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FREE CFA® Level 1 Study Materials

December 14th, 2009
A typical CFA Candidates desktop

How can you steal “FREE CFA® Level 1 Study Materials” well, what you do is you download them from my website, upload them to another website, and then claim them as copyright under your name. Needless to say, as someone who has given away hundreds of hours of work for free, I was not happy.

Standard I-C Misrepresentation has a lot to say about taking credit for other people’s work, something it seems multiple Members and Candidates in the CFA program have done over the years these files have been freely available online. Rest assured I have had enough, I will not be uploading any more Microsoft files to this blog certainly not the ones I made while preparing for the CFA Level 2 exam, which I eventually passed. One year later I passed the CFA Level 3 exam, so now I must look for a job that meets the work requirements.

There is no guarantee of accuracy but if numerous people claim them as their original work, how bad can they be? I recommend you consult the official curriculum rather than just rely on what some guy online wrote.

I don’t have, nor will I give you, digital copies of copyrighted material such as official or unofficial CFA Books. I’m currently unhappy to say the least that others have claimed as their own work, files I created. I’ve skirted around copyright laws in assembling and making available on this blog my personal study material along with reposting images I found online. There are definitely scanned copies of textbooks online, finding them shouldn’t be that that difficult. No matter how much study material you acquired it won’t help you pass the exam unless you learn the material and do hundreds of practice problems such as the ones I provided in these two MS Excel files:

I’ve updated my study materials several times since this post was originally published, so folks who got their copy from a website other than mine, may not have the latest, greatest, most accurate version of these files.  I’ve also typed out over over 1000 flashcards which are now available at

The CFA Code of Conduct now specifically mentions online discussion boards and self publishing. You’re not allowed to talk about what material was actually tested on a specific exam. Since I’ve had blog posts online for a number of years, specifically this one which does reasonably well in search engines and deals with the CFA program either I have not violated the Code of Conduct or I wasn’t worth going after in 2012, but by 2016 I must have been popular enough to receive their attention.

To make it excruciatingly clear these are study materials based on sample questions that appeared in practice exams or in other study materials that I put into Excel for the purpose of practicing for the CFA Level 1 Exam. There is no guarantee these questions or even these style of questions will appear on an actual future exam or that a question like this appeared on past exams. The curriculum does change every year and you should always refer to the most recent CFA Institute published materials for what needs to be learned in order to successfully complete the CFA Level 1 exam.

Material Covered

Astute readers will notice these are the same two Excel spreadsheets I’d previously uploaded. They’ve been expanded and improved. My question set now contains 100 categorized multiple choice questions dealing with the following subject matter:

  1. Quantifying Cash Flows
  2. Weighted Average Shares Issued
  3. Retained Earnings
  4. Valuing Inventory
  5. Cost of Equity
  6. WACC
  7. NPV & IRR
  8. NPV & IRR
  9. Bond Equivalent Yield
  10. WACC
  11. Required Rate of Return
  12. Pure Play Method
  13. Operating Cycle
  14. Trade Credit
  15. Stock Market Types
  16. Margin Calls
  17. ROI
  18. Abnormal Return
  19. HHI
  20. Dividend Growth Rate
  21. Stock Valuation
  22. PE Ratio
  23. Bond Duration
  24. Tax Equivalent Bond Yield
  25. Bond Valuation
  26. Bond Valuation Zero Coupon
  27. T-Bill Yield
  28. Bond Dirty Price
  29. Spot Rate Curve
  30. Portfolio Duration
  31. Free Cash Flow
  32. Accounting for Bonds
  33. Diluted Earnings Per Share
  34. Percentage of Completion
  35. Comprehensive Income
  36. Accounting for Lease Expenses
  37. Expected Return
  38. Expected Return and STD
  39. Over/Under Valued
  40. After Tax Cash Flow
  41. Continuously Compounded Return
  42. Standard Error of Sample Mean
  43. EPS
  44. Lease Expenses
  45. Operating Leverage
  46. Bond Yield
  47. Bond Yield
  48. FRA
  49. STD Portfolio
  50. Correlation of Returns
  51. HHI
  52. EPS
  53. Profitability Index
  54. Stock Valuation
  55. Stock Valuation
  56. Yield to Worst
  57. BPS Shift
  58. Gold Futures
  59. Exotic Options
  60. Beta
  61. Net Cash Provided By
  62. Degrees of Freedom
  63. Inventory Turnover
  64. Comprehensive Income
  65. Sustainable Growth Rate
  66. Market Value of Index
  67. Bond Valuation
  68. Deferred Tax Liability
  69. ROE
  70. Market Weighted Index
  71. P/E Estimate
  72. Valuing Calls
  73. Significance Level
  74. Accounting for Inventory
  75. Margin Return
  76. Portfolio STD
  77. Equity Risk Premium
  78. FRA
  79. EPS Compound Annual Rate
  80. Weighted Average Shares Issued
  81. WACC
  82. Stock Valuation
  83. Bond Valuation with Forward Rates
  84. Currency Swap
  85. Beta
  86. T-Bill Effective Annual Yield
  87. Probability
  88. Covariance Matrix
  89. FSA
  90. FSA
  91. Weighted Average Shares Issued
  92. After Tax Cost of Debt
  93. Income Tax Expense
  94. Average Investment in Receivables
  95. Estimated Inventory Days
  96. Implied P/E Ratio
  97. Market Value of Index
  98. Future Forward Rate
  99. Swaps
  100. Cash Flows

The question generator creates questions in thirty different styles using random numbers, you need to re-randomize every time you want to re-attempt the set of questions.

Hopefully random strangers on the Internet are more appreciative of my efforts than my MBA classmates… Alas, that proved not to be the case.


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