The curriculum
All 228 modules, in the order they are meant to be read.
Roughly 4,011,343 words of teaching across 13 phases. The 12 Phase-0 modules are readable in full on this site with no account. Every other module has a page here with its contents and an excerpt, and the whole text is free in the app.
Phase 0: Orientation and foundations
12 modules · 200,890 words · readable in full on the web
- The Map, the Machine & the Five Questions15,726 words · 34 sectionsM0.01
- How Capital Markets Work: India & US21,858 words · 35 sectionsM0.02
- Financial Literacy Bootcamp15,404 words · 40 sectionsM0.03
- The Analyst's Toolkit & Knowledge System16,897 words · 30 sectionsM0.04
- Your First Annual Report, Guided16,858 words · 33 sectionsM0.05
- The Money You Actually Keep: Products, Costs and Taxes25,130 words · 38 sectionsM0.06
- Interface, Navigation & Entering Data Right10,073 words · 29 sectionsEX0.01
- Formulas I — References, Names & Logic11,173 words · 28 sectionsEX0.02
- The Consulting Mind: Structure, Hypothesis, Answer-First13,858 words · 35 sectionsCN0.01
- The Engagement: Proposal to Trusted Advisor14,577 words · 32 sectionsCN0.02
- The Communicator's Mindset: Audience, Message, Medium18,076 words · 34 sectionsPR0.01
- PowerPoint Ground-Up: Interface, Navigation, Sections and File Craft21,260 words · 35 sectionsPR0.02
Phase 1: Accounting: the language of business
22 modules · 367,843 words
- The Accounting Equation & Double-Entry19,880 words · 43 sectionsM1.01
- The Income Statement14,662 words · 38 sectionsM1.02
- The Balance Sheet15,991 words · 49 sectionsM1.03
- The Cash Flow Statement15,221 words · 35 sectionsM1.04
- The Three-Statement Linkage17,393 words · 37 sectionsM1.05
- Revenue, Receivables & Inventory14,578 words · 36 sectionsM1.06
- Long-Term Assets15,138 words · 35 sectionsM1.07
- Liabilities & Financing13,810 words · 31 sectionsM1.08
- Equity, SBC, Consolidation & the Rest17,316 words · 35 sectionsM1.09
- The Reporting Framework, Lessors, Revaluation and the Phase 1 Completions22,398 words · 40 sectionsM1.11
- Employee Benefits: Defined-Benefit Obligations and Share-Based Payment in Depth20,754 words · 40 sectionsM1.12
- Multinational Operations and the Analysis of Financial Institutions26,766 words · 41 sectionsM1.13
- The Full Filing + Capstone23,205 words · 44 sectionsM1.10
- Formulas II — Text, Dates & Aggregation9,870 words · 28 sectionsEX1.01
- Lookups Mastery9,386 words · 28 sectionsEX1.02
- Dynamic Arrays & LAMBDA8,678 words · 27 sectionsEX1.03
- Issue Trees & MECE13,774 words · 32 sectionsCN1.01
- Hypothesis-Driven Problem Solving13,977 words · 29 sectionsCN1.02
- The "So What": Synthesis & Answer-First Storyline16,017 words · 30 sectionsCN1.03
- Slide Masters, Layouts and Templates: the Consistency Engine19,730 words · 37 sectionsPR1.01
- Precision and Type: Alignment, Distribution, Grids, Guides, Typography19,696 words · 34 sectionsPR1.02
- Objects and Motion, Then Ship It19,603 words · 35 sectionsPR1.03
Phase 2: Financial statement analysis and quality of earnings
18 modules · 324,452 words
- Ratio Toolkit I: Profitability & DuPont16,687 words · 35 sectionsM2.01
- Ratio Toolkit II: Liquidity, Solvency, Efficiency16,239 words · 34 sectionsM2.02
- Returns on Capital Done Right18,499 words · 37 sectionsM2.03
- Cash Flow Analysis & Free Cash Flow18,807 words · 37 sectionsM2.04
- Benchmarking Discipline21,022 words · 35 sectionsM2.05
- Shenanigans I: Earnings Games20,411 words · 35 sectionsM2.06
- Shenanigans II: Cash-Flow Games & Screens26,619 words · 41 sectionsM2.07
- Forensic Case Files + Capstone29,103 words · 31 sectionsM2.08
