Editing Chartered Financial Analyst (section)

===Security analysis===
The curriculum includes coverage of global markets as well as analysis and [[Valuation (finance)|valuation of the various asset types]]: equity (stocks), [[fixed income]] (bonds), [[Derivative (finance)|derivatives]] (futures, forwards, options, and swaps), and [[alternative investment]]s (real estate, private equity, [[hedge fund]]s, and commodities). The Level I exam requires familiarity with these instruments. Level II focuses on [[Valuation (finance)|valuation]], employing the "tools" studied under quantitative methods, financial statement analysis, corporate finance, and economics. Level III centers on incorporating these instruments into portfolios.

====Equity and fixed income====
The curriculum for equity investments includes the functioning of the [[stock market]], [[Stock market index|indices]], [[stock valuation]], and industry analysis.
[[fixed income analysis|Fixed income topics]] similarly include the various [[Security (finance)#Debt|debt securities]], the [[Corporate bond#Risk analysis|risk associated with these]], and [[bond valuation|valuations]] and [[Yield spread#Yield spread analysis|yield spreads]].

====Derivatives====
The curriculum includes coverage of the fundamental framework of derivatives markets, derivatives valuations, and hedging and trading strategies involving derivatives, including [[Futures contract|futures]], [[Forward contract|forwards]], [[Swap (finance)|swaps]], and [[Option (finance)|options]]. The curriculum incorporates various [[Mathematical finance#Derivatives pricing: the Q world|pricing models and frameworks]], such as [[Black–Scholes|Black-Scholes]] and [[Binomial options pricing model|binomial option pricing]] (extending to coverage of [[Lattice model (finance)#Interest rate derivatives|interest rate trees]]), while coverage of the [[Stochastic calculus#Applications|underlying mathematics]] is conceptual as opposed to technical.

====Alternative investments====
The curriculum includes coverage of a range of topics in the alternative investment category. Topics include [[hedge fund]]s, [[private equity]], [[Real estate economics|real estate]], natural resources (particularly precious metals), infrastructure, and other alternative investments, including, as applicable, strategies, sub-categories, potential benefits and risks, fee structures, and due diligence.