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The CFA® Program assumes basic knowledge of Economics, Quantitative Methods, and Financial Statements as presented in introductory university-level courses in Statistics, Economics, and Accounting. Level I CFA Program candidates who do not have a basic understanding of these concepts or would like to review these concepts can study from any of the three prerequisite reading volumes. Volume 1 covers the basics of Quantitative Methods, including interest rates, present value, and future value; data visualization; probability and probability distribution; sampling and estimation; and hypothesis testing. (Note: The prerequisite readings are intended as introductory material and are not part of the official Level I curriculum.) How to Use the CFA Program Curriculum Errata Quantitative Methods Learning Module 1 Interest Rates, Present Value, and Future Value Introduction Interest Rates Future Value of a Single Cash Flow Non-Annual Compounding (Future Value) Continuous Compounding Stated and Effective Rates Future Value of a Series of Cash Flows Equal Cash Flows—Ordinary Annuity Unequal Cash Flows Present Value of a Single Cash Flow Non-Annual Compounding (Present Value) Present Value of a Series of Equal and Unequal Cash Flows The Present Value of a Series of Equal Cash Flows The Present Value of a Series of Unequal Cash Flows Present Value of a Perpetuity Present Values Indexed at Times Other than t = 0 Solving for Interest Rates, Growth Rates, and Number of Periods Solving for Interest Rates and Growth Rates Solving for the Number of Periods Solving for Size of Annuity Payments Present and Future Value Equivalence and the Additivity Principle The Cash Flow Additivity Principle Summary Practice Problems Solutions Learning Module 2 Organizing, Visualizing, and Describing Data Introduction Data Types Numerical versus Categorical Data Cross-Sectional versus Time-Series versus Panel Data Structured versus Unstructured Data Data Summarization Organizing Data for Quantitative Analysis Summarizing Data Using Frequency Distributions Summarizing Data Using a Contingency Table Data Visualization Histogram and Frequency Polygon Bar Chart Tree-Map Word Cloud Line Chart Scatter Plot Heat Map Guide to Selecting among Visualization Types Measures of Central Tendency The Arithmetic Mean The Median The Mode Other Concepts of Mean Quantiles Quartiles, Quintiles, Deciles, and Percentiles Quantiles in Investment Practice Measures of Dispersion The Range The Mean Absolute Deviation Sample Variance and Sample Standard Deviation Downside Deviation and Coefficient of Variation Coefficient of Variation Summary Practice Problems Solutions Learning Module 3 Probability Concepts Probability Concepts and Odds Ratios Probability and Odds Conditional and Joint Probability Principles of Counting Summary References Practice Problems Solutions Learning Module 4 Common Probability Distributions Discrete Random Variables Discrete Random Variables Discrete and Continuous Uniform Distribution Continuous Uniform Distribution Binomial Distribution Normal Distribution The Normal Distribution Probabilities Using the Normal Distribution Standardizing a Random Variable Probabilities Using the Standard Normal Distribution Student’s t-, Chi-Square, and F-Distributions Student’s t-Distribution Chi-Square and F-Distribution Summary References Practice Problems Solutions Learning Module 5 Sampling and Estimation Introduction Point Estimates of the Population Mean Point Estimators Confidence Intervals for the Population Mean and Sample Size Selection Selection of Sample Size Sampling-Related Biases Data Snooping Bias Sample Selection Bias Look-Ahead Bias Time-Period Bias Summary References Practice Problems Solutions Learning Module 6 Basics of Hypothesis Testing Introduction Why Hypothesis Testing? Implications from a Sampling Distribution The Process of Hypothesis Testing Stating the Hypotheses Two-Sided vs. One-Sided Hypotheses Selecting the Appropriate Hypotheses Identify the Appropriate Test Statistic Test Statistics Identifying the Distribution of the Test Statistic Specify the Level of Significance State the Decision Rule Determining Critical Values Decision Rules and Confidence Intervals Collect the Data and Calculate the Test Statistic Make a Decision Make a Statistical Decision Make an Economic Decision Statistically Significant but Not Economically Significant? The Role of p-Values Multiple Tests and Significance Interpretation Tests Concerning a Single Mean Test Concerning Differences between Means with Independent Samples Test Concerning Differences between Means with Dependent Samples Testing Concerning Tests of Variances Tests of a Single Variance Test Concerning the Equality of Two Variances (F-Test) Summary References Practice Problems Solutions Learning Module 7 Appendices Appendices Glossary