CFA Level I - LOS Changes 2016 - 2017

CFA Level I - LOS Changes 2016 - 2017
Topic LOS Level I - 2016 (549 LOS) LOS Level I - 2017 (534 LOS) Compared
Ethics 1.1.a explain ethics New
describe the role of a code of ethics in
Ethics 1.1.b New
defining a profession
Ethics 1.1.c identify challenges to ethical behavior New
describe the need for high ethical
Ethics 1.1.d New
standards in the investment industry
distinguish between ethical and legal
Ethics 1.1.e New
standards
describe and apply a framework for
Ethics 1.1.f New
ethical decision making
describe the structure of the CFA describe the structure of the CFA
Institute Professional Conduct Program Institute Professional Conduct Program
Ethics 1.1.a 1.2.a
and the process for the enforcement of and the process for the enforcement of
the Code and Standards the Code and Standards
state the six components of the Code of state the six components of the Code of
Ethics 1.1.b Ethics and the seven Standards of 1.2.b Ethics and the seven Standards of
Professional Conduct Professional Conduct
explain the ethical responsibilities explain the ethical responsibilities
required by the Code and Standards, required by the Code and Standards,
Ethics 1.1.c 1.2.c
including the sub-sections of each including the sub-sections of each
Standard Standard
demonstrate the application of the demonstrate the application of the Code

Ethics 1.2.a Code of Ethics and Standards of 1.3.a of Ethics and Standards of Professional
Professional Conduct to situations Conduct to situations involving issues of
involving issues of professional integrity professional integrity
distinguish between conduct that distinguish between conduct that
conforms to the Code and Standards conforms to the Code and Standards
Ethics 1.2.b 1.3.b
and conduct that violates the Code and and conduct that violates the Code and
Standards Standards
recommend practices and procedures recommend practices and procedures
designed to prevent violations of the designed to prevent violations of the
Ethics 1.2.c 1.3.c
Code of Ethics and Standards of Code of Ethics and Standards of
Professional Conduct Professional Conduct
explain why the GIPS standards were explain why the GIPS standards were
created, what parties the GIPS created, what parties the GIPS
Ethics 1.3.a 1.4.a
standards apply to, and who is served standards apply to, and who is served
by the standards by the standards
Finance or Accounting Questions? Go to passingscoreforum.com 1

explain the construction and purpose of explain the construction and purpose of
Ethics 1.3.b 1.4.b
composites in performance reporting composites in performance reporting
explain the requirements for
Ethics 1.3.c 1.4.c
verification explain the requirements for verification
describe the key features of the GIPS describe the key features of the GIPS
Ethics 1.4.a standards and the fundamentals of 1.5.a standards and the fundamentals of
compliance compliance
describe the scope of the GIPS describe the scope of the GIPS
standards with respect to an standards with respect to an investment
Ethics 1.4.b 1.5.b
investment firms definition and firms definition and historical
historical performance record performance record
explain how the GIPS standards are explain how the GIPS standards are
implemented in countries with existing implemented in countries with existing
standards for performance reporting standards for performance reporting
Ethics 1.4.c 1.5.c
and describe the appropriate response and describe the appropriate response
when the GIPS standards and local when the GIPS standards and local
regulations conflict regulations conflict
describe the nine major sections of the describe the nine major sections of the
Ethics 1.4.d 1.5.d
GIPS standards GIPS standards
interpret interest rates as required interpret interest rates as required rates
Quantitative 2.5.a rates of return, discount rates, or 2.6.a of return, discount rates, or opportunity
opportunity costs costs
explain an interest rate as the sum of a explain an interest rate as the sum of a
real risk-free rate, and premiums that real risk-free rate and premiums that
Quantitative 2.5.b 2.6.b
compensate investors for bearing compensate investors for bearing
distinct types of risk distinct types of risk
calculate and interpret the effective calculate and interpret the effective
annual rate, given the stated annual annual rate, given the stated annual
Quantitative 2.5.c 2.6.c
interest rate and the frequency of interest rate and the frequency of
compounding compounding
Quantitative 2.5.d solve time value of money problems for 2.6.d solve time value of money problems for
different frequencies of compounding different frequencies of compounding
calculate and interpret the future value calculate and interpret the future value
(FV) and present value (PV) of a single (FV) and present value (PV) of a single
Quantitative 2.5.e sum of money, an ordinary annuity, an 2.6.e sum of money, an ordinary annuity, an
annuity due, a perpetuity (PV only), annuity due, a perpetuity (PV only), and
and a series of unequal cash flows a series of unequal cash flows
demonstrate the use of a time line in demonstrate the use of a time line in
Quantitative 2.5.f modeling and solving time value of 2.6.f modeling and solving time value of
money problems money problems

calculate and interpret the net present calculate and interpret the net present
Quantitative 2.6.a value (NPV) and the internal rate of 2.7.a value (NPV) and the internal rate of
return (IRR) of an investment return (IRR) of an investment
contrast the NPV rule to the IRR rule, contrast the NPV rule to the IRR rule,
Quantitative 2.6.b and identify problems associated with 2.7.b and identify problems associated with
the IRR rule the IRR rule
calculate and interpret a holding period calculate and interpret a holding period
return (total return) return (total return)
calculate and compare the money- calculate and compare the money-
weighted and time-weighted rates of weighted and time-weighted rates of
Quantitative 2.6.d return of a portfolio and evaluate the 2.7.d return of a portfolio and evaluate the
performance of portfolios based on performance of portfolios based on
these measures these measures
calculate and interpret the bank calculate and interpret the bank
discount yield, holding period yield, discount yield, holding period yield,
Quantitative 2.6.e effective annual yield, and money 2.7.e effective annual yield, and money
market yield for U.S. Treasury bills and market yield for US Treasury bills and
other money market instruments other money market instruments
convert among holding period yields, convert among holding period yields,
Quantitative 2.6.f money market yields, effective annual 2.7.f money market yields, effective annual
yields, and bond equivalent yields yields, and bond equivalent yields
distinguish between descriptive distinguish between descriptive
statistics and inferential statistics, statistics and inferential statistics,
Quantitative 2.7.a between a population and a sample, 2.8.a between a population and a sample,
and among the types of measurement and among the types of measurement
scales scales
define a parameter, a sample statistic, define a parameter, a sample statistic,
and a frequency distribution and a frequency distribution
calculate and interpret relative calculate and interpret relative
frequencies and cumulative relative frequencies and cumulative relative
frequencies, given a frequency frequencies, given a frequency
distribution distribution
describe the properties of a data set describe the properties of a data set
Quantitative 2.7.d presented as a histogram or a 2.8.d presented as a histogram or a
frequency polygon frequency polygon
calculate and interpret measures of calculate and interpret measures of
central tendency, including the central tendency, including the
population mean, sample mean, population mean, sample mean,
Quantitative 2.7.e 2.8.e
arithmetic mean, weighted average or arithmetic mean, weighted average or
mean, geometric mean, harmonic mean, geometric mean, harmonic
mean, median, and mode mean, median, and mode