- Data Tools & Integrity12,146 words · 28 sectionsEX2.01
- What-If & Optimization11,408 words · 27 sectionsEX2.02
- Financial & Statistical Functions11,200 words · 28 sectionsEX2.03
- Case Math Under Pressure13,401 words · 32 sectionsCN2.01
- Market Sizing & Guesstimates14,713 words · 31 sectionsCN2.02
- Core Case Formats I — Profitability & Market Entry13,235 words · 31 sectionsCN2.03
- Core Formats II — Pricing, Growth, M&A, Ops + Led Modes14,018 words · 27 sectionsCN2.04
- Chart-Choice Grammar: Match the Chart to the Message22,107 words · 35 sectionsPR2.01
- Decluttering and Focus: Data-Ink, Pre-attentive Attributes, Colour22,416 words · 36 sectionsPR2.02
- One Message Per Chart: the Action Title, Small Multiples, Dashboards22,421 words · 35 sectionsPR2.03
Phase 3: Corporate finance and valuation
17 modules · 320,162 words
- Time Value of Money17,666 words · 37 sectionsM3.01
- Risk, Return & the Equity Risk Premium21,066 words · 36 sectionsM3.02
- Cost of Capital: the Full Build16,505 words · 38 sectionsM3.03
- DCF I: Free Cash Flows & Forecasting20,009 words · 37 sectionsM3.04
- DCF II: Terminal Value & Reverse DCF21,131 words · 39 sectionsM3.05
- Relative Valuation23,137 words · 36 sectionsM3.06
- Value Drivers & Capital Allocation22,121 words · 37 sectionsM3.07
- Modeling I: The 3-Statement Model26,662 words · 40 sectionsM3.08
- Modeling II: DCF, Comps, LBO & M&A20,016 words · 38 sectionsM3.09
- Special Situations + Capstone27,876 words · 45 sectionsM3.10
- PivotTables & PivotCharts11,017 words · 28 sectionsEX3.01
- Charts & Dashboard Craft11,080 words · 27 sectionsEX3.02
- Competitive & Industry Frameworks14,355 words · 31 sectionsCN3.01
- Corporate, Growth & Customer Frameworks14,200 words · 30 sectionsCN3.02
- The Meta-Skill: When Frameworks Mislead13,476 words · 30 sectionsCN3.03
- Diagramming Ideas: Concept, Process, Flow, Frameworks, Matrices, Gestalt20,646 words · 36 sectionsPR3.01
- The Ghost Deck and Dot-Dash: Sketch the Story Before You Build19,199 words · 35 sectionsPR3.02
Phase 4: Business models, competitive strategy and moats
13 modules · 237,608 words
- Business Model Anatomy18,187 words · 44 sectionsM4.01
- Unit Economics20,448 words · 39 sectionsM4.02
- Industry Structure: Porter & Value Chains24,547 words · 44 sectionsM4.03
- Moats I: The Five Sources & the Numbers Test18,932 words · 33 sectionsM4.04
- Moats II: Greenwald, 7 Powers, Measuring the Moat24,039 words · 38 sectionsM4.05
- Dynamics + Capstone21,097 words · 35 sectionsM4.06
- Power Query I — Import & Clean11,089 words · 28 sectionsEX4.01
- Power Query II — M & Pipelines10,515 words · 27 sectionsEX4.02
- Reading an Industry Like a Strategist12,611 words · 31 sectionsCN4.01
- Industry Deep-Primers & Disruption Vectors12,611 words · 30 sectionsCN4.02
- The Executive Storyline: Minto Pyramid for Decks, SCQA and SCR21,528 words · 36 sectionsPR4.01
- Titles That Carry the Argument: Horizontal and Vertical Logic20,196 words · 35 sectionsPR4.02
- The Data Story: Narrative Arc and the Big Idea21,808 words · 34 sectionsPR4.03
Phase 5: Industry and sector mastery
18 modules · 316,939 words
- Banks20,217 words · 32 sectionsM5.01
- NBFCs & Housing Finance25,199 words · 34 sectionsM5.02
- Insurance: Life & General17,016 words · 34 sectionsM5.03
- SaaS, Software & Marketplaces21,736 words · 37 sectionsM5.04
- Consumer: FMCG, Retail & E-commerce18,182 words · 29 sectionsM5.05
- IT Services & Telecom17,847 words · 28 sectionsM5.06
- Pharma & Healthcare19,386 words · 34 sectionsM5.07
- Autos & Industrials17,101 words · 29 sectionsM5.08
