CFA Exam Review

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CHANGES TO CFA EXAM LEVEL I 2015

Ethical and Professional Standards

2014 Exam
Subject Weight

2015 Exam
Subject Weight

Net
Change

2014 Exam
Subject Weight

2015 Exam
Subject Weight

Net
Change

2014 Exam
Subject Weight

2015 Exam
Subject Weight

Net
Change

2014 Exam
Subject Weight

2015 Exam
Subject Weight

Net
Change

2014 Exam
Subject Weight

2015 Exam
Subject Weight

Net
Change

2014 Exam
Subject Weight

2015 Exam
Subject Weight

Net
Change

2014 Exam
Subject Weight

2015 Exam
Subject Weight

Net
Change

2014 Exam
Subject Weight

2015 Exam
Subject Weight

Net
Change

2014 Exam
Subject Weight

2015 Exam
Subject Weight

Net
Change

15%

15%

REVISED Readings now refer to 11th Edition of the Standards of Practice Handbook

Quantitative Methods: Basic Concepts

12%

12%

REVISED Examples have been updated

Quantitative Methods: Application

12%

12%

REVISED Examples have been updated

4
5

Economics

10%

10%

No changes

Economics: Macroeconomic Analysis

10%

10%

REVISED Two new LOS have been added

Economics: Economics in a Global Context

10%

10%

REVISED One new LOS has been added

Financial Reporting and Analysis: An Introduction

Financial Reporting and Analysis: Income Statements,

Balance Sheets, and Cash Flow Statements

20%

20%

No changes

20%

20%

REVISED One new LOS has been deleted

Financial Reporting and Analysis: Inventories, Long-lived

Assets, Income Taxes, and Non-current Liabilities
No changes

20%

20%

CHANGES TO CFA EXAM LEVEL I 2015 (continued)

10
11

Financial Reporting and Analysis: Financial Reporting

Quality and Financial Statement Analysis
MAJOR CHANGES

One new reading has been added

Two readings have been removed

Corporate Finance

2014 Exam
Subject Weight

2015 Exam
Subject Weight

Net
Change

2014 Exam
Subject Weight

2015 Exam
Subject Weight

7%

Net
Change

1%

2014 Exam
Subject Weight

2015 Exam
Subject Weight

7%

Net
Change

+2%

2014 Exam
Subject Weight

2015 Exam
Subject Weight

Net
Change

2014 Exam
Subject Weight

2015 Exam
Subject Weight

Net
Change

2014 Exam
Subject Weight

2015 Exam
Subject Weight

10%

Net
Change

2%

2014 Exam
Subject Weight

2015 Exam
Subject Weight

10%

Net
Change

2%

2014 Exam
Subject Weight

2015 Exam
Subject Weight

Net
Change

2014 Exam
Subject Weight

2015 Exam
Subject Weight

Net
Change

20%

8%

20%

REVISED Several LOS have been edited

12
13
14
15

Portfolio Management
No changes

Equity: Market Organization, Market Indices,

and Market Efficiency

10%

10%

No changes

Equity: Equity Analysis and Valuation

10%

10%

No changes

Fixed Income: Basic Concepts

MAJOR CHANGES

16

5%

12%

One new reading has been added

Fixed Income Analysis of Risk

12%

REVISED One LOS has been added

17
18

Derivatives
MAJOR CHANGES

One new reading has been added

Four readings have been removed

Alternative Investments
No changes

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5%

3%

5%

4%

+1%