Guide To 2022 CFA Program Curriculum Changes
Guideto2022 CFA ProgramCurriculumChanges
Contents25FOREWORDKEY CHANGES IN LEVEL I6 Quantitative Methods7 Economics7 Financial Statement Analysis8 Corporate Issuers(Formerly Corporate Finance)9 Equity Investments9 Fixed Income9 Derivatives9 Alternative Investments10 Portfolio Management11 Ethical and Professional Standards12 KEY CHANGES IN LEVEL II13 Quantitative Methods14 Economics14 Financial Statement Analysis14 Corporate Issuers(Formerly Corporate Finance)15 Equity Valuation15 Fixed Income16 Derivatives16 Alternative Investments17 Portfolio Management17 Ethical and Professional Standards118 KEY CHANGES IN LEVEL III19 Behavioral Finance19 Capital Market Expectations19 Asset Allocation and RelatedDecisions in Portfolio Management19 Derivatives and Currency Management20 Fixed-Income Portfolio Management20 Equity Portfolio Management20 Alternative Investmentsfor Portfolio Management21 Private Wealth Management22 Portfolio Managementfor Institutional Investors22 Trading, Performance Evaluation,and Manager Selection22 Cases in Portfolio Managementand Risk Management23 Ethical and Professional Standards
ForewordA key CFA Institute strategy is toensure that the CFA Programcurriculum equips candidateswith current, relevant knowledgeand skills that reflect investmentmanagement practice. To deliver onthis strategy, we keep our learnersat the center of everything we do.2
Guide to 2022 CFA Program Curriculum Changes ForewordAs part of our commitment to prioritizing the interestsof our candidates, CFA Institute reduced the impactof pandemic-related exam disruptions by freezingthe 2020 CFA Program curriculum for 2021 examadministrations. This meant that all candidates whotook exams in 2021 were tested on the 2020 CFAProgram curriculum.Despite this freeze for candidates, the curriculumcontinued to evolve. Extensive work through practiceanalysis and curriculum development has resulted invirtually all levels of the curriculum being updated orrevised within the past four years. We have updateddata exhibits, added new cases, streamlined readingsto be better learning experiences, and improved end-ofreading questions. All of these efforts better align theCFA Program curriculum with what CFA charterholdersdo daily on the job. We can safely say that the CFAProgram curriculum today is the most up-to-datecurriculum since it was established in 1963.CFA Program Level I curriculum was updated broadly in2020 and the Level II curriculum was updated in 2022.Significant changes between the 2020 curriculum andthe new 2022 curriculum are as follows: T he Ethical and Professional Standards topicarea has moved to the end of each level and anApplications reading has been added to each levelthat explicitly shows the Code and Standardsin operation on topics and material covered incurriculum content for that level. E nvironmental, social, and governance (ESG)coverage at Level I was updated and expandedto cover the most recent developments and theirimpact on investment management. T he Level I Quantitative Methods topic area wasrevised to be more engaging and digital-friendlyand now includes code snippets as well as Excelcommands to support the data presentation. LevelI now ends with a new Introduction to Regressionreading that focuses on investment applications.At Level II, Machine Learning has been updated toapply several data cases to investment problems.In addition, a new Backtesting & Simulation readingprovides a sophisticated but accessible introductionto explain how these tools are used in evaluatinginvestment strategies and to compare theirstrengths and weaknesses.3 T he Corporate Finance topic area has transformedinto Corporate Issuers at Levels I and II. The focusof the new Corporate Issuers topic area is onunderstanding the motivations, interactions,and impacts on investors of securities issued bycorporations. Corporate Issuers brings togetherfoundation areas like economics and financialstatement analysis to provide a jumping off pointfor equity and fixed-income valuation. T he Fixed Income readings across Levels I, II, andIII have been revised and aligned for consistency.This includes notation simplification and alignment,elimination of duplication, and updating of conceptssuch as LIBOR to Market Reference Rates, as well asa complete revision of the challenging Yield CurveStrategies and Credit Strategies readings at Level IIIfor clarity and relevance. T he Alternative Investments readings have beenupdated at Levels I and II, including a new introductoryreading at Level I, and revisions to Private Equity and asingle reading on real estate at Level II. T he Level III readings have been extensively revised,replacing old content and refocusing on new contentthat captures current practice. The majority ofreadings at Level III are less than four years old. Thesignificant changes and revisions to Private WealthManagement, Institutional Investors, and PerformanceEvaluation reflect the new 2020 Global InvestmentPerformance Standards (GIPS Standards).
