CFA Level I Previous Year Question PapersWith solutions

Ethical and Professional Standards: Code of Ethics and Standards & Guidance for Standards I to VII

Code of Ethics and Standards of Professional Conduct, Guidance for Standards I to VII, Global Investment Performance Standards (GIPS), Ethics applications and case analysis

Quantitative Methods — Part I (Rates and returns)

Rates and returns, Time value of money, Statistical measures of asset returns, Probability and distributions

Quantitative Methods — Part II (Sampling and estimation)

Sampling and estimation, Hypothesis testing, Simple linear regression, Big data techniques

Economics and Corporate Finance — Part I (Firms and market structures)

Firms and market structures, Business cycles, Monetary and fiscal policy, Exchange rates and international trade

Economics and Corporate Finance — Part II (Corporate governance and stakeholders)

Corporate governance and stakeholders, Capital structure and cost of capital, Capital investments and working capital

Financial Statement Analysis: Income statement, balance sheet and & Inventories and long-lived assets

Income statement, balance sheet and cash flow statement, Inventories and long-lived assets, Income taxes, Non-current liabilities, Financial analysis techniques and ratios, Financial reporting quality

Equities, Fixed Income, Derivatives and Alternatives

Market organisation and indices, Equity valuation basics, Industry and company analysis, Fixed income instruments, yields and risk, Derivative instruments and pricing basics, Alternative investments: hedge funds, private capital, real estate and commodities

Portfolio Construction: Portfolio risk and return & Portfolio planning and construction

Portfolio risk and return, Portfolio planning and construction, Behavioural biases, Risk management introduction, Technical analysis and fintech basics