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CFA Level 1 LOS Changes Between 2011 and 2010

CFA Level 1 LOS Changes Between 2011 and 2010

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Published by: Grace Choi on Apr 20, 2011
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08/01/2011

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2011

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

Previous Reading and LOS statements are almost entirely to be discarded. wave theory and Fibonacci Numbers in market prediction.K. 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. A new focus is on applications and real use of tools and techniques. is an independent Financial Training Provider. Charts and Theories. study of cycles. trend lines. U. 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. 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.CFA® Level 1 Curriculum Changes Updates for the June 2011 CFA® Level 1 Exam CFA® is a Registered Trademark of the CFA Institute. Finance Grid Ltd. This goes alongside with commonly used technical analysis indicators as well. 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 . except previous LOS a) has been split into two parts. Study Session 1 Ethical and Professional Standards: Reading 1: Reading 2: Reading 3: Reading 4: No Change No Change No Change Minor change. chart patterns.

and Cash Flow Statement: Reading 32: Reading 33: Reading 34: Reading 35: No Change No Change No Change (Minor wording change in 1 LOS. Study Session 10 Financial Reporting and Analysis – Applications and International Convergence Reading 40: 2 LOS Statements have been removed.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. Income Taxes. which does not change learning approach or content) No Change Study Session 9 Financial Reporting and Analysis – Inventories. and new LOS related to Periodic versus Perpetual Inventory Valuation. as well as de-recognition of debt. No Change No Change No Change Reading 41: Reading 42: Reading 43: 3|Page . and only the general accounting warning signs therefore become the focus. Balance Sheet. 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. the specific accounting warning signs for Enron and Sunbeam have been removed. Long-Lived Assets. defined contribution and defined benefit pension plans have been included. and NonCurrent Liabilities Important: Major reorganisation in the structure of the chapter Reading 36: Major Reorganization in the structure of the chapter. Other LOS statements have been simplified.

Study Session 11 Corporate Finance Important: Reading 44: Reading 45: Reading 46: Reading 47: Reading 48: Reading 49: Reading 50: 2 New Readings. requires an additional concept relating to the description of ‘The origin of sovereign risk’. Study Session 14 Equity Analysis and Valuation Important: This study session has been reorganised completely and the content has been re-authored. Market Indices and Market Efficiency Important: This study session has one less reading (3) instead of (4) previously. Reading 56: New Reading. however retains some core concepts from previous reading 50. It has broad correspondence with the content in previous readings (56 plus 59). Reading 60: Reorganised. Study Session 13 Market Organisation. Reading 55: New Reading. There is one reading less than last year (3 instead of 4). 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. however roughly corresponds to previous reading 53. There are 4 chapters in 2011. This is a new reading on ‘Dividends and Share Repurchases – Basics’. this is a new reading which however. Study Session 15 Fixed Income Basic Concepts: Reading 61: Reading 62: No Change. No Change. with new focus areas. The last LOS (LOS ‘O’). instead of 3 chapters in 2011 Reading 51: This is essentially a new reading with slightly different focus than before. this reading was previously number ‘63’ in 2010 Reading 63: Reading 64: 4|Page . a new reading. Reading 53: Again. No Change. and Dividends and Share Repurchases Basics No Change No Change This is a new reading on ‘Measures of Leverage’. retains the core concepts from previous reading 51. Reading 58: New Reading. but it has rough correspondence with previous readings number (57 plus 58). LOS below. hence we would say. however it corresponds roughly to previous readings (54 and 55 from 2010). Reading 57: This is a new reading. This reading on ‘Financial Statement Analysis’ was number ‘47’ in 2010 No Change. this reading was previously number ‘62’ in 2010. The reading otherwise exactly corresponds to previous reading ‘61’ No Change. Reading 59: Reorganized. this reading on ‘Features of Debt Securities’ was number ‘60’ previously Minor Change. Reading 52: This is essentially a new reading. however it has a limited correspondence with previous reading 52. Reading 54: New Reading. Measures of Leverage. This reading on ‘Working Capital’ was numbered ‘46’ in 2010 No Change. The content covers similar topics however the content has been re-authored and vastly reorganised. hence we would again consider it a new reading.

The LOS related to Hedge Funds is stated in terms of discuss rather than define. No Change. the previous LOS (d) has been split up into two parts (d) and (e) to separately focus. was previously number ‘68’ in 2010 Very Minor Change. This reading was previously number ‘69’ in 2010 Minor Change. No Change. Also. was previously number ‘67’ in 2010 No Change. and clarify the LOS. This reading was previously number ‘73’ in 2010. First LOS requires a clear description of a Call Option and a Put Option. The remainder constitute slight re-wordings or splitting up of LOS statements for clarity. for the CFA Level 1 Exam Reading 75: Summary: 5|Page . was previously number ‘74’ in 2010 There are a total of 75 readings in the CFA Level 1 curriculum for 2011. Also in the same LOS. as was previously stated for 2010. the candidate is required to describe the various classifications of hedge funds. These do not constitute a change. which implies a slightly broader focus in 2011 on this LOS. Study Session 17 Derivatives Reading 68: Reading 69: Reading 70: Reading 71: No Change. whereas the total number of readings was 74 in 2010.Analysis and Valuation: Reading 65: Reading 66: Reading 67: No Change. the last LOS adds the description of characteristics of T-Bill futures contract. was previously number ‘71’ in 2010 No Change.Study Session 16 Fixed Income . 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’. The reading was previously number ‘70’ in 2010. It was previously number ‘64’ in 2010 No Change. was previously number ‘72’ in 2010 Reading 72: Reading 73: Study Session 18 Alternative Investments Reading 74: Very minor change.

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