Have a look at the example questions below that you will meet in the CFA Level 1 exam:

  • Which are the four risk factors that may lead to fraudulent accounting?
  • What is the role of marginal cost in determining the NPV of a project?
  • Explain the kinked demand curve model and the dominant firm model.
  • Calculate the value of a stock with the DCF model.
  • Describe how structural economic changes may affect industries.


Did you know the answers? If not, the CFA Study Notes can help.

In the Financial Analyst Study Notes, the questions above and many more are answered for you based on the original CFA curriculum, making for a convenient way to learn, test and reinforce the most important concepts and practice for the exam. The Financial Analyst Study Notes can also be used when you are strapped for time and need to familiarize yourself with a concept fast. Think of it as an affordable, ultra-condensed summary of the required knowledge in question-and-answer format.

To get Volume 3 “Derivatives” of the Financial Analyst CFA Study Notes for free, please enter your name and email address in the box below. You will receive the download instructions in your mailbox immediately after signing up.

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Prepare for the CFA exam with the Financial Analyst Study Notes!


  • Summaries of the most important learning objectives in the CFA curriculum.
  • Active recall: Over 750 questions and answers about the CFA body of knowledge.
  • Comprehensive answers with illustrations and images.
  • Convenient lists and tables that summarize the most salient points.
  • Search for keywords within broad topics.


The CFA Study Notes for CFA Level 1 contain ten volumes:

  • Alternative Investments (17 pages)
  • Corporate Finance (28 pages)
  • Derivatives (30 pages)
  • Economics (73 pages)
  • Equities (14 pages)
  • Financial Statement Analysis (104 pages)
  • Fixed Income (55 pages)
  • Markets (16 pages)
  • Portfolio Management (15 pages)
  • Quantitative Concepts (105 pages)

The entire collection of all volumes contains over 750 questions and answers about the CFA Level 1 curriculum that every CFA Candidate should know. The Financial Analyst Study Notes are available for download immediately after verification of your purchase (pdf format, approx. 15 MB).

Price only $39.95

Buy the Financial Analyst Study Notes for the CFA Exam now

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Frequently Asked Questions (FAQ) about the CFA Study Notes:


Q: Will you update the material for changes in the curriculum?
A: CFA Institute periodically updates the reading material, but the Financial Analyst CFA Study Notes cover topics that every candidate must know, regardless of changes in the curriculum. The knowledge tested in the CFA Level 1 exam is quite basic and universal, and this study material is designed for any candidate to check and deepen their knowledge about the CFA program in general also in years to come. I am certain this study material will help you in your exam preparation. If you know the concepts covered in the Financial Analyst Study Notes, you will definitely profit for the CFA exam. Think of the Study Notes as an ultra-condensed version of the most important learning objectives.

Q: Why should I buy the Financial Analyst Study Notes? I already have other learning materials.
A: The Financial Analyst Study Notes will provide you with the most condensed version of the CFA Learning Objectives. It is possible to review the entire curriculum (except Ethics and Quant) within half a day with the Financial Analyst Study Notes. While the original CFA readings and the packages of learning providers are very good and thorough, they will leave you stranded if you have a time problem: You will simply have no chance at covering every detail of Economics or Derivatives before the exam. If you are looking for a time-saving review solution, I believe the Financial Analyst Study Notes can provide you with a lot of value for little money.

Q: Why are ethics not covered?
A: Ethics are deliberately not covered. In order to succeed at the exam, it is recommended that you read those topics in the original CFA materials. For all other topics, the Financial Analyst Study Notes condense the required knowledge to the maximum to save you time.

Q: Will you make Level 2 and Level 3 available as well?
A: Material for Level 2 and 3 are in the works. If you are a member of the mailinglist, I will keep you in the loop about any changes and updates.

Q: I do not have an account with your payment provider. How can I purchase the Concept Checkers with a credit or debit card?
A: You can easily pay with your debit or credit card from any country in the world without opening an account. Just type in your email address and credit card number and you are set. More information about Gumroad can be found here.

Q: Gumroad does not work with my credit card. Can I pay with an alternative way?
A: I apologize if Gumroad does not accept your credit card. This is very rare, but unfortunately, it happens with some countries, ISPs, and card providers. Please email me if you would like to use another payment provider, but before, please try the following:

  • Make sure no firewall is interfering with your web connection, which is often the case on work computers.
  • Make sure you have turned off all script blockers (such as noscript).
  • Delete browser cookies and restart your browser.
  • Try another browser. Firefox with standard extensions usually works well.
  • Try another credit card or debit card.

Q: Can you send me a printed version of the Financial Analyst Study Notes?
A: The Study Notes are available as downloadable pdf files only that can be printed out, but I cannot send physical prints at this time.

Q: How would I best use the Study Notes to prepare for the CFA exam?
A: The best way to learn the concepts that must be mastered for the exam is active recall. I advise you to first read the original curriculum from CFA Institute. In the next step, you want to learn and practice what you have read. Look at the question in the Study Notes while covering the answer and try to solve it in your head or on paper. Then look at the answer and compare it with yours. This will help you outline weaknesses in your preparation and point out concepts that you may have missed when reading the material. Please also visit my featured article “How to master the CFA exam in 10 steps” to get an overview about what to expect on exam day.

Q: Can I share these Study Notes with my friends or colleagues?
A: While it would be easy to do I encourage you to not share this document with anyone. It took a lot of time to create this product, and I believe it is a very valuable resource in test preparation for the CFA exam, and well worth the price. If you enjoy this guide, please encourage your friends to purchase it as well, as this will help me create content like this in the future as well.

Q: I purchased the product but the download link does not work. This is annoying! What can I do?
A: I apologize if the download links are over capacity. This has unfortunately happened in the past when users shared the link with others, because there is only a certain number of download slots allocated to each link. If you encounter any problems, please immediately email us so I can send you a new link.

Q: I have a specific question about the CFA Level 1 exam. Can I email you?
A: Please feel free to email me if you have any questions; at times the volume of emails is overwhelming, but I will always do our best to answer. In the meantime, please read this guideline on how to succeed at the CFA exam to get an idea what to expect on exam day.