Educational Disclaimer

For education only

EQA is an educational and training tool. Nothing in it is investment, financial, legal, tax, accounting or regulatory advice, or a recommendation to buy, sell or hold any security. Using EQA doesn't make CapitalWave your adviser. Talk to a qualified professional before you make financial decisions.

Models and results

EQA's tools use standard textbook models with simplified assumptions. Their results depend on the inputs you enter and may differ from market prices, dealer systems and professional analytics. Don't rely on them for trading, valuation, risk management or regulatory reporting.

Sample and simulated data

Sample portfolios, positions, companies, case studies and screenshots use fictional or simulated data. Any resemblance to real people, portfolios or firms is coincidental.

AI tutor and suggested marks

The AI tutor's answers and the suggested marks for written answers are generated by AI. They can be incomplete or wrong. Check important points with your instructor or the course materials. Your instructor decides your grades.

Scores, exams and qualifications

EQA's labs, exercises and exams are practice and coursework. They aren't official examinations, and a score in EQA isn't a professional qualification, certification or accreditation, or proof that someone is suitable for a job. Your organization decides how EQA results count in its courses.

CFA Institute

CFA Institute does not endorse, promote, review or warrant the accuracy or quality of Equity Analyzer or any other CapitalWave product or service.

• CapitalWave isn't affiliated with CFA Institute and isn't a CFA Institute Prep Provider.
• CFA Institute hasn't reviewed, approved, verified or confirmed EQA, its content or its results, and we don't claim that it has. Nothing on this site should be read as implying that it has.
• Where we mention the CFA Program, its levels or its topics, we do so only to describe what EQA covers.
• EQA's questions, labs and explanations are written by CapitalWave. They aren't CFA Institute exam questions and aren't taken from the CFA Program curriculum.
• Using EQA doesn't guarantee or predict any result in a CFA Institute exam. Candidates should study from CFA Institute's official curriculum.

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

The same applies to every other examination, certification or professional body we mention: none of them sponsors or endorses EQA.

Personal and confidential information

Use the sample data EQA supplies. Don't enter real client account details, confidential financial information or other people's personal information.

No warranty

As far as the law allows, EQA is provided without warranties of accuracy or completeness. The Terms of Use cover this in full.