{"id":249,"date":"2019-09-17T17:42:00","date_gmt":"2019-09-17T17:42:00","guid":{"rendered":"https:\/\/analystprep.com\/cfa-level-1-exam\/?p=249"},"modified":"2026-02-20T04:32:38","modified_gmt":"2026-02-20T04:32:38","slug":"learning-sessions-curriculum-corporate-finance","status":"publish","type":"post","link":"https:\/\/analystprep.com\/cfa-level-1-exam\/corporate-issuers\/learning-sessions-curriculum-corporate-finance\/","title":{"rendered":"CFA Level 1 Study Notes – Corporate Issuers"},"content":{"rendered":"

CFA Level 1 Study Notes 2020<\/h1>\n

Reading 31- Corporate Governance and ESG: An Introduction<\/strong><\/h2>\n

– LOS a : describe corporate governance<\/a><\/p>\n

– LOS b: describe a company\u2019s stakeholder groups and compare interests of stakeholder groups<\/a><\/p>\n

– LOS 31c: describe principal\u2013agent and other relationships in corporate governance and the conflicts that may arise in these relationships<\/a><\/p>\n

– LOS d: describe stakeholder management<\/a><\/p>\n

– LOS e: describe mechanisms to manage stakeholder relationships and mitigate associated risks<\/a><\/p>\n

– LOS f: describe functions and responsibilities of a company\u2019s board of directors and its committees<\/a><\/p>\n

– LOS g: describe market and non-market factors that can affect stakeholder relationships and corporate governance<\/a><\/p>\n

– LOS h: identify potential risks of poor corporate governance and stakeholder management and identify benefits from effective corporate governance and stakeholder management<\/a><\/p>\n

– LOS i: describe factors relevant to the analysis of corporate governance and stakeholder management<\/a><\/p>\n

– LOS j: describe environmental and social considerations in investment analysis<\/a><\/p>\n

– LOS k: describe how environmental, social, and governance factors may be used in investment analysis<\/a><\/p>\n

Reading 32\u00a0 – Capital Budgeting <\/strong><\/h2>\n

– LOS a: describe the capital budgeting process and distinguish among the various categories of capital projects<\/a>
\n– LOS b: describe the basic principles of capital budgeting<\/a>
\n– LOS c: explain how the evaluation and selection of capital projects is affected by mutually exclusive projects, project sequencing, and capital rationing<\/a>
\n– LOS d: calculate and interpret net present value (NPV), internal rate of return (IRR), payback period, discounted payback period, and profitability index (PI) of a single capital project<\/a>
\n– LOS e: explain the NPV profile, compare the NPV and IRR methods when evaluating independent and mutually exclusive projects, and describe the problems associated with each of the evaluation methods<\/a>
\n– LOS f: contrast the NPV decision rule to the IRR decision rule and identify problems associated with the IRR rule<\/a>
\n– LOS g: describe expected relations among an investment\u2019s NPV, company value, and share price <\/a><\/p>\n

Reading 33 – Cost of Capital<\/strong><\/h2>\n

-LOS a. calculate and interpret the weighted average cost of capital (WACC) of a company;<\/a>
\n-LOS b. describe how taxes affect the cost of capital from different capital sources;<\/a>
\n– LOS c: describe the use of target capital structure in estimating WACC and how target capital structure weights may be determined\u00a0<\/span><\/a>
\n– LOS d: explain how the marginal cost of capital and the investment opportunity schedule are used to determine the optimal capital budget\u00a0<\/a><\/span>
\n– LOS e: explain the marginal cost of capital\u2019s role in determining the net present value of a project<\/a><\/span>
\n– LOS f: calculate and interpret the cost of debt capital using the yield-to-maturity approach and the debt-rating approach\u00a0<\/a><\/span>
\n– LOS g: calculate and interpret the cost of noncallable, nonconvertible preferred stock\u00a0<\/a><\/span>
\n– LOS h: calculate and interpret the cost of equity capital using the capital asset pricing model approach, the dividend discount model approach, and the bond-yield plus risk-premium approach<\/a><\/span>
\n– LOS i: calculate and interpret the beta and cost of capital for a project<\/a><\/span>
\n– LOS j: describe uses of country risk premiums in estimating the cost of equity<\/a><\/span>
\n– LOS k: describe the marginal cost of capital schedule, explain why it may be upward sloping with respect to additional capital, and calculate and interpret its break-points<\/a><\/span>
\n– LOS l: explain and demonstrate the correct treatment of flotation costs\u00a0<\/a><\/span><\/p>\n

