::
@CFAin80days, I don’t think it matters too much. Derivatives may be more difficult for non finance/accounting background as you have never seen it before, but it focuses on introducing you to various type of financial derivatives, and in that sense there’s lots to grasp as it’s new.
Equities in Level 1 focuses on valuation and dividend discount model, doesn’t have too much relation to Derivatives. Fixed Income has more of a connection to derivatives, as you touch things like MBS which contain some derivatives.
So all in all – it doesn’t matter too much. But if you prefer, do Derivatives before Fixed Income.
Hope this helps!