- Commodities, Real Estate & REITs20,900 words · 43 sectionsM5.09
- Airlines, Hotels, Media + Synthesis17,437 words · 41 sectionsM5.10
- Power Pivot & DAX I11,120 words · 28 sectionsEX5.01
- DAX II & Time Intelligence9,958 words · 28 sectionsEX5.02
- Business-Model Teardown & Unit Economics — Advisory Lens14,378 words · 29 sectionsCN5.01
- Market Attractiveness & Competitive Dynamics12,781 words · 26 sectionsCN5.02
- The CDD Toolkit + Voice-of-Customer13,775 words · 31 sectionsCN5.03
- The Consulting Deck and the Project Readout19,816 words · 36 sectionsPR5.01
- The Board Deck and the Investor Pitch20,376 words · 35 sectionsPR5.02
- The Equity-Research Report Deck and the Model Walkthrough19,714 words · 37 sectionsPR5.03
Phase 6: Investing philosophy, mental models and behavioural edge
12 modules · 205,277 words
- The Schools I: Graham to Buffett/Munger22,909 words · 37 sectionsM6.01
- The Schools II: Fisher to Pabrai23,845 words · 34 sectionsM6.02
- Mental Models & Decision Science20,306 words · 37 sectionsM6.03
- Behavioral Finance28,975 words · 34 sectionsM6.04
- Checklist, Temperament + Capstone18,956 words · 33 sectionsM6.05
- VBA I — Recorder to Real Code11,059 words · 28 sectionsEX6.01
- VBA II — Logic, Functions & Events10,866 words · 28 sectionsEX6.02
- VBA III — UserForms, Files & Speed9,581 words · 27 sectionsEX6.03
- VBA IV — Automation Capstones11,159 words · 27 sectionsEX6.04
- Deal Rationale, Synergies & Their Traps14,206 words · 31 sectionsCN6.01
- Portfolio, Build-Buy-Partner, PMI & Divestitures15,010 words · 30 sectionsCN6.02
- Delivering with Confidence: Rehearsal, Q&A, Remote and Hybrid18,405 words · 35 sectionsPR6.01
Phase 7: Macroeconomics and how the world economy works
13 modules · 267,630 words
- The Economic Machine21,149 words · 34 sectionsM7.01
- Central Banks & Monetary Policy23,362 words · 34 sectionsM7.02
- Inflation, Rates & the Yield Curve29,440 words · 39 sectionsM7.03
- Fiscal Policy & Sovereign Debt27,236 words · 36 sectionsM7.04
- Cycles, Bubbles & Crises27,720 words · 35 sectionsM7.05
- International: FX, Flows & the Dollar27,925 words · 36 sectionsM7.06
- India Macro + Dashboard Capstone24,135 words · 37 sectionsM7.07
- Professional Modeling Standards11,244 words · 28 sectionsEX7.01
- Excel Capstones — the Analyst's Stack10,201 words · 27 sectionsEX7.02
- Operating Model & Org Design13,846 words · 29 sectionsCN7.01
- Transformation Roadmaps, Governance & Leading the Client15,618 words · 29 sectionsCN7.02
- Partner Capstone: The End-to-End Engagement15,246 words · 30 sectionsCN7.03
- The Presentation Capstone: Analysis to Storyline to Deck20,508 words · 34 sectionsPR7.01
Phase 8: The rapid-analysis system
6 modules · 131,096 words
- The Five Questions & the Source Stack16,958 words · 34 sectionsM8.01
- The 1–2 Hour Teardown22,452 words · 32 sectionsM8.02
- The Document Lab: DRHP, Quarterly Results, 8-K, 13F and a Rating Rationale22,654 words · 39 sectionsM8.06
- The Deep Dive, Days 1–221,847 words · 38 sectionsM8.03
- The Deep Dive, Day 321,364 words · 36 sectionsM8.04
- Reps & Certification25,821 words · 36 sectionsM8.05
Phase 9: Portfolio construction, risk and investment process
5 modules · 112,359 words
Phase 10: Mastery, capstones and going professional
4 modules · 95,724 words
Phase 11: Electives: credit, deals and governance
6 modules · 114,352 words
- Credit & Distressed Analysis20,657 words · 33 sectionsE11.01
- M&A & Special Situations14,671 words · 32 sectionsE11.02
- The Consulting Case Interview15,160 words · 36 sectionsE11.03
- Governance & Forensics: India18,391 words · 33 sectionsE11.04
