Level I: 2016 - 2017 Program Changes

There are 60 readings in 2017 curriculum

Significant changes in Economics
For any questions or comments please email us at support@ift.world

Notes and Key

Topic

Ethics

2016 #
1
2
3
4

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)

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

Economics

13
14
15
16
17
18
19
20
21

FRA

Corporate
Finance

Removed
New/Added
Updated

Red
Green
Yellow

2017 #
1
2
3
4
5

Reading Name
Ethics and Trust in the Investment Profession
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)

6 The Time Value of Money

7
8
9
10
11
12
13

Discounted Cash Flow Applications

Statistical Concepts and Market Returns
Probability Concepts
Common Probability Distributions
Sampling and Estimation
Hypothesis Testing
Technical Analysis

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

14
15
16
17
18
19
20

Topics in Demand and Supply Analysis

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

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

21
22
23
24
25
26
27
28
29
30
31
32
33

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

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

34
35
36
37
38
39

Corporate Governance and ESG: An Introduction

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

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Comments

New EOC questions

New EOC questions
New EOC questions
New EOC questions
New EOC questions
New EOC questions
New EOC questions

minor LOS changes

minor LOS changes

New EOC questions

Revised Reading/New EOC Qs

Revised Reading/New EOC Qs

Level I: 2016 - 2017 Program Changes

Topic

2015 #

Reading Name

2016 # Reading Name

Portfolio
Management

41
42
43
44
45

Portfolio Management: An Overview

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

40
41
42
43
44

Portfolio Management: An Overview

Risk Management: An Introduction
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

Fixed Income

52
53
54
55
56
57

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

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

Derivatives

Alternative
Investments

58 Derivative Markets and Instruments

59 Basics of Derivative Pricing and Valuation
60 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

61 Introduction to Alternative Investments

60 Introduction to Alternative Investments

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Comments

New EOC questions

Level II : 2016 - 2017 Program Changes

The 2017 Level II curriculum has 52 readings.

The major changes are in Derivatives
For any questions or comments please email us at support@ift.world
Please note the order of study sessions has been changed

Notes and Key

Red
Green
Yellow

Removed
New/Added
Updated

2017 Packages are on Sale Now at www.ift.world

Topic

Ethics

2016 Reading Name

2016 #
1
Code of Ethics and Professional Standards
2
Guidance for Standards IVII
3
CFA Institute Research Objectivity Standards
4
The Glenarm Company
5
Preston Partners
6
Super Selection
7
Trade Allocation: Fair Dealing and Disclosure
8
Changing Investment Objectives

2017 #
1
2
3
4
5
6
7
8

2017 Reading Name

Code of Ethics and Professional Standards
Guidance for Standards IVII
CFA Institute Research Objectivity Standards
The Glenarm Company
Preston Partners
Super Selection
Trade Allocation: Fair Dealing and Disclosure
Changing Investment Objectives

Comments

New EOC questions

Revised

Quantitative
Methods

9
10
11
12

Correlation and Regression

Multiple Regression and Issues in Regression Analysis
Time-Series Analysis
Excerpt from Probabilistic Approaches: Scenario

9
10
11
12

Correlation and Regression

Multiple Regression and Issues in Regression Analysis
Time-Series Analysis
Excerpt from Probabilistic Approaches: Scenario

Economics

13
14
15

Currency Exchange Rates: Determination and Forecasting

Economic Growth and the Investment Decision
Economics of Regulation

13
14
15

Currency Exchange Rates: Determination and Forecasting

Economic Growth and the Investment Decision
Economics of Regulation

16
17
18
19
20
21
22

Inventories: Implications for Financial Statements and Ratios

Long-lived Assets: Implications for Financial Statements and ratios
Intercorporate Investments
Employee Compensation: Post Employment and Share-Based
Multinational Operations
Evaluating Quality of Financial Reports
Integration of Financial Statement Analysis Techniques

16
17
18
19
20

Intercorporate Investments
Employee Compensation: Post Employment and Share-Based
Multinational Operations
Evaluating Quality of Financial Reports
Integration of Financial Statement Analysis Techniques

23
24
25
26
27
28

Capital Budgeting
Capital Structure
Dividends and Share Repurchases: Analysis
Corporate Performance, Governance, and Business Ethics
Corporate Governance
Mergers and Acquisitions

21
22
23
24
25
26

Capital Budgeting
Capital Structure
Dividends and Share Repurchases: Analysis
Corporate Performance, Governance, and Business Ethics
Corporate Governance
Mergers and Acquisitions

FRA

Corporate
Finance

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Revised
Revised

Level II : 2016 - 2017 Program Changes

Topic

2016 # 2015 Reading Name

2017 # 2016 Reading Name

Comments

29
30
31
32
33
34
35
36
37
38

Equity Valuation: Applications and Processes

Return Concepts
The Five Competitive Forces That Shape Strategy
Your Strategy Needs a Strategy
Industry and Company Analysis
Discounted Dividend Valuation
Free Cash Flow Valuation
Market-Based Valuation: Price and Enterprise Value Multiples
Residual Income Valuation
Private Company Valuation

27
28
29
30
31
32
33
34

Equity Valuation: Applications and Processes

Return Concepts
Industry and Company Analysis
Discounted Dividend Valuation
Free Cash Flow Valuation
Market-Based Valuation: Price and Enterprise Value Multiples
Residual Income Valuation
Private Company Valuation

