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CFA level 1 Exam book 1 (2025) | complete notes CFA level 1

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CFA level 1 Exam book CFA course complete notes CFA Get ready to conquer the CFA Level 1 Exam with our comprehensive guide to Book 1 for 2025! This video dives deep into crucial topics, study tricks, and exam strategies vital for your success. Whether you're just starting your CFA journey or need a refresher, we’ve got you covered! Eliminate confusion, enhance your understanding, and discover how to effectively leverage resources to ace the CFA. Don't miss out on these essential tips that could make all the difference on your exam day! Hit that subscribe button and set yourself up for success in your CFA journey! #CFA #CFAExam2025

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,Kaplan Schweser’s Path to Success


Welcome

As the head of Advanced Designations at Kaplan Schweser, I am pleased to have
the opportunity to help you prepare for the CFA® exam. Kaplan Schweser has
decades of experience in delivering the most effective CFA exam prep products in
the market and I know you will find them to be invaluable in your studies.

Our products are designed to be an integrated study solution across print and
digital media to provide you the best learning experience, whether you are
studying with a physical book, online, or on your mobile device.

Our core product, the SchweserNotes™, addresses all of the Topics, Learning
Modules, and LOS in the CFA curriculum. Each reading in the SchweserNotes has
been broken into smaller, bite-sized modules with Module Quizzes interspersed
throughout to help you continually assess your comprehension. Online Topic
Quizzes appear at the end of each Topic to help you assess your knowledge of the
material before you move on to the next section.

All purchasers of the SchweserNotes receive online access to the Kaplan Schweser
online platform (our learning management system or LMS) at www.Schweser.com.
In the LMS, you will see a dashboard that tracks your overall progress and
performance and also includes an Activity Feed, which provides structure and
organization to the tasks required to prepare for the CFA exam. You also have
access to the SchweserNotes, Module Quizzes, and Topic Quizzes content as well
as the Module Videos (if purchased), which contain a short video that complements
each module in the SchweserNotes. Look for the icons indicating where video
content, Module Quizzes, and Topic Quizzes are available online. I strongly
encourage you to use the dashboard to track your progress and stay motivated.

Again, thank you for trusting Kaplan Schweser with your CFA exam preparation.
We’re here to help you throughout your journey to become a CFA charterholder.

Regards,


Derek Burkett, CFA, FRM, CAIA
Vice President (Advanced Designations)

Contact us for questions about your study package, upgrading your package,
purchasing additional study materials, or for additional information:
888.325.5072 (U.S.) | +1 608.779.8327 (Int’l.)

