Level II CFA : 2014 - 2015 Program Changes

The 2015 curriculum readings have been reduced from 60 to 56

The changes are primarily on Fixed Income Securities
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Notes and Key

Topic

Ethics

2014 # 2014 Reading Name

1
Code of Ethics and Professional Standards
2
Guidance for Standards IVII
3
CFA Institute Soft Dollar Standards
4
CFA Institute Research Objectivity Standards
5
The Glenarm Company
6
Preston Partners
7
Super Selection
8
Trade Allocation: Fair Dealing and Disclosure
9
Changing Investment Objectives
10
Prudence in Perspective

Red
Green
Yellow

2015 #
1
2
3
4
5
6
7
8

Removed
New/Added
Updated
2015 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

Quantitative
Methods

11
12
13

Correlation and Regression

Multiple Regression and Issues in Regression Analysis
Time-Series Analysis

9
10
11

Correlation and Regression

Multiple Regression and Issues in Regression Analysis
Time-Series Analysis

Economics

14
15
16

Currency Exchange Rates: Determination and Forecasting

Economic Growth and the Investment Decision
Economics of Regulation

12
13
14

Currency Exchange Rates: Determination and Forecasting

Economic Growth and the Investment Decision
Economics of Regulation

FRA

17
18
19
20
21
22
23
24

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
The Lessons We Learned
Evaluating Financial Reporting Quality
Integration of Financial Statement Analysis Techniques

15
16
17
18
19
20
21

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

25
26
27
28
29

Capital Budgeting
Capital Structure
Dividends and Share Repurchases: Analysis
Corporate Governance
Mergers and Acquisitions

22
23
24
25
26
27

Capital Budgeting
Capital Structure
Dividends and Share Repurchases: Analysis
Corporate Performance, Governance, and Business Ethics, Chapter 11
Corporate Governance
Mergers and Acquisitions

Corporate
Finance

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Comments
Revised SOPH

Level II CFA : 2014 - 2015 Program Changes

Topic

2014 # 2014 Reading Name

2015 # 2015 Reading Name

Equity

30
31
32
33
34
35
36
37
38
39

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

28
29
30
31
32
33
34
35
36
37

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

Alternative
Investments

40
41
42
43
44

Private Real Estate Investments

Publicly Traded Real Estate Securities
Private Equity Valuation
Investing in Hedge Funds: A Survey
A Primer on Commodity Investing

38
39
40
41

Private Real Estate Investments

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

Fixed Income

45
46
47
48
49
50

Credit Analysis Models

Term Structure and Volatility of Interest Rates
Valuing Bonds with Embedded Options
Mortgage-Backed Sector of the Bond Market
Asset-Backed Sector of the Bond Market
Valuing Mortgage-Backed and Asset-Backed Securities

42
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
Introduction to Asset-Backed Securities

Derivatives

51
52
53
54
55
56

Forward Markets and Contracts

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

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

Portfolio
Management

57
58
59
60

Portfolio Concepts
Residual Risk and Return: The Information Ratio
The Fundamental Law of Active Management
The Portfolio Management Process and the Investment Policy Statement

53
54
55
56

Portfolio Concepts
Residual Risk and Return: The Information Ratio
The Fundamental Law of Active Management
The Portfolio Management Process and the Investment Policy Statement

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Comments
Examples Updated
Examples Updated

Examples Updated
Examples Updated
Examples Updated
Examples Updated
Examples Updated
Examples Updated