Analyst Dojo

CFA® Level I, rebuilt for the exam.

All 102 learning modules of the 2027 curriculum, taught in the order the exam tests them: the outcome, the formula, the worked example, the trap. An interactive for every idea and a checkpoint after every lesson. Free, no account.

Start lesson 1 Open the study map
Questions on exam day
180
Topics
10
Learning modules
102

1 Quantitative Methods

11–14%

2 Financial Statement Analysis

11–14%

3 Economics

6–9%

4 Fixed Income

11–14%

5 Derivatives

6–9%

6 Corporate Finance

6–9%

7 Equities

11–14%

8 Alternative Investments

6–9%

9 Portfolio Construction

8–12%

10 Ethical and Professional Standards

10–15%

The whole exam on one screen. Each block is a topic, sized by its share of the exam and numbered in study order; each square is a module.

Already know some of this?

A short adaptive self-assessment (about 7 minutes per topic) finds what you already know, module by module. Modules you know fold away, and your study plan starts where it counts.

Take the self-assessment

See the idea move

Textbooks describe why the geometric mean is lower than the arithmetic mean. Here you drag the returns and watch the two paths split. Every lesson has one of these, built around the exact thing the exam asks.

Read the full lesson

InteractiveArithmetic vs geometric: which average gets you to the real ending wealth?

Try this 0 of 3

  • Find returns with a positive arithmetic mean that still lose money
  • Make the geometric mean exactly 0% with a positive arithmetic mean
  • Make the arithmetic and geometric means equal
Arithmetic mean10.00%
Geometric mean1.83%
Ending wealth of 11.0560
  • Actual wealth
  • Growing at the arithmetic mean
  • Growing at the geometric mean
0.881.081.281.481.680123YearActual

USD 1 ends at 1.056. At the arithmetic mean you would expect 1.331; at the geometric mean, 1.056.

Show working

Arithmetic: (60.0% + −40.0% + 10.0%) ÷ 3 = 10.00%

Geometric: (1.600 × 0.600 × 1.100)1/3 − 1 = 1.05601/3 − 1 = 1.83%

Ending wealth of 1: 1.0560. Geometric ≤ arithmetic; equal only when every return is the same.

Geometric mean on your calculator
  1. 1.6×0.6×1.1=1.056, ending wealth of 1
  2. y^x(1÷3)=−1=0.0183

y^x power

  1. 1.6ENTER0.6×1.1×1.056, ending wealth of 1
  2. 31/xy^x1−0.0183

ENTER enter (on the HP, puts the number on the stack) · 1/x reciprocal · y^x power

The geometric mean is the only average that lands on the actual ending wealth. The arithmetic mean overshoots, and the gap grows with volatility.

Every lesson, the same four steps

  1. On the exam

    The learning outcome in plain words, with its command word marked. "Calculate" means numbers will be given. "Describe" means you will need to recognize it.

  2. The core

    Short sections that open with the answer, then the interactive, the formula card and a worked example in exam format. Depth sits in drawers you can open.

  3. Exam traps

    The two or three mistakes question writers bait, named, so you see them coming.

  4. Checkpoint

    Three questions in the real format, with three options each, at exam pace. Every option is explained, including why the wrong ones tempt you.

Try a checkpoint question

  1. 1A fund returns 20%, −10% and 5% over three years. Its geometric mean annual return is closest to:

Full when you are learning. Cram when the exam is close.

Full mode replaces the textbook: intuition, derivations and the reasons behind the rules. Cram mode keeps only what earns marks, so a whole module reads in 20 to 30 minutes. Switch with one click, or press C on any lesson.

Early access

Sensei: study out loud

A voice tutor that teaches each lesson with you, on the commute, at the gym, or when your eyes are done for the day. Interrupt whenever something doesn't click ("hang on, why does the time-weighted return ignore my deposit?") and it answers with the lesson's own example, then carries on. It quizzes you back and remembers your weak spots.

  • Every module, spoken, in the same exam-first order
  • Ask questions mid-lesson, by voice
  • Spoken checkpoints that explain your mistakes
  • A plan for your next session, built from what you missed

Compare the free account, Plus and Sensei on the pricing page.

Founding price

USD 149 a month USD 199 a month

Yours for as long as you stay subscribed. Everything in Plus included.

Get Sensei

In active development and improving every day. How Sensei works · Send feedback

Questions

Is Analyst Dojo free?

Yes. Every lesson, interactive and checkpoint is free to use, with no account. A free account saves your progress on every device and adds Review later, the self-assessment, a study plan and Ask Sensei by text. The paid plans are optional: Plus (USD 19 a month) keeps everything you save for review, lifts the daily practice limit, adds cheat sheet PDFs and more questions to Sensei each day, and Sensei, the voice tutor, is USD 149 a month in early access and includes everything in Plus.

Is this the official CFA curriculum?

No. Analyst Dojo is an independent study guide, not affiliated with or endorsed by CFA Institute. It follows the 2027 Level I curriculum module by module and teaches each learning outcome in its own words, with its own examples and questions. The 2026 lessons stay at /2026/level-1 for the November 2026 sitting.

Does it cover the whole Level I exam?

Yes. All 430 lessons are live, covering every one of the 102 learning modules across the 10 topics, each with its interactives and checkpoint. The study map shows your progress through every module.

What is cram mode?

A switch on every lesson that hides the deeper explanations and leaves only what the exam tests: the outcome, the formula, the worked example, the traps and the checkpoint. A whole module reads in 20 to 30 minutes.

How do the belts work?

Each module earns a belt as you finish its lessons and checkpoints, from white to black. Without an account your progress is saved in your browser. A free account saves it to your account instead, so your belts, scores and review list are the same on every device.