Study Session 11<\/strong><\/h1>\n

Reading 34 – Measures of Leverage<\/strong><\/h2>\n

-LOS a. define and explain leverage, business risk, sales risk, operating risk, and financial risk and classify a risk;<\/a>
\n-LOS b. calculate and interpret the degree of operating leverage, the degree of financial leverage, and the degree of total leverage;<\/a>
\n-LOS c. analyze the effect of financial leverage on a company\u2019s net income and return on equity;<\/a>
\n-LOS d. calculate the breakeven quantity of sales and determine the company’s net income at various sales levels;<\/a>
\n-LOS e. calculate and interpret the operating breakeven quantity of sales.<\/a><\/p>\n

Reading 35 –\u00a0<\/strong>Working Capital Management<\/strong><\/h2>\n

– LOS a: describe primary and secondary sources of liquidity and factors that influence a company\u2019s liquidity position\u00a0<\/a>
\n– LOS b: compare a company\u2019s liquidity measures with those of peer companies<\/a>
\n– LOS c: evaluate working capital effectiveness of a company based on its operating and cash conversion cycles and compare the company\u2019s effectiveness with that of peer companies<\/a>
\n– LOS d: describe how different types of cash flows affect a company\u2019s net daily cash position<\/a>
\n– LOS e: calculate and interpret comparable yields on various securities, compare portfolio returns against a standard benchmark, and evaluate a company\u2019s short-term investment policy guidelines<\/a>
\n–\u00a0LOS f: evaluate a company\u2019s management of accounts receivable, inventory, and accounts payable over time and compared to peer companies<\/a>
\n– LOS g: evaluate the choices of short-term funding available to a company and recommend a financing method<\/a><\/p>\n

(<\/strong>Dividends and Shares Repurchases: Basics\u00a0<\/strong>–\u00a0<\/strong>until 2017<\/strong>)<\/strong><\/h2>\n

– LOS 38a: describe regular cash dividends, extra dividends, liquidating dividends, stock dividends, stock splits, and reverse stock splits, including their expected effect on shareholders\u2019 wealth and a company\u2019s financial ratios<\/a>
\n– LOS 38b: describe dividend payment chronology, including the significance of declaration, holder-of-record, ex-dividend, and payment dates<\/a>
\n– LOS 38c: compare share repurchase methods<\/a>
\n– LOS 38d: calculate and compare the effect of a share repurchase on earnings per share when 1) the repurchase is financed with the company\u2019s excess cash and 2) the company uses debt to finance the repurchase<\/a>
\n– LOS 38e: calculate the effect of a share repurchase on book value per share<\/a>
\n– LOS 38f: explain why a cash dividend and a share repurchase of the same amount are equivalent in terms of the effect on shareholders\u2019 wealth, all else being equal<\/a><\/p>\n

CFA Level 1 Study Notes 2022<\/h1>\n

Reading 27 – Corporate Governance and ESG: An Introduction<\/strong><\/h2>\n

– LOS a : describe corporate governance<\/a><\/p>\n

– LOS b: describe a company\u2019s stakeholder groups and compare interests of stakeholder groups<\/a><\/p>\n

– LOS c: describe principal\u2013agent and other relationships in corporate governance and the conflicts that may arise in these relationships<\/a><\/p>\n

– LOS d: describe stakeholder management<\/a><\/p>\n

– LOS e: describe mechanisms to manage stakeholder relationships and mitigate associated risks<\/a><\/p>\n

– LOS f: describe functions and responsibilities of a company\u2019s board of directors and its committees<\/a><\/p>\n

– LOS g: describe market and non-market factors that can affect stakeholder relationships and corporate governance<\/a><\/p>\n

– LOS h: identify potential risks of poor corporate governance and stakeholder management and identify benefits from effective corporate governance and stakeholder management<\/a><\/p>\n

– LOS i: describe factors relevant to the analysis of corporate governance and stakeholder management<\/a><\/p>\n

