A structured study plan is vital to a successful preparation. Proactive Testing provides a customized syllabus with two preliminary exams to help clients stay on track. Please see this sample syllabus for the 2006 Level I exam that outlines the structure of our tutorial.
2006 Sample Syllabus: Level I CFA® exam
| Lesson | Weeks | Topic Details |
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| Quant. SS #2 |
Jan 9 & Jul 10 |
Time value of money DCF applications Statistical & probability concepts |
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Quant. SS #3 |
Jan 16 & Jul 17 |
Probability distributions Sampling & estimation Hypothesis testing Correlation & Regression |
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| FSA SS #7 |
Jan 23 & Jul 24 |
Layout & meaning of items on financial statements Cash flows: CFO (direct vs. indirect), CFI, CFF Financial ratios |
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| FSA SS #8 |
Jan 30 & Jul 31 |
Inventory (LIFO, FIFO, weighted average) Dilutive securities and EPS |
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| FSA SS #9 |
Feb 6 & Aug 7 |
Capitalization vs. expensing Depreciation & impairment Taxes (DTA, DTL, temp & permanent difference) |
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| FSA SS #10 |
Feb 13 & Aug 14 |
Bonds issued at par, discount, and premium Capital vs. operating leases and other OBS debt |
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| Corp. finance SS #11 |
Feb 20 & Aug 21 |
Cost of capital Capital budgeting (IRR & NPV) Cash flow estimation Replacement chain, equivalent annuity, etc. (pick up preliminary exam #1) |
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| Test & review | Feb 27 |
Prelim 1 (covers lessons 1 – 7) |
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| Equity SS #13 |
Mar 6 & Sep 4 |
DDM (single & double stage) PE ratios, growth rates, and ROE Required rates of return |
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| Fixed- income SS #14 & 15 |
Mar 13 & Sep 11 |
Bond valuation & price behavior Duration & convexity measures Spot rates, forward rates, and bootstrapping Arbitrage-free valuation |
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| Deriv. SS #16 |
Mar 20 & Sep 18 |
Options (long/short calls and puts) Futures & swaps |
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| Deriv. SS #16 & 17 |
Mar 27 & Sep 25 |
Risk management strategies Alternative investments |
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| Forex SS #6 |
Apr 3 & Oct 2 |
Gain from int’l trade Cross Rates, forward discount/premium Parity relations (IRP & CIA) (pick up preliminary exam #2) |
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| Test & review | Apr 10 & Oct 9 |
Prelim 2 (covers lessons 8 – 12) |
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| Econ SS #4 & 5 |
Apr 17 & Oct 16 |
Macroeconomics Microeconomics |
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| Port SS #12 & 18 |
Apr 24 & Oct 23 |
Securities markets Portfolio management |
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| Ethics SS #1 |
May 1 & Oct 30 |
Ethics (study the original ethics books and review every sample question in it) |
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| Review | May 8 & Nov 6 |
Review (practice a few representative questions that you have already done in each study session) |
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| Review | May 15 & Nov 13 |
Take under exam conditions the 2003 & 2002 sample exams. Review weak areas. |
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| Review | May 22 & Nov 20 |
Take at least two online exams on CFA Institute’s website. Review weak areas. |
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| Review | May 29 & Nov 27 |
Take this whole week off from work Take more sample and online exams and review |
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| Good Luck! | Jun 3 & Dec 2 |
TEST DAY |