CFA Level 1 Economics November 2026: Full Syllabus Revision

The CFA Level 1 Economics November 2026 syllabus covers essential economic concepts that help candidates understand market behaviour, business decisions, monetary policies, and global financial markets. 

Economics is an important part of the CFA Level I examination, accounting for 6–9% of the exam weight for the 2026 session. Candidates preparing for the November 2026 exam should revise the major concepts, practise application-based questions, and review important economic relationships before the examination. 

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CFA Level 1 Economics Syllabus for November 2026

The CFA Level 1 Economics curriculum covers microeconomics, macroeconomics, international trade, currency exchange rates, and the relationship between economic conditions and investment markets. Candidates should refer to the official 2026 curriculum and learning outcome statements for the complete list of examinable concepts.

The following topics provide a useful framework for full syllabus revision.

1. Market Forces of Supply and Demand

Supply and demand form the foundation of microeconomics. Candidates should understand how consumers and producers respond to changing prices and market conditions.

Key concepts to revise include:

• Law of demand and law of supply

• Market equilibrium and price adjustments

• Elasticity of demand and supply

• Consumer choice and utility

• Effects of taxes, subsidies, and price controls

Practise questions involving equilibrium changes and elasticity calculations. Pay attention to the difference between a movement along a curve and a shift in the curve.

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2. The Firm and Industry Organisation

This topic examines how businesses make production and pricing decisions under different competitive conditions.

Important concepts include:

• Production costs and revenue

• Breakeven and shutdown points

• Economies and diseconomies of scale

• Perfect competition

• Monopolistic competition

• Oligopoly and pure monopoly

• Market concentration measures

Candidates should understand how pricing decisions and output levels vary across market structures. Comparing the characteristics of different market structures can help with conceptual multiple-choice questions.

3. Business Cycles

Business cycles describe fluctuations in economic activity over time. Understanding these cycles helps candidates evaluate changes in employment, production, spending, and investment.

Revise the following concepts:

• Phases of the business cycle

• Credit cycles

• Leading, coincident, and lagging economic indicators

• Changes in consumer and business activity

• Housing activity and external trade during economic cycles

Focus on how economic indicators behave during different phases of the cycle and how they can signal changes in economic conditions.

4. Inflation and Deflation

Inflation refers to a sustained increase in the general price level, while deflation involves a sustained decline in the general price level.

Candidates should revise:

• Measures of inflation

• Causes of inflation

• Demand-pull and cost-push inflation

• Effects of inflation on purchasing power

• Deflation and its economic implications

Understand how inflation affects consumers, businesses, interest rates, and investment decisions. Practise distinguishing between changes in nominal values and changes in real purchasing power.

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5. International Trade and Capital Flows

International economics examines trade between countries and the movement of capital across borders.

Important concepts include:

• Benefits of international trade

• Comparative advantage

• Trade restrictions and tariffs

• Import and export relationships

• International capital flows

• Factors affecting trade balances

Candidates should understand why countries trade and how trade policies can influence economic activity. Revise the effects of tariffs and other trade barriers on consumers, producers, and markets.

6. Currency Exchange Rates

Exchange rates determine the relative value of one currency against another. This topic is relevant to international investments and global financial transactions.

Key areas include:

• Exchange rate quotations

• Currency appreciation and depreciation

• Factors influencing exchange rates

• Purchasing power parity

• Interest rate relationships

• Effects of currency movements on international trade

Practise interpreting currency quotations carefully and understanding how exchange rate changes affect importers, exporters, and investors.

7. Monetary and Fiscal Policy

Monetary and fiscal policies are used to influence economic activity, inflation, and employment.

Revise these concepts:

• Objectives of monetary policy

• Central bank operations

• Interest rates and money supply

• Expansionary and contractionary monetary policy

• Government expenditure and taxation

• Expansionary and contractionary fiscal policy

Candidates should understand how these policies affect aggregate demand, borrowing costs, inflation, and economic growth.

8. Economic Growth and Development

Economic growth refers to an increase in an economy's output over time. This topic explores the factors that support long-term productivity and development.

Important concepts include:

• Gross domestic product (GDP)

• Productivity and capital investment

• Labour force and human capital

• Technological progress

• Sources of economic growth

• Differences between economic growth and development

Revise how productivity, investment, and technological improvements contribute to long-term economic performance.

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CFA Level 1 Economics Exam Notes PDF

CFA Level 1 Economics Exam Notes PDF for November 2026 helps candidates revise important concepts, including supply and demand, market structures, business cycles, inflation, international trade, exchange rates, and monetary and fiscal policies. 

 Use concise notes to review key definitions, economic relationships, and formulas, practise exam-style questions, and strengthen conceptual understanding before the CFA Level I examination. 

How to Revise CFA Level 1 Economics for November 2026

Candidates can follow a structured revision plan to cover the syllabus efficiently.

1. Review the curriculum: Use the official CFA Level I 2026 Economics materials to confirm the complete examinable syllabus.

2. Prioritise core concepts: Start with supply and demand, market structures, business cycles, and monetary policy.

3. Practise calculations: Review elasticity, costs, exchange rates, and other quantitative relationships included in the curriculum.

4. Solve practice questions: Attempt topic-wise questions after revising each learning module.

5. Analyse mistakes: Identify whether incorrect answers result from conceptual gaps, calculation errors, or misinterpretation of questions.

6. Attempt mock examinations: Use timed practice to improve accuracy and manage exam time effectively.

Candidates should also check the official CFA Institute curriculum and any applicable errata before completing their final revision.

The CFA Level 1 Economics November 2026 syllabus covers supply and demand, market structures, business cycles, inflation, international trade, exchange rates, monetary and fiscal policy, and economic growth. 

Candidates should revise the official curriculum, practise application-based questions, and review challenging concepts regularly. With consistent practice and a clear revision plan, candidates can strengthen their understanding of Economics and prepare more confidently for the CFA Level I examination. You can also explore PW CFA Courses for preparation.