GLO_AFA_LVL_1 Exam Information and Outline
Accredited Financial Analyst
Syllabus Update Checked on: November 3, 2026
GLO_AFA_LVL_1 Exam Syllabus & Study Guide
Before you start practicing with our exam simulator, it is essential to understand the
official GLO_AFA_LVL_1 exam objectives. This course outline serves as your roadmap.
The information below reflects the 2026 syllabus defined by
AAFM.
Below are complete topics detail with latest syllabus and course outline, that will help you good knowledge about exam objectives and topics that you have to prepare. These contents are covered in questions and answers pool of exam.
- Exam Format
- Online, multiple-choice examination
- Passing score: 50% (no negative marking)
- Financial Statement Analysis
- Income statement, balance sheet and cash flow statement
- Accounting principles (IFRS/GAAP) and quality of earnings
- Ratio analysis: liquidity, solvency, profitability, efficiency
- DuPont analysis and common-size statements
- Quantitative Methods
- Time value of money, NPV and IRR
- Descriptive statistics and probability
- Regression and correlation basics
- Economics for Analysts
- Microeconomics and market structures
- Macroeconomic indicators, monetary and fiscal policy
- Currency exchange rates
- Corporate Finance
- Capital budgeting and cost of capital (WACC)
- Capital structure and leverage
- Dividend policy and working capital management
- Equity Analysis and Valuation
- Discounted cash flow and dividend discount models
- Relative valuation: P/E, EV/EBITDA, P/B multiples
- Industry and company analysis
- Fixed Income Analysis
- Bond pricing, yield measures and duration
- Credit risk and ratings
- Derivatives and Alternative Investments
- Forwards, futures, options and swaps
- Real estate, private equity, hedge funds
- Portfolio Management and Risk
- Risk and return, diversification, CAPM
- Risk measurement and management
- Ethics and Professional Standards
- AAFM code of ethics and professional conduct