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2016 CIPM Program: Expert Courseware Errata

8 February 2016

In the How to Use section of Volumes 1 and 2, under Exam Scheduling, the fall examination
period is September 1630 (instead of October 131).
To be fair to all candidates, CFA Institute does not respond directly to individual
candidates. If you have a question concerning CIPM Program content, please contact
info@cfainstitute.org to have potential errata investigated. The eBook for the 2016 curriculum is
formatted for continuous flow, so the text will fit all screen sizes. Therefore, eBook page
numberingwhich is linked to section headsdoes not match page numbering in the print
curriculum. Corrections below are in bold and new corrections will be shown in red; page
numbers shown are for the print volumes.

VOLUME 1
Reading 7: In Section 4.2.3, the fifth formula below Equation 15 is expanded to include
selection and allocation effects (p. 315 of print). The final two ratios are bracketed together
and should say Compounding instead of overlay.
Reading 8: There are a number of corrections in this reading:
o In the first two paragraphs of Section 5.2.2 Roll Down (p. 351 of print), the two
instances of 0.009% should appear as 0.09% (i.e., delete one zero).
o In Exhibit 68 and Exhibit 69 (pp. 375 and 376 of print), the Total in the Spread
columns should be 0.85% and 0.57% respectively.

VOLUME 2
Reading 13: There are a number of corrections in this reading:
o Exhibit 5 (p. 49 of print) was misprinted and should appear as follows:
Name 1-year Return 3-year 5-year 10-year Standard Tracking Error Up Capture Down Capture Maximum
Annualized Annualized Annualized Deviation Drawdown
Return Return Return
S&P 500 ETF 1 7.31% 17.15% 17.20% 7.80% 14.71% 0.05% 99.57% 99.92% -50.89%
S&P 500 ETF 2 7.36% 17.24% 17.25% 7.83% 14.72% 0.03% 99.71% 99.93% -50.89%
S&P 500 Mutual Fund 1 7.27% 17.12% 17.16% 7.79% 14.74% 0.11% 99.74% 100.22% -50.96%
S&P 500 TR Index 7.42% 17.31% 17.34% 7.89% 14.74% 0.00% 100.00% 100.00% -50.95%
o In Exhibit 28 (p. 68 of print), the axis labels are reversed. The horizontal axis should be
Standard Deviation and the vertical axis should be Annualized Return.
Readings 18 and 19: The learning outcome statements shown with Reading 18 apply to both
Reading 18 and Reading 19.