, | www.schweser.com/cfa

, Book 1: Quantitative Methods and
Economics
SchweserNotes™ 2024
Level I CFA®

Table of contents

  1. 01 Learning Outcome Statements (LOS) 9
  2. 02 Reading 1 Rates and Returns 13
    1. Module 1.1: Interest Rates and Return Measurement 13
    2. Module 1.2: Time-Weighted and Money-Weighted Returns 17
    3. Module 1.3: Common Measures of Return 20
    4. Key Concepts 24
    5. Answer Key for Module Quizzes 25
  3. 03 Reading 2 The Time Value of Money in Finance 27
    1. Warm-Up: Using a Financial Calculator 27
    2. Module 2.1: Discounted Cash Flow Valuation 28
    3. Module 2.2: Implied Returns and Cash Flow Additivity 33
    4. Key Concepts 39
    5. Answer Key for Module Quizzes 40
  4. 04 Reading 3 Statistical Measures of Asset Returns 42
    1. Module 3.1: Central Tendency and Dispersion 42
    2. Module 3.2: Skewness, Kurtosis, and Correlation 48
    3. Key Concepts 55
    4. Answer Key for Module Quizzes 56
  5. 05 Reading 4 Probability Trees and Conditional Expectations 58
    1. Module 4.1: Probability Models, Expected Values, and Bayes’ Formula 58
    2. Key Concepts 62
    3. Answer Key for Module Quizzes 63
  6. 06 Reading 5 Portfolio Mathematics 64
    1. Module 5.1: Probability Models for Portfolio Return and Risk 64
    2. Key Concepts 70
    3. Answer Key for Module Quizzes 71
  7. 07 Reading 6 Simulation Methods 72
    1. Module 6.1: Lognormal Distributions and Simulation Techniques 72
    2. Key Concepts 75
    3. Answer Key for Module Quizzes 75
  8. 08 Reading 7 Estimation and Inference 76
    1. Module 7.1: Sampling Techniques and the Central Limit Theorem 76
    2. Key Concepts 80
    3. Answer Key for Module Quizzes 81
  9. 09 Reading 8 Hypothesis Testing 83
    1. Module 8.1: Hypothesis Testing Basics 83
    2. Module 8.2: Types of Hypothesis Tests 87
    3. Key Concepts 98
    4. Answer Key for Module Quizzes 99
  10. 10 Reading 9 Parametric and Non-Parametric Tests of Independence 101
    1. Module 9.1: Tests for Independence 101
    2. Key Concepts 104
    3. Answer Key for Module Quizzes 105
  11. 11 Reading 10 Simple Linear Regression 106
    1. Module 10.1: Linear Regression Basics 106
    2. Module 10.2: Analysis of Variance (ANOVA) and Goodness of Fit 113
    3. Module 10.3: Predicted Values and Functional Forms of Regression 118
    4. Key Concepts 121
    5. Answer Key for Module Quizzes 123
  12. 12 Reading 11 Introduction to Big Data Techniques 125
    1. Module 11.1: Introduction to Fintech 125
    2. Key Concepts 128
    3. Answer Key for Module Quizzes 128
  13. 13 Topic Quiz: Quantitative Methods 130
  14. 14 Reading 12 Firms and Market Structures 131
    1. Module 12.1: Breakeven, Shutdown, and Scale 131
    2. Module 12.2: Characteristics of Market Structures 135
    3. Module 12.3: Identifying Market Structures 144
    4. Key Concepts 146
    5. Answer Key for Module Quizzes 149
  15. 15 Reading 13 Understanding Business Cycles 151
    1. Module 13.1: Business Cycles 151
    2. Key Concepts 156
    3. Answer Key for Module Quizzes 157
  16. 16 Reading 14 Fiscal Policy 158
    1. Module 14.1: Fiscal Policy Objectives 158
    2. Module 14.2: Fiscal Policy Tools and Implementation 160
    3. Key Concepts 165
    4. Answer Key for Module Quizzes 166
  17. 17 Reading 15 Monetary Policy 168
    1. Module 15.1: Central Bank Objectives and Tools 168
    2. Module 15.2: Monetary Policy Effects and Limitations 172
    3. Key Concepts 176
    4. Answer Key for Module Quizzes 178
  18. 18 Reading 16 Introduction to Geopolitics 180
    1. Module 16.1: Geopolitics 180
    2. Key Concepts 185
    3. Answer Key for Module Quizzes 187
  19. 19 Reading 17 International Trade 188
    1. Module 17.1: International Trade 188
    2. Key Concepts 194
    3. Answer Key for Module Quizzes 195
  20. 20 Reading 18 Capital Flows and the FX Market 197
    1. Module 18.1: The Foreign Exchange Market 197
    2. Module 18.2: Managing Exchange Rates 201
    3. Key Concepts 205
    4. Answer Key for Module Quizzes 206
  21. 21 Reading 19 Exchange Rate Calculations 208
    1. Module 19.1: Foreign Exchange Rates 208
    2. Key Concepts 213
    3. Answer Key for Module Quizzes 213
  22. 22 Topic Quiz: Economics 215
  23. 23 Formulas 216
    1. Quantitative Methods 216
    2. Economics 217
  24. 24 Appendices 218
    1. Appendix A: Areas Under The Normal Curve 218
    2. Cumulative Z-Table 219
    3. Appendix B: Student’s t-Distribution 221
    4. Appendix C: F-Table at 5% (Upper Tail) 222
    5. Appendix D: F-Table at 2.5% (Upper Tail) 223
    6. Appendix E: Chi-Squared table 224
  25. 25 Index 226

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