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CHANGES TO CFA EXAM LEVEL I 2016

1
2015 Exam 2016 Exam Net
Weight Weight Change
Ethical and Professional Standards
15% 15% —
No changes

2
2015 Exam 2016 Exam Net
Weight Weight Change
Quantitative Methods: Basic Concepts
12% 12% —
No changes

3
2015 Exam 2016 Exam Net
Weight Weight Change
Quantitative Methods: Application
12% 12% —
No changes

4
2015 Exam 2016 Exam Net
Weight Weight Change
Economics
10% 10% —
No changes

5
2015 Exam 2016 Exam Net
Weight Weight Change
Economics: Macroeconomic Analysis
10% 10% —
No changes

6
2015 Exam 2016 Exam Net
Weight Weight Change
Economics: Economics in a Global Context
10% 10% —
No changes

7
2015 Exam 2016 Exam Net
Weight Weight Change
Financial Reporting and Analysis: An Introduction
20% 20% —
REVISED Reading 23: Financial Reporting Mechanics: Updated

8
2015 Exam 2016 Exam Net
Financial Reporting and Analysis: Income Statements, Weight Weight Change
Balance Sheets, and Cash Flow Statements 20% 20% —
REVISED Reading 25: Understanding Income Statements—Updated including new los.

9
2015 Exam 2016 Exam Net
Financial Reporting and Analysis: Inventories, Long-lived Weight Weight Change
Assets, Income Taxes, and Non-current Liabilities 20% 20% —
REVISED Reading 29 (Inventories)—merged 2015 L1 and L2 readings together at L1—
Level I Reading 29 is combining with Level II Reading 15 in Level I.
REVISED Reading 30 (Long-Lived Assets)—merged 2015 L1 and L2 readings together at L1—
Level I Reading 30 is combining with Level II Reading 16 in Level I
CHANGES TO CFA EXAM LEVEL I 2016 (continued)

10
2015 Exam 2016 Exam Net
Financial Reporting and Analysis: Financial Reporting Weight Weight Change
Quality and Financial Statement Analysis 20% 20% —
No changes

11
2015 Exam 2016 Exam Net
Weight Weight Change
Corporate Finance
7% 7% —
No changes

12
2015 Exam 2016 Exam Net
Weight Weight Change
Portfolio Management
7% 7% —
MAJOR CHANGES Reading 42 Risk Management: An Introduction: One new reading has been added

13
2015 Exam 2016 Exam Net
Equity: Market Organization, Market Indices, Weight Weight Change
and Market Efficiency 10% 10% —
REVISED Reading 47: Market Efficiency: Changing to Reading 48, and Update Behavioral Finance

14
2015 Exam 2016 Exam Net
Weight Weight Change
Equity: Equity Analysis and Valuation
10% 10% —
No changes

15
2015 Exam 2016 Exam Net
Weight Weight Change
Fixed Income: Basic Concepts
10% 10% —
REVISED Reading 52: Fixed Income Markets: Issuance, Trading, and Funding:
Changing to Reading 53—Updated (including new LOS)
REVISED Reading 54: An Introduction to Asset-Backed Securities:
Changing to Reading 55 - Updated (including new LOS)

16
2015 Exam 2016 Exam Net
Weight Weight Change
Fixed Income Analysis of Risk
10% 10% —
REVISED Reading 56: Fundamentals of Credit Analysis: Changing to Reading 57—Updated (including new LOS)

17
2015 Exam 2016 Exam Net
Weight Weight Change
Derivatives
5% 5% —
No changes

18
2015 Exam 2016 Exam Net
Weight Weight Change
Alternative Investments
3% 4% —
REVISED Reading 60: Introduction to Alternative Investments: Changing to Reading 61—New section on infrastructure

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