CFA Program Level I Exam Audio Study Guide & Podcasts

Andrew and Ava break down return variance, skewness, and kurtosis for CFA Level I Quant—what they mean, how the exam tries to trick you, and why your calculator suddenly feels judgmental.

Andrew drags ESG back to cash flows where it belongs, Ava tries to memorize hurdles without crying, and together they roast the exam’s favorite fee traps: high-water marks, hard vs soft hurdles, and what ESG disclosures actually mean for valuation.

Andrew and Ava break down Holding Period Return, time-weighted vs money-weighted returns, and the exam’s favorite trap: “who actually controlled the cash flows?” Plus: the sneaky n vs n−1 standard deviation gotcha.

Andrew and Ava wrestle the Gordon (constant‑g) DDM and the joys of valuing global equities—aka, how to not get tricked by D0 vs D1, k ≤ g, and country-risk landmines on CFA Level I.

Andrew drags forwards and option payoff maps into the daylight. Ava tries to do it “by the book” without mixing up payoff vs profit, forwards vs futures, and long vs short. Expect sarcasm, exam traps, and breakevens.

Andrew drags Ava through YTM vs current yield vs coupon rate, then they tackle PV discounting traps and why OAS exists to ruin your weekend—plus how the CFA exam tries to trick you with reinvestment assumptions and compounding mismatches.

Andrew and Ava tackle Level I Corporate Issuers: liquidity ratios, the cash conversion cycle, and operating vs financial leverage—plus the classic exam traps that make smart people doubt arithmetic.

Andrew and Ava dissect disclosures, reconciliations, and IFRS measurement—where the exam hides the real story. Learn adjusting vs non-adjusting subsequent events, related-party red flags, and why fair value hierarchy is about inputs—not asset classes.

Andrew and Ava unpack CFA Level I Ethical & Professional Standards: the hierarchy of obligations, why “legal” isn’t “ethical,” how cross-border rules mess with your brain, and why disclosure doesn’t magically cleanse bad behavior.

Andrew and Ava untangle Pearson correlation and the Central Limit Theorem—plus the classic exam traps: r=0 isn’t independence, correlation isn’t causation, and CLT is about sample means… not your one weird return observation.

Andrew and Ava tackle covered interest parity (why the forward rate is an arbitrage price, not a crystal ball) and business cycle phases (why one bad GDP quarter isn’t a recession). Expect exam traps, tired brains, and one extremely grumpy architect.

Andrew and Ava untangle the most testable return calculations: HPR, chaining, time-weighted return vs money-weighted return—and the sneaky exam traps around cash-flow control and standard deviation.

Andrew and Ava break down ESG as real cash-flow risk (not vibes) and untangle management/performance fees, high-water marks, and hard vs soft hurdles—plus the classic exam traps that try to ruin your day.

Andrew drags Ava through YTM vs current yield, YTC, and OAS (aka “the option boogeyman”), then they do PV discounting with the compounding-frequency traps CFA loves. Includes exam keywords, common mistakes, and a tiny dose of emotional support.

Andrew and Ava walk through the Gordon (constant‑g) Dividend Discount Model and the very real headaches of valuing global equities—plus the classic exam traps that love to steal your points.

Andrew and Ava break down liquidity ratios, the cash conversion cycle, and operating vs. financial leverage—plus the classic Level I traps that make smart people pick the wrong answer at 2 a.m.

Andrew and Ava unpack the Balance Sheet as a point-in-time snapshot (not a movie) and why the Notes are where the real exam points—and real-world landmines—live.

Andrew and Ava untangle the CFA Code of Ethics versus the Standards of Professional Conduct—why the exam loves this distinction, how local law can still fail the Code, and who’s actually bound by what.