– LOS j: describe environmental and social considerations in investment analysis<\/a><\/p>\n

– LOS k: describe how environmental, social, and governance factors may be used in investment analysis<\/a><\/p>\n

Reading 28: Uses of Capital<\/strong><\/h2>\n

-LOS 28a: describe the capital allocation process and basic principles of capital allocation;<\/a><\/p>\n

-LOA 28b: demonstrate the use of net present value (NPV) and internal rate of return (IRR) in allocating capital and describe the advantages and disadvantages of each method;<\/a><\/p>\n

-LOS 28c: describe expected relations among a company\u2019s investments, company value, and share price;<\/a><\/p>\n

-LOS 28d: describe types of real options relevant to capital investment;<\/a><\/p>\n

-LOS 28e. describe common capital allocation pitfalls.<\/a><\/p>\n

Reading 29: Sources of Capital<\/strong><\/h2>\n

-LOS 29a: <\/span>describe types of financing methods and considerations in their selection;<\/span><\/a><\/p>\n

-LOS 29b: <\/span>describe primary and secondary sources of liquidity and factors that influence a company\u2019s liquidity position;<\/span><\/a><\/p>\n

-LOS 29c: <\/span>compare a company\u2019s liquidity position with that of peer companies;<\/span><\/a><\/p>\n

-LOS 29d: <\/span>evaluate choices of short-term funding<\/span><\/a><\/p>\n

Reading 30\u00a0 – Cost of Capital -Foundational Topics<\/strong><\/h2>\n

-LOS 30a. calculate and interpret the weighted average cost of capital (WACC) of a company;<\/a><\/p>\n

-LOS 30b. describe how taxes affect the cost of capital from different capital sources;<\/a><\/p>\n

– LOS 30c: calculate and interpret the cost of debt capital using the yield-to-maturity approach and the debt-rating approach\u00a0<\/a><\/p>\n

– LOS 30d: calculate and interpret the cost of noncallable, nonconvertible preferred stock\u00a0<\/a><\/p>\n

-LOS 30e. calculate and interpret the cost of equity capital using the capital asset pricing model approach and the bond yield plus risk premium approach;<\/a><\/p>\n

-LOS 30f. explain and demonstrate beta estimation for public companies, thinly traded public companies, and nonpublic companies;<\/a><\/p>\n

– LOS 30g: explain and demonstrate the correct treatment of flotation costs\u00a0<\/a><\/p>\n

Reading 31: Capital Structure<\/strong><\/h2>\n

-LOS 31a. describe how a company\u2019s capital structure may change over its life cycle;<\/a>
\n-LOS 31b. explain the Modigliani\u2013Miller propositions regarding capital structure;<\/a>
\n-LOS 31c. describe the use of target capital structure in estimating WACC, and calculate and interpret target capital structure weights;<\/a>
\n-LOS 31d. explain factors affecting capital structure decisions;<\/a>
\n-LOS 31e. describe competing stakeholder interests in capital structure decisions.<\/a><\/p>\n

Reading 32 – Measures of Leverage<\/strong><\/h2>\n

-LOS 32a. define and explain leverage, business risk, sales risk, operating risk, and financial risk and classify a risk;<\/a>
\n-LOS 32b. calculate and interpret the degree of operating leverage, the degree of financial leverage, and the degree of total leverage;<\/a>
\n-LOS 32c. analyze the effect of financial leverage on a company\u2019s net income and return on equity;<\/a>
\n-LOS 32d. calculate the breakeven quantity of sales and determine the company’s net income at various sales levels;<\/a>
\n-LOS 32e. calculate and interpret the operating breakeven quantity of sales.<\/a><\/p>\n

CFA Level 1 Study Notes 2023<\/h1>\n

Reading 28 – Corporate Structures and Ownership<\/h2>\n

LOS 28a: compare business structures and describe key features of corporate issuers<\/a><\/p>\n

LOS 28b: compare public and private companies<\/a><\/p>\n

LOS 28c: compare the financial claims and motivations of lenders and owner<\/a><\/p>\n

Reading 29 – Introduction to Corporate Governance and Other ESG Considerations<\/h2>\n

LOS 29a: describe a company\u2019s stakeholder groups and compare their interests<\/a><\/p>\n

