Welcome
Introduction
Welcome to the Licensed International Financial Analyst (LIFA™) Program. The International Research
Association is committed to helping you attain the highest levels of professionalism and ethical standards in the
global investment industry through a rigorous curriculum delivered across three exam levels.
The LIFA designation is candidate-first: focused on your accomplishment and ethical commitment. Level I assesses
broad knowledge of investment principles and capital markets in today’s global landscape.
About
International Research Association
The International Research Association (IRA) created the LIFA designation to be equitable, challenging, and reflective
of the knowledge needed by investment professionals worldwide. The IRA is committed to a candidate-oriented program
and continually evolves the curriculum to meet the demands of a global marketplace.
LIFA candidates should regularly check the
LIFA exam homepage
for program updates, errata, and policy changes.
Background
Program History
The LIFA Program has been under development since 1999 to address global market needs and to recognize professionals
held to the highest standards. The program welcomes CFA and FRM candidates/charterholders, GMAT candidates, and MBAs.
A comparison of the LIFA exam and CFA exam is available.
How to use this
About this Curriculum Guide
This guide explains the program, offers study suggestions for Level I, and lists the IRA’s “Topics to Master.”
It includes background on the IRA, an overview of the program, exam policies, suggested study sources, and rules and regulations.
Candidate-first
Registration & Scholarships
LIFA exams are available for Levels I–III. Level I retakes require a 60-day wait and allow up to four attempts. There is
no enrollment fee. You only pay the exam fee if you pass.
Register on the secure registration page.
Scholarships
- Access Scholarship — for candidates needing financial assistance.
- Women’s Scholarship — supporting women pursuing the LIFA charter.
- Student Scholarship — for currently enrolled university students.
- Professor Scholarship — for full-time faculty, department heads, and administrators.
Apply during registration where eligible.
What’s covered
Content & Structure
Level I covers eleven Learning Modules: Ethics; Economics; Corporate Finance; International Markets; Quantitative Analysis;
Financial Statement Analysis; Fixed-Income Investments; Equity Investments; Derivative Instruments; Alternative Investments;
and Portfolio Management. You’ll demonstrate comprehension of key terms and concepts and how these areas connect for
the global investment professional.
Transparency
Level I Exam Weightings
Weightings are reviewed annually by the IRA.
| Subject | Weight |
|---|
| Ethics | 20% |
| Economics | 10% |
| Corporate Finance | 5% |
| International Markets | 5% |
| Quantitative Analysis | 10% |
| Financial Statement Analysis | 20% |
| Fixed-Income Investments | 7.5% |
| Equity Investments | 7.5% |
| Derivative Instruments | 5% |
| Alternative Investments | 5% |
| Portfolio Management | 5% |
Preparation
Study Materials
The IRA does not mandate a single set of readings. Candidates may use graduate-level texts, journals, university courses,
reputable online resources, independent study groups, and professional experience. Choose materials that match your background,
learning style, time, and budget.
Planning
Study Strategies
Level I is self-study. Build a schedule, identify strengths/weaknesses by module, and allocate more time to higher-weighted areas.
Many candidates study 2–3 evenings per week for 3–5 hours, rotate subjects, then loop back on weekends to reinforce prior modules.
Policy
Rules & Regulations
Exams are offered 365 days a year online (home/office), multiple-choice, 2-hour single session, questions presented in order
(no skipping). Standardized administration applies globally. Failure to follow procedures may result in score cancellation and
potential bans.
Results
Grading & Results
Because Level I is multiple-choice, grading is efficient with random hand-checks for quality. Results are typically available
within seven days, reported pass/fail. Precise scores are not disclosed.
Syllabus
Learning Modules
Expand a module to view its overview and full “Topics to Master.”
Learning Module 1: Ethics ›
Identify, evaluate, and analyze ethics in the global investment profession, including legal/regulatory standards and decision-making frameworks.
