CFA Level I study map & reverse-engineering method
CFA Drill is a personal practice tool operated by EonDigi Inc. It offers original multiple-choice drills across all ten CFA Level I topic areas, with explanations written for executives who learn by working backwards from the answer key—after attempting the stem themselves.
This static guide exists so readers and crawlers can see publisher content without signing in. The interactive bank lives in the app; free accounts can practice a fixed sample per subject.
1. What “reverse engineering” means here
Many candidates read explanations first and feel productive while learning little. Our workflow flips that: (1) choose A/B/C under timed attention, (2) mark the item as learning, blindspot, or mastered, (3) only then reveal the reverse-engineering panel for formulas and traps. Mastery is not a single lucky correct click—it is either a deliberate “Mastered” action after a correct attempt, or repeated correct attempts over time.
Blindspots are items you deliberately quarantine—wrong answers, fragile topics, or ethics scenarios you keep missing. The blind-spot pool is global so weak topics do not hide behind a subject filter.
2. Level I subject map (weights are approximate)
Ethical & Professional Standards (15–20%): Code and Standards, GIPS orientation, situational judgment. Quantitative Methods (6–9%): TVM, statistics, probability, hypothesis testing, regression basics. Economics (6–9%): micro, macro, FX, trade. Financial Statement Analysis (11–14%): statements, ratios, inventory, long-lived assets, taxes, quality of earnings. Corporate Issuers (6–9%): capital structure, leverage, dividends, ESG in corporate finance. Equity (11–14%): market organization, indexes, valuation multiples, industry analysis. Fixed Income (11–14%): bond pricing, yields, duration, credit, securitization overview. Derivatives (5–8%): forwards, futures, swaps, options payoffs. Alternative Investments (7–10%): real estate, private equity, hedge funds, commodities. Portfolio Management (8–12%): IPS, risk and return, CAPM/SML, behavioral biases, rebalancing.
3. Sample original drill (Ethics)
Stem: Which action is most consistent with the CFA Institute Code of Ethics?
A. Place the integrity of the investment profession and clients’ interests above personal interests
B. Maximize short-term firm revenue whenever legally permitted
C. Rely solely on the employer’s compliance manual without independent judgment
Explanation: The Code requires acting with integrity, placing client and profession interests above personal interests, and using independent professional judgment. Revenue maximization and uncritical deference to a manual are not substitutes for ethical judgment.
4. Sample original drill (Quantitative Methods)
Stem: An ordinary annuity pays $1,000 at the end of each of the next five years. If the discount rate is 8% per year, the present value is closest to:
A. $3,993 B. $4,312 C. $5,000
Explanation: Use the ordinary annuity PV formula PV = C × [1 − (1+r)^(−n)] / r with C=1000, r=0.08, n=5, which is approximately $3,993. $5,000 ignores discounting; $4,312 is a common mis-set of timing or rate.
5. How the free and Pro tiers work
Free accounts get a fixed sample per subject (currently ten) to evaluate the product: progress states (unseen / learning / mastered / blindspot) and reverse-engineering. Pro — Level I is a one-time digital purchase via Stripe (list price typically USD $79; checkout controls): full Level I bank for that account, ad-free UI, personal study license for serious candidates. Levels II/III, if launched, will be priced separately or as an explicit bundle—not included in Level I Pro. Sales are generally final after activation; see our Refund & Purchase Policy and Terms. Advertising, when enabled, appears only beside drill content for free users.
6. Intellectual property & disclaimer
Practice items and explanations on CFA Drill are original study materials owned by EonDigi Inc. They are licensed for personal on-screen study only. You may not copy, download, scrape, screenshot, screen-record, photograph, redistribute, republish, or train models on this content without written permission. Technical copy-protection in the app is a deterrent only; capturing content by any means remains prohibited under the Terms of Service. CFA® and Chartered Financial Analyst® are trademarks of CFA Institute. CFA Drill is not affiliated with or endorsed by CFA Institute. Content is educational only and is not investment advice. Also see Privacy Policy and Refund Policy.
7. Start practicing
Open the interactive app at cfa-drill.com, create a free account, and drill one subject at a time.
Contact — product support: support+cfadrill@eondigi.com; legal & privacy: support+cfadrill@eondigi.com (same inbox; use the subject line). Operator: EonDigi Inc. (United States). Full support page: support.html.