CFA® Corporate Issuers
Summary, Syllabus, Topics, and Sample Questions (L1, L2, L3)

The Corporate Issuers section of the CFA exam delves into the assessment of corporate governance and the comprehension of how companies navigate investment and financing decisions. Numerous academic studies have consistently demonstrated a strong correlation between effective governance and overall financial performance. In today's landscape, environmental, social, and governance (ESG) factors have gained significant prominence, attracting attention from both investors and corporations. Consequently, evaluating how these factors impact a company's financial bottom line is imperative, thereby enhancing long-term shareholder value and informing managerial decisions regarding financing and investments.

Financial analysts must nurture their capability to discern the risks and investment opportunities associated with various short- and long-term financing options and strategies. This aptitude empowers management to judiciously utilize leverage and working capital in decision-making. The Corporate Issuers topic also encompasses the ramifications of mergers and acquisitions on corporate structures, evaluating their relative value and benefits for all parties involved. Notably, candidates will discover the content covered in Corporate Issuers to be intricately intertwined with materials from Financial Statements Analysis and Quantitative Methods. Despite its relatively modest weightage, the concepts explored in Corporate Issuers constitute the bedrock of corporate finance knowledge throughout the CFA Program.

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Study Tips for Corporate Issuers

  • Foundational Knowledge: Learn the material well, since the practice of sourcing and using capital is what creates capital market. Most of the CFA curriculum, at all levels, eventually gets back to understanding them.
  • Calculator proficiency: You are guaranteed to come across NPV questions. Learn how to use your calculator's requisite functions efficiently.
  • Formulae Concepts: CFA Level 1 Corporate Issuers covers many formulae, but the CFAI will test your understanding and make sure that you aren’t just crunching numbers.

Visit our CFA Level 1 Study Guide and CFA Level 2 Study Guide for more information.

Frequently Asked Questions

Corporate Issuers is often considered an easier CFA topic. The formulae are quite intuitive and the concepts are largely based on material covered in other topics. However, the relative ease of Corporate Issuers depends on the candidate’s understanding of those borrowed concepts: CAPM model (Portfolio Management), TVM (Quantitative Methods), and financial ratios (Financial Statements Analysis).
After moving through a QBank the best method to monitor your current understanding of the content is by taking Mock exams. UWorld’s mock exams closely replicate the actual CFA exam experience to help you prepare and boost your confidence on test day. Like the actual CFA exam, our mock exams consist of two 2-hour, 15-minute sessions, each with 90 multiple-choice questions spanning multiple subjects and not included in the standard QBank.
The best way to study for the exam is practicing with a QBank across all chapters and readings. The UWorld CFA QBank offers over 220 questions and detailed explanations covering Corporate Issuers.
Yes, the CFA charter is useful for corporate issuers–and vice versa. Candidates will study the fundamentals of evaluating a company’s investing and financing decisions in the CFA Level Corporate Issuers topic. The remaining CFA topics either provide a foundation for or expand upon the knowledge gained in the Corporate Issuers topic.

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