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CFA Level 1 Curriculum Updates
CFA® is a Registered Trademark of the CFA Institute. This Document has been produced by an independent financial training company – Finance Grid Limited, U.K., to facilitate students using the study notes and study guides from third party providers, including Finance Grid. This update is based on an analysis of the CFA Institute’s curriculum updates between 2010 and 2011, which are available in detail on the website of the CFA Institute: www.cfainstitute.org Please visit the CFA Institute’s website for a detailed look at the Learning Tasks set by the CFA Institute. Finance Grid Limited is not linked with the CFA Institute, and is not liable for its interpretation of the updates. www.finance-grid.com
Jeremy Sanders Finance Grid Limited, UK 1/1/2011
Charts and Theories. Finance Grid Ltd. A new focus is on applications and real use of tools and techniques. Study Session 4 Microeconomic Analysis: Reading 13: Reading 14: Reading 15: Reading 16: Reading 17: No Change No Change No Change No Change No Change Study Session 5 Market Structure and Macroeconomic Analysis: Reading 18: Reading 19: Reading 20: Reading 21: Reading 22: Reading 23: No Change No Change 1 new LOS: relating to a comparison and contrast between Perfect Competition and Monopolistic Competition No Change No Change No Change 2|Page . calculation and interpretation of tracking error No Change No Change Technical Analysis Chapter has total new content with focus on actual use of Technical Analysis Tools. a) and b) No Change No Change Study Session 3 Quantitative Methods – Applications: Reading 9: Reading 10: Reading 11: Reading 12: Only 1 new LOS: relating to the definition. is an independent Financial Training Provider. This goes alongside with commonly used technical analysis indicators as well. now there are 9 provisions of GIPS Study Session 2 Quantitative Methods – Basic Concepts: Reading 5: Reading 6: Reading 7: Reading 8: No Change No Change. Study Session 1 Ethical and Professional Standards: Reading 1: Reading 2: Reading 3: Reading 4: No Change No Change No Change Minor change. study of cycles. trend lines. U. except previous LOS a) has been split into two parts. Previous Reading and LOS statements are almost entirely to be discarded.CFA® Level 1 Curriculum Changes Updates for the June 2011 CFA® Level 1 Exam CFA® is a Registered Trademark of the CFA Institute.K. wave theory and Fibonacci Numbers in market prediction. chart patterns.
and NonCurrent Liabilities Important: Major reorganisation in the structure of the chapter Reading 36: Major Reorganization in the structure of the chapter. Study Session 10 Financial Reporting and Analysis – Applications and International Convergence Reading 40: 2 LOS Statements have been removed. as well as de-recognition of debt. and new LOS related to Periodic versus Perpetual Inventory Valuation.Study Session 6 Monetary and Fiscal Economics: Reading 24: Reading 25: Reading 26: Reading 27: Reading 28: No Change No Change No Change No Change No Change Study Session 7 Financial Reporting and Analysis – An Introduction: Reading 29: Reading 30: Reading 31: No Change No Change No Change Study Session 8 Financial Reporting and Analysis – Income Statement. defined contribution and defined benefit pension plans have been included. Long-Lived Assets. Previous LOS on conversion between methods seems to be absent (Check in Chapter Content) Reading 37: Major Reorganization in the structure of the chapter Reading 38: No Change Reading 39: Major reorganisation in the structure of the chapter. Balance Sheet. which does not change learning approach or content) No Change Study Session 9 Financial Reporting and Analysis – Inventories. and only the general accounting warning signs therefore become the focus. No Change No Change No Change Reading 41: Reading 42: Reading 43: 3|Page . and Cash Flow Statement: Reading 32: Reading 33: Reading 34: Reading 35: No Change No Change No Change (Minor wording change in 1 LOS. Other LOS statements have been simplified. the specific accounting warning signs for Enron and Sunbeam have been removed. Income Taxes.
