2010 CFA level 1 syllabus

STUDY SESSION 1: ETHICAL AND PROFESSIONAL STANDARDS
Reading 1 Code of Ethics and Standards of Professional Conduct
Reading 2 Guidance for Standards I�VII
Reading 3 Introduction to the Global Investment Performance Standards(GIPS�)
Reading 4 Global Investment Performance Standards (GIPS�)

STUDY SESSION 2: QUANTITATIVE METHODS: Basic Concepts
Reading 5 The Time Value of Money
Reading 6 Discounted Cash Flow Applications
Reading 7 Statistical Concepts and Market Returns
Reading 8 Probability Concepts

STUDY SESSION 3: QUANTITATIVE METHODS: Application
Reading 9 Common Probability Distributions
Reading 10 Sampling and Estimation
Reading 11 Hypothesis Testing
Reading 12 Technical Analysis

STUDY SESSION 4: ECONOMICS: Microeconomic Analysis
Reading 13 Elasticity
Reading 14 Efficiency and Equity
Reading 15 Markets in Action
Reading 16 Organizing Production
Reading 17 Output and Costs

STUDY SESSION 5: ECONOMICS: Market Structure and Macroeconomic Analysis
Reading 18 Perfect Competition
Reading 19 Monopoly
Reading 20 Monopolistic Competition and Oligopoly
Reading 21 Markets for Factors of Production
Reading 22 Monitoring Jobs and the Price Level
Reading 23 Aggregate Supply and Aggregate Demand

STUDY SESSION 6: ECONOMICS: Monetary and Fiscal Economics
Reading 24 Money, the Price Level, and Inflation
Reading 25 U.S. Inflation, Unemployment, and Business Cycles
Reading 26 Fiscal Policy
Reading 27 Monetary Policy
Reading 28 An Overview of Central Banks

STUDY SESSION 7: FINANCIAL REPORTING AND ANALYSIS: An Introduction
Reading 29 Financial Statement Analysis: An Introduction
Reading 30 Financial Reporting Mechanics
Reading 31 Financial Reporting Standards

STUDY SESSION 8: FINANCIAL REPORTING AND ANALYSIS:
The Income Statement, Balance Sheet, and Cash Flow Statement
2010 CFA Level 1 LOS
Reading 32 Understanding the Income Statement
Reading 33 Understanding the Balance Sheet
Reading 34 Understanding the Cash Flow Statement
Reading 35 Financial Analysis Techniques

STUDY SESSION 9: FINANCIAL REPORTING AND ANALYSIS: Inventories, Long‐Term Assets,
Deferred Taxes, and On‐ and Off‐Balance Sheet Debt
Reading 36 Inventories
Reading 37 Long‐Lived Assets
Reading 38 Income Taxes
Reading 39 Long‐Term Liabilities and Leases

STUDY SESSION 10: FINANCIAL REPORTING AND ANALYSIS:
Applications and International Standards Convergence
Reading 40 Financial Reporting Quality: Red Flags and Accounting Warning
Reading 41 Accounting Shenanigans on the Cash Flow Statement
Reading 42 Financial Statement Analysis: Applications
Reading 43 International Standards Convergence

STUDY SESSION 11: CORPORATE FINANCE
Reading 44 Capital Budgeting
Reading 45 Cost of Capital
Reading 46 Working Capital Management
Reading 47 Financial Statement Analysis
Reading 48 The Corporate Governance of Listed Companies: A Manual for Invest

STUDY SESSION 12: PORTFOLIO MANAGEMENT
Reading 49 The Asset Allocation Decision
Reading 50 An Introduction to Portfolio Management
Reading 51 An Introduction to Asset Pricing Models

STUDY SESSION 13: EQUITY: Securities Markets
Reading 52 Organization and Functioning of Securities Markets
Reading 53 Security‐Market Indexes
Reading 54 Efficient Capital Markets
Reading 55 Market Efficiency and Anomalies

STUDY SESSION 14: EQUITY: Industry and Company Analysis
Reading 56 An Introduction to Security Valuation
Reading 57 Industry Analysis
Reading 58 Company Analysis and Stock Valuation
Reading 59 Introduction to Price Multiples

STUDY SESSION 15: FIXED INCOME: Basic Concepts
Reading 60 Features of Debt Securities
Reading 61 Risks Associated with Investing in Bonds
Reading 62 Overview of Bond Sectors and Instruments
Reading 63 Understanding Yield Spreads

STUDY SESSION 16: FIXED INCOME: Analysis and Valuation
Reading 64 Introduction to the Valuation of Debt Securities
Reading 65 Yield Measures, Spot Rates, and Forward Rates
Reading 66 Introduction to the Measurement of Interest Rate Risk

STUDY SESSION 17: DERIVATIVE INVESTMENTS
Reading 67 Derivative Markets and Instruments
Reading 68 Forward Markets and Contracts
Reading 69 Futures Markets and Contracts
Reading 70 Option Markets and Contracts
Reading 71 Swap Markets and Contracts
Reading 72 Risk Management Applications of Option Strategies

STUDY SESSION 18: ALTERNATIVE INVESTMENTS
Reading 73 Alternative Investments
Reading 74 Investing in Commodities