Guide to 2022 CFA Program Curriculum Changes ForewordAs the investment profession evolves, we have evolvedour learning environment to keep pace between 2020and 2022. Our Learning Ecosystem (LES)—a cutting-edgedigital platform that consolidates the entire curriculumand all study tools including practice question bank andmock exams—features a personalized study plan thatcan adjust the learning path to suit individual strengthsand weaknesses. The LES is the primary method bywhich we offer candidates access to all levels of theCFA Program. Moving to digital-first delivery of the CFAProgram curriculum increases the accessibility of ourprograms globally, modernizes the learning experience,aligns with our move to computer-based testing (CBT),and supports us in maintaining fidelity to practice.We understand that our candidates faced deferrals andother circumstances that may have prevented them fromcompleting the CFA Program on the timeline they wouldhave liked and acknowledge that these updates to thecurriculum mean they will be tested on new content. Wetrust you will agree that the adjustments made to thecurriculum reflect current practice and will prepare youwell for what you will encounter in the industry.This guide highlights changes to the curriculumover the past two years. As you revisit the curriculum,you will better understand and feel prepared to take onyour next CFA Program exam.John Veitch, CFAHead, Learning Contentand Experience4
Key Changes in Level IAt a Glance# of unchangedreadings# of updatedreadings# of revisedreadings# of new,extensivelyrevised, or addedreadingsQuantitative Methods1024Economics5200Financial Statement Analysis11010Corporate Issuers1023Equity Investments4020Fixed Income0060Derivatives2000Alternative Investments0001Portfolio Management5003Ethical andProfessional Standards2021Visit our website for more information about changes to the 2022 Level I curriculum.5
Guide to 2022 CFA Program Curriculum Changes Key Changes in Level IQuantitative MethodsThe Time Value of MoneyStatistical Conceptsand Market ReturnsOrganizing, Visualizing,and Describing DataProbability ConceptsNo ChangesDroppedNewRevisionCommonProbability DistributionsMajor RevisionSampling and EstimationRevisionHypothesis TestingIntroduction toLinear RegressionComplete RevisionComplete RevisionInvestment firms are increasingly using technologyacross the investment management value chain—fromimproving their understanding of clients, to uncoveringnew sources of alpha and executing trades moreefficiently. A data-rich environment offers tremendousopportunities for investors, but turning data into useableinformation is not straightforward.Organizing, cleaning, and analyzing data are crucial tothe development of successful investment strategies:otherwise, analysts risk a “garbage in, garbage out”scenario in which expected outcomes do not materializein the real world. The new “Organizing, Visualizing, andDescribing Data” reading provides the foundation fordata-driven quantitative methods, such as backtesting,simulation, machine learning, and big data projects. Thisreading covers a number of visualization techniques, suchas tree maps, word clouds, and heat maps, which are keyto understanding the inputs and outputs of investmentanalyses and strategies. The reading also contains awealth of visuals and graphics to aid understanding ofthe application of technology in the investment industry.6Updated and streamlined coverage of key probabilityconcepts, supported by new engaging visuals, graphics,and flowcharts are key elements of the revised“Probability Concepts” reading. The tools that allow usto make decisions with consistency and logic in aninvestment landscape loaded with risk are based onprobability concepts. The revised reading presents theessential probability tools needed to frame and addressmany real-world problems. These tools can be appliedto a variety of issues, such as predicting investmentmanager performance, forecasting financial variables,and pricing bonds so they fairly compensate bondholdersfor default risk. The reading features plenty of theory, butthe focus is resolutely on the practical applications.A revised “Common Probability Distributions”reading consolidates discussion of a range of keyprobability distributions. Also included are engagingvisuals, graphics, and flowcharts to aid understandingof concepts.Analysts are accustomed to using sample informationto assess, for example, how stock markets around theworld are performing. In addition to updating andstreamlining coverage of existing key sampling andestimation concepts, a revised “Sampling and Estimation”reading