Study Session 15 Fixed Income Basic Concepts: Reading 61: Reading 62: No Change. this reading was previously number ‘63’ in 2010 Reading 63: Reading 64: 4|Page . There is one reading less than last year (3 instead of 4). and Dividends and Share Repurchases Basics No Change No Change This is a new reading on ‘Measures of Leverage’. Reading 56: New Reading. The reading otherwise exactly corresponds to previous reading ‘61’ No Change. a new reading. No Change. Reading 58: New Reading. instead of 3 chapters in 2011 Reading 51: This is essentially a new reading with slightly different focus than before. The last LOS (LOS ‘O’). retains the core concepts from previous reading 51. requires an additional concept relating to the description of ‘The origin of sovereign risk’. Reading 59: Reorganized. this is a new reading which however. Reading 57: This is a new reading. There are 4 chapters in 2011. however retains some core concepts from previous reading 50. this reading on ‘Features of Debt Securities’ was number ‘60’ previously Minor Change. Reading 54: New Reading. Reading 60: Reorganised. but it has rough correspondence with previous readings number (57 plus 58). hence we would again consider it a new reading. This reading on ‘Corporate Governance’ was number ‘48’ in 2010 Study Session 12 Portfolio Management Important: There has been a major revamping of this study session. LOS below. Reading 55: New Reading. hence we would say. The content covers similar topics however the content has been re-authored and vastly reorganised. This reading on ‘Financial Statement Analysis’ was number ‘47’ in 2010 No Change. this reading was previously number ‘62’ in 2010. This reading on ‘Working Capital’ was numbered ‘46’ in 2010 No Change. Measures of Leverage. however roughly corresponds to previous reading 53. however it corresponds roughly to previous readings (54 and 55 from 2010). Reading 53: Again. This is a new reading on ‘Dividends and Share Repurchases – Basics’. Market Indices and Market Efficiency Important: This study session has one less reading (3) instead of (4) previously. Study Session 14 Equity Analysis and Valuation Important: This study session has been reorganised completely and the content has been re-authored. It has broad correspondence with the content in previous readings (56 plus 59). however it has a limited correspondence with previous reading 52.Study Session 11 Corporate Finance Important: Reading 44: Reading 45: Reading 46: Reading 47: Reading 48: Reading 49: Reading 50: 2 New Readings. No Change. Reading 52: This is essentially a new reading. Study Session 13 Market Organisation. with new focus areas.
and clarify the LOS. was previously number ‘71’ in 2010 No Change. was previously number ‘74’ in 2010 There are a total of 75 readings in the CFA Level 1 curriculum for 2011. which implies a slightly broader focus in 2011 on this LOS. Also in the same LOS.Analysis and Valuation: Reading 65: Reading 66: Reading 67: No Change. These do not constitute a change. This reading was previously number ‘73’ in 2010. was previously number ‘67’ in 2010 No Change. This reading was previously number ‘69’ in 2010 Minor Change. It was previously number ‘64’ in 2010 No Change. The remainder constitute slight re-wordings or splitting up of LOS statements for clarity. First LOS requires a clear description of a Call Option and a Put Option. the previous LOS (d) has been split up into two parts (d) and (e) to separately focus. as was previously stated for 2010.Study Session 16 Fixed Income . whereas the total number of readings was 74 in 2010. was previously number ‘68’ in 2010 Very Minor Change. the candidate is required to describe the various classifications of hedge funds. the last LOS adds the description of characteristics of T-Bill futures contract. The reading was previously number ‘70’ in 2010. No Change. was previously number ‘72’ in 2010 Reading 72: Reading 73: Study Session 18 Alternative Investments Reading 74: Very minor change. Study Session 17 Derivatives Reading 68: Reading 69: Reading 70: Reading 71: No Change. for the CFA Level 1 Exam Reading 75: Summary: 5|Page . It was previously number ‘65’ in 2010 Minor Change: one extra LOS at the end of the reading requiring a ‘discussion on the impact of yield volatility on the interest rate risk of a bond’. Also. No Change. The LOS related to Hedge Funds is stated in terms of discuss rather than define.
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