Free CFA Level I Lessons

All 102 CFA Level I lessons are free to read, each with worked examples, audio narration, and per-topic practice. No signup required.

FreeFellow LLC is a CFA Institute Prep Provider.

Quantitative Methods

• Applications of Simple Linear Regression in Finance (12 min)
• Benchmarking Returns (11 min)
• Estimation and Hypothesis Testing (12 min)
• Introduction to Financial Data Science (9 min)
• The Return and Risk of a Financial Portfolio (12 min)
• Returns of Financial Assets and Instruments (11 min)
• Simulation of Financial Asset Prices and Returns (12 min)
• Statistical Characteristics of Asset Returns (11 min)
• Statistical Distributions for Financial Asset Prices and Returns (11 min)
• The Time Value of Money in Finance (11 min)
• Types of Financial Returns (11 min)

Economics

• Understanding Business Cycles (14 min)
• Capital Flows and the FX Market (14 min)
• Exchange Rate Calculations (12 min)
• The Firm and Market Structures (14 min)
• Fiscal Policy (12 min)
• International Trade (12 min)
• Introduction to Geopolitics (14 min)
• Monetary Policy (13 min)

Corporate Issuers

• Business Models (14 min)
• Capital Investments and Capital Allocation (14 min)
• Capital Structure (13 min)
• Corporate Governance: Conflicts, Mechanisms, Risks, and Benefits (12 min)
• Investors and Other Stakeholders (15 min)
• Organizational Forms, Corporate Issuer Features, and Ownership (16 min)
• Working Capital and Liquidity (14 min)

Financial Statement Analysis

• Analysis of Income Taxes (15 min)
• Analysis of Inventories (13 min)
• Analysis of Long-Term Assets (14 min)
• Analyzing Balance Sheets (14 min)
• Analyzing Statements of Cash Flows I (12 min)
• Analyzing Statements of Cash Flows II (14 min)
• Analyzing Income Statements (15 min)
• Financial Analysis Techniques (14 min)
• Financial Reporting Quality (15 min)
• Introduction to Financial Statement Modeling (14 min)
• Introduction to Financial Statement Analysis (14 min)
• Topics in Long-Term Liabilities and Equity (14 min)

Equity Investments

• The Capital Asset Pricing Model, Market Model, and Other Factor-Based Equity Models (14 min)
• Company Analysis: Past, Present, and Future (13 min)
• Discounted Cash Flow (DCF) and Growth Models (14 min)
• Equity Analyst Research Reports (13 min)
• Equity Instrument Features (14 min)
• Equity Issuance and Trading (14 min)
• Equity Jurisdictions, Classes, and the Voting Process (14 min)
• Financial Statement Forecasting in Equity Valuation (13 min)
• Industry and Competitive Analysis (13 min)
• Introduction to Equity Valuation (15 min)
• Relative Value Equity Valuation Approaches (14 min)
• Sources of Equity Returns (13 min)

Fixed Income

• Asset-Backed Security (ABS) Instrument and Market Features (11 min)
• Fixed-Income Bond Valuation: Prices and Yields (11 min)
• Fixed-Income Cash Flows and Types (10 min)
• Credit Analysis for Corporate Issuers (10 min)
• Credit Analysis for Government Issuers (12 min)
• Credit Risk (11 min)
• Curve-Based and Empirical Fixed-Income Risk Measures (11 min)
• Fixed-Income Instrument Features (9 min)
• Interest Rate Risk and Return (9 min)
• Fixed-Income Issuance and Trading (12 min)
• Fixed-Income Markets for Corporate Issuers (12 min)
• Fixed-Income Markets for Government Issuers (12 min)
• Mortgage-Backed Security (MBS) Instrument and Market Features (10 min)
• Securitization (12 min)
• The Term Structure of Interest Rates: Spot, Par, and Forward Curves (11 min)
• Yield-Based Bond Convexity and Portfolio Properties (11 min)
• Yield-Based Bond Duration Measures and Properties (12 min)
• Yield and Yield Spread Measures for Fixed-Rate Bonds (11 min)
• Yield and Yield Spread Measures for Floating-Rate Instruments (10 min)

Derivatives

• Arbitrage, Replication, and the Cost of Carry in Pricing Derivatives (10 min)
• Derivative Benefits, Risks, and Issuer and Investor Uses (13 min)
• Forward Commitment and Contingent Claim Features and Instruments (11 min)
• Derivative Instrument and Derivative Market Features (11 min)
• Valuing a Derivative Using a One-Period Binomial Model (11 min)
• Option Replication Using Put–Call Parity (11 min)
• Pricing and Valuation of Forward Contracts and for an Underlying with Varying Maturities (11 min)
• Pricing and Valuation of Futures Contracts (10 min)
• Pricing and Valuation of Options (11 min)
• Pricing and Valuation of Interest Rate and Other Swaps (10 min)

Alternative Investments

• Alternative Investment Features, Methods, and Structures (12 min)
• Hedge Funds (14 min)
• Introduction to Digital Assets (15 min)
• Natural Resources (13 min)
• Alternative Investment Performance and Returns (12 min)
• Investments in Private Capital: Equity and Debt (15 min)
• Real Estate and Infrastructure (15 min)

Portfolio Management

• The Behavioral Biases of Individuals (20 min)
• Introduction to Risk Management (18 min)
• Portfolio Management: An Overview (22 min)
• Basics of Portfolio Planning and Construction (20 min)
• Portfolio Risk and Return: Part I (17 min)
• Portfolio Risk and Return: Part II (16 min)

Ethical and Professional Standards

• Application of the Code and Standards: Level I (19 min)
• Code of Ethics and Standards of Professional Conduct (20 min)
• Ethics and Trust in the Investment Profession (20 min)
• Guidance for Standard I: Professionalism (17 min)
• Guidance for Standard II: Integrity of Capital Markets (17 min)
• Guidance for Standard III: Duties to Clients (18 min)
• Guidance for Standard IV: Duties to Employers (16 min)
• Guidance for Standard V: Investment Analysis, Recommendations, and Actions (17 min)
• Guidance for Standard VI: Conflicts of Interest (19 min)
• Guidance for Standard VII: Responsibilities as a CFA Institute Member or CFA Candidate (18 min)