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2016 CFA Program: Level I Errata

31 August 2015

To be fair to all candidates, CFA Institute does not respond directly to individual candidate inquiries. If
you have a question concerning CFA Program content, please contact CFA Institute
( 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 numbering
which 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
The short scale method of numeration is used in the CFA Program curriculum. A billion is 109
and a trillion is 1012. This is in contrast to the long scale method where a billion is 1 million squared and a
trillion is 1 million cubed. The short scale method of numeration is the prevalent method internationally
and in the finance industry.
Volume 1
Reading 2: In Exhibit 3 (p. 172 of print), delete Level III CFA Candidate from the Improper
References column.
Reading 9: In the last sentence of Example 3 (p. 522 of print), the estimate for broker BB001 should
be 0.25 (instead of 25). In Equation 7 (p. 544 of print), the right-hand expression should be T, where
the T is not subscript.
Volume 2
Reading 17: In Example 4 (p. 228 of print), change the federalprovincial government deficit to
84,249 (instead of 82,249) in the question and in the next-to-last paragraph of the solution. This
changes the domestic private saving to 69.5 percent (instead of 71 percent) and the excess imports
to C$25,661 (instead of 23,661).
Reading 18: During production, an error was introduced in format. Seven (7) instances of M2 should
be changed to M2 (no superscript).
Volume 3
Reading 23: In Exhibit 8 (p. 64 of print), the bolded sub-total of 150,000 should appear under
Contributed Capital instead of Retained Earnings.
Reading 34: Candidates should delete Practice Problem 8 (p. 728) and its solution (p. 730). This
question is no longer assigned.
Volume 4

Volume 5
Reading 49: The formula in Solution 12 (p. 184 of print) should show Pt-1 as the denominator,
instead of Pt. The solution was correctly calculated; only the subscript is changed.
Reading 56: In the solution to Practice Problem #6 (top of p. 577 of print), reinvested cash flows are
at 8% instead of 6%.
Volume 6