calculate and interpret quartiles, calculate and interpret quartiles,
Quantitative 2.7.f 2.8.f
quintiles, deciles, and percentiles quintiles, deciles, and percentiles
calculate and interpret 1) a range and a calculate and interpret 1) a range and a
mean absolute deviation and 2) the mean absolute deviation and 2) the
Quantitative 2.7.g 2.8.g
variance and standard deviation of a variance and standard deviation of a
population and of a sample population and of a sample
calculate and interpret the proportion calculate and interpret the proportion of
Quantitative 2.7.h of observations falling within a specified 2.8.h observations falling within a specified
number of standard deviations of the number of standard deviations of the
mean using Chebyshevs inequality mean using Chebyshevs inequality
calculate and interpret the coefficient of calculate and interpret the coefficient of
Quantitative 2.7.i 2.8.i
variation and the Sharpe ratio variation and the Sharpe ratio
explain skewness and the meaning of a explain skewness and the meaning of a
Quantitative 2.7.j positively or negatively skewed return 2.8.j positively or negatively skewed return
describe the relative locations of the describe the relative locations of the
Quantitative 2.7.k mean, median, and mode for a 2.8.k mean, median, and mode for a
unimodal, nonsymmetrical distribution unimodal, nonsymmetrical distribution
explain measures of sample skewness explain measures of sample skewness
Quantitative 2.7.l 2.8.l
and kurtosis and kurtosis
compare the use of arithmetic and compare the use of arithmetic and
Quantitative 2.7.m geometric means when analyzing 2.8.m geometric means when analyzing
investment returns investment returns
define a random variable, an outcome, define a random variable, an outcome,
Quantitative 2.8.a an event, mutually exclusive events, 2.9.a an event, mutually exclusive events,
and exhaustive events and exhaustive events
state the two defining properties of state the two defining properties of
probability and distinguish among probability and distinguish among
empirical, subjective, and a priori empirical, subjective, and a priori
probabilities probabilities
Quantitative 2.8.c state the probability of an event in 2.9.c state the probability of an event in
terms of odds for and against the event terms of odds for and against the event
distinguish between unconditional and distinguish between unconditional and
Quantitative 2.8.d 2.9.d
conditional probabilities conditional probabilities
explain the multiplication, addition, and explain the multiplication, addition, and
total probability rules total probability rules

calculate and interpret 1) the joint calculate and interpret 1) the joint
probability of two events, 2) the probability of two events, 2) the
probability that at least one of two probability that at least one of two
Quantitative 2.8.f events will occur, given the probability 2.9.f events will occur, given the probability
of each and the joint probability of the of each and the joint probability of the
two events, and 3) a joint probability of two events, and 3) a joint probability of
any number of independent events any number of independent events
distinguish between dependent and distinguish between dependent and
independent events independent events
calculate and interpret an unconditional calculate and interpret an unconditional
Quantitative 2.8.h probability using the total probability 2.9.h probability using the total probability
rule rule
explain the use of conditional explain the use of conditional
expectation in investment applications expectation in investment applications
explain the use of a tree diagram to explain the use of a tree diagram to
Quantitative 2.8.j 2.9.j
represent an investment problem represent an investment problem
calculate and interpret covariance and calculate and interpret covariance and
Quantitative 2.8.k 2.9.k
correlation correlation
calculate and interpret the expected calculate and interpret the expected
value, variance, and standard deviation value, variance, and standard deviation
Quantitative 2.8.l 2.9.l
of a random variable and of returns on of a random variable and of returns on
a portfolio a portfolio
calculate and interpret covariance given calculate and interpret covariance given
Quantitative 2.8.m 2.9.m
a joint probability function a joint probability function
calculate and interpret an updated calculate and interpret an updated
Quantitative 2.8.n 2.9.n
probability using Bayes formula probability using Bayes formula
identify the most appropriate method
to solve a particular counting problem, identify the most appropriate method to
Quantitative 2.8.o and solve counting problems using 2.9.o solve a particular counting problem and
factorial, combination, and permutation solve counting problems using factorial,
concepts combination, and permutation concepts
define a probability distribution and define a probability distribution and
distinguish between discrete and distinguish between discrete and
Quantitative 3.9.a 3.10.a
continuous random variables and their continuous random variables and their
probability functions probability functions
describe the set of possible outcomes describe the set of possible outcomes of
of a specified discrete random variable a specified discrete random variable
interpret a cumulative distribution interpret a cumulative distribution
function function
calculate and interpret probabilities for calculate and interpret probabilities for
Quantitative 3.9.d a random variable, given its cumulative 3.10.d a random variable, given its cumulative
distribution function distribution function
define a discrete uniform random define a discrete uniform random
Quantitative 3.9.e variable, a Bernoulli random variable, 3.10.e variable, a Bernoulli random variable,
and a binomial random variable and a binomial random variable
calculate and interpret probabilities calculate and interpret probabilities
Quantitative 3.9.f given the discrete uniform and the 3.10.f given the discrete uniform and the
binomial distribution functions binomial distribution functions
construct a binomial tree to describe construct a binomial tree to describe
stock price movement stock price movement
Quantitative 3.9.h calculate and interpret tracking error 3.10.h calculate and interpret tracking error
define the continuous uniform define the continuous uniform
distribution and calculate and interpret distribution and calculate and interpret
probabilities, given a continuous probabilities, given a continuous
uniform distribution uniform distribution
explain the key properties of the explain the key properties of the normal
normal distribution distribution
distinguish between a univariate and a distinguish between a univariate and a
multivariate distribution, and explain multivariate distribution and explain the
Quantitative 3.9.k 3.10.k
the role of correlation in the role of correlation in the multivariate
multivariate normal distribution normal distribution
determine the probability that a determine the probability that a
Quantitative 3.9.l normally distributed random variable 3.10.l normally distributed random variable
lies inside a given interval lies inside a given interval
define the standard normal distribution, define the standard normal distribution,
explain how to standardize a random explain how to standardize a random
Quantitative 3.9.m variable, and calculate and interpret 3.10.m variable, and calculate and interpret
probabilities using the standard normal probabilities using the standard normal
define shortfall risk, calculate the safety- define shortfall risk, calculate the safety-
first ratio, and select an optimal first ratio, and select an optimal
Quantitative 3.9.n 3.10.n
portfolio using Roys safety-first portfolio using Roys safety-first
criterion criterion
explain the relationship between explain the relationship between normal
normal and lognormal distributions and and lognormal distributions and why the
Quantitative 3.9.o 3.10.o
why the lognormal distribution is used lognormal distribution is used to model
to model asset prices asset prices
distinguish between discretely and distinguish between discretely and
continuously compounded rates of continuously compounded rates of
return, and calculate and interpret a return and calculate and interpret a
Quantitative 3.9.p 3.10.p
continuously compounded rate of continuously compounded rate of
return, given a specific holding period return, given a specific holding period
return return

