Investment Management

CFA Level I Exam Preparation Course

Prepare for CFA Level I with Volumes 1–10 and all ten topics in one learning hub: detailed study notes, worked calculations, active recall and 900 practice questions across five mock exams.

900 Practice Questions Detailed Study Notes Realistic mock exams

Course syllabus information reviewed for 2026. Always check the awarding body’s latest official syllabus and candidate updates before booking or sitting your exam.

Exactly what is included

900 practice questions across 5 mock exams · unlimited retakes
Focus Learn · key areas, pitfalls, exam traps & key numbers
Flashcards · fun, fast and effective recall
Facts & formulas · calculations, assumptions and exam traps
AI Analyzer & Mentor · pinpoints your weak areas
Study Mode Exams · learn while you train
AI Chat trained specifically for this exam
Study material organised by syllabus

Syllabus

Module 1: Quantitative Methods (11–14%)

Quantitative Methods

Module 2: Economics (6–9%)

Economics

Module 3: Corporate Finance (6–9%)

Corporate Finance

Module 4: Financial Statement Analysis (11–14%)

Financial Statement Analysis

Module 5: Equities (11–14%)

Equities

Module 6: Fixed Income (11–14%)

Fixed Income

Module 7: Derivatives and Risk Management (6–9%)

Derivatives and Risk Management

Module 8: Alternative Investments (6–9%)

Alternative Investments

Module 9: Portfolio Construction (8–12%)

Portfolio Construction

Module 10: Ethical and Professional Standards (10–15%)

Ethical and Professional Standards

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Interactive preview

Free CFA Level I Exam Preparation Practice Questions & Exam Preview

Try 15 CFA Level I Exam Preparation practice questions from Quantitative Methods

Practice CFA Level I Exam Preparation exam questions with answers and explanations. The full course includes 5 mock exams and chapter study tools.

Exam Preview

Quantitative Methods

Question 1 of 15

An OLS sample has mean X of 4, mean Y of 11, covariance of X and Y of 6 and variance of X of 3. The fitted intercept is:

1 / 15

Flashcards

Card 1 of 10Quantitative Methods · Learning Module 1

Question

What two components make up a holding-period total return?

Tap to reveal answer

Focus Learn

Key Examinable Areas7

Price, distribution and total holding-period return
Arithmetic means, geometric means and cumulative wealth
Annualisation and the assumption of repeatable periodic returns
Log returns and their additive time property
Required returns, inflation and risk premia
Gross-of-management-fee, net and after-tax returns
Borrowing and option leverage measured against committed capital

Common Pitfalls to Avoid4

Exam Traps4

Key Numbers10

Learning Module 1: Returns of Financial Assets and Instruments

Identify the return before calculating it

A return describes what an investment earned relative to the capital committed. Start by identifying the measurement period, the initial investment, the change in market value and any distributions. Equity may provide dividends and changes in share price; debt may provide interest and changes in the bond price. A financial indicator, such as an index or exchange rate, describes value but does not itself distribute cash. An investment linked to an indicator is a separate financial instrument.

For one holding period, price return = (ending price − beginning price) / beginning price. Distribution return = income / beginning price. Total holding-period return = (ending price − beginning price + income) / beginning price. Use consistent units: either all amounts per share or all amounts for the holding. Dividing a whole portfolio's dividend by a single share's price creates an incorrect result. A bond's coupon rate uses face value, whereas its current yield uses market price; neither alone is the bond's total holding-period return.

Worked calculation: income offsets part of a price loss

Suppose 80 shares are bought at $75 each, sold for $72 each at the period end, and pay $120 in total dividends at that time. Initial capital is 80 × $75 = $6,000. The price change is 80 × ($72 − $75) = −$240. Add the $120 distribution to obtain a net gain of −$120. Divide by $6,000: total return = −2%. Price return is −4%; distribution return is +2%. The common trap is subtracting the dividend from the capital loss or mixing per-share and total amounts. These hypothetical inputs illustrate the holding-period formula.

Expected, actual, realised and unrealised

Expected or ex ante return is a forecast made before the investment outcome is known. Actual or ex post return measures the outcome after the measurement period. A required return is the minimum compensation an investor demands to commit capital; it is not a guarantee that the realised outcome will equal that demand. Market values can produce unrealised gains or losses while a position is still held. Selling the position realises its price gain or loss; cash distributions are recognised when received. Keep the return's timing and realisation status separate rather than treating every change in market value as sale proceeds.…

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Preparation Package at a Glance

Feature	Exams Academy	Details
Access Period	Lifetime Access	One-time enrollment with no recurring fee
Practice Exams	Unlimited Retakes
Study Support	Instant 24/7 AI Tutor	Self-service AI support; live instructor support is not included
Cost	$299 (One-Time)	One-time payment with no recurring subscription

Frequently Asked Questions

No. All ten topics are included in one $299 Level I course, with one account, progress record and purchase.

No. This is one global CFA Level I preparation course. The curriculum is organized by examination level rather than local regulatory jurisdiction.

Level I has 180 three-option multiple-choice questions across two sessions of 135 minutes, with 90 questions per session. Questions are equally weighted and incorrect answers are not penalized.

No. It is a course practice target. CFA Institute sets the official minimum passing score; do not treat the course percentage as a predicted exam result.

No. This purchase covers Level I curriculum preparation. Other levels, prerequisite refreshers, Practical Skills Modules and CFA Institute registration are outside this course.

The learning materials and practice questions are in English. Arabic catalogue descriptions do not represent an Arabic translation of the course.

Yes! Test your knowledge and review detailed explanations with the free CFA Level I Exam Preparation Mock Exam Preview below. It contains 15 exam-style questions from one named topic; the full course provides complete mock exams and syllabus coverage.

Exam Format & Details

Assessment	180 multiple-choice questions, each with three options, in two 135-minute sessions of 90 questions. Questions are equally weighted with no penalty for incorrect answers.
Duration	270 Minutes
Practice target	The 70% course target is for revision only. CFA Institute determines the official minimum passing score; it is not a fixed raw 70% pass mark.

One purchase for all ten topics

Study Quantitative Methods, Economics, Corporate Finance, Financial Statement Analysis, Equities, Fixed Income, Derivatives and Risk Management, Alternative Investments, Portfolio Construction, and Ethical and Professional Standards together. The ten curriculum volumes form one Level I course, with 102 learning modules and a quantitative reference appendix.

Learn, recall and practise

Use detailed explanations, worked examples, 1,914 flashcards and a searchable 1,209-item reference. The five mocks contain 900 practice questions in total. Four primary papers provide distinct questions; the fifth combines a balanced revision sample from them. Each mock includes all ten topics and 180 three-option questions, grouped into two 90-question sections. The practice timer runs continuously for 270 minutes; pace each section at 135 minutes.

Clear scope

The course price is $299 for the complete Level I preparation course. It does not include CFA Institute exam registration, official digital curriculum access, prerequisite refresher materials or Practical Skills Modules. Learning materials are in English. Exams Academy is an independent preparation provider and is not affiliated with or endorsed by CFA Institute. A course-completion certificate is not the CFA charter.

Who Is This For?

✓ Candidates preparing for the CFA Level I examination

✓ Investment professionals reviewing foundational analysis and ethics

✓ Learners seeking a structured path across all ten Level I topics

Preparation centre

Use these connected guides for the syllabus, exam format, booking and revision strategy.

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Practice

CFA Level I Course: Topics, Mock Exams and a Practical Study Plan

Explore CFA Level I topics, exam structure and study planning. See the $299 Exams Academy course with ten topics, five mock exams and active-recall tools.

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