How Lumini helps with CFA Level 1
You're working through the CFA Institute's question bank or Kaplan Schweser's QBank on your Mac. You hit a question about bond duration that requires a calculation you can't quite remember. The formula sheet is somewhere in your 3,000 pages of curriculum books but you're not finding it.
Lumini sees your practice question on screen — the bond characteristics (coupon rate, yield, maturity) and the answer choices. Hold Ctrl+Option and ask "What's the formula for Macaulay duration?" Lumini tells you the formula AND explains which numbers from the question go where. "The bond has semi-annual coupons so you need to adjust — divide the coupon rate by 2 and multiply the periods by 2. I'm pointing at the semi-annual coupon payment in the question. The CFA Institute loves testing semi-annual adjustments — you'll see this on exam day."
The CFA isn't a memorisation test — it's a speed test
Level 1 has 180 questions in 4.5 hours. That's 90 seconds per question. You don't have time to derive formulas. Lumini teaches you the shortcuts: "You don't need to calculate the full duration here. Compare the characteristics — Bond A has a higher coupon than Bond B with the same maturity, so Bond A's duration is lower. You can eliminate two answer choices immediately without any calculation. Then check which of the remaining answers is consistent with the relationship between coupon and duration."
For Ethics questions — the highest-weighted topic on Level 1 — Lumini explains the CFA Institute's framework: "The CFA Ethics section isn't about what you think is ethical. It's about what the Standards say. This question is testing Standard III(A) — Loyalty, Prudence, and Care. The key phrase is 'act for the benefit of clients.' Even if the action seems reasonable, if it benefits you before the client, it's a violation."
Financial Statement Analysis — the biggest section
FSA is the largest topic on Level 1. Lumini helps you navigate the ratios: "This question is asking about the impact on the current ratio. The transaction is paying accounts payable with cash. Both current assets (cash) and current liabilities (AP) decrease by the same amount. If the current ratio is above 1, the ratio increases. Below 1, it decreases. I'm pointing at the current ratio number you calculated."
Example questions to ask Lumini
- "What's the formula for this and which numbers do I plug in?"
- "Is this an Ethics violation — which Standard applies?"
- "How does this transaction affect the financial ratios?"
- "What's the difference between IFRS and US GAAP on this topic?"
- "Can I answer this without doing a full calculation?"
How Lumini automates your CFA prep
Say "Create a note with the formulas I keep forgetting." Say "Remind me to do a mock exam on Saturday at 7am." Say "Search the web for CFA Level 1 exam weights and topic changes 2026." All while staying in your QBank.