explain Monte Carlo simulation and explain Monte Carlo simulation and
Quantitative 3.9.q 3.10.q
describe its applications and limitations describe its applications and limitations
compare Monte Carlo simulation and compare Monte Carlo simulation and
Quantitative 3.9.r 3.10.r
historical simulation historical simulation
define simple random sampling and a define simple random sampling and a
sampling distribution sampling distribution
Quantitative 3.10.b explain sampling error 3.11.b explain sampling error
distinguish between simple random and distinguish between simple random and
stratified random sampling stratified random sampling
distinguish between time-series and distinguish between time-series and
cross-sectional data cross-sectional data
explain the central limit theorem and explain the central limit theorem and its
its importance importance
calculate and interpret the standard calculate and interpret the standard
error of the sample mean error of the sample mean
identify and describe desirable identify and describe desirable
properties of an estimator properties of an estimator
distinguish between a point estimate distinguish between a point estimate
Quantitative 3.10.h and a confidence interval estimate of a 3.11.h and a confidence interval estimate of a
population parameter population parameter
describe properties of Students t- describe properties of Students t-
Quantitative 3.10.i distribution and calculate and interpret 3.11.i distribution and calculate and interpret
its degrees of freedom its degrees of freedom
calculate and interpret a confidence calculate and interpret a confidence
interval for a population mean, given a interval for a population mean, given a
normal distribution with 1) a known normal distribution with 1) a known
population variance, 2) an unknown population variance, 2) an unknown
population variance, or 3) an unknown population variance, or 3) an unknown
variance and a large sample size variance and a large sample size
describe the issues regarding selection describe the issues regarding selection
of the appropriate sample size, data- of the appropriate sample size, data-
Quantitative 3.10.k mining bias, sample selection bias, 3.11.k mining bias, sample selection bias,
survivorship bias, look-ahead bias, and survivorship bias, look-ahead bias, and
time-period bias time-period bias
define a hypothesis, describe the steps define a hypothesis, describe the steps
of hypothesis testing, and describe and of hypothesis testing, and describe and
interpret the choice of the null and interpret the choice of the null and
alternative hypotheses alternative hypotheses
distinguish between one-tailed and two- distinguish between one-tailed and two-
tailed tests of hypotheses tailed tests of hypotheses

explain a test statistic, Type I and Type explain a test statistic, Type I and Type
II errors, a significance level, and how II errors, a significance level, and how
significance levels are used in significance levels are used in
hypothesis testing hypothesis testing
explain a decision rule, the power of a explain a decision rule, the power of a
test, and the relation between test, and the relation between
confidence intervals and hypothesis confidence intervals and hypothesis
tests tests
distinguish between a statistical result distinguish between a statistical result
and an economically meaningful result and an economically meaningful result
explain and interpret the p-value as it explain and interpret the p-value as it
relates to hypothesis testing relates to hypothesis testing
identify the appropriate test statistic identify the appropriate test statistic
and interpret the results for a and interpret the results for a
hypothesis test concerning the hypothesis test concerning the
population mean of both large and population mean of both large and small
small samples when the population is samples when the population is
normally or approximately normally normally or approximately normally
distributed and the variance is 1) distributed and the variance is 1) known
known or 2) unknown or 2) unknown
hypothesis test concerning the equality hypothesis test concerning the equality
of the population means of two at least of the population means of two at least
Quantitative 3.11.h 3.12.h
approximately normally distributed approximately normally distributed
populations, based on independent populations, based on independent
random samples with 1) equal or 2) random samples with 1) equal or 2)
unequal assumed variances unequal assumed variances
Quantitative 3.11.i hypothesis test concerning the mean 3.12.i hypothesis test concerning the mean
difference of two normally distributed difference of two normally distributed
populations populations
hypothesis test concerning 1) the hypothesis test concerning 1) the
variance of a normally distributed variance of a normally distributed
population, and 2) the equality of the population, and 2) the equality of the
variances of two normally distributed variances of two normally distributed
populations based on two independent populations based on two independent
random samples random samples

distinguish between parametric and
nonparametric tests and describe distinguish between parametric and
Quantitative 3.11.k situations in which the use of 3.12.k nonparametric tests and describe
nonparametric tests may be situations in which the use of
appropriate nonparametric tests may be appropriate
explain principles of technical analysis, explain principles of technical analysis,
Quantitative 3.12.a its applications, and its underlying 3.13.a its applications, and its underlying
assumptions assumptions
describe the construction of different describe the construction of different
Quantitative 3.12.b types of technical analysis charts and 3.13.b types of technical analysis charts and
interpret them interpret them
explain uses of trend, support, explain uses of trend, support,
resistance lines, and change in polarity resistance lines, and change in polarity
Quantitative 3.12.d describe common chart patterns 3.13.d describe common chart patterns
describe common technical analysis describe common technical analysis
indicators (price-based, momentum indicators (price-based, momentum
oscillators, sentiment, and flow of oscillators, sentiment, and flow of
funds) funds)
explain how technical analysts use explain how technical analysts use
cycles cycles
describe the key tenets of Elliott Wave describe the key tenets of Elliott Wave
Quantitative 3.12.g Theory and the importance of Fibonacci 3.13.g Theory and the importance of Fibonacci
numbers numbers
describe intermarket analysis as it describe intermarket analysis as it
Quantitative 3.12.h relates to technical analysis and asset 3.13.h relates to technical analysis and asset
allocation allocation
Economics 4.13.a distinguish among types of markets Removed
explain the principles of demand and
Economics 4.13.b Removed
supply
describe causes of shifts in and
Economics 4.13.c movements along demand and supply Removed
curves
describe the process of aggregating
Economics 4.13.d Removed
demand and supply curves
describe the concept of equilibrium
Economics 4.13.e (partial and general), and mechanisms Removed
by which markets achieve equilibrium
distinguish between stable and
unstable equilibria, including price
Economics 4.13.f Removed
bubbles, and identify instances of such
equilibria