introduces important new sampling techniques.The central limit theorem and estimation, the coremethod presented in the reading, may be used for manyinvestment applications. The reading helps with theinterpretation of statistical results based on financialdata as well as with the possible pitfalls of this process.The many engaging visuals, graphics, and flowchartsin the new “Hypothesis Testing” reading will aid in theselection of appropriate test statistics and in a betterunderstanding of concepts. The six-step framework andother new content make this reading important for anyfuture analyst or investment professional who may usehypothesis testing in their decision-making processes.This framework will now be used throughout the CFAProgram curriculum for hypothesis testing in othertopic areas.An introduction to indicator variables and thepresentation of different functional forms for simplelinear regression models form an important part of thenew “Introduction to Linear Regression” reading. Thisreading also includes code snippets for calculatingsimple linear regression models. The reading will aid indetermining if data and regression results adhere to theassumptions underlying simple linear regression as wellas creating and interpreting prediction intervals.
Guide to 2022 CFA Program Curriculum Changes Key Changes in Level IEconomicsFinancial Statement AnalysisTopics in Demandand Supply AnalysisNo ChangesThe Firm and Market StructuresNo ChangesAggregate Output, Prices,and Economic GrowthUnderstandingBusiness CyclesUpdatedIntroduction to FinancialStatement AnalysisNo ChangesFinancial Reporting StandardsNo ChangesUnderstanding IncomeStatementsNo ChangesUnderstanding Balance SheetsNo ChangesUnderstandingCash Flow StatementsNo ChangesFinancial Analysis TechniquesNo ChangesInventoriesNo ChangesLong-Lived AssetsNo ChangesIncome TaxesNo ChangesUpdatedMonetary andFiscal PolicyNo ChangesInternational Tradeand Capital FlowsNo ChangesCurrencyExchange RatesNo ChangesFive of seven readings in the Level I Economics topicarea of the 2022 CFA Program curriculum remainunchanged from 2020. “Aggregate Output, Prices,and Economic Growth” contains new material onquantitative easing, and “Understanding BusinessCycles” features new material on credit cycles.Non-Current (Long-Term)LiabilitiesRevisionFinancial Reporting QualityNo ChangesApplications of FinancialStatement AnalysisNo ChangesOnly 1 of the 12 readings in the Financial StatementAnalysis topic area has been revised for 2022. The“Non-Current (Long-Term) Liabilities” reading nowincludes revised material on leases and leaseaccounting to reflect new treatment and newexamples as well as new end-of-reading questions.7
Guide to 2022 CFA Program Curriculum Changes Key Changes in Level ICorporate Issuers (Formerly Corporate Finance)Introduction to CorporateGovernance and Other ESGConsiderationsUses of CapitalSources of CapitalCost ofCapital —Foundational TopicsCapital StructureMeasures of LeverageMajor RevisionRevisionMajor RevisionRevisionMajor RevisionNo ChangesThe Level I curriculum was revised with an enhancedfocus on capital and corporate issuers.The updated “Introduction to Corporate Governanceand Other ESG Considerations” reading has substantialnew content, including another useful framework toguide analysts in their everyday work. This frameworkincorporates and explains six key ESG investmentapproaches: negative screening, positive screening,ESG integration, thematic investing, engagement/activeownership, and impact investing. New material onenvironmental and social aspects of ESG is provided inthe reading as well as a discussion of ESG issues frommicro- and macro perspectives.The strategic process for determining long-termcapital investment is explored in a major revision ofthe “Uses of Capital” reading. The reading now containsless detail on individual project cash flow evaluationfrom a company perspective. The aim is rather to equiplearners with the main methods used by companiesto allocate capital. The reading explains how and whysound capital allocation decisions ultimately decidethe future success of many corporations. Candidateslearn how analysts may assess a company’s capitalinvestment strategy and, in doing so, better evaluatecorporate decisions.8A variety of debt and equity claims that companies relyon for their sources of capital are assessed in the new“Sources of Capital” reading. The reading also considerssources of liquidity and how to judge the liquiditypositions of companies. The range of financing options(short- and long-term, internal and external) that areopen to companies is discussed, along with the