Climb to the charter,
one level at a time.

Every climb starts here. Learn the Code and Standards that govern the profession, the quantitative toolkit — time value, returns and statistics — and the economics that move whole markets.

1. 🧭
   Level 1 · ▶ NEXT The Code of Ethics ★★★ ◆
2. ⚖️
   Level 2 The Seven Standards ★★★ ◆◆ 🧩 Builds on L01
3. 📋
   Level 3 GIPS & Applying the Code ★★★ ◆◆ 🧩 Builds on L02
4. ⏳
   Level 4 Time Value of Money ★★★ ◆ 🧩 Builds on L01
5. 💹
   Level 5 Rates, Returns & Money-Weighting ★★★ ◆◆ 🧩 Builds on L04
6. 🎲
   Level 6 Statistics & Probability ★★★ ◆◆◆ 🧩 Builds on L04
7. 🏭
   Level 7 Microeconomics: Firms & Markets ★★★ ◆◆ 🧩 Builds on L01
8. 🌍
   Level 8 Macro, Cycles & Currencies ★★★ ◆◆◆ 🧩 Builds on L07
9. 🚩 👑
   Level 9 · EXAM Base Camp Exam ★★★ ◆◆◆ 🧩 Builds on L03, L06, L08

A sheer face of numbers. Learn to read the three financial statements, turn them into ratios, and understand how companies are governed, funded and valued from the inside.

1. 📊
   Level 10 Statements & the Reporting System ★★★ ◆◆ 🧩 Builds on L05
2. 🧾
   Level 11 The Income Statement ★★★ ◆◆◆ 🧩 Builds on L10
3. 🏦
   Level 12 Balance Sheet & Cash Flows ★★★ ◆◆◆ 🧩 Builds on L11
4. 🔍
   Level 13 Ratios & Financial Analysis ★★★ ◆◆◆ 🧩 Builds on L12
5. 🏛️
   Level 14 Corporate Structures & Governance ★★★ ◆◆ 🧩 Builds on L10
6. 📐
   Level 15 Capital Budgeting ★★★ ◆◆◆ 🧩 Builds on L05, L14
7. 💰
   Level 16 Cost of Capital & Structure ★★★ ◆◆◆ 🧩 Builds on L15
8. 🧮 👑
   Level 17 · EXAM The Analyst's Exam ★★★ ◆◆◆◆ 🧩 Builds on L13, L16

The long traverse across the asset classes: how equity and bond markets work and are priced, how derivatives transfer risk, and where alternatives fit. The widest world.

1. 🏟️
   Level 18 Market Organization & Indexes ★★★ ◆◆ 🧩 Builds on L06
2. 📈
   Level 19 Equity Valuation ★★★ ◆◆◆ 🧩 Builds on L18
3. 📜
   Level 20 Fixed Income: The Basics ★★★ ◆◆ 🧩 Builds on L18
4. 🏷️
   Level 21 Bond Pricing & Yields ★★★ ◆◆◆ 🧩 Builds on L20
5. 📉
   Level 22 Yield Curves, Duration & Risk ★★★ ◆◆◆◆ 🧩 Builds on L21
6. 🧱
   Level 23 Securitization ★★★ ◆◆◆ 🧩 Builds on L20
7. 🔄
   Level 24 Derivatives: Forwards & Futures ★★★ ◆◆◆ 🧩 Builds on L18
8. 🎯
   Level 25 Derivatives: Options & Swaps ★★★ ◆◆◆ 🧩 Builds on L24
9. 🪙
   Level 26 Alternative Investments ★★★ ◆◆◆ 🧩 Builds on L18
10. 🗻 👑
    Level 27 · EXAM The Markets Exam ★★★ ◆◆◆◆ 🧩 Builds on L19, L22, L25

The final push: combine every instrument into a portfolio, price risk with the CAPM, plan around a real investor, and account for the biases that trip people up. Reach the Summit.

1. ⚖️
   Level 28 Portfolio Risk & Return ★★★ ◆◆◆ 🧩 Builds on L19
2. 📊
   Level 29 CAPM & the Efficient Frontier ★★★ ◆◆◆◆ 🧩 Builds on L28
3. 🧭
   Level 30 Portfolio Planning & the IPS ★★★ ◆◆◆ 🧩 Builds on L28
4. 🧠
   Level 31 Behavioral Finance & Fintech ★★★ ◆◆ 🧩 Builds on L30
5. 🏔️ 👑
   Level 32 · EXAM The Summit — Charter Final ★★★ ◆◆◆◆◆ 🧩 Builds on L29, L31, L27