New EOC questions

43
44
45
46

The Term Structure and Interest Rate Dynamics

The Arbitrage-Free Valuation Framework
Valuation and Analysis: Bonds with Embedded Options
Credit Analysis Models

35
36
37
38
39

The Term Structure and Interest Rate Dynamics

The Arbitrage-Free Valuation Framework
Valuation and Analysis: Bonds with Embedded Options
Credit Analysis Models
Credit Default Swaps

New EOC questions

47
48
49
50
51
52

Forward Markets and Contracts

Futures Markets and Contracts
Option Markets and Contracts
Swap Markets and Contracts
Interest Rate Derivative Instruments
Credit Default Swaps

40
41
42

Pricing and Valuation of Forward Commitments

Valuation of Contingent Claims
Derivatives Strategies

Alternative
Investments

39
40
41
42

Private Real Estate Investments

Publicly Traded Real Estate Securities
Private Equity Valuation
A Primer on Commodity Investing

43
44
45
46

Private Real Estate Investments

Publicly Traded Real Estate Securities
Private Equity Valuation
Commodity and Commodity Derivatives: An Introduction

Portfolio
Management

53
54
55
56

An Introduction to Multifactor Models

Analysis of Active Portfolio Management
Economics and Investment Markets
The Portfolio Management Process and the Investment Policy Statement

47
48
49
50
51
52

The Portfolio Management Process and the Investment Policy Statement

Introduction to Multifactor Models
Measuring and Managing Market Risk
Economics and Investment Markets
Analysis of Active Portfolio Management
Alogirthmic Trading and High Frequency Trading

Equity

Fixed Income

Derivatives

2017 Packages are on Sale Now

Need help with CONVERTIBLE BONDS , INTEREST RATE SWAPS , DELTA HEDGING or other mystified topics?

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New EOC questions

New EOC questions

New EOC questions

Level III: 2016 - 2017 Program Changes

The 2017 Level III curriculum has 32 readings.

One new reading is added for Level III curriculum
For any questions or comments please email us at support@ift.world

Notes & Key

Red
Green
Yellow

Removed
New/Added
Updated

To view IFT Level III prep packages click here

2017 Level III packages are on sale now

Study Session
SS 1

2016 #
1
2

Reading Name
Code of Ethics and Professional Standards
Guidance for Standards IVII

Reading Name
2017 #
1
Code of Ethics and Professional Standards
2
Guidance for Standards IVII

Comments

SS 2

3
4

Applications of the Codes and Standards

Asset Manager Code of Professional Conduct

3
4

Applications of the Codes and Standards

Asset Manager Code of Professional Conduct

SS 3

5
6
7

The Behavioral Finance Perspective

The Behavioral Biases of Individuals
Behavioral Finance and Investment Processes

5
6
7

The Behavioral Finance Perspective

The Behavioral Biases of Individuals
Behavioral Finance and Investment Processes

SS 4

8
9
10

Managing Individual Investor Portfolios

Taxes and Private Wealth Management in a Global Context
Estate Planning in a Global Context

8
9
10

Managing Individual Investor Portfolios

Taxes and Private Wealth Management in a Global Context
Estate Planning in a Global Context

SS 5

11
12

Concentrated Single Asset Positions

Lifetime Financial Advice: Human Capital, Asset Allocation, and Insurance

11
12

Concentrated Single Asset Positions

Risk Management for Individuals

SS 6

13
14

Managing Institutional Investor Portfolios

Linking Pension Liabilities to Assets

13
14

Managing Institutional Investor Portfolios

Linking Pension Liabilities to Assets

SS 7

15
16

Capital Market Expectations

Equity Market Valuation

15
16

Capital Market Expectations

Equity Market Valuation

SS 8

17

Asset Allocation

17

Asset Allocation

SS 9

18
19

Currency Management: An Introduction

Market Indexes and Benchmarks

18
19

Currency Management: An Introduction

Market Indexes and Benchmarks

SS 10

20
21

Fixed-Income Portfolio ManagementPart I

Relative-Value Methodologies for Global Credit Bond Portfolio Management

20
21

Fixed-Income Portfolio ManagementPart I

Relative-Value Methodologies for Global Credit Bond Portfolio Management

SS 11

22

Fixed-Income Portfolio ManagementPart II

22

Fixed-Income Portfolio ManagementPart II

SS 12

23

Equity Portfolio Management

23

Equity Portfolio Management

SS 13

24

Alternative Investments Portfolio Management

24

Alternative Investments Portfolio Management

SS 14

25

Risk Management

25

Risk Management

SS 15

26
27
28

Risk Management Applications of Forward and Futures Strategies

Risk Management Applications of Option Strategies
Risk Management Applications of Swap Strategies

26
27
28

Risk Management Applications of Forward and Futures Strategies

Risk Management Applications of Option Strategies
Risk Management Applications of Swap Strategies

SS 16

29
30

Execution of Portfolio Decisions

Monitoring and Rebalancing

29
30

Execution of Portfolio Decisions

Monitoring and Rebalancing

SS 17

31

Evaluating Portfolio Performance

31

Evaluating Portfolio Performance

SS 18

32

Overview of the Global Investment Performance Standards

32

Overview of the Global Investment Performance Standards

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