calculate and interpret individual and
aggregate demand, and inverse
Economics 4.13.g demand and supply functions, and Removed
interpret individual and aggregate
demand and supply curves
calculate and interpret the amount of
Economics 4.13.h excess demand or excess supply Removed
associated with a non-equilibrium price
Economics 4.13.i describe types of auctions and calculate Removed

the winning price(s) of an auction
calculate and interpret consumer
Economics 4.13.j surplus, producer surplus, and total Removed
surplus
describe how government regulation
Economics 4.13.k and intervention affect demand and Removed
supply
forecast the effect of the introduction
and the removal of a market
Economics 4.13.l Removed
interference (e.g., a price floor or
ceiling) on price and quantity
calculate and interpret price, income, calculate and interpret price, income,
and cross-price elasticities of demand and cross-price elasticities of demand
Economics 4.13.m 4.14.a
and describe factors that affect each and describe factors that affect each
measure measure
describe consumer choice theory and
Economics 4.14.a Removed
utility theory
describe the use of indifference curves,
Economics 4.14.b opportunity sets, and budget Removed
constraints in decision making
calculate and interpret a budget
Economics 4.14.c Removed
constraint
determine a consumers equilibrium
Economics 4.14.d bundle of goods based on utility Removed
analysis
compare substitution and income
Economics 4.14.e 4.14.b
effects compare substitution and income effects
distinguish between normal goods and
Wording
Economics 4.14.f inferior goods, and explain Giffen goods 4.14.c distinguish between normal goods and
Change
and Veblen goods in this context inferior goods

calculate, interpret, and compare
Economics 4.15.a accounting profit, economic profit, Removed
normal profit, and economic rent
calculate and interpret and compare
Economics 4.15.b Removed
total, average, and marginal revenue
Economics 4.15.c describe a firms factors of production Removed
calculate and interpret total, average,
Economics 4.15.d Removed
marginal, fixed, and variable costs
describe approaches to determining the
Economics 4.15.f Removed
profit-maximizing level of output
distinguish between short-run and long-
Economics 4.15.h Removed
run profit maximization
distinguish among decreasing-cost,
constant-cost, and increasing-cost
Economics 4.15.i Removed
industries and describe the long-run
supply of each
calculate and interpret total, marginal,
Economics 4.15.j Removed
and average product of labor
determine the optimal combination of
Economics 4.15.l Removed
resources that minimizes cost
describe the phenomenon of
diminishing marginal returns and Wording
Economics 4.15.k 4.14.d
calculate and interpret the profit- describe the phenomenon of diminishing Change
maximizing utilization level of an input marginal returns
determine and describe breakeven and determine and describe breakeven and
Economics 4.15.e 4.14.e
shutdown points of production shutdown points of production
describe how economies of scale and describe how economies of scale and
Economics 4.15.g 4.14.f
diseconomies of scale affect costs diseconomies of scale affect costs
describe characteristics of perfect describe characteristics of perfect
Economics 4.16.a competition, monopolistic competition, 4.15.a competition, monopolistic competition,
oligopoly, and pure monopoly oligopoly, and pure monopoly
explain relationships between price, explain relationships between price,
marginal revenue, marginal cost, marginal revenue, marginal cost,
Economics 4.16.b 4.15.b
economic profit, and the elasticity of economic profit, and the elasticity of
demand under each market structure demand under each market structure
describe a firms supply function under describe a firms supply function under
Economics 4.16.c 4.15.c
each market structure each market structure
describe and determine the optimal describe and determine the optimal
Economics 4.16.d price and output for firms under each 4.15.d price and output for firms under each
market structure market structure

explain factors affecting long-run
Economics 4.16.e equilibrium under each market 4.15.e explain factors affecting long-run
structure equilibrium under each market structure
describe pricing strategy under each describe pricing strategy under each
Economics 4.16.f 4.15.f
describe the use and limitations of describe the use and limitations of
Economics 4.16.g concentration measures in identifying 4.15.g concentration measures in identifying
identify the type of market structure identify the type of market structure
Economics 4.16.h 4.15.h
within which a firm operates within which a firm operates
calculate and explain gross domestic calculate and explain gross domestic
Economics 5.17.a product (GDP) using expenditure and 4.16.a product (GDP) using expenditure and
income approaches income approaches
compare the sum-of-value-added and compare the sum-of-value-added and
Economics 5.17.b value-of-final-output methods of 4.16.b value-of-final-output methods of
calculating GDP calculating GDP
Economics 5.17.c compare nominal and real GDP and 4.16.c compare nominal and real GDP and
calculate and interpret the GDP deflator calculate and interpret the GDP deflator
compare GDP, national income,
Economics 5.17.d personal income, and personal 4.16.d compare GDP, national income, personal
disposable income income, and personal disposable income
explain the fundamental relationship explain the fundamental relationship
Economics 5.17.e among saving, investment, the fiscal 4.16.e among saving, investment, the fiscal
balance, and the trade balance balance, and the trade balance
explain the IS and LM curves and how explain the IS and LM curves and how
Economics 5.17.f they combine to generate the 4.16.f they combine to generate the aggregate
aggregate demand curve demand curve
explain the aggregate supply curve in explain the aggregate supply curve in
Economics 5.17.g 4.16.g
the short run and long run the short run and long run
explain causes of movements along and explain causes of movements along and
Economics 5.17.h shifts in aggregate demand and supply 4.16.h shifts in aggregate demand and supply
curves curves
describe how fluctuations in aggregate describe how fluctuations in aggregate
demand and aggregate supply cause demand and aggregate supply cause
Economics 5.17.i 4.16.i
short-run changes in the economy and short-run changes in the economy and
the business cycle the business cycle
distinguish between the following types distinguish between the following types
of macroeconomic equilibria: long-run of macroeconomic equilibria: long-run
Economics 5.17.j full employment, short-run 4.16.j full employment, short-run recessionary
recessionary gap, short-run inflationary gap, short-run inflationary gap, and
gap, and short-run stagflation short-run stagflation
explain how a short-run
macroeconomic equilibrium may occur explain how a short-run macroeconomic
Economics 5.17.k 4.16.k
at a level above or below full equilibrium may occur at a level above
employment or below full employment
analyze the effect of combined changes analyze the effect of combined changes
Economics 5.17.l in aggregate supply and demand on the 4.16.l in aggregate supply and demand on the
economy economy
describe sources, measurement, and describe sources, measurement, and
Economics 5.17.m 4.16.m
sustainability of economic growth sustainability of economic growth
describe the production function describe the production function
Economics 5.17.n approach to analyzing the sources of 4.16.n approach to analyzing the sources of
economic growth economic growth
distinguish between input growth and distinguish between input growth and
Economics 5.17.o growth of total factor productivity as 4.16.o growth of total factor productivity as
components of economic growth components of economic growth
describe the business cycle and its describe the business cycle and its
Economics 5.18.a 4.17.a
phases phases
describe how resource use, housing describe how resource use, housing
sector activity, and external trade sector activity, and external trade sector
sector activity vary as an economy activity vary as an economy moves
moves through the business cycle through the business cycle
Economics 5.18.c describe theories of the business cycle 4.17.c describe theories of the business cycle
describe types of unemployment and describe types of unemployment and Wording
Economics 5.18.d 4.17.d
measures of unemployment compare measures of unemployment Change
explain inflation, hyperinflation, explain inflation, hyperinflation,
disinflation, and deflation disinflation, and deflation
explain the construction of indices used explain the construction of indices used
to measure inflation to measure inflation
compare inflation measures, including compare inflation measures, including
their uses and limitations their uses and limitations
distinguish between cost-push and distinguish between cost-push and
demand-pull inflation demand-pull inflation
describe economic indicators, including interpret a set of economic indicators Wording
their uses and limitations and describe their uses and limitations Change
Economics 5.19.a compare monetary and fiscal policy 5.18.a compare monetary and fiscal policy
describe functions and definitions of describe functions and definitions of
money money
Economics 5.19.c explain the money creation process 5.18.c explain the money creation process
describe theories of the demand for describe theories of the demand for and
and supply of money supply of money
Economics 5.19.e describe the Fisher effect 5.18.e describe the Fisher effect