practicalconsiderations of these options. The reading focuseson working capital management to assess corporateliquidity, as opposed to the management of workingcapital items from a company perspective (which wasthe previous focus of this topic).The “Cost of Capital-Foundational Topics” reading wasrevised for 2022. The revised reading dropped materialon project cost of capital analysis reflecting a corporateinsider’s perspective, and material on country riskpremiums was moved to Level II. Finally, the readingremoved content that duplicated information in theLevel II “Return Concepts” reading.Practical examples and explanations as to whycompanies’ debt use varies over their lifecycles arefound in a major revision to the “Capital Structure”reading. Conflicts that arise between companystakeholders and equity- and debtholders in particularare addressed, alongside a detailed example of whymanagement may choose to support the former overthe latter.The case for debt in the capital structure is alsoassessed—with reference to the Modigliani–Millerpropositions. The reading explains how capitalstructure is the result of factors, such as companysize and maturity, which influence the financingoptions available to a company. The reading explainshow capital structure can be significantly affectedby mergers and acquisitions (M&A) as well as bythe proceeds of divestments and asset sales. Howcapital structure is affected over time by a company’soperations and dividend policies is explored.
Guide to 2022 CFA Program Curriculum Changes Key Changes in Level IEquity InvestmentsDerivativesMarket Organizationand StructureNo ChangesDerivative Marketsand InstrumentsNo ChangesSecurity Market IndexesNo ChangesBasics of Derivative Pricingand ValuationNo ChangesMarket EfficiencyOverview of Equity SecuritiesIntroduction to Industryand Company AnalysisEquity Valuation:Concepts and Basic ToolsRevisionNo ChangesRevisionNo ChangesTwo readings in the Equity Investments topic area wererevised for 2022. The behavioral finance and marketanomalies sections of the “Market Efficiency” readingwere revised. The “Introduction to Industry and CompanyAnalysis” reading was streamlined and includes updatedapproaches to the industry classification section.Fixed IncomeFixed-Income Securities:Defining ElementsRevisionFixed-Income Markets:Issuance, Trading, and FundingRevisionIntroduction toFixed-Income ValuationRevisionIntroduction toAsset-Backed SecuritiesRevisionUnderstandingFixed-Income Risk and ReturnRevisionFundamentals of Credit AnalysisRevisionAll readings in the Fixed Income topic were revised forthe 2022 curriculum. Some content was added in eachof the six readings, which were refined to eliminateduplication and overlap. Additionally, all notations weremade consistent. The content has not been overhauled,but rather, the accuracy and clarity of the existingmaterial has been improved.9Material in the Derivatives topic area of the 2022curriculum remains unchanged from 2020.Alternative InvestmentsIntroduction toAlternative InvestmentsMajor RevisionThe growing focus on the Alternative Investments topicarea has been further expanded with a number of newreadings across all three levels of the curriculum. Thismajor revision broadens the coverage of alternatives andprovides more detail on how to use them as part of aninvestment strategy. The resulting streamlined learnerexperience combines foundational knowledge within-depth examination of alternative asset classes, riskmanagement, and alternative investment structures.“Introduction to Alternative Investments” providesthe learner with foundational knowledge of five majoralternative investments: hedge funds, private capital,natural resources, real estate, and infrastructure. It alsocovers other types of alternative investment, such asprivate debt and farmland. The natural resources sectionfeatures a new case study (Investing Responsibly inTimberland Assets) to provide a real-life example of howinvesting in timberland can mitigate climate change.The new reading provides in-depth coverage oftwo areas that are key for successful investing inalternatives: investment and compensation structures(general partnerships versus limited partnerships) andinvestment approaches (direct investment,co-investment, and investment through funds).The reading covers areas that are essential whenconsidering an allocation to alternative investments:general partnerships versus limited partnerships,and direct investment versus fund investment. Thereading also prepares learners to conduct risk–returnevaluations, fee calculations, and performance appraisalof alternative investments.
