Differences between 2012 and 2013 CFA Level I Curriculum

This table shows the differences between the 2012 and 2013 CFA Level I Curriculum. Overall the number of readings has remained the same and that is 67 readings. In Corporate Finance one reading has been dropped. In Fixed Income a reading has been added. In Alternative Investment one reading has been dropped and another added in place of that. Color coding: A red background means that the reading has been removed. Green background means that a reading has been added. A yellow background means that there have been minor modifications to a reading. This file was created by Arif Irfanullah. If you see any errors please report to admin@arifirfanullah.com.

Topic

2012 # 1 2

2012 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) 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

2013 # 1 2 3

2013 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) 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

Comment Same Edition Same Edition Same Edition Same Edition Same Edition Same Edition Same Edition Same Edition Same Edition Same Edition Same Edition Same Edition Same Edition Same Edition

Ethics

5 6 7 8 Quantitative Methods 9 10 11 12

5 6 7 8 9 10 11 12

13 Economics 14

Demand and Supply Analysis: Introduction Demand and Supply Analysis: Consumer Demand

13 14

Demand and Supply Analysis: Introduction Demand and Supply Analysis: Consumer Demand

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15 16 17 18 19 20 21

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

15 16 17 18 19 20 21

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

Same Edition Same Edition Same Edition Same Edition Same Edition Same Edition Same Edition Same Edition Same Edition Same Edition Same Edition Same Edition Same Edition Same Edition Same Edition Same Edition Same Edition Same Edition Same Edition

22 23 24 25 26 27 28 FRA 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 Capital Budgeting Cost of Capital Measures of Leverage Dividends and Share Repurchases: Basics

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 Capital Budgeting Cost of Capital Measures of Leverage Dividends and Share Repurchases: Basics

36 37 Corporate Finance 38 39

36 37 38 39

Same Edition Same Edition Same Edition Same Edition

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40 41 42

Working Capital Management Financial Statement Analysis The Corporate Governance of Listed Companies: A Manual for Investors Portfolio Management: An Overview Portfolio Risk and Return: Part I Portfolio Risk and Return: Part II Basics of Portfolio Planning and Construction 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 Features of Debt Securities Risks Associated with Investing in Bonds Overview of Bond Sectors and Instruments Understanding Yield Spreads Introduction to the Valuation of Debt Securities Yield Measures, Spot Rates, and Forward Rates Introduction to the Measurement of Interest Rate Risk

40

Working Capital Management

Same Edition

41

The Corporate Governance of Listed Companies: A Manual for Investors Portfolio Management: An Overview Portfolio Risk and Return: Part I Portfolio Risk and Return: Part II Basics of Portfolio Planning and Construction 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 Features of Debt Securities Risks Associated with Investing in Bonds Overview of Bond Sectors and Instruments Understanding Yield Spreads Introduction to the Valuation of Debt Securities Yield Measures, Spot Rates, and Forward Rates Introduction to the Measurement of Interest Rate Risk Fundamentals of Credit Analysis Derivative Markets and Instruments Forward Markets and Contracts Futures Markets and Contracts Same Edition Same Edition Same Edition Same Edition Same Edition Same Edition Same Edition Same Edition Same Edition Same Edition Same Edition Same Edition Same Edition Same Edition Same Edition Same Edition Same Edition

43 44 Portfolio Management 45 46

42 43 44 45

47 48 49 Equity 50 51 52

46 47 48 49 50 51

53 54 55 Fixed Income 56 57 58 59

52 53 54 55 56 57 58 59

60 Derivatives 61 62

Derivative Markets and Instruments Forward Markets and Contracts Futures Markets and Contracts

60 61 62

Same Edition Same Edition Same Edition

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63 64 65

Option Markets and Contracts Swap Markets and Contracts Risk Management Applications of Option Strategies Alternative Investments Investing in Commodities

63 64 65

Option Markets and Contracts Swap Markets and Contracts Risk Management Applications of Option Strategies Introduction to Alternative Investments Investing in Commodities

Same Edition Same Edition Same Edition Different Author Same Edition

66 Alternative Investments 67

66 67

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