CFA study notes and topic directory
Choose your CFA level first, then open a topic lesson or technique guide. Level I builds foundations, Level II applies them to cases, and Level III turns analysis into portfolio decisions.
Find the learning resources for your level
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Choose a learning resource
30 available resources
Level 1
Free study resource
Level 1 formula reference
12 selected formulas and 3 worked exercises
Start with: Algebra, percentages and cash-flow dates.
Explore formulasFree study resource
Level 1 Ethics
4 concise methods, worked examples and 10 original questions
Start with: Foundational finance vocabulary; each lesson lists its specific prerequisites.
Start the exercisesFree study resource
Level 1 Quantitative Methods
4 concise methods, worked examples and 10 original questions
Start with: Foundational finance vocabulary; each lesson lists its specific prerequisites.
Start the exercisesFree study resource
Level 1 Economics
4 concise methods, worked examples and 10 original questions
Start with: Foundational finance vocabulary; each lesson lists its specific prerequisites.
Start the exercisesFree study resource
Level 1 Financial Statement Analysis
4 concise methods, worked examples and 10 original questions
Start with: Foundational finance vocabulary; each lesson lists its specific prerequisites.
Start the exercisesFree study resource
Level 1 Corporate Issuers
4 concise methods, worked examples and 10 original questions
Start with: Foundational finance vocabulary; each lesson lists its specific prerequisites.
Start the exercisesFree study resource
Level 1 Equity Investments
4 concise methods, worked examples and 10 original questions
Start with: Foundational finance vocabulary; each lesson lists its specific prerequisites.
Start the exercisesFree study resource
Level 1 Fixed Income
4 concise methods, worked examples and 10 original questions
Start with: Foundational finance vocabulary; each lesson lists its specific prerequisites.
Start the exercisesFree study resource
Level 1 Derivatives
4 concise methods, worked examples and 10 original questions
Start with: Foundational finance vocabulary; each lesson lists its specific prerequisites.
Start the exercisesFree study resource
Level 1 Alternative Investments
4 concise methods, worked examples and 10 original questions
Start with: Foundational finance vocabulary; each lesson lists its specific prerequisites.
Start the exercisesFree study resource
Level 1 Portfolio Management
4 concise methods, worked examples and 10 original questions
Start with: Foundational finance vocabulary; each lesson lists its specific prerequisites.
Start the exercisesLevel 2
Free study resource
Level 2 formula reference
12 selected formulas and 3 worked exercises
Start with: Foundational returns, accounting and time value.
Explore formulasFree study resource
Item-set reading technique
1 original worked vignette and 10 learning prompts
Start with: Cash-flow dates and basic valuation.
Start the exercisesFree study resource
Level 2 Ethics
5 short cases, 10 original questions and 4 practical methods
Start with: Level I foundations; each lesson lists its specific prerequisites.
Start the exercisesFree study resource
Level 2 Quantitative Methods
5 short cases, 10 original questions and 4 practical methods
Start with: Level I foundations; each lesson lists its specific prerequisites.
Start the exercisesFree study resource
Level 2 Economics
5 short cases, 10 original questions and 4 practical methods
Start with: Level I foundations; each lesson lists its specific prerequisites.
Start the exercisesFree study resource
Level 2 Financial Statement Analysis
5 short cases, 10 original questions and 4 practical methods
Start with: Level I foundations; each lesson lists its specific prerequisites.
Start the exercisesFree study resource
Level 2 Corporate Issuers
5 short cases, 10 original questions and 4 practical methods
Start with: Level I foundations; each lesson lists its specific prerequisites.
Start the exercisesFree study resource
Level 2 Equity Investments
5 short cases, 10 original questions and 4 practical methods
Start with: Level I foundations; each lesson lists its specific prerequisites.
Start the exercisesFree study resource
Level 2 Fixed Income
5 short cases, 10 original questions and 4 practical methods
Start with: Level I foundations; each lesson lists its specific prerequisites.
Start the exercisesFree study resource
Level 2 Derivatives
5 short cases, 10 original questions and 4 practical methods
Start with: Level I foundations; each lesson lists its specific prerequisites.
Start the exercisesFree study resource
Level 2 Alternative Investments
5 short cases, 10 original questions and 4 practical methods
Start with: Level I foundations; each lesson lists its specific prerequisites.
Start the exercisesFree study resource
Level 2 Portfolio Management
5 short cases, 10 original questions and 4 practical methods
Start with: Level I foundations; each lesson lists its specific prerequisites.
Start the exercisesLevel 3
Free study resource
Level 3 formula reference
12 selected formulas and 3 worked exercises
Start with: Portfolio risk, investor objectives and model assumptions.
Explore formulasFree study resource
Constructed-response technique
10 original written exercises with teaching checklists
Start with: Basic portfolio and client-constraint concepts.
Start the exercisesFree study resource
Level 3 Ethics
10 common-core questions, including 5 written prompts with rubrics
Start with: Portfolio foundations; each lesson lists its specific prerequisites.
Start the exercisesFree study resource
Level 3 Asset Allocation
10 common-core questions, including 5 written prompts with rubrics
Start with: Portfolio foundations; each lesson lists its specific prerequisites.
Start the exercisesFree study resource
Level 3 Portfolio Construction
10 common-core questions, including 5 written prompts with rubrics
Start with: Portfolio foundations; each lesson lists its specific prerequisites.
Start the exercisesFree study resource
Level 3 Performance Measurement
10 common-core questions, including 5 written prompts with rubrics
Start with: Portfolio foundations; each lesson lists its specific prerequisites.
Start the exercisesFree study resource
Level 3 Derivatives and Risk Management
10 common-core questions, including 5 written prompts with rubrics
Start with: Portfolio foundations; each lesson lists its specific prerequisites.
Start the exercisesKeep this checklist handy
What to do, at a glance
01Start with what exists
- 30 resources: 25 topic lessons, 3 formula references and 2 technique lessons.
- All 25 common-core topic lessons have ten-question samples; this is not complete syllabus coverage.
- Check the official curriculum for your registered exam year.
02Match the prerequisite
- Level I: rates, accounting language and returns.
- Level II: model selection and case reading.
- Level III: portfolio decisions and written reasoning.
03Learn by doing
- Solve an example before opening its answer.
- Explain why the model fits.
- Continue with a public level practice sample.
Put one idea into practice.
Try it first. Check the reasoning. Pick your next task.
Quick answers
Does this replace the official curriculum?
No. This is selected independent practice, not a complete syllabus or official exam. Check your exam-year outline.
Does every topic already have ten practice questions?
Each of the 25 available topic lessons has ten questions. Level III topic samples include five written prompts with teaching rubrics. Level and pathway practice pages also contain ten questions; formula references each contain three worked exercises.
Can I sign up from this preview?
Yes. Sign up to create your account and practice in the app. Public exercises remain available without an account; answers from this preview are not transferred.
Sources
Selected 2026 teaching content. Official sources do not endorse or verify these examples.
- CFA Institute curriculum and exam-year outlines (new tab)
- CFA Institute Level II format (new tab)
- CFA Institute Level III format and response guidance (new tab)
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