Guide to 2022 CFA Program Curriculum Changes Key Changes in Level IPortfolio ManagementPortfolio Management:An OverviewNo ChangesPortfolio Risk and Return: Part INo ChangesPortfolio Risk and Return: Part IINo ChangesBasics of Portfolio Planningand ConstructionThe Behavioral Biasesof IndividualsIntroduction to Risk ManagementTechnical AnalysisFintech in InvestmentManagementMajor RevisionAddedNo ChangesMajor RevisionNo ChangesInvestment analysis is always evolving, but never more sothan today. Academic work and practices in the investmentindustry are constantly changing to meet the challengesof structural changes in markets. New additions to theCFA Program curriculum on investment analysis reflectthese shifts and offer investment professionals up-to-dateguidance based on workplace experience.How investment professionals integrate ESG into portfolioconstruction is explored in an updated “Basics of PortfolioPlanning and Construction” reading. The integration ofESG factors changes the portfolio construction process.Because ESG analysis affects both strategic assetallocation and implementation, it requires rethinking byinvestment managers in terms of issues such as theselection of securities, the exercise of shareholder rights,and the devising of investment strategies. The readingserves as a guide for the integration of ESG and focuseson key factors, including scarcity of natural resources,physical impacts of climate change, global economic anddemographic trends, diversity and inclusion, and the riseof social media.10Behavioral Finance is introduced now at Level I in “TheBehavioral Biases of Individuals” reading. This readingsets out commonly recognized cognitive errors andbehavioral biases in financial decision making. It exploresthe implications of these behaviors for aspects offinancial markets not explained by the traditional efficientmarkets view of finance, including market anomalies andinvestment underperformance. The reading is a valuableaddition for candidates to understand the importanceof investor psychology and behavioral biases in theinvestment management industry.The revised “Technical Analysis” reading takes a pragmaticapproach to technical analysis, highlighting the main toolsthat can be used, and examines how technical analysis,which aims to measure market behavior, can be employedas a complement to fundamental analysis in portfoliomanagement. Fundamental analysis may help us decidewhat asset to buy, but technical analysis can help us todecide when to buy it. In this sense, technical analysisbecomes an integral part of the trading process.The 50-plus technical analysis charts in the readingillustrate a range of real-life scenarios, allowing readersto develop a practical understanding of how technicalanalysis can help professionals in their work. A deeperdive into a (fictionalized) scenario invites readers intothe offices of a Sovereign Wealth Fund, where a portfolioanalyst is about to make a critical allocation decision aboutan existing investment in gold. How will technical analysisguide the decision and inform the execution strategy?
Guide to 2022 CFA Program Curriculum Changes Key Changes in Level IEthical and Professional StandardsEthics and Trust in theInvestment ProfessionRevisionCode of Ethics and Standards ofProfessional ConductNo ChangesGuidance for Standards I–VIINo ChangesIntroduction to the GlobalInvestment Performance Standards(GIPS)RevisionGlobal Investment PerformanceStandards (GIPS)DroppedEthics ApplicationNewAs candidates will discover as they progress throughthe CFA Program curriculum, ethics is a priority topic.Ethics underpins the work of investment professionalsand the investment industry in general. Two readingsin the Ethical and Professional Standards topic areawere revised for 2022. The “Ethics and Trust in theInvestment Profession” reading and the “Introductionto the Global Investment Performance Standards(GIPS)” reading were updated for accuracy and clarity.11A wholly new Level I reading for 2022 takes ethicstheory and tests it in the real world. “Ethics Application”presents a number of short vignettes, or scenarios,inspired by real-world situations and events. Thevignettes are grouped into categories, correspondingto categories in the CFA Institute Code of Ethics andStandards of Professional Conduct.The vignettes in the reading reinforce the practices,policies, and conduct that investment professionalsare expected to adopt to comply with the CFA InstituteCode of Ethics and Standards of Professional Conduct.The scenarios offer learners detailed guidance onprofessionalism, integrity of capital markets, dutiesto clients, and duty to your employer.Each vignette gives learners a chance to solidify theirunderstanding of the Code and Standards by identifyingwhether, and why, a violation of the Code and Standardshas occurred. After reading each scenario, studentscan use their knowledge of the Code and Standardsto choose the best response to the multiple-choicequestions. After making a choice, students can reviewthe correct response and analysis to further broadenknowledge of this important subject.
