Level I CFA : 2014 - 2015 Program Changes

The 2015 curriculum readings have been reduced from 63 to 60

The changes are primarily on Derivatives.
For any questions or comments please email us at support@irfanullah.co

Notes and Key

Topic
Ethics

2014 #
1
2
3
4

2014 Reading Name

Code of Ethics and Standards of Professional Conduct
Guidance for Standards IVII
Introduction to the Global Investment Performance Standards (GIPS)
Global Investment Performance Standards (GIPS)

Removed
New/Added
Updated

Red
Green
Yellow

2015 #
1
2
3
4

2015 Reading Name

Code of Ethics and Standards of Professional Conduct
Guidance for Standards IVII
Introduction to the Global Investment Performance Standards (GIPS)
Global Investment Performance Standards (GIPS)

Comments

Updated Examples
Updated Examples
Updated Examples
Updated Examples
Updated Examples
Updated Examples
Updated Examples

Quantitative
Methods

5
6
7
8
9
10
11
12

The Time Value of Money

Discounted Cash Flow Applications
Statistical Concepts and Market Returns
Probability Concepts
Common Probability Distributions
Sampling and Estimation
Hypothesis Testing
Technical Analysis

6
7
8
9
10
11
12

The Time Value of Money

Discounted Cash Flow Applications
Statistical Concepts and Market Returns
Probability Concepts
Common Probability Distributions
Sampling and Estimation
Hypothesis Testing
Technical Analysis

Economics

13
14
15
16
17
18
19
20
21

Demand and Supply Analysis: Introduction

Demand and Supply Analysis: Consumer Demand
Demand and Supply Analysis: The Firm
The Firm and Market Structures
Aggregate Output, Prices, and Economic Growth
Understanding Business Cycles
Monetary and Fiscal Policy
International Trade and Capital Flows
Currency Exchange Rates

13
14
15
16
17
18
19
20
21

Demand and Supply Analysis: Introduction

Demand and Supply Analysis: Consumer Demand
Demand and Supply Analysis: The Firm
The Firm and Market Structures
Aggregate Output, Prices, and Economic Growth
Understanding Business Cycles
Monetary and Fiscal Policy
International Trade and Capital Flows
Currency Exchange Rates

FRA

22
23
24
25
26
27
28
29
30
31
32
33
34
35

Financial Statement Analysis: An Introduction

Financial Reporting Mechanics
Financial Reporting Standards
Understanding Income Statements
Understanding Balance Sheets
Understanding Cash Flow Statements
Financial Analysis Techniques
Inventories
Long-Lived Assets
Income Taxes
Non-current (Long-Term) Liabilities
Financial Reporting Quality: Red Flags and Accounting Warning Signs
Accounting Shenanigans on the Cash Flow Statement
Financial Statement Analysis: Applications

22
23
24
25
26
27
28
29
30
31
32
33
34

Financial Statement Analysis: An Introduction

Financial Reporting Mechanics
Financial Reporting Standards
Understanding Income Statements
Understanding Balance Sheets
Understanding Cash Flow Statements
Financial Analysis Techniques
Inventories
Long-Lived Assets
Income Taxes
Non-current (Long-Term) Liabilities
Financial Reporting Quality
Financial Statement Analysis: Applications

36
37
38
39
40
41

Capital Budgeting
Cost of Capital
Measures of Leverage
Dividends and Share Repurchases: Basics
Working Capital Management
The Corporate Governance of Listed Companies: A Manual for Investors

35
36
37
38
39
40

Capital Budgeting
Cost of Capital
Measures of Leverage
Dividends and Share Repurchases: Basics
Working Capital Management
The Corporate Governance of Listed Companies: A Manual for Investors

Corporate
Finance

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Revised SOPH

New Authors

Level I CFA : 2014 - 2015 Program Changes

Topic

2014 # 2014 Reading Name

2015 # 2015 Reading Name

Portfolio
Management

42
43
44
45

Portfolio Management: An Overview

Portfolio Risk and Return: Part I
Portfolio Risk and Return: Part II
Basics of Portfolio Planning and Construction

41
42
43
44

Portfolio Management: An Overview

Portfolio Risk and Return: Part I
Portfolio Risk and Return: Part II
Basics of Portfolio Planning and Construction

Equity

46
47
48
49
50
51

Market Organization and Structure

Security Market Indices
Market Efficiency
Overview of Equity Securities
Introduction to Industry and Company Analysis
Equity Valuation: Concepts and Basic Tools

45
46
47
48
49
50

Market Organization and Structure

Security Market Indices
Market Efficiency
Overview of Equity Securities
Introduction to Industry and Company Analysis
Equity Valuation: Concepts and Basic Tools

52
53
54
55
56

Fixed-Income Securities: Defining Elements

Fixed-Income Markets: Issuance, Trading, and Funding
Introduction to Fixed-Income Valuation
Understanding Fixed-Income Risk and Return
Fundamentals of Credit Analysis

51
52
53
54
55
56

Fixed-Income Securities: Defining Elements

Fixed-Income Markets: Issuance, Trading, and Funding
Introduction to Fixed-Income Valuation
An Introduction to Asset-Backed Securities
Understanding Fixed-Income Risk and Return
Fundamentals of Credit Analysis

57
58
59
60
61
62

Derivative Markets and Instruments

Forward Markets and Contracts
Futures Markets and Contracts
Option Markets and Contracts
Swap Markets and Contracts
Risk Management Applications of Option Strategies

57 Derivative Markets and Instruments

58 Basics of Derivative Pricing and Valuation
59 Risk Management Applications of Option Strategies

Fixed Income

Derivatives

Alternative
Investments

63 Introduction to Alternative Investments

60 Introduction to Alternative Investments

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