LOS 29b: describe the principal-agent relationship and conflicts that may arise between stakeholder groups<\/a><\/p>\n

LOS 29c: describe corporate governance and mechanisms to manage stakeholder relationships and mitigate associated risks<\/a><\/p>\n

LOS 29d: describe both the potential risks of poor corporate governance and stakeholder management and the benefits from effective corporate governance and stakeholder management<\/a><\/p>\n

LOS 29e: describe environmental, social, and governance considerations in investment analysis<\/a><\/p>\n

LOS 29f: describe environmental, social, and governance investment approaches<\/a><\/p>\n

Reading 30 – Business Models and Risks<\/h2>\n

LOS 30a: Describe key features and types of business models.<\/a><\/p>\n

LOS 30b: Describe expected relations between a company\u2019s external environment, business model, and financing needs.<\/a><\/p>\n

LOS 30c: Explain and classify types of business and financial risks for a company.<\/a><\/p>\n

Reading 31 – Capital Investments<\/h2>\n

LOS 31a: describe types of capital investments made by companies<\/a><\/p>\n

LOS 31b: describe the capital allocation process and basic principles of capital allocation<\/a><\/p>\n

LOS 31c: demonstrate the use of net present value (NPV) and internal rate of return (IRR) in allocating capital and describe the advantages and disadvantages of each method<\/a><\/p>\n

LOS 31d: describe common capital allocation pitfalls<\/a><\/p>\n

LOS 31e: describe expected relations among a company\u2019s investments, company value, and share price<\/a><\/p>\n

LOS 31f: describe types of real options relevant to capital investment<\/a><\/p>\n

Reading 32 <\/strong>– Working Capital & Liquidity<\/strong><\/h2>\n

LOS 32a: compare methods to finance working capital<\/a><\/p>\n

LOS 32b: explain expected relations between working capital, liquidity, and short-term funding needs<\/a><\/p>\n

LOS 32c: describe sources of primary and secondary liquidity and factors affecting a company\u2019s liquidity position<\/a><\/p>\n

LOS 32d: compare a company\u2019s liquidity position with that of peers<\/a><\/p>\n

LOS 32e: evaluate short-term funding choices available to a company<\/a><\/p>\n

Reading 33 – Cost of Capital – Foundational Topics<\/strong><\/h2>\n

-LOS 33a. calculate and interpret the weighted average cost of capital (WACC) of a company;<\/a><\/p>\n

-LOS <\/a>33<\/a>b. describe how taxes affect the cost of capital from different capital sources;<\/a><\/p>\n

– LOS <\/a>33<\/a>c: calculate and interpret the cost of debt capital using the yield-to-maturity approach and the debt-rating approach\u00a0<\/a><\/p>\n

– LOS <\/a>33<\/a>d: calculate and interpret the cost of noncallable, nonconvertible preferred stock\u00a0<\/a><\/p>\n

-LOS <\/a>33<\/a>e. calculate and interpret the cost of equity capital using the capital asset pricing model approach and the bond yield plus risk premium approach;<\/a><\/p>\n

-LOS 33f. explain and demonstrate beta estimation for public companies, thinly traded public companies, and nonpublic companies;<\/a><\/p>\n

– LOS 33g: explain and demonstrate the correct treatment of flotation cost<\/a><\/p>\n

Reading 34 – Capital Structure<\/strong><\/h2>\n

LOS 34a: explain factors affecting capital structure<\/a><\/p>\n

LOS 34b: describe how a company\u2019s capital structure may change over its life cycle<\/a><\/p>\n

LOS 34c: explain the Modigliani\u2013Miller propositions regarding capital structure<\/a><\/p>\n

LOS 34d: describe the use of target capital structure in estimating WACC, and calculate and interpret target capital structure weights<\/a><\/p>\n

LOS 34e: describe competing stakeholder interests in capital structure decisions<\/a><\/p>\n

Reading 35 – Measures of Leverage<\/strong><\/h2>\n

-LOS 35a. define and explain leverage, business risk, sales risk, operating risk, and financial risk and classify a risk;<\/a>
\n-LOS 35b. calculate and interpret the degree of operating leverage, the degree of financial leverage, and the degree of total leverage;<\/a>
\n-LOS 35c. analyze the effect of financial leverage on a company\u2019s net income and return on equity;<\/a>
\n-LOS 35d. calculate the breakeven quantity of sales and determine the company’s net income at various sales levels;<\/a>
\n-LOS 35e. calculate and interpret the operating breakeven quantity of sales.<\/a><\/p>\n