Key Changes in Level IIAt a Glance# of unchangedreadings# of updatedreadings# of revisedreadings# of new,extensivelyrevised, oradded readingsQuantitative Methods3101Economics0300Financial Statement Analysis6000Corporate Issuers0203Equity Valuation0800Fixed Income0050Derivatives1001Alternative Investments0021Portfolio Management1321Ethical andProfessional Standards2010Visit our website for more information about changes to the 2022 Level II curriculum.12
Guide to 2022 CFA Program Curriculum Changes Key Changes in Level IIQuantitative MethodsIntroduction toLinear RegressionCompleteRevisionMultiple RegressionNo ChangesTime-Series AnalysisNo ChangesMachine LearningUpdatedBig Data ProjectsNo ChangesExcerpt from “ProbabilisticApproaches: Scenario Analysis,Decision Trees, and Simulations”DroppedAn introduction to indicator variables and thepresentation of different functional forms for simplelinear regression models form an important part of thenew “Introduction to Linear Regression” reading, whichis duplicated in Levels I and II for 2022 only.This reading also includes code snippets in Excel,Python, and R for calculating simple linear regressionmodels. The reading should help determine whetherdata and regression results adhere to the assumptionsunderlying simple linear regression as well as guide thecreation and interpretation of prediction intervals.13Machine learning techniques first appeared in financein the 1990s and have developed hugely in recent yearsamid the explosion of data and cheap computing power.The revised “Machine Learning” reading adds three casestudies using real-world investment data to demonstratethe power of machine learning in everyday practice.The machine learning reading and the new casestudies are designed to provide the generalistinvestment practitioner with the essential information,including key terminology, needed to interact effectivelywith machine learning specialists. The reading isdesigned to equip candidates with a basic understandingof the types of investment problems that machinelearning can address, explain how the algorithms work,and provide the vocabulary necessary to interact withmachine learning and data science experts.Although learners need not master the details andmathematics of machine learning, practitioners canplay an important role in the implementation of thesetechniques by sourcing model inputs, helping interpretmodel outputs, and translating outputs into investmentactions which increase the value of portfolios.
Guide to 2022 CFA Program Curriculum Changes Key Changes in Level IICorporate Issuers (Formerly Corporate Finance)EconomicsCurrency ExchangeRates: UnderstandingEquilibrium ValueUpdatedEconomic GrowthUpdatedEconomics of RegulationUpdatedMinor changes were made to all Level II Economicsreadings for the 2022 CFA Program curriculum, bringingdata, examples, and references up to date. The “CurrentExchange Rates: Understanding Equilibrium Value”reading was updated for accuracy and clarity. The“Economic Growth” reading now includes streamlined,revised conceptual material on economic growth models.The “Economics of Regulation” reading was updated toensure that the content reflects current regulations.Financial Statement AnalysisIntercorporate InvestmentsNo ChangesEmployee Compensation:Post-Employment andShare-BasedNo ChangesMultinational OperationsNo ChangesAnalysis of Financial InstitutionsNo ChangesEvaluating Qualityof Financial ReportsNo ChangesIntegration of FinancialStatement Analysis TechniquesNo ChangesThe six readings that compose the Financial StatementAnalysis topic area remain unchanged for 2022.Capital StructureUpdatedAnalysis of Dividends and ShareRepurchasesUpdatedEnvironmental, Social,and Governance (ESG)Considerations inInvestment AnalysisMajor RevisionMergers and AcquisitionsMajor RevisionCapital BudgetingMajor RevisionThe evolving approach to ESG in the CFA Program curriculummoves away from ESG as an internal corporate governanceissue and puts the emphasis squarely on external analysisof companies’ ESG activities. This innovation puts CFAInstitute and its members at the forefront of investmentthinking, in which ESG is a core component.The revised “Environmental, Social, and Governance(ESG) Considerations in