CFA Level I: Fixed Income

Master the Fixed Income section of the 2026 CFA Level I exam — 11–14% of total exam weight, translating to 20–25 questions. This course is structured around the six official CFA Institute readings, supplemented by an exam synthesis chapter that integrates every concept into the unified analytical framework the exam tests under timed conditions. Topics span the full breadth of fixed income analysis: from bond terminology, features, and indenture provisions, through government and corporate market mechanics, bond pricing and yield measures (YTM, current yield, bond equivalent yield, yield to call) with step-by-step BA II Plus financial calculator keystrokes, the term structure of interest rates (spot rates, forward rates, par rates, and the no-arbitrage principle), asset-backed securities and securitization mechanics including MBS prepayment risk, Macaulay/modified/effective duration and convexity-adjusted price sensitivity, and corporate credit analysis, the 4 Cs of credit, credit ratings, and credit spread interpretation across the rating spectrum. Every numerical worked example presents three layers: the financial intuition, the BA II Plus keystroke sequence for exam-day execution, and a short Python (numpy-financial) snippet that confirms the result programmatically and builds intuition through parameter sensitivity.

  • Level: intermediate
  • Duration: 4 weeks
  • 9 sections
  • Price: $20

Topics: CFA Level I, Fixed Income, Bond Valuation, Yield to Maturity, Term Structure of Interest Rates, Spot Rates, Forward Rates, Duration, Modified Duration, Macaulay Duration, Convexity, Asset-Backed Securities, Mortgage-Backed Securities, Securitization, Credit Analysis, Credit Spreads, Credit Risk, Prepayment Risk, BA II Plus, numpy-financial, Exam Preparation

What's inside

  1. CFA Level I: Fixed Income
  2. Chapter 1: Fixed Income Securities: Defining Elements
  3. Chapter 2: Fixed Income Markets: Issuance, Trading, and Funding
  4. Chapter 3: Introduction to Fixed Income Valuation: Bond Pricing and Yield Measures
  5. Chapter 4: Term Structure of Interest Rates: Spot Rates, Forward Rates, and Yield Curves
  6. Chapter 5: Introduction to Asset-Backed Securities
  7. Chapter 6: Fixed Income Risk and Return: Duration, Convexity, and Price Sensitivity
  8. Chapter 7: Fundamentals of Credit Analysis and Exam Synthesis
  9. Chapter 8: Mock Exam — CFA Level I Fixed Income Practice Test

Read a free sample chapter