and default risk, and why investors demand different yields for different structures.
EQUITY - Equity Valuation: Concepts and Basic Tools
The capstone module—linking cash flows to price. Inside you will: Contrast dividend discount, FCFE and Gordon growth models.Build multi-stage models and reconcile to market multiples.Use asset-based and enterprise-value approaches. You’ll graduate able to triangulate value from first principles and market sentiment.
EQUITY - Company Analysis: Forecasting
Turn history into forward numbers: Define forecast objects, horizons and scenario design.Model revenues, costs, working capital and capex.Stress-test with sensitivity & scenario analysis. The result: defensible pro-formas ready for valuation.
EQUITY - Industry and Competitive Analysis
No company operates in a vacuum. This module teaches you to: Navigate third-party and custom industry classification schemes.Size markets, gauge growth and benchmark profitability.Apply Five-Forces and external factor checklists. You’ll pinpoint where a company sits on the competitive map—and why that drives valuation multiples.
EQUITY - Company Analysis: Past and Present
A forensic look at a firm’s historical performance: Dissect business models and revenue drivers.Classify costs, analyse working capital and capital structure.See how analysts craft the classic research report. Mastering the rear-view mirror sets the stage for credible forward forecasts.
EQUITY - Overview of Equity Securities
Dive into the world’s dominant asset class. Grasp what equity really represents and why its risk-return profile is unique. Highlights: Common vs. preferred vs. private shares.Domestic, cross-border and DR structures.Return drivers, ROE and cost of equity. These building blocks are the foundation for later valuation work.
EQUITY - Market Efficiency
From the Efficient Market Hypothesis to behavioural anomalies, this module asks, “Can you really beat the market?” Key topics: Forms of efficiency and their testable implications.Limits to arbitrage & trading costs.Time-series, cross-sectional and behavioural anomalies. You’ll leave with a balanced view of when active skill adds value—and when indexing rules.
EQUITY - Security Market Indexes
This module lifts the hood on the benchmarks we quote every day. You will: Learn the math behind index levels, single-period & multi-period returns.Contrast weighting schemes—and see why rebalancing & reconstitution matter.Survey equity, fixed-income and alternative-investment indexes and their uses as gauges, proxies and model portfolios. By the end, an index’s construction secrets—and it
EQUITY - Market Organization and Structure
Why this matters: Every analyst’s idea eventually becomes a trade. This module maps the entire trading landscape—from the six core purposes of the financial system to the mechanics of orders, leverage and regulation. Compare quote-, order- and broker-driven markets.Walk through an IPO, margin call and short sale step-by-step.See how regulation underpins liquidity, transparency and fair dealing. Ou
FSA – Introduction to Financial Statement Modeling
Build a three-statement model from revenue to valuation, bias-aware. Sales-based pro forma income, cash-flow & balance-sheet build. Behavioral biases and how to mitigate them in forecasts. Impact of competitive forces, inflation/deflation and long-term horizons.
FSA – Financial Analysis Techniques
DuPont, ratios, regressions—turn numbers into stories and valuation inputs. Five ratio buckets & DuPont 3- and 5-step analyses. Cross-sectional vs. trend and common-size statements. Graphing and simple regressions for relationship testing.
FSA – Financial Reporting Quality
Spot bias, earnings management and GAAP departures before they wreck value. Quality spectrum: decision-useful to non-GAAP. Motivations & conditions for low-quality reporting. Detection toolkit: revenue, inventory, capitalization, CF vs. NI gaps.
FSA – Analysis of Income Taxes
Temporary vs. permanent differences, DTAs/DTLs, and real cash-tax impacts. Book vs. taxable profit reconciliation. Valuation allowance clues. Effective rate bridges and planning red flags.
FSA – Topics in Long-Term Liabilities & Equity
Leases, pensions, share-based comp—convert off-BS promises into debt-like risk. IFRS 16 / ASC 842 lessee & lessor accounting. Defined-benefit vs. defined-contribution plans. Stock grants, options and dilution math. Key presentation and disclosure checkpoints.
FSA – Analysis of Long-Term Assets
PP&E, intangibles, leases—track the asset life-cycle from acquisition to impairment. Purchased vs. internally developed intangibles. IFRS & GAAP impairment tests and reversals. Derecognition and key disclosure nuggets.
FSA – Analysis of Inventories
LIFO, FIFO, write-downs—see how inventory choices sway cost and margin. IAS 2 vs. ASC 330 valuation methods. Inflation/deflation impacts & LIFO reserves. Key turnover and gross-margin signals.
FSA – Analyzing Statements of Cash Flows II
Dive deeper: free cash flow, common-size cash flows, and liquidity ratios. Evaluate sources & uses across operations, investing, financing. Calculate FCFF, FCFE and coverage ratios. Spot cash-flow red flags before the income statement does.
FSA – Analyzing Statements of Cash Flows I
Trace cash through operations with direct vs. indirect methods and statement linkages. Link income statement & balance sheet to CFO, CFI, CFF. Build direct and indirect operating cash flows. Convert indirect to direct and IFRS vs. GAAP presentation quirks.
FSA – Analyzing Balance Sheets
Assets, liabilities, equity—learn placement, measurement and ratio signals. Intangibles vs. goodwill impairment tests. Financial instruments: cost vs. fair value. Key leverage & liquidity ratios and common-size BS hacks.
FSA - Analysing Income Statement
From topline to EPS, decode how revenues, matching, and non-recurring items reshape the story. 5-step revenue test (IFRS 15/ASC 606). Capitalize vs. expense costs. Basic vs. diluted EPS math. Common-size & margin radar.
FSA – Intro to Financial Statement Analysis (FSA)
Kick-start Season 4 by mapping the six-step framework analysts use to turn raw filings into insight. Purpose & context: set the question first. Collect → process → interpret data like a pro. Regulated vs. alternative info sources. How IFRS & US GAAP differences trip your comps.
CORP - Business Models
Strip a company to its DNA: who it serves, what it sells, how it captures value. Revenue logic, cost structure, moat and network effects. Classic vs. platform vs. subscription plays. Innovation, disruption & why some models age fast. Checklist: test any issuer’s model in five quick questions.
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