Investment Analysis” readingis representative of the refocused approach, and of thecurrent thinking of the CFA Institute ESG Working Group.The reading presents a new case showing how firmscan execute climate change scenario planning andincorporates a user-friendly exhibit setting out an ESGIntegration Framework. The ESG Integration Frameworkshows how qualitative and quantitative research are keyelements of an ESG strategy. Securities valuation, portfolioconstruction, asset allocation, scenario analysis, and riskmanagement form the remainder of the framework.The reading sets out possible approaches used toidentify a company’s, or an industry’s, material ESGfactors, using either proprietary methods, ratings, andanalysis from ESG data providers, or not-for-profit industryinitiatives and sustainability reporting frameworks.The “Mergers and Acquisitions” reading, extensivelyrevised for 2022, includes updated data and examplesand drops coverage of the Herfindahl–HirschmanIndex and of equity valuation methods covered in theequity domain (e.g., discounted cash flow, comparablecompany, comparable transaction).Finally, the “Capital Budgeting” reading droppedcoverage of individual project analysis reflectinga corporate insider’s perspective.14
Guide to 2022 CFA Program Curriculum Changes Key Changes in Level IIEquity ValuationFixed IncomeEquity Valuation:Applications and ProcessesUpdatedThe Term Structure andInterest Rate DynamicsRevisedReturn ConceptsUpdatedThe Arbitrage-FreeValuation FrameworkRevisedIndustry and Company AnalysisUpdatedValuation and Analysis
CFA Program curriculum with what CFA charterholders do daily on the job. We can safely say that the CFA Program curriculum today is the most up-to-date curriculum since it was established in 1963. CFA Program Level I curriculum was updated broadly in 2020 and the
VII: Responsibilities as a CFA Institute Member or CFA Candidate . A: Conduct as members/candidates in the CFA program . Do not cheat on, nor compromise the validity of, the CFA exam . B: Reference to CFA Institute, the CFA Designation, and the CFA Program . Do not make promotional promises or guarantees tied to the CFA designation. Do not:
CFA candidates come from different educational backgrounds and many walks of life. What is the Structure of the CFA Program? CFA Institute, the governing body that creates and administers the CFA exams, is headquartered in Charlottesville, Virginia. In July of each year, CFA Institute :
CFA PROGRAM GUIDE CFA . It is a self study, three-level exam that tests the fundamentals of investment tools, company valuation, portfolio management, and wealth planning. Whether an individual is an aspiring or practicing investment professional, the CFA Program offers a way to move
examinations whose curriculum is covered by the CFA Program.1 The CFA Program The CFA program requires candidates to study for and pass three levels (I, II & III) of exams and meet other requirements, such as, 4 years of relevant work experience in order to earn a CFA Charter. Each level of the
CFA recommendation: Adoption of the CFA Level 1 as the standard accreditation for all financial advisers in Australia. CFA Level I (Level I)1 is the first part of the three part CFA charter holder program. The Level I is a core component of the program
CFA Designation and the CFA Program? A. A Level III candidate referring to herself as CFA, Level II. B. A Level III candidate awaiting results referring to himself as CFA, expected 2009. C. An investment manager stating, “Complet
The CFA program achieves this through the constant revision of its body of knowledge. In fact, in 1994 AIMR created a Global Body of Knowledge Task Force to conduct research to make sure that CFA tested material incorporated global knowledge standards (CFA Institute, n.d.). But what makes the CFA unique is that its body of
--Russell, S. J., & Norvig, P. (2016). Artificial intelligence: a modern approach. Malaysia; Pearson Education Limited. Intelligence is the computational part of the ability to achieve goals in the world. It is related to the similar task of using computers to understand human intelligence, but AI does not have to confine itself to methods that are biologically observable.--By Prof. John .
