Level I · 2026 curriculum · 11–14% of the exam
Fixed Income
Fixed Income is heavily weighted and calculation-rich: bond features, pricing and yields, the term structure, interest rate risk, credit risk and securitisation.
Exam weight11–14%
≈ Questions in a 180-question exam22
What the questions cover
- Bond features, cash flow structures and embedded options
- Bond markets, issuance and trading
- Pricing, flat and full prices, and yield measures
- Spot, par and forward rates
- Duration, convexity and interest rate risk
- Credit risk and credit analysis
- Asset-backed and mortgage-backed securities
How to study it
- Master the link between price and yield: when yields rise, prices fall, and convexity softens the fall.
- Know which duration measure the question wants: Macaulay, modified, effective or money duration.
- Draw the cash flows of an unfamiliar bond before pricing it.
See how you do on Fixed Income under exam conditions
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