Yield-Based Bond Duration Measures and Properties (2025 CFA® Ll I Exam – Fixed Income – LM 11)

Master yield-based bond duration measures for the CFA Level I Fixed Income curriculum. In this lesson Jim reviews interest-rate risk and walks through Macaulay duration, modified duration, money or dollar duration, and the price value of a basis point PVBP also known as DV01. You will learn how duration links bond prices to yield changes, the difference between yield duration and curve duration, how coupon rate, maturity, and YTM affect duration, and where convexity fits next. What you’ll learn • Macaulay vs modified duration and when to use each • Money duration and DV01 PVBP for small yield changes • Interpreting duration as price sensitivity • Properties of duration and drivers coupon, maturity, YTM • Using spot rates and why convexity adjustments matter Perfect for CFA Level I candidates preparing for Fixed Income LM 11. Prep smarter with AnalystPrep’s CFA® study packages: Levels I, II & III (Lifetime access): https://analystprep.com/shop/cfa-unli... Level I: https://analystprep.com/shop/cfa-leve... Level II: https://analystprep.com/shop/learn-pr... Level III: https://analystprep.com/shop/cfa-leve... Prep Packages for the FRM® Program: FRM Part I & Part II (Lifetime access): https://analystprep.com/shop/unlimite... Topic 7 – Fixed Income Learning Module 11 – Yield-Based Bond Duration Measures and Properties LOS : Define, calculate, and interpret modified duration, money duration, and the PVBP. LOS : Explain bond’s maturity, coupon, and yield level effects on interest rate risk. #CFA #CFALevel1 #FixedIncome #Duration #ModifiedDuration #MacaulayDuration #DV01 #PVBP #BondMath #Convexity #AnalystPrep #Finance #QuantitativeFinance #ExamPrep