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2017 CURRICULUM CHANGES


2016 2017
ETHICAL AND PROFESSIONAL STANDARDS NO CHANGES

Study Session 1 Study Session 1


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

QUANTITATIVE METHODS NO CHANGES

Study Session 3 Study Session 3


Quantitative Methods for Valuation Quantitative Methods for Valuation
Reading 9: Correlation and Regression Reading 9: Correlation and Regression
Reading 10: Multiple Regression and Issues in Regression Analysis Reading 10: Multiple Regression and Issues in Regression Analysis
Reading 11: Time-Series Analysis Reading 11: Time-Series Analysis
Reading 12: Excerpt from Probabilistic Approaches: Scenario Reading 12: Excerpt from Probabilistic Approaches: Scenario
Analysis, Decision Trees, and Simulations Analysis, Decision Trees, and Simulations

ECONOMICS NO CHANGES

Study Session 4 Study Session 4


Economics for Valuation Economics for Valuation
Reading 13: Currency Exchange Rates: Determination Reading 13: Currency Exchange Rates: Determination
and Forecasting and Forecasting
Reading 14: Economic Growth and the Investment Decision Reading 14: Economic Growth and the Investment Decision
Reading 15: Economics of Regulation Reading 15: Economics of Regulation

FINANCIAL REPORTING AND ANALYSIS


Study Session 5 Study Session 5
Financial Reporting and Analysis: Inventories Financial Reporting and Analysis: Intercorporate
and Long-Lived Assets Investments, Post-Employment and Share-Based
Reading 16: Inventories: Implications for Financial Statements Compensation, and Multinational Operations
and Ratios Reading 16: Intercorporate Investments
Reading 17: Long-Lived Assets: Implications for Financial Reading 17: Employee Compensation: Post-Employment
Statements and Ratios and Share-Based
Study Session 6 Reading 18: Multinational Operations
Financial Reporting and Analysis: Intercorporate Study Session 6
Investments, Post-Employment and Share-Based Quality of Financial Reports and Financial
Compensation, and Multinational Operations Statement Analysis
Reading 18: Intercorporate Investments Reading 19: Evaluating Quality of Financial Reports
Reading 19: Employee Compensation: Post-Employment Reading 20: Integration of Financial Statement
and Share-Based Analysis Techniques
Reading 20: Multinational Operations
Study Session 7
Quality of Financial Reports and Financial
Statement Analysis
Reading 21: Evaluating Quality of Financial Reports
Reading 22: Integration of Financial Statement
Analysis Techniques

CORPORATE FINANCE
Study Session 8 Study Session 7
Corporate Finance Corporate Finance
Reading 23: Capital Budgeting Reading 21: Capital Budgeting
Reading 24: Capital Structure Reading 22: Capital Structure
Reading 25: Dividends and Share Repurchases: Analysis Reading 23: Dividends and Share Repurchases: Analysis
Study Session 9 Study Session 8
Corporate Finance: Financing and Control Issues Corporate Finance: Financing and Control Issues
Reading 26: Corporate Performance, Governance, Reading 24: Corporate Performance, Governance,
and Business Ethics and Business Ethics
Reading 27: Corporate Governance Reading 25: Corporate Governance
Reading 28: Mergers and Acquisitions Reading 26: Mergers and Acquisitions

