Level 1 Study Sessions

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Level 1 is split into Study Sessions or known as LOS (Learning objectives). For the 2020 exam, there are 19 study sessions with 59 total readings.

List of Study Sessions[edit]

Study Session 1 - Ethical and Professional Standards
Study Session 2 - Quantitative Methods (1)
Study Session 3 - Quantitative Methods (2)
Study Session 4 - Economics (1)
Study Session 5 - Economics (2)
Study Session 6 - Financial Reporting and Analysis (1)
Study Session 7 - Financial Reporting and Analysis (2)
Study Session 8 - Financial Reporting and Analysis (3)
Study Session 9 - Financial Reporting and Analysis (4)
Study Session 10 - Corporate Finance (1)
Study Session 11 - Corporate Finance (2)
Study Session 12 - Equity Investments (1)
Study Session 13 - Equity Investments (2)
Study Session 14 - Fixed Income (1)
Study Session 15 - Fixed Income (2)
Study Session 16 - Derivatives
Study Session 17 - Alternative Investments
Study Session 18 - Portfolio Management (1)
Study Session 19 - Portfolio Management (2)

Changes to Study Sessions from Previous Years[edit]

2020 from 2019

Study Session Affected Affecting Readings Changes
Study Session ? Reading ?: Discounted Cash Flow Applications Removed
Study Session 1 Readings 2, 4, 5 End-of-Reading Practice Problems added
Study Session 2 Reading 7 End-of-Reading Practice Problems added
Study Session 3 Reading 9 LOS or significant content change
Study Session 4 Reading 14 LOS or significant content change
Study Session 6 readings 20 LOS or significant content change
Study Session 7 Readings 21, 22 LOS or significant content change
Study Session 8 Readings 26, 28 LOS or significant content change
Study Session 10 Reading 32 LOS or significant content change
Study Session 14 Reading 44 LOS or significant content change
Reading 45 End-of-Reading Practice Problems added
Study Session 16 Reading 48 LOS or significant content change
Readings 48, 49 End-of-Reading Practice Problems added
Study Session 18 Readings 51, 52, 53 LOS or significant content change
Study Session 19 Reading 54 LOS or significant content change