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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
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. 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.CFA® Level 1 Curriculum Changes Updates for the June 2011 CFA® Level 1 Exam CFA® is a Registered Trademark of the CFA Institute. 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. chart patterns. wave theory and Fibonacci Numbers in market prediction. study of cycles. 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 . Finance Grid Ltd. Study Session 1 Ethical and Professional Standards: Reading 1: Reading 2: Reading 3: Reading 4: No Change No Change No Change Minor change. Charts and Theories.K. A new focus is on applications and real use of tools and techniques. U. is an independent Financial Training Provider. except previous LOS a) has been split into two parts. Previous Reading and LOS statements are almost entirely to be discarded. trend lines.
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. and Cash Flow Statement: Reading 32: Reading 33: Reading 34: Reading 35: No Change No Change No Change (Minor wording change in 1 LOS. Long-Lived Assets. Income Taxes. Study Session 10 Financial Reporting and Analysis – Applications and International Convergence Reading 40: 2 LOS Statements have been removed. 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. and only the general accounting warning signs therefore become the focus. as well as de-recognition of debt. and NonCurrent Liabilities Important: Major reorganisation in the structure of the chapter Reading 36: Major Reorganization in the structure of the chapter. No Change No Change No Change Reading 41: Reading 42: Reading 43: 3|Page . defined contribution and defined benefit pension plans have been included. and new LOS related to Periodic versus Perpetual Inventory Valuation. Other LOS statements have been simplified. the specific accounting warning signs for Enron and Sunbeam have been removed. Balance Sheet. which does not change learning approach or content) No Change Study Session 9 Financial Reporting and Analysis – Inventories.
however it corresponds roughly to previous readings (54 and 55 from 2010).Study Session 11 Corporate Finance Important: Reading 44: Reading 45: Reading 46: Reading 47: Reading 48: Reading 49: Reading 50: 2 New Readings. however it has a limited correspondence with previous reading 52. Measures of Leverage. Reading 58: New Reading. retains the core concepts from previous reading 51. however retains some core concepts from previous reading 50. however roughly corresponds to previous reading 53. Study Session 14 Equity Analysis and Valuation Important: This study session has been reorganised completely and the content has been re-authored. The reading otherwise exactly corresponds to previous reading ‘61’ No Change. Reading 53: Again. Market Indices and Market Efficiency Important: This study session has one less reading (3) instead of (4) previously. instead of 3 chapters in 2011 Reading 51: This is essentially a new reading with slightly different focus than before. Reading 60: Reorganised. Reading 59: Reorganized. This reading on ‘Working Capital’ was numbered ‘46’ in 2010 No Change. this is a new reading which however. but it has rough correspondence with previous readings number (57 plus 58). No Change. requires an additional concept relating to the description of ‘The origin of sovereign risk’. a new reading. It has broad correspondence with the content in previous readings (56 plus 59). There is one reading less than last year (3 instead of 4). This reading on ‘Financial Statement Analysis’ was number ‘47’ in 2010 No Change. The content covers similar topics however the content has been re-authored and vastly reorganised. No Change. The last LOS (LOS ‘O’). with new focus areas. Study Session 13 Market Organisation. this reading was previously number ‘63’ in 2010 Reading 63: Reading 64: 4|Page . this reading was previously number ‘62’ in 2010. hence we would again consider it a new reading. LOS below. Reading 54: New Reading. hence we would say. Reading 55: New Reading. this reading on ‘Features of Debt Securities’ was number ‘60’ previously Minor Change. There are 4 chapters in 2011. and Dividends and Share Repurchases Basics No Change No Change This is a new reading on ‘Measures of Leverage’. Reading 56: 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. Study Session 15 Fixed Income Basic Concepts: Reading 61: Reading 62: No Change. Reading 52: This is essentially a new reading. Reading 57: This is a new reading. This is a new reading on ‘Dividends and Share Repurchases – Basics’.
Also. the previous LOS (d) has been split up into two parts (d) and (e) to separately focus.Study Session 16 Fixed Income . No Change. No Change. which implies a slightly broader focus in 2011 on this LOS. This reading was previously number ‘69’ in 2010 Minor Change. Also in the same LOS. was previously number ‘67’ in 2010 No 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’. was previously number ‘72’ in 2010 Reading 72: Reading 73: Study Session 18 Alternative Investments Reading 74: Very minor change.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 ‘68’ in 2010 Very Minor Change. This reading was previously number ‘73’ in 2010. whereas the total number of readings was 74 in 2010. was previously number ‘74’ in 2010 There are a total of 75 readings in the CFA Level 1 curriculum for 2011. as was previously stated for 2010. The LOS related to Hedge Funds is stated in terms of discuss rather than define. and clarify the LOS. It was previously number ‘64’ in 2010 No Change. the candidate is required to describe the various classifications of hedge funds. These do not constitute a change. First LOS requires a clear description of a Call Option and a Put Option. was previously number ‘71’ in 2010 No Change. The reading was previously number ‘70’ in 2010. The remainder constitute slight re-wordings or splitting up of LOS statements for clarity.
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