[CFA Level I] 19, Present Value and Cash-Flow Timing

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - How discounting future cash flows determines present value in the CFA Level I curriculum. - The structural difference in timing between an ordinary annuity and an annuity due. - How to adjust financial calculator modes between end-of-period and beginning-of-period cash flows. - Why financial calculator sign conventions require distinguishing cash inflows from cash outflows. - How misidentifying cash flow timing or sign conventions leads to incorrect present value calculations. This independent prep episode is designed to supplement your study routine with targeted concepts. Practice hundreds of practice questions at https://open-exam-prep.com/practice/cfa-level1 and watch video lessons at https://www.youtube.com/@Open-exam-prep . Sources checked: October 12, 2026 https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-i-exam https://www.cfainstitute.org/sites/default/files/2027levelitopicoutline_online.pdf