- Market-Level Valuation, the Index Default and Your Own Policy23,324 words · 41 sectionsE11.05
- Event-Driven Special Situations and the Canon's Unclosed Drills22,149 words · 42 sectionsE11.06
Phase 12: Finance Plus, AI and the quant-code track
82 modules · 1,317,011 words
- How Modern AI Actually Works12,381 words · 29 sectionsAI0.01
- The AI Tool Landscape — A Living Catalog12,951 words · 32 sectionsAI0.02
- Prompt Engineering & Structured Prompting11,118 words · 27 sectionsAI0.03
- Retrieval & RAG — Grounding AI in Filings & Documents11,815 words · 31 sectionsAI0.04
- AI Agents & Multi-Step Workflows13,091 words · 32 sectionsAI0.05
- Failure Modes, Verification & the Primary-Source Guardrail12,204 words · 27 sectionsAI0.06
- The AI-Augmented Analyst — Applying AI Across Your Work14,974 words · 33 sectionsAI0.07
- Fixed-Income Instruments, Issuance and Trading20,635 words · 37 sectionsFI1.05
- Bond Pricing & Yield Measures13,967 words · 30 sectionsFI1.01
- Duration, Convexity & Interest-Rate Risk12,965 words · 34 sectionsFI1.02
- Term Structure — Spot, Forward, Bootstrapping & Swap Curves17,243 words · 32 sectionsFI1.03
- Embedded Options, OAS & Structured Products20,187 words · 34 sectionsFI1.04
- Fixed-Income Portfolio Management I: Liability-Driven and Index-Based22,003 words · 36 sectionsFI1.06
- Active Fixed Income: Yield-Curve and Credit Strategies21,757 words · 37 sectionsFI1.07
- Forwards, Futures & Swaps — Pricing & Valuation11,905 words · 28 sectionsDV1.01
- Options — Parity, Binomial & BSM + the Greeks15,530 words · 34 sectionsDV1.02
- Option Strategies & Hedging Exposures19,055 words · 39 sectionsDV1.03
- Swaptions, the Black Model & Non-Rate Swaps20,834 words · 36 sectionsDV1.04
- Exchange-Traded Derivatives in Practice: Margins, Expiry, Tax and Portfolio Uses19,803 words · 35 sectionsDV1.05
- Probability, Distributions, Sampling & Estimation13,900 words · 31 sectionsQM1.01
- Hypothesis Testing, Correlation & Regression13,910 words · 32 sectionsQM1.02
- Time-Series, Monte Carlo & Intro ML-for-Finance15,761 words · 31 sectionsQM1.03
- Returns, Statistical Measures and the Discipline of Inference18,718 words · 41 sectionsQM1.04
- Volatility Models, Penalised Regression and Machine Learning for Analysts19,672 words · 37 sectionsQM1.05
- Capital Market Expectations: Building the Inputs Everything Else Consumes16,787 words · 34 sectionsAA1.04
- MVO, the Efficient Frontier, SAA vs TAA16,735 words · 34 sectionsAA1.01
- Black-Litterman, Risk Budgeting, Liability-Relative & Goals-Based12,943 words · 32 sectionsAA1.02
- Performance Measurement, Attribution & GIPS18,782 words · 35 sectionsAA1.03
- Institutional Investors: Objectives, Constraints and Allocation17,895 words · 36 sectionsAA1.05
- Multifactor Models, the APT and Active Risk Decomposition18,275 words · 36 sectionsAA1.06
- Active Management, the Fundamental Law and Choosing Managers20,822 words · 33 sectionsAA1.07
- Index Construction, ETFs and the Mechanics of Passive and Active Equity20,813 words · 37 sectionsAA1.08
- Private-Client IPS, Tax-Aware, Estate & Goals-Based Planning20,032 words · 39 sectionsPW1.01
- Private Markets I — PE/VC Fund Economics12,516 words · 29 sectionsPW1.02
- Private Markets II — Private Debt, Real Assets/Infra & Private-Company Valuation12,831 words · 33 sectionsPW1.03
- Private Markets III: Venture Valuation, Cap Tables and Private-Company Value21,349 words · 36 sectionsPW1.04
- Hedge-Fund Strategies & Fund Structures14,103 words · 32 sectionsAL1.01
- Commodities, Real Assets & Infrastructure as Asset Classes17,125 words · 31 sectionsAL1.02
