CFA Program Level I flashcards

7 decks · 536 cards · built into Willys · free samples below

Written against: CFA Program Level I curriculum topics; Standards of Practice Handbook, 12th edition (2024), including Standard I(E) Competence. Updated 2026-10-10.

What's in it

Every deck follows the course outline, with tags you can study or suspend topic by topic. Open a deck to study its free sample right here.

Learn · 4 decks · 316 cards

Concepts, mechanisms and the questions a course or exam asks about them.

Quantitative Methods & Economics Time value of money, return measures, statistics, probability and Bayes, distributions, sampling and simulation, hypothesis tests and regression, then elasticity, market structures, cycles, policy, inflation, FX quotes, parity and trade. 10 free · 78 cards in the app Financial Reporting & Corporate Issuers The three statements and their links, IFRS versus US GAAP, revenue, inventories, long-lived assets, deferred taxes, leases, bonds and pensions, EPS, ratios and DuPont, earnings quality, then governance, NPV and IRR, WACC and MM, with operating and financial leverage as background. 10 free · 79 cards in the app Equity, Fixed Income, Derivatives & Portfolio Orders and margin, index weighting, market efficiency, DDM, multiples and industry analysis, bond pricing, duration and convexity, credit, the yield curve and MBS, forwards, swaps and options, alternatives, and portfolio theory, CAPM and biases. 10 free · 80 cards in the app Ethical & Professional Standards The Code and Standards I–VII in applied scenarios — competence, material nonpublic information, mosaic theory, fair dealing, suitability, loyalty and whistleblowing, conflicts, designation use — plus the stricter-rule principle, the decision framework and GIPS basics. 10 free · 79 cards in the app

Drills · 1 deck · 80 cards

Short answers and cloze blanks for the facts you simply have to know cold.

Quick Drills: Formulas Eighty one-line formula drills: time value of money, returns, statistics, ratios and DuPont, NPV and IRR, WACC, leverage, margin, equity multiples, bond pricing, duration and convexity, forwards, put–call parity, CAPM and performance measures. Seven drills are marked as background. 10 free · 80 cards in the app

Practice · 2 decks · 140 questions

Multiple-choice practice questions, one best answer each, with the reasoning.

Practice Questions, Part 1 Multiple-choice practice questions, one best answer each, on the Code and Standards, GIPS, time value of money, returns, statistics, probability, hypothesis tests, regression and economics. 6 free · 70 questions in the app Practice Questions, Part 2 Multiple-choice practice questions, one best answer each, on financial reporting, inventories, taxes, leases, ratios, capital budgeting, equity and bond valuation, derivatives and portfolios. 6 free · 70 questions in the app

Study guide

Topics covered

The decks follow the order of the course outline. Numbers are cards per topic.

Time Value of Money 19
Returns 18
Statistics 19
Probability 7
Distributions and Sampling 13
Hypothesis Testing 10
Regression 8
Demand and Elasticity 6
Market Structures 9
Business Cycles 5
Inflation 5
Monetary and Fiscal Policy 9
Currencies and Trade 12
Financial Statements 12
IFRS vs US GAAP 10
Revenue Recognition 6
Inventories 10
Long-Lived Assets 9
Income Taxes 8
Leases 6
Ratio Analysis 18
Earnings Quality 7
Ownership and Governance 6
Capital Budgeting 12
Cost of Capital and Structure 14
Working Capital and Leverage 12
Long-Term Liabilities 2
Market Organization 11
Security Market Indexes 5
Market Efficiency 6
Equity Valuation 20
Bond Pricing 14
Duration and Convexity 17
Credit and Term Structure 10
Derivatives 23
Alternative Investments 9
Portfolio Risk and Return 12
CAPM and Performance 17
Planning and Behavioral Finance 8
Securitization 1
Code and Framework 9
Professionalism 20
Capital Markets 12
Duties to Clients 20
Duties to Employers 13
Investment Analysis 11
Conflicts of Interest 10
Member Responsibilities 9
GIPS 7

A study plan

20 new cards a day covers everything in a month, leaving the last weeks for review.
10 new cards a day covers everything in two months, leaving the last weeks for review.
7 new cards a day covers everything in three months, leaving the last weeks for review.

Willys schedules reviews for you (FSRS spaced repetition), so the daily number above is only for new cards; reviews of what you have learned come back on their own. Study a topic's cards right after you meet it in class, suspend topics you have not reached yet, and use the app's quiz mode in the final two weeks.

How to get these decks

Install Willys on your iPhone, iPad or Mac — App Store. 14-day free trial, then $14.99 a year.
In Willys, tap Exam Library at the top of your Decks (or Browse Exam Library… under the + button), find the exam on its shelf or by search, tick it and tap Add.
Study. The exam comes in as its own collapsible folder, every card scheduled by FSRS spaced repetition. Nothing you already have is changed.

Every deck is built into Willys

All 7 CFA Program Level I decks (536 cards), with FSRS spaced repetition, quizzes and mock tests, on iPhone, iPad and Mac. 14-day free trial, then $14.99 a year.

Get the app

In Willys, tap Exam Library at the top of your Decks (or Browse Exam Library… under the + button), find the exam on its shelf or by search, tick it and tap Add.

About these cards

Review status: Second-reader reviewed, with corrections applied.

Checked against:

Checked against standard texts: Brealey, Myers & Allen, Principles of Corporate Finance; Wooldridge, Introductory Econometrics; and Mankiw, Principles of Economics (reference only; no text copied).
OpenStax Principles of Economics 3e, consulted as a reference; no text copied.
Checked against IFRS Standards (IAS 2, IAS 7, IAS 12, IAS 16, IAS 38, IFRS 15, IFRS 16) and FASB ASC 330, 606, 740 and 842 summaries (reference only; no text copied).
Checked against standard texts: Brealey, Myers & Allen, Principles of Corporate Finance, and Penman, Financial Statement Analysis and Security Valuation (reference only).
Checked against standard texts: Bodie, Kane & Marcus, Investments; Fabozzi, Bond Markets, Analysis, and Strategies; and Hull, Options, Futures, and Other Derivatives (reference only; no text copied).
Checked against the CFA Institute Code of Ethics and Standards of Professional Conduct and the Standards of Practice Handbook, 12th ed. (2024) (reference only; every Standard paraphrased, no text copied).
Checked against the GIPS standards for firms, 2020 edition (reference only).
Checked against standard texts: Bodie, Kane & Marcus, Investments; Fabozzi, Bond Markets, Analysis, and Strategies; Hull, Options, Futures, and Other Derivatives; and Brealey, Myers & Allen, Principles of Corporate Finance (reference only; no text copied). Formulas agree with this exam's other CFA Program Level I decks as reviewed on 2026-10-09.
Checked against the CFA Institute Code of Ethics and Standards of Professional Conduct and the Standards of Practice Handbook, 12th ed. (2024), and the GIPS standards for firms, 2020 edition (reference only; every Standard paraphrased, no text copied).
Checked against standard texts: Brealey, Myers & Allen, Principles of Corporate Finance; Penman, Financial Statement Analysis and Security Valuation; Bodie, Kane & Marcus, Investments; Fabozzi, Bond Markets, Analysis, and Strategies; and Hull, Options, Futures, and Other Derivatives (reference only; no text copied).

These are independent study notes written for Willys. They are not official exam material, may contain mistakes, and are no substitute for your course, your teacher or the exam owner's own publications. Found an error? Tell us — corrections ship as a new version of the deck.

Not financial, tax or legal advice. These cards prepare you for an exam; rules and figures change, so check current standards before relying on any of it.

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