CFA® L1 — Fixed Income
Bond pricing, yield, duration, convexity, credit risk, securitised products. Where most candidates struggle, and why.
Quick info
- Layer
- Professional Certifications
- Track
- CFA® Level 1
- Estimated hours
- 35 hrs
- Chapters
- 6
- Exam body
- CFA Institute
- Cost on Trustner
- Free
The full chapter-by-chapter syllabus is published below so you know exactly what you're committing to. Individual lesson pages are being authored progressively over the coming weeks. Bookmark this page or browse all courses.
About this course
Bond pricing, yield, duration, convexity, credit risk, securitised products. Where most candidates struggle, and why.
Who this is for
- CFA L1 candidates.
- Fixed-income analysts and treasury professionals.
What you'll learn
- Bond cash-flow structures and the relationship between price and yield
- Duration and convexity — what they measure and how to apply them
- Yield curves, term structure, and credit spreads
- Securitised products — MBS, ABS basics
Full syllabus — 6 chapters
- 1Reading 1
Fixed-income markets
- Bond features and contract terms
- Indentures, covenants
- 2Reading 2
Bond pricing and yield
- Time-value of money for bonds
- YTM, current yield, realised return
- 3Reading 3
Duration and convexity
- Macaulay and modified duration
- Convexity adjustments
- 4Reading 4
Yield curves
- Spot and forward rates
- Term-structure theories
- 5Reading 5
Credit risk
- Credit ratings and spreads
- Default probabilities and recovery
- 6Reading 6
Securitised products
- MBS, ABS, CDOs
- Tranching and credit enhancement
About the exam
- Provider
- CFA Institute
Note: ~10-12% of CFA L1 weight.
The exam is administered by CFA Institute. Trustner Academy is not affiliated with CFA Institute; we provide independent preparatory educational material. See our disclaimer.
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