Exam guideCFA® Level I · 2027 exam guide
Your guide to CFA® Level I in 2027
4 exam windows11 min read
Read articleCFA® Level I resources
Independent study guides, 2027 curriculum changes, and possible curriculum errata for CFA® Level I candidates.
6 articles
Interactive study guides
Practise exam-focused workflows with explanations and interactive tools.
Study guideCFA® Level I
Mastering the Financial Calculator for CFA® Level I
Interactive calculator10 min read
Read articleStudy guideCFA® Level I
Arithmetic vs Geometric Mean Return: A Visual CFA® Level I Guide
Worked example7 min read
Read articleStudy guideCFA® Level I
Sharpe Ratio: Formula, Interpretation, and a Worked Portfolio Example
Worked example6 min read
Read articleStudy guideCFA® Level I
Bond Duration: Macaulay, Modified Duration, and a Worked Example
Worked example5 min read
Read articleStudy guideCFA® Level I
Coefficient of Variation: Formula, Interpretation, and a Worked Example
Worked example5 min read
Read article3 articles
2027 curriculum changes
Compare the 2026 and 2027 curriculum at program and volume level.
Curriculum changesCFA® Program 2027
2027 CFA® Curriculum Changes: What Candidates Need to Know
Levels I–III covered8 min read
Read articleCurriculum changesCFA® L1 2027
V1 Quantitative Methods: 2026 vs 2027 Curriculum Changes
11 → 11 modules6 min read
Read articleCurriculum changesCFA® L1 2027
V5 Equity Investments: 2026 vs 2027 Curriculum Changes
8 → 12 modules6 min read
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2027 curriculum errata
Browse independent issue reviews in curriculum order by volume and module.
Curriculum errataCFA® L1 2027
V1 Module 1 Errata: Returns of Financial Assets and Instruments
7 independently reviewed issues7 min read
Read articleCurriculum errataCFA® L1 2027
V1 Module 2 Errata: Types of Financial Returns
4 independently reviewed issues4 min read
Read articleCurriculum errataCFA® L1 2027
V2 Economics Errata: Market Structures, Policy, Trade, and Currency Regimes
18 independently reviewed issues17 min read
Read articleCurriculum errataCFA® L1 2027
V3 Corporate Finance Errata: Disclosure, Voting, Liquidity, and Capital Allocation
7 independently reviewed issues8 min read
Read articleCurriculum errataCFA® L1 2027
V4 Financial Statement Analysis Errata: Revenue, Impairment, Leases, and Taxes
31 independently reviewed issues33 min read
Read articleCurriculum errataCFA® L1 2027
V5 Module 1 Errata: Equity Instrument Features
3 independently reviewed issues4 min read
Read articleCurriculum errataCFA® L1 2027
V5 Module 2 Errata: Equity Jurisdictions, Classes, and the Voting Process
3 independently reviewed issues4 min read
Read articleCurriculum errataCFA® L1 2027
V6 Modules 1–5 Errata: Fixed Income Instruments, Markets, and Issuance
11 independently reviewed issues13 min read
Read articleCurriculum errataCFA® L1 2027
V6 Modules 6–9 Errata: Bond Valuation, Yield Measures, and the Term Structure
17 independently reviewed issues16 min read
Read articleCurriculum errataCFA® L1 2027
V7 Derivatives Errata: Forward Pricing, Parity, and Binomial Valuation
25 independently reviewed issues30 min read
Read articleCurriculum errataCFA® L1 2027
V8 Alternative Investments Errata: Fees, Private Capital, and Digital Assets
17 independently reviewed issues21 min read
Read articleCurriculum errataCFA® L1 2027
V9 Portfolio Construction Errata: Portfolio Risk, Factor Models, and Behavioral Biases
13 independently reviewed issues18 min read
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