Topics to Master
Absence of Compliance Procedures
Access Persons
Accounting Differences
Accuracy of Research Reports
Acts without Consent or Approval of a Co-Fiduciary
Additional Compensation
Additional Compensation for Employer
Adequacy of Compliance Procedures
Adequate Basis for Recommendations
Advice Counsel
Affiliated Persons
Agency Trade
Agreements with Clients
Allocation of Trades
Allocation Procedures
Allowable Research
Appearance of Conflict of Interest
Application of U.S. Law
Assisting Violations
Basic Characteristics for Recommendations
Beneficial Ownership
Beneficiaries
Best Execution
Blackout Periods
Block Trades
Blue Sky Laws
Board Participation
Brokers/Dealers
Bucketing
Business Judgement Rule
Calculation of Returns
Capital Structure
Characteristics of Investments
Chiarella V. United States
Chinese Wall Doctrine
Churning
Client Lists
Client-Directed Brokerage
Code of Procedure
Company Analysis
Compensation
Compensation Arrangements
Competition with Employer
Competitive Advantage
Compliance Procedures
Compliance with Applicable Laws
Composite Portfolios
Composite Returns
Conduct Rules
Confidential Information
Confidentiality
Confidentiality of Electronic Communications
Confidentiality Regarding Client Information
Confidentiality within Firms
Conflict of Interest Regarding Directors
Conflicts of Interest
Conformations of Trades
Consent for Independent Practice
Consent of Employer
Contingent Liabilities
Contravention of Terms of the Governing Instrument
Convictions Equivalent to a Felony
Corporate Directorships
Corporate Pension Plans
Covered Plans
Creation of Policy
Cross Trades
Custodian
Custody
Custody of Assets
Defenses
Defined Contribution Plan
Fair Dealing
Delegation of Duties
Derivative Products
Director Compensation
Directorships
Dirks V. SEC
Disclosure of Additional Arrangements
Disclosure of Compliance Procedures
Disclosure of Conflicts
Disclosure of Employer
Disclosure of Independent Practice
Disclosure of Investment Performance
Disclosure of Investment Process
Disclosure of Procedures
Disclosure of Referral Fees
Disclosure of Soft Dollar Practices
Disclosure to Clients
Disclosure to Employer
Discretionary Voting of Own-Institution Securities
Disgorgement
Diversification
Documents Rule
Duty to Employer
Electronic Communications
Employee Pension Plans
Employer Identity
Employer Restrictions
Enforcement of Compliance Procedures
ERISA
Exclusive Purpose
Factual Information
Failure to Invest
Fair Dealing
Fair Dealing Governing Documents
Fees
Fiduciary
Fiduciary Duty
Financial Condition of Disclosure
Financial Disclosure Standards
Fire Walls
Forms of Compensation
Front Running
Fundamental Analysis
Fundamental Responsibilities
Glass-Steagall Act of 1939
Guarantee of Investments
Guide to Broker-Dealer Compliance
Harvard V. Amory
Identification of Clients
Improper Investments
Independence and Objectivity
Independent Contractor
Independent Practice
Indicia of Ownership
Information Sources
Initial Public Offerings
Insider Information
Insider Trading
Insider Trading and Securities Fraud Enforcement Act
Inter-Account Transactions
International Accounting
International Practice
Investigation of Misconduct
Investing Experience of Clients
Investment Advice
Investment Advisers Act of 1940
Investment Company Act of 1940
Investment in Own-Bank/Own-Holding Company Securities
Investment in Proprietary Mutual Funds
Investment in Securities Underwritten by Own-Bank or Affiliates
Investment Performance
Investment Policies
Investment Policy Statement
Investment Process
Jurisdiction
Knowledge of Applicable Laws
Legal List
Liability
Loyalty
Maloney Act of 1938
Market-Making Activities
Material Nonpublic Information
Materiality
Misappropriation of Business Opportunities
Misappropriation of Clients
Misrepresentation
Misrepresentation of Credentials
Misrepresentation through Electronic Communications
Misappropriation Theory
Mosaic Theory
Multi-Account Transactions
New Regulation Analyst Certification
Non-Public Information
NYSE and NASDAQ Revised Listing Standards for Director Independence
Objectives
Obstacles
Opinions
Oral Communications
Ordinary Business Care
Party In Interest
Paying Up for Research Services
Performance Presentation
Personal Investing
Personal Investing Task Force
Plagiarism
Policy Training
Policy-Making Body
Pooled Funds
Portability
Preclearance Procedures
Preparation for Independent Practice
Presentation of Results
Principle Trade
Priority of Transactions
Private Placements
Professional Designation
Professional Misconduct
Prohibited Transactions
Prospective Clients
Proxy Policy
Proxy Voting
Prudent Expert Rule
Prudent Investor Rule
Prudent Man Rule
Public Pension Plans
Public Utility Holding Company Act of 1935
Pump and Dump
Reasonable Care
Receipt of 12b-1 Fees
Receipt of Sub-Accounting Fees
Recognized Sources
Recommendations
Record Keeping
Referral Fees
Regulation A Offerings
Regulation D
Regulation M
Regulation S
Regulation T
Regulation T: Part 220
Regulation U
Regulatory Requirements
Relationship Investing
Relationships with Brokers or Other Agents
Reported Requirements
Reporting Misconduct of Others
Reporting Requirements
Reputational Capital
Research Reports
Research Sources
Restricted Lists
Restricted Periods
Restrictions of Employer
Risk Tolerance
Role of Investors
Rule 134 Communications
Rule 144
Rule 144 A
Rule 147
Rules of Fair Practice
Sanctions
Sarbanes-Oxley Act of 2002
SEC V. Capital Gains Research Bureau
SEC V. Materia
SEC V. Musella
SEC V. Taylor
SEC V. Willis
Securities Act of 1933
Securities Exchange Act of 1934
Securities Trading Practices
Selective Disclosure
Self-Dealing
Shingle Theory
Short-Term Trading
Simplified Industry Arbitration
Social Investing
Soft Dollars
Solicitation of Clients
Solicitation of Employees
Spinning
Standard of Practice Casebook
Suitability of Clients
Summary Suspension
Supervisor’s Responsibility
Takeover Defenses
Tax Considerations
Tax-Exempt Investing
Temporary Insiders
Tippee
Trade Secrets
Trading Ahead of Research Reports
Trading Restrictions
Traditional Theory
Trusts
Trust Indenture Act of 1939
Unauthorized Commingling of Assets
Uniform Gift to Minors Act
Uniform Management of Institutional Funds Act
Uniform Practice Code
Uniform Securities Act
United States V. Carpenter
United States V. Chestman
United States V. Newman
Use of Own-Bank or Affiliate Bank Deposits
Use of Own-Bank or Affiliated Brokerage Service
Verification
Violations of Law
Wall Street Rule
Wall Street Walk
Watch List
Whisper Numbers