EQUITY VALUATION
Study Session 10 Study Session 9
Equity Valuation: Valuation Concepts Equity Valuation: Valuation Concepts
Reading 29: Equity Valuation: Applications and Processes Reading 27: Equity Valuation: Applications and Processes
Reading 30: Return Concepts Reading 28: Return Concepts
Study Session 11 Study Session 10
Equity Valuation: Industry and Company Analysis NEW Equity Valuation: Industry and Company Analysis
in a Global Context and Discounted Dividend Valuation
Reading 31: The Five Competitive Forces that Shape Strategy Reading 29: Industry and Company Analysis
Reading 32: Your Strategy Needs a Strategy Reading 30: Discounted Dividend Valuation
Reading 33: Industry and Company Analysis Study Session 11
Reading 34: Discounted Dividend Valuation NEW Equity Valuation: Free Cash Flow and Other
Study Session 12 Valuation Models
Equity Investments: Valuation Models Reading 31: Free Cash Flow Valuation
Reading 35: Free Cash Flow Valuation Reading 32: Market-Based Valuation: Price and Enterprise Value
Reading 36: Market-Based Valuation: Price and Enterprise Value Reading 33: Residual Income Valuation
Reading 37: Residual Income Valuation Reading 34: Private Company Valuation
Reading 38: Private Company Valuation

ALTERNATIVE INVESTMENTS FIXED INCOME


Study Session 13 Study Session 12
Alternative Investments Moves to 2017 Study Session 15 Fixed Income: Valuation Concepts
Reading 39: Private Real Estate Investments Reading 35: The Term Structure and Interest Rate Dynamics
Reading 40: Publicly Traded Real Estate Securities Reading 36: Arbitrage-Free Valuation Framework
Reading 41: Private Equity Valuation Standards Study Session 13
Reading 42: A Primer on Commodity Investing Fixed Income: Topics in Fixed Income Analysis
Reading 37: Valuation and Analysis: Bonds with
Embedded Options
Reading 38: Credit Analysis Models
Reading 39: Credit Default Swaps

FIXED INCOME DERIVATIVE INVESTMENT


Study Session 14 Study Session 14
Fixed Income: Valuation Concepts NEW Derivative Instruments: Valuation and Strategies
Reading 43: The Term Structure and Interest Rate Dynamics NEW Reading 40: Pricing and Valuation of Forward
Moves to 2017 Study Session 12 NEW Reading 41: Valuation of Contingent Claims
Reading 44: Arbitrage-Free Valuation Framework NEW Reading 42: Derivatives Strategies
Moves to 2017 Study Session 12
Reading 45: Valuation and Analysis: Bonds with Embedded Options
Moves to 2017 Study Session 13
Study Session 15
Fixed Income: Topics in Fixed Income Analysis
Reading 46: Credit Analysis Models Moves to 2017 Study Session 13

DERIVATIVE INVESTMENT ALTERNATIVE INVESTMENTS


Study Session 16 Study Session 15
Derivative Investments: Forwards and Futures Alternative Investments
Reading 47: Forward Markets and Contracts Reading 43: Private Real Estate Investments
Reading 48: Futures Markets and Contracts Reading 44: Publicly Traded Real Estate Securities
Study Session 17 Reading 45: Private Equity Valuation Standards
Derivative Investments: Options, Swaps, and Interest NEW Reading 46: Commodity and Commodity Derivatives
Rate Credit Derivatives
Reading 49: Option Markets and Contracts
Reading 50: Swap Markets and Contracts
Reading 51: Interest Rate Derivative Instruments
Reading 52: Credit Default Swaps Moves to 2017 Study Session 13

PORTFOLIO MANAGEMENT
Study Session 18 Study Session 16
Portfolio Management: Capital Market Theory NEW Portfolio Management: Process, Asset Allocation,
and the Portfolio Management Process and Risk Management
Reading 53: An Introduction to the Multifactor Models Reading 47: The Portfolio Management Process and the
Reading 54: Analysis of Active Portfolio Management Investment Policy Statement

Reading 55: Economics and Investment Markets Reading 48: An Introduction to the Multifactor Models
NEW Reading 49: Measuring and Managing Market Risk
Reading 56: The Portfolio Management Process and the
Investment Policy Statement Study Session 17
NEW Portfolio Management: Economic Analysis, Active
Management, and Trading
Reading 50: Economics and Investment Markets
Reading 51: Analysis of Active Portfolio Management
NEW Reading 52: Algorithmic Trading and High-Frequency Trading

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