- Digital Assets & Crypto as an Asset Class15,357 words · 30 sectionsAL1.03
- Alternatives in the Portfolio: Allocation, Due Diligence and Real-Asset Valuation20,845 words · 37 sectionsAL1.04
- What Money Is — Aggregates, Moneyness & Endogenous Money13,621 words · 26 sectionsMS1.01
- The Payment System & Plumbing17,643 words · 33 sectionsMS1.02
- Central-Bank Operations, Reserves & the Repo/Money-Market Complex13,199 words · 32 sectionsMS1.03
- The Global-Dollar & Digital-Money Frontier20,499 words · 34 sectionsMS1.04
- The CFA Code & the Seven Standards — Vignette Lab16,499 words · 33 sectionsES1.01
- GIPS & Global Regulatory Frameworks (SEC/SEBI/FCA)15,180 words · 36 sectionsES1.02
- The Asset Manager Code, Conduct in Practice & the Advice Perimeter21,016 words · 37 sectionsES1.03
- Microeconomics & Market Structures for Analysts18,771 words · 33 sectionsEC1.01
- Corporate Issuers & Equity-Market Completions17,745 words · 28 sectionsEC1.02
- Economic Growth, Production Functions and Convergence18,533 words · 35 sectionsEC1.03
- International Economics II: Parity Conditions, Exchange-Rate Models and Trade Policy21,983 words · 38 sectionsEC1.04
- The Economics of Regulation, Geopolitics and the Labour Market20,772 words · 37 sectionsEC1.05
- Capital Structure: Theory, Policy and the Financing Decision17,616 words · 36 sectionsEC1.06
- Organisational Forms, Corporate Governance, ESG and Capital-Budgeting Completions19,301 words · 36 sectionsEC1.07
- Programming from Zero — Python I13,489 words · 31 sectionsCS1.01
- Python II — Data Structures, Functions & Idiomatic OOP12,908 words · 28 sectionsCS1.02
- How Computers Really Work + a Second (Compiled/Typed) Language15,995 words · 34 sectionsCS1.03
- Algorithmic Thinking, Recursion & Big-O13,351 words · 32 sectionsCS1.04
- Data Structures & Algorithms19,092 words · 36 sectionsCS1.05
- Command Line, Environments & Reproducible Projects13,826 words · 31 sectionsCS2.01
- Version Control with Git13,590 words · 36 sectionsCS2.02
- Databases & SQL for Analysts15,522 words · 33 sectionsCS2.03
- Systems & Data-Intensive Thinking12,126 words · 32 sectionsCS2.04
- APIs, HTTP, JSON & Web Scraping12,801 words · 28 sectionsCS2.05
- Software Engineering: Testing, Clean Code & AI-Assisted Dev16,872 words · 38 sectionsCS2.06
- NumPy & Vectorized Computation13,913 words · 31 sectionsDA1.01
- pandas I — Data Wrangling11,898 words · 34 sectionsDA1.02
- pandas II — Cleaning, Time Series & the Excel↔Python Bridge12,262 words · 32 sectionsDA1.03
- EDA & Visualization12,585 words · 32 sectionsDA1.04
- Statistics in Code12,412 words · 33 sectionsDA1.05
- ML I — Supervised Learning11,460 words · 31 sectionsDA2.01
- ML II — Unsupervised, Feature Engineering & Model Discipline13,277 words · 33 sectionsDA2.02
- Deep Learning, NLP & Time-Series Forecasting19,300 words · 25 sectionsDA2.03
- Market & Fundamental Data Pipelines + Vendor Landscape15,897 words · 30 sectionsQD1.01
- Signal & Factor Construction and Evaluation14,733 words · 34 sectionsQD1.02
- Building a Backtesting Engine — Design & the Classic Pitfalls18,193 words · 34 sectionsQD1.03
- Portfolio Optimization in Code13,780 words · 30 sectionsQD1.04
- Execution Algorithms & Market Microstructure13,681 words · 33 sectionsQD2.01
- Risk Systems in Code — VaR, ES, Stress & Scenario15,107 words · 34 sectionsQD2.02
- Performance & Attribution Analytics in Code12,744 words · 29 sectionsQD2.03
- Reproducible Research, Deployment & the Quant Stack15,325 words · 33 sectionsQD2.04
- Capstone — Build, Backtest & Risk-Analyze a Strategy End-to-End14,905 words · 34 sectionsQD2.05