Fixed income, explained by Claude (and me)

I'm prepping for the CFA Level 1 in November 2026.

Fixed Income is one of the heavier topics (11-14% of the exam). And, as much as I respect their work, Kaplan Schweser doesn't write compellingly.

So I built 19 study guides (see below).

How I made them

A skill, in Claude Code, is a reusable workflow with its own instructions, templates, and reference files.

I run a command (/cfa-concept-learner) pointed at a Schweser URL, and Claude follows the same procedure every time. The skill enforces a few non-negotiable rules I converged on when writing How to pass the CFA Level 1 in one go.

One throughline question per reading. Every guide opens with a single concrete question that the entire reading exists to answer.
Triage by difficulty. Green concepts (intuitive) get a few sentences. Yellow (new mental model) gets a full walkthrough plus an analogy. Red (abstract or mathematical) gets multiple angles, analogies, interactive visuals, etc.
Predict-before-reveal on every interactive. Every calculator and slider has a named question above it ("What happens to bond price as YTM rises above the coupon rate?") and a hidden "predict first" prompt.
Retrieval gates between concepts. Each major section ends with 2–3 short questions answered from memory, hidden behind a "Check yourself" reveal. Thanks Roediger & Karpicke.
Coherence rule. Anything not traceable to a Learning Outcome Statement gets cut. The test for every chunk of content: if I deleted this, would the reader fail any LOS-aligned exam question?

The guides

Fixed Income — Combined Study Guide (CFA Level 1, Readings 47-65)

Overview

Fixed Income — Combined Study Guide

19 readings · CFA Level 1 · Made with /cfa-concept-learner

Pick a reading from the sidebar or one of the cards below. Each reading opens in the panel on the right — calculators, charts, retrieval gates, and reveal buttons all work as designed.

Foundations

Valuation & Yields

Term Structure & Risk

Credit

Securitization

A few caveats:

These are study aids.
The interactive bits are illustrative.
These are AI-generated.

If you spot mistakes, email me.

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