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The CMT Level I exam measures basic competence of an entry-level analyst. The CMT Level I candidate
should have a working knowledge of the terminology used in the required readings, be able to identify
the concepts discussed in these readings, and have a definitional understanding of the analytical tools
presented in the required readings.
Exam time length: 2 hours, 15 minutes
Exam format: Multiple Choice
The curriculum is organized into exam specific knowledge domains that provide a framework for
recognizing and implementing investment/trading decisions. CMT Level I exam tests the candidates
knowledge in 12 domains:
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
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9%
11
2. Markets
5%
3. Market Indicators
7%
4. Construction
5%
5. Trend Analysis
a. trendlines
16%
18
23%
28
b. regression analysis
c.
6. Chart and Pattern
Analysis
moving averages
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stochastics
7. Confirmation
3%
8. Cycles
a. business cycles
5%
9. Selection and
Decision
a. relative strength
13%
15
5%
6%
3%
12. Ethics
Page 3
Dow theory
behavioral finance
2. Markets
historical market data (e.g., characteristics of Describe how market prices are quoted and how they change in
various markets)
various markets.
traditional asset classes (e.g., equities, fixed Describe the differences between stocks and bonds.
income, commodities)
Identify reasons why an investor might prefer stocks, bonds or
commodities.
Describe the implications of widening or narrowing of yield
spreads on bond prices.
Describe the normal relationship between yield spreads and
bond ratings .
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non-US markets
market indices
exchanges
3. Market Indicators
breadth indicators (e.g., A/D, up/down
volume)
index construction
market performance.
Describe the main tools that the Federal Reserve uses to adjust
the money supply.
Interpret the likely results of changes in Fed monetary policy
tools on market conditions.
private money flows (e.g., mutual fund
holdings, corporate liquidity holdings)
sentiment measures (e.g., put-call ratio,
investor polls)
4. Construction
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scaling methods (e.g., arithmetic, semi-log) Explain the arithmetic and semi-logarithmic scaling conventions.
bar chart
candlestick chart
volume
5. Trend Analysis
trend lines
regression analysis
moving averages
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Page 7
stochastics
7. Confirmation
open interest and volume
8. Cycles
business cycles
strategic models
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fundamentals of probability
12. Ethics
**************************************************************************************
Listed below is an alternative reading list for the CMT Level I exam. The official readings are contained
in the forthcoming custom text published by Wiley due out in July. The CMT candidate is responsible
for knowing and understanding the entire list of reading assignments.
As part of our ongoing re-investment in the CMT Program, we have entered into a publishing agreement with
John Wiley & Sons to publish a custom text for each level of the CMT exams. Each level-specific text will be
available through Wiley in eBook format in July 2015. As our publisher, Wiley is working diligently to produce a
top quality offering as quickly as possible. We will continue to update you as we receive more detailed
information.
With any change to established practices, there are some challenges. Making the transition simple and easy
for candidates currently enrolled is one of our highest priorities. For candidates who have already purchased
some of the books from the required reading lists or for those interested in starting their preparation for the
October administration immediately, we have detailed a modified reading list below.
Please note, the content and curriculum topics covered in the books listed for each level will correspond to the
same learning objectives and topics as seen in the custom text that will be published by Wiley. The specific
readings and authors may vary from the reading list below. Both methods of study are equivalent and will
cover the same topics and prepare you for the exams.
**************************************************************************************
OR
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Du Plessis, Jeremy: The Definitive Guide to Point and Figure 2 nd Edition, Harriman House LTD, c. 2012,
ISBN: 978-0857192-45-5. Click on the following link to buy it at an MTA members special discount:
www.updata.co.uk/shop/mtabookoffer.asp
Chapters:
1-4
3. Elder, Alexander: The New Trading for a Living, John Wiley & Sons, Inc., c. 2014, ISBN: 978-1-118-44392-7
Chapters:
11-19
4. Gorman, Wayne and Kennedy, Jeffrey: Visual Guide to Elliot Wave Trading, John Wiley & Sons, Inc., c.
2013, ISBN: 978-1-118-44560-0
Chapters:
Appendix A
1
5. Burton, Edwin T and Shah, Sunit N.: Behavioral Finance, Understanding the Social, Cognitive, and
Economic Debates, John Wiley & Sons, Inc., c. 2013, ISBN: 978-1-118-30019-0
Chapters:
1-4
7
6.
Davis, Ned: Being Right or Making Money, John Wiley & Sons, Inc., c. 2014, ISBN: 978-1-118-99206-7
Chapters:
1-5
7. Levy, Robert A.: (White Paper) Relative Strength as a Criterion for Investment Selection, Wiley, Inc.,
Journal of Finance, Volume 22, Issue 4 (December 1967).
Pages:
595-610
8. Code of Ethics and Standards of Professional Conduct
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