CFA Level 1 Study Notes 2024<\/h1>\n

Learning Module 1 \u2013 Organization Forms, Corporate Issuer Features, and Ownership<\/strong><\/h2>\n

-LOS a: compare the organizational forms of business;<\/a><\/p>\n

-LOS b: describe key features of corporate issuers;<\/a><\/p>\n

-LOS c: compare publicly and privately owned corporate issuers;<\/a><\/p>\n

Learning Module 2 \u2013 Investors and Other Stakeholders<\/strong><\/h2>\n

-LOS a: compare the financial claims and motivations of lenders and shareholders;<\/a><\/p>\n

-LOS b: describe a company’s stakeholder groups and compare their interests;<\/a><\/p>\n

-LOS c: describe environmental, social, and governance factors of corporate issuers considered by investors;<\/a><\/p>\n

Learning Module 3 \u2013 Corporate Governance-Conflicts, Mechanisms, Risk and Benefits<\/strong><\/h2>\n

-LOS a: describe the principal-agent relationship and conflicts that may arise between stakeholder groups;<\/a><\/p>\n

-LOS b: describe corporate governance and mechanisms to manage stakeholder relationships and mitigate associated risks;<\/a><\/p>\n

-LOS c: describe potential risks of poor corporate governance and stakeholder management and the benefits of effective corporate governance and stakeholder management;<\/a><\/p>\n

Learning Module 4 <\/span><\/strong>\u2013 <\/strong>Working Capital and Liquidity<\/span><\/strong><\/h2>\n

-LOS a: explain the cash conversion cycle and compare issuer\u2019s cash conversion cycles;<\/a><\/p>\n

-LOS b: explain liquidity and compare issuers\u2019 liquidity levels;<\/a><\/p>\n

-LOS c: describe issuers\u2019 objectives and compare methods for managing working capital and liquidity;<\/a><\/p>\n

Learning Module 5 <\/span><\/strong>\u2013 Capital Investments and Capital Allocation<\/strong><\/h2>\n

-LOS a: describe types of capital investments;<\/a><\/p>\n

-LOS b: describe the capital allocation process, calculate net present value (NPV), internal rate of return (IRR), and return on invested capital (ROIC), and contrast their use in capital allocation;<\/a><\/p>\n

-LOS c: describe principles of capital allocation and common capital allocation pitfalls;<\/a><\/p>\n

-LOS d: describe types of real options relevant to capital investments;<\/a><\/p>\n

Learning Module 6 <\/span><\/strong>\u2013 Capital structures<\/strong><\/h2>\n

-LOS a: calculate and interpret the weighted-average cost of capital for a company;<\/a><\/p>\n

-LOS b: explain factors affecting capital structure and the weighted-average cost of capital;<\/a><\/p>\n

-LOS c: explain the Modigliani-Miller propositions regarding capital structures;<\/a><\/p>\n

-LOS d: describe optimal and target capital structures;<\/a><\/p>\n

Learning Module 7 <\/span><\/strong>\u2013 Business Models<\/strong><\/h2>\n

-LOS a: describe key features of business models;<\/a><\/p>\n

-LOS b: Describe various types of business models;<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

CFA Level 1 Study Notes 2020 Reading 31- Corporate Governance and ESG: An Introduction – LOS a : describe corporate governance – LOS b: describe a company\u2019s stakeholder groups and compare interests of stakeholder groups – LOS 31c: describe principal\u2013agent…<\/p>\n","protected":false},"author":15,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[25],"tags":[],"class_list":["post-249","post","type-post","status-publish","format-standard","hentry","category-corporate-issuers","blog-post","no-post-thumbnail","animate"],"acf":[],"yoast_head":"\nCorporate Finance Study Notes | CFA Level 1<\/title>\n<meta name=\"description\" content=\"CFA Level 1 Corporate Finance notes cover essential concepts like capital budgeting, cost of capital, and corporate financing strategies.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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