describe roles and objectives of central describe roles and objectives of central
banks banks
contrast the costs of expected and contrast the costs of expected and
unexpected inflation unexpected inflation
describe tools used to implement describe tools used to implement
monetary policy monetary policy
describe the monetary transmission describe the monetary transmission
mechanism mechanism
describe qualities of effective central describe qualities of effective central
Economics 5.19.j 5.18.j
banks banks
explain the relationships between explain the relationships between
Economics 5.19.k monetary policy and economic growth, 5.18.k monetary policy and economic growth,
inflation, interest, and exchange rates inflation, interest, and exchange rates
contrast the use of inflation, interest contrast the use of inflation, interest
Economics 5.19.l rate, and exchange rate targeting by 5.18.l rate, and exchange rate targeting by
central banks central banks
determine whether a monetary policy is determine whether a monetary policy is
Economics 5.19.m 5.18.m
expansionary or contractionary expansionary or contractionary
Economics 5.19.n describe limitations of monetary policy 5.18.n describe limitations of monetary policy
describe roles and objectives of fiscal describe roles and objectives of fiscal
Economics 5.19.o 5.18.o
policy policy
describe tools of fiscal policy, including describe tools of fiscal policy, including
Economics 5.19.p 5.18.p
their advantages and disadvantages their advantages and disadvantages
describe the arguments about whether describe the arguments about whether
Economics 5.19.q the size of a national debt relative to 5.18.q the size of a national debt relative to
GDP matters GDP matters
Economics 5.19.r explain the implementation of fiscal 5.18.r explain the implementation of fiscal
policy and difficulties of implementation policy and difficulties of implementation
determine whether a fiscal policy is determine whether a fiscal policy is
Economics 5.19.s 5.18.s
expansionary or contractionary expansionary or contractionary
explain the interaction of monetary and explain the interaction of monetary and
Economics 5.19.t 5.18.t
fiscal policy fiscal policy
compare gross domestic product and compare gross domestic product and
gross national product gross national product
describe benefits and costs of describe benefits and costs of
international trade international trade
distinguish between comparative distinguish between comparative
Economics 6.20.c 5.19.c
advantage and absolute advantage advantage and absolute advantage

explain the Ricardian and explain the Ricardian and
HeckscherOhlin models of trade and HeckscherOhlin models of trade and
the source(s) of comparative advantage the source(s) of comparative advantage
in each model in each model
compare types of trade and capital compare types of trade and capital
Economics 6.20.e restrictions and their economic 5.19.e restrictions and their economic
implications implications
explain motivations for and advantages explain motivations for and advantages
Economics 6.20.f of trading blocs, common markets, and 5.19.f of trading blocs, common markets, and
economic unions economic unions
describe common objectives of capital describe common objectives of capital
restrictions imposed by governments restrictions imposed by governments
describe the balance of payments describe the balance of payments
accounts including their components accounts including their components
explain how decisions by consumers, explain how decisions by consumers,
Economics 6.20.i firms, and governments affect the 5.19.i firms, and governments affect the
balance of payments balance of payments
describe functions and objectives of the describe functions and objectives of the
international organizations that international organizations that facilitate
Economics 6.20.j facilitate trade, including the World 5.19.j trade, including the World Bank, the
Bank, the International Monetary Fund, International Monetary Fund, and the
and the World Trade Organization World Trade Organization
define an exchange rate, and define an exchange rate and distinguish
distinguish between nominal and real between nominal and real exchange
exchange rates and spot and forward rates and spot and forward exchange
exchange rates rates
describe functions of and participants in describe functions of and participants in
the foreign exchange market the foreign exchange market
calculate and interpret the percentage calculate and interpret the percentage
Economics 6.21.c change in a currency relative to 5.20.c change in a currency relative to another
another currency currency
calculate and interpret currency cross- calculate and interpret currency cross-
rates rates
convert forward quotations expressed
on a points basis or in percentage convert forward quotations expressed
terms into an outright forward on a points basis or in percentage terms
quotation into an outright forward quotation
explain the arbitrage relationship explain the arbitrage relationship
Economics 6.21.f between spot rates, forward rates, and 5.20.f between spot rates, forward rates, and
interest rates interest rates
calculate and interpret a forward calculate and interpret a forward
discount or premium discount or premium
calculate and interpret the forward rate calculate and interpret the forward rate
Economics 6.21.h consistent with the spot rate and the 5.20.h consistent with the spot rate and the
interest rate in each currency interest rate in each currency
Economics 6.21.i describe exchange rate regimes 5.20.i describe exchange rate regimes
explain the effects of exchange rates on explain the effects of exchange rates on
Economics 6.21.j countries international trade and 5.20.j countries international trade and capital
capital flows flows
Financial describe the roles of financial reporting describe the roles of financial reporting
7.22.a 6.21.a
Reporting and financial statement analysis and financial statement analysis
describe the roles of the statement of describe the roles of the statement of
financial position, statement of financial position, statement of
Financial comprehensive income, statement of comprehensive income, statement of
7.22.b 6.21.b
Reporting changes in equity, and statement of changes in equity, and statement of
cash flows in evaluating a companys cash flows in evaluating a companys
performance and financial position performance and financial position
describe the importance of financial describe the importance of financial
statement notes and supplementary statement notes and supplementary
Financial informationincluding disclosures of informationincluding disclosures of
7.22.c 6.21.c
Reporting accounting policies, methods, and accounting policies, methods, and
estimates and managements estimates and managements
commentary commentary
describe the objective of audits of describe the objective of audits of
Financial financial statements, the types of audit financial statements, the types of audit
7.22.d 6.21.d
Reporting reports, and the importance of effective reports, and the importance of effective
internal controls internal controls
identify and describe information identify and describe information
sources that analysts use in financial sources that analysts use in financial
Financial
7.22.e statement analysis besides annual 6.21.e statement analysis besides annual
Reporting
financial statements and supplementary financial statements and supplementary
information information
Financial describe the steps in the financial describe the steps in the financial
7.22.f 6.21.f
Reporting statement analysis framework statement analysis framework
describe how business activities are describe how business activities are
Financial
7.23.a classified for financial reporting 6.22.a classified for financial reporting
Reporting
purposes purposes
explain the relationship of financial explain the relationship of financial
Financial statement elements and accounts, and statement elements and accounts, and
7.23.b 6.22.b
Reporting classify accounts into the financial classify accounts into the financial
statement elements statement elements
Financial explain the accounting equation in its explain the accounting equation in its
7.23.c 6.22.c
Reporting basic and expanded forms basic and expanded forms

describe the process of recording describe the process of recording
Financial business transactions using an business transactions using an
7.23.d 6.22.d
Reporting accounting system based on the accounting system based on the
accounting equation accounting equation
describe the need for accruals and describe the need for accruals and
Financial
7.23.e valuation adjustments in preparing 6.22.e valuation adjustments in preparing
Reporting
financial statements financial statements
describe the relationships among the describe the relationships among the
Financial income statement, balance sheet, income statement, balance sheet,
7.23.f 6.22.f
Reporting statement of cash flows, and statement statement of cash flows, and statement
of owners equity of owners equity
Financial describe the flow of information in an describe the flow of information in an
7.23.g 6.22.g
Reporting accounting system accounting system
Financial describe the use of the results of the describe the use of the results of the
7.23.h 6.22.h
Reporting accounting process in security analysis accounting process in security analysis
describe the objective of financial describe the objective of financial
Financial statements and the importance of statements and the importance of
7.24.a 6.23.a
Reporting financial reporting standards in security financial reporting standards in security
analysis and valuation analysis and valuation
describe roles and desirable attributes describe roles and desirable attributes
of financial reporting standard-setting of financial reporting standard-setting
bodies and regulatory authorities in bodies and regulatory authorities in
Financial
7.24.b establishing and enforcing reporting 6.23.b establishing and enforcing reporting
Reporting
standards, and describe the role of the standards, and describe the role of the
International Organization of Securities International Organization of Securities
Commissions Commissions
describe the status of global describe the status of global
convergence of accounting standards convergence of accounting standards
Financial
7.24.c and ongoing barriers to developing one 6.23.c and ongoing barriers to developing one
Reporting
universally accepted set of financial universally accepted set of financial
reporting standards reporting standards
describe the International Accounting describe the International Accounting
Standards Boards conceptual Standards Boards conceptual
framework, including the objective and framework, including the objective and
Financial qualitative characteristics of financial qualitative characteristics of financial
7.24.d 6.23.d
Reporting statements, required reporting statements, required reporting
elements, and constraints and elements, and constraints and
assumptions in preparing financial assumptions in preparing financial
statements statements

describe general requirements for
Financial financial statements under describe general requirements for
7.24.e 6.23.e
Reporting International Financial Reporting financial statements under International
Standards (IFRS) Financial Reporting Standards (IFRS)
compare key concepts of financial compare key concepts of financial

Financial
7.24.f reporting standards under IFRS and US 6.23.f reporting standards under IFRS and US
Reporting
generally accepted accounting generally accepted accounting principles
principles (US GAAP) reporting systems (US GAAP) reporting systems
identify characteristics of a coherent identify characteristics of a coherent
Financial
7.24.g financial reporting framework and the 6.23.g financial reporting framework and the
Reporting
barriers to creating such a framework barriers to creating such a framework
describe implications for financial describe implications for financial
analysis of differing financial reporting analysis of differing financial reporting
Financial
7.24.h systems and the importance of 6.23.h systems and the importance of
Reporting
monitoring developments in financial monitoring developments in financial
reporting standards reporting standards
Financial analyze company disclosures of analyze company disclosures of
7.24.i 6.23.i
Reporting significant accounting policies significant accounting policies
describe the components of the income describe the components of the income
Financial
8.25.a statement and alternative presentation 7.24.a statement and alternative presentation
Reporting
formats of that statement formats of that statement
describe general principles of revenue describe general principles of revenue
recognition and accrual accounting, recognition and accrual accounting,
specific revenue recognition specific revenue recognition applications
applications (including accounting for (including accounting for long-term
Financial
8.25.b long-term contracts, installment sales, 7.24.b contracts, installment sales, barter
Reporting
barter transactions, gross and net transactions, gross and net reporting of
reporting of revenue), and implications revenue), and implications of revenue
of revenue recognition principles for recognition principles for financial
financial analysis analysis
calculate revenue given information calculate revenue given information that
Financial
8.25.c that might influence the choice of 7.24.c might influence the choice of revenue
Reporting
revenue recognition method recognition method
describe key aspects of the converged
describe key aspects of the converged accounting standards for revenue
Financial accounting standards issued by the recognition issued by the International Wording
8.25.d 7.24.d
Reporting International Accounting Standards Accounting Standards Board and Change
Board and Financial Accounting Financial Accounting Standards Board in
Standards Board in May 2014 May 2014

describe general principles of expense describe general principles of expense
recognition, specific expense recognition, specific expense recognition
Financial
8.25.e recognition applications, and 7.24.e applications, and implications of
Reporting
implications of expense recognition expense recognition choices for financial
choices for financial analysis analysis
describe the financial reporting
treatment and analysis of non-recurring describe the financial reporting
Financial items (including discontinued treatment and analysis of non-recurring Wording
8.25.f 7.24.f
Reporting operations, extraordinary items, items (including discontinued Change
unusual or infrequent items) and operations, unusual or infrequent items)
changes in accounting policies and changes in accounting policies
distinguish between the operating and distinguish between the operating and
Financial
8.25.g non-operating components of the 7.24.g non-operating components of the
Reporting
income statement income statement
describe how earnings per share is describe how earnings per share is
calculated and calculate and interpret a calculated and calculate and interpret a
Financial companys earnings per share (both companys earnings per share (both
8.25.h 7.24.h
Reporting basic and diluted earnings per share) basic and diluted earnings per share)
for both simple and complex capital for both simple and complex capital
structures structures
distinguish between dilutive and distinguish between dilutive and
Financial antidilutive securities, and describe the antidilutive securities and describe the
8.25.i 7.24.i
Reporting implications of each for the earnings implications of each for the earnings per
per share calculation share calculation
Financial convert income statements to common- convert income statements to common-
8.25.j 7.24.j
Reporting size income statements size income statements
evaluate a companys financial evaluate a companys financial
Financial performance using common-size performance using common-size income
8.25.k 7.24.k
Reporting income statements and financial ratios statements and financial ratios based on
based on the income statement the income statement
Financial describe, calculate, and interpret describe, calculate, and interpret
8.25.l 7.24.l
Reporting comprehensive income comprehensive income
describe other comprehensive income, describe other comprehensive income
Financial
8.25.m and identify major types of items 7.24.m and identify major types of items
Reporting
included in it included in it
Financial describe the elements of the balance describe the elements of the balance
8.26.a 7.25.a
Reporting sheet: assets, liabilities, and equity sheet: assets, liabilities, and equity
Financial describe uses and limitations of the describe uses and limitations of the
8.26.b 7.25.b
Reporting balance sheet in financial analysis balance sheet in financial analysis
Financial describe alternative formats of balance describe alternative formats of balance
8.26.c 7.25.c
Reporting sheet presentation sheet presentation

distinguish between current and non- distinguish between current and non-
Financial
8.26.d current assets, and current and non- 7.25.d current assets and current and non-
Reporting
current liabilities current liabilities
describe different types of assets and describe different types of assets and
Financial
8.26.e liabilities and the measurement bases 7.25.e liabilities and the measurement bases of
Reporting
of each each
Financial describe the components of describe the components of
8.26.f 7.25.f
Reporting shareholders equity shareholders equity
convert balance sheets to common-size convert balance sheets to common-size
Financial
8.26.g balance sheets and interpret common- 7.25.g balance sheets and interpret common-
Reporting
size balance sheets size balance sheets
Financial calculate and interpret liquidity and calculate and interpret liquidity and
8.26.h 7.25.h
Reporting solvency ratios solvency ratios
compare cash flows from operating, compare cash flows from operating,
investing, and financing activities and investing, and financing activities and
Financial
8.27.a classify cash flow items as relating to 7.26.a classify cash flow items as relating to
Reporting
one of those three categories given a one of those three categories given a
description of the items description of the items
Financial describe how non-cash investing and describe how non-cash investing and
8.27.b 7.26.b
Reporting financing activities are reported financing activities are reported
contrast cash flow statements prepared contrast cash flow statements prepared
under International Financial Reporting under International Financial Reporting
Financial
8.27.c Standards (IFRS) and U.S. generally 7.26.c Standards (IFRS) and US generally
Reporting
accepted accounting principles (U.S. accepted accounting principles (US
GAAP) GAAP)
distinguish between the direct and distinguish between the direct and
Financial indirect methods of presenting cash indirect methods of presenting cash
8.27.d 7.26.d
Reporting from operating activities and describe from operating activities and describe
arguments in favor of each method arguments in favor of each method
describe how the cash flow statement describe how the cash flow statement is
Financial
8.27.e is linked to the income statement and 7.26.e linked to the income statement and the
Reporting
the balance sheet balance sheet
describe the steps in the preparation of describe the steps in the preparation of
direct and indirect cash flow direct and indirect cash flow
Financial
8.27.f statements, including how cash flows 7.26.f statements, including how cash flows
Reporting
can be computed using income can be computed using income
statement and balance sheet data statement and balance sheet data
Financial convert cash flows from the indirect to convert cash flows from the indirect to
8.27.g 7.26.g
Reporting direct method direct method
Financial analyze and interpret both reported analyze and interpret both reported and
8.27.h 7.26.h
Reporting and common-size cash flow statements common-size cash flow statements

calculate and interpret free cash flow to calculate and interpret free cash flow to
Financial the firm, free cash flow to equity, and the firm, free cash flow to equity, and
8.27.i 7.26.i
Reporting performance and coverage cash flow performance and coverage cash flow
ratios ratios
describe tools and techniques used in describe tools and techniques used in
Financial
8.28.a financial analysis, including their uses 7.27.a financial analysis, including their uses
Reporting
and limitations and limitations
classify, calculate, and interpret classify, calculate, and interpret activity,
Financial
8.28.b activity, liquidity, solvency, profitability, 7.27.b liquidity, solvency, profitability, and
Reporting
and valuation ratios valuation ratios
Financial
8.28.c describe relationships among ratios and 7.27.c describe relationships among ratios and
Reporting
evaluate a company using ratio analysis evaluate a company using ratio analysis
demonstrate the application of DuPont demonstrate the application of DuPont
Financial analysis of return on equity, and analysis of return on equity and
8.28.d 7.27.d
Reporting calculate and interpret effects of calculate and interpret effects of
changes in its components changes in its components
Financial calculate and interpret ratios used in calculate and interpret ratios used in
8.28.e 7.27.e
Reporting equity analysis and credit analysis equity analysis and credit analysis
explain the requirements for segment explain the requirements for segment
Financial
8.28.f reporting, and calculate and interpret 7.27.f reporting and calculate and interpret
Reporting
segment ratios segment ratios
describe how ratio analysis and other describe how ratio analysis and other
Financial
8.28.g techniques can be used to model and 7.27.g techniques can be used to model and
Reporting
forecast earnings forecast earnings
distinguish between costs included in distinguish between costs included in
Financial inventories and costs recognised as inventories and costs recognised as
9.29.a 8.28.a
Reporting expenses in the period in which they expenses in the period in which they are
are incurred incurred
Financial describe different inventory valuation describe different inventory valuation
9.29.b 8.28.b
Reporting methods (cost formulas) methods (cost formulas)
calculate and compare cost of sales, calculate and compare cost of sales,
gross profit, and ending inventory using gross profit, and ending inventory using
Financial
9.29.c different inventory valuation methods 8.28.c different inventory valuation methods
Reporting
and using perpetual and periodic and using perpetual and periodic
inventory systems inventory systems
calculate and explain how inflation and calculate and explain how inflation and
deflation of inventory costs affect the deflation of inventory costs affect the
Financial
9.29.d financial statements and ratios of 8.28.d financial statements and ratios of
Reporting
companies that use different inventory companies that use different inventory
valuation methods valuation methods

explain LIFO reserve and LIFO explain LIFO reserve and LIFO
Financial
9.29.e liquidation and their effects on financial 8.28.e liquidation and their effects on financial
Reporting
statements and ratios statements and ratios
convert a companys reported financial convert a companys reported financial
Financial
9.29.f statements from LIFO to FIFO for 8.28.f statements from LIFO to FIFO for
Reporting
purposes of comparison purposes of comparison
describe the measurement of inventory describe the measurement of inventory
Financial
9.29.g at the lower of cost and net realisable 8.28.g at the lower of cost and net realisable
Reporting
value value
describe implications of valuing describe implications of valuing
Financial
9.29.h inventory at net realisable value for 8.28.h inventory at net realisable value for
Reporting
financial statements and ratios financial statements and ratios
describe the financial statement describe the financial statement
Financial
9.29.i presentation of and disclosures relating 8.28.i presentation of and disclosures relating
Reporting
to inventories to inventories
explain issues that analysts should explain issues that analysts should
Financial consider when examining a companys consider when examining a companys
9.29.j 8.28.j
Reporting inventory disclosures and other sources inventory disclosures and other sources
of information of information
calculate and compare ratios of calculate and compare ratios of
Financial
9.29.k companies, including companies that 8.28.k companies, including companies that
Reporting
use different inventory methods use different inventory methods
analyze and compare the financial analyze and compare the financial
Financial statements of companies, including statements of companies, including
9.29.l 8.28.l
Reporting companies that use different inventory companies that use different inventory
methods methods
distinguish between costs that are distinguish between costs that are
Financial
9.30.a capitalised and costs that are expensed 8.29.a capitalised and costs that are expensed
Reporting
in the period in which they are incurred in the period in which they are incurred
compare the financial reporting of the compare the financial reporting of the
Financial following types of intangible assets: following types of intangible assets:
9.30.b 8.29.b
Reporting purchased, internally developed, purchased, internally developed,
acquired in a business combination acquired in a business combination
explain and evaluate how capitalising explain and evaluate how capitalising
Financial versus expensing costs in the period in versus expensing costs in the period in
9.30.c 8.29.c
Reporting which they are incurred affects financial which they are incurred affects financial
describe the different depreciation describe the different depreciation
Financial methods for property, plant, and methods for property, plant, and
9.30.d 8.29.d
Reporting equipment and calculate depreciation equipment and calculate depreciation
expense expense

describe how the choice of depreciation describe how the choice of depreciation
method and assumptions concerning method and assumptions concerning
Financial
9.30.e useful life and residual value affect 8.29.e useful life and residual value affect
Reporting
depreciation expense, financial depreciation expense, financial
statements, and ratios statements, and ratios
describe the different amortisation
Financial methods for intangible assets with describe the different amortisation
9.30.f 8.29.f
Reporting finite lives and calculate amortisation methods for intangible assets with finite
expense lives and calculate amortisation expense
describe how the choice of amortisation describe how the choice of amortisation
method and assumptions concerning method and assumptions concerning
Financial
9.30.g useful life and residual value affect 8.29.g useful life and residual value affect
Reporting
amortisation expense, financial amortisation expense, financial
statements, and ratios statements, and ratios
Financial
9.30.h 8.29.h
Reporting describe the revaluation model describe the revaluation model
explain the impairment of property, explain the impairment of property,
Financial
9.30.i plant, and equipment and intangible 8.29.i plant, and equipment and intangible
Reporting
assets assets
explain the derecognition of property, explain the derecognition of property,
Financial
9.30.j plant, and equipment and intangible 8.29.j plant, and equipment and intangible
Reporting
assets assets
explain and evaluate how impairment, explain and evaluate how impairment,
revaluation, and derecognition of revaluation, and derecognition of
Financial
9.30.k property, plant, and equipment and 8.29.k property, plant, and equipment and
Reporting
intangible assets affect financial intangible assets affect financial
Financial presentation of and disclosures relating presentation of and disclosures relating
9.30.l 8.29.l
Reporting to property, plant, and equipment and to property, plant, and equipment and
intangible assets intangible assets
analyze and interpret financial analyze and interpret financial
Financial statement disclosures regarding statement disclosures regarding
9.30.m 8.29.m
Reporting property, plant, and equipment and property, plant, and equipment and
intangible assets intangible assets
compare the financial reporting of compare the financial reporting of
Financial
9.30.n investment property with that of 8.29.n investment property with that of
Reporting
property, plant, and equipment property, plant, and equipment
explain and evaluate how leasing rather explain and evaluate how leasing rather
Financial
9.30.o than purchasing assets affects financial 8.29.o than purchasing assets affects financial
Reporting

explain and evaluate how finance explain and evaluate how finance leases
leases and operating leases affect and operating leases affect financial
Financial
9.30.p financial statements and ratios from 8.29.p statements and ratios from the
Reporting
the perspective of both the lessor and perspective of both the lessor and the
the lessee lessee
describe the differences between describe the differences between

Financial accounting profit and taxable income, accounting profit and taxable income
9.31.a and define key terms, including 8.30.a and define key terms, including deferred
Reporting
deferred tax assets, deferred tax tax assets, deferred tax liabilities,
liabilities, valuation allowance, taxes valuation allowance, taxes payable, and
payable, and income tax expense income tax expense
explain how deferred tax liabilities and explain how deferred tax liabilities and
assets are created and the factors that assets are created and the factors that
Financial determine how a companys deferred determine how a companys deferred
9.31.b 8.30.b
Reporting tax liabilities and assets should be tax liabilities and assets should be
treated for the purposes of financial treated for the purposes of financial
analysis analysis
Financial calculate the tax base of a companys calculate the tax base of a companys
9.31.c 8.30.c
Reporting assets and liabilities assets and liabilities
calculate income tax expense, income calculate income tax expense, income
taxes payable, deferred tax assets, and taxes payable, deferred tax assets, and
Financial deferred tax liabilities, and calculate deferred tax liabilities, and calculate and
9.31.d 8.30.d
Reporting and interpret the adjustment to the interpret the adjustment to the financial
financial statements related to a statements related to a change in the
change in the income tax rate income tax rate
evaluate the impact of tax rate changes evaluate the impact of tax rate changes
Financial
9.31.e on a companys financial statements 8.30.e on a companys financial statements
Reporting
and ratios and ratios
distinguish between temporary and distinguish between temporary and