Analyst Dojo

You are reading the 2026 curriculum (exams up to November 2026). Sitting in February 2027 or later? Go to the 2027 study map.

The Level I study map, 2026 curriculum

The 2026 curriculum is the one tested up to the November 2026 exam. Each block is a topic, sized by its 2026 exam weight. Most modules carried over to 2027 unchanged, so their squares open the same lessons as the 2027 map; the modules that changed open their 2026 version.

1 Quantitative Methods

6–9%

2 Financial Statement Analysis

11–14%

3 Economics

6–9%

4 Fixed Income

11–14%

5 Derivatives

5–8%

6 Corporate Issuers

6–9%

7 Equity Investments

11–14%

8 Alternative Investments

7–10%

9 Portfolio Management

8–12%

10 Ethical and Professional Standards

15–20%

All 93 modules

Quantitative Methods 6–9%

  1. Rates and Returns
  2. Time Value of Money in Finance
  3. Statistical Measures of Asset Returns
  4. Probability Trees and Conditional Expectations
  5. Portfolio Mathematics
  6. Simulation Methods
  7. Estimation and Inference
  8. Hypothesis Testing
  9. Parametric and Non-Parametric Tests of Independence
  10. Simple Linear Regression
  11. Introduction to Big Data Techniques

Financial Statement Analysis 11–14%

  1. Introduction to Financial Statement Analysis
  2. Analyzing Income Statements
  3. Analyzing Balance Sheets
  4. Analyzing Statements of Cash Flows I
  5. Analyzing Statements of Cash Flows II
  6. Analysis of Inventories
  7. Analysis of Long-Term Assets
  8. Topics in Long-Term Liabilities and Equity
  9. Analysis of Income Taxes
  10. Financial Reporting Quality
  11. Financial Analysis Techniques
  12. Introduction to Financial Statement Modeling

Economics 6–9%

  1. The Firm and Market Structures
  2. Understanding Business Cycles
  3. Fiscal Policy
  4. Monetary Policy
  5. Introduction to Geopolitics
  6. International Trade
  7. Capital Flows and the FX Market
  8. Exchange Rate Calculations

Fixed Income 11–14%

  1. Fixed-Income Instrument Features
  2. Fixed-Income Cash Flows and Types
  3. Fixed-Income Issuance and Trading
  4. Fixed-Income Markets for Corporate Issuers
  5. Fixed-Income Markets for Government Issuers
  6. Bond Valuation: Prices and Yields
  7. Yield and Yield Spread Measures for Fixed-Rate Bonds
  8. Yield and Yield Spread Measures for Floating-Rate Instruments
  9. Term Structure: Spot, Par and Forward Curves
  10. Interest Rate Risk and Return
  11. Modified Duration, Money Duration and PVBP
  12. Convexity and Portfolio Duration
  13. Effective Duration, Key Rate Duration and Empirical Duration
  14. Credit Risk
  15. Credit Analysis for Government Issuers
  16. Credit Analysis for Corporate Issuers
  17. Securitization: How It Works and Why
  18. Asset-Backed Securities, Covered Bonds and CDOs
  19. Mortgage-Backed Securities: RMBS, CMOs and CMBS

Derivatives 5–8%

  1. Derivatives and Derivative Markets
  2. Forwards, Futures, Swaps, Options and Credit Derivatives
  3. Derivative Benefits, Risks and Uses
  4. Arbitrage, Replication and the Cost of Carry
  5. Pricing and Valuing Forward Contracts and FRAs
  6. Pricing and Valuing Futures Contracts
  7. Pricing and Valuing Interest Rate Swaps
  8. Pricing and Valuing Options
  9. Put–Call Parity and Option Replication
  10. The One-Period Binomial Model

Corporate Issuers 6–9%

  1. Organizational Forms, Corporate Issuer Features, and Ownership
  2. Investors and Other Stakeholders
  3. Corporate Governance: Conflicts, Mechanisms, Risks, and Benefits
  4. Working Capital and Liquidity
  5. Capital Investments and Capital Allocation
  6. Capital Structure
  7. Business Models

Equity Investments 11–14%

  1. Market Organization and Structure
  2. Security Market Indexes
  3. Market Efficiency
  4. Overview of Equity Securities
  5. Company Analysis: Past and Present
  6. Industry and Competitive Analysis
  7. Company Analysis: Forecasting
  8. Equity Valuation: Concepts and Basic Tools

Alternative Investments 7–10%

  1. Alternative Investment Features, Methods and Structures
  2. Alternative Investment Performance and Returns
  3. Private Capital: Private Equity and Private Debt
  4. Real Estate and Infrastructure
  5. Natural Resources: Land, Timber, Farmland and Commodities
  6. Hedge Funds
  7. Digital Assets

Portfolio Management 8–12%

  1. Portfolio Risk and Return: Part I
  2. Portfolio Risk and Return: Part II (CAPM and Performance Measures)
  3. Portfolio Management: An Overview
  4. Basics of Portfolio Planning and Construction
  5. The Behavioral Biases of Individuals
  6. Introduction to Risk Management

Ethical and Professional Standards 15–20%

  1. Ethics and Trust in the Investment Profession
  2. Code of Ethics and Standards of Professional Conduct
  3. Guidance for Standards I–VII
  4. Introduction to the Global Investment Performance Standards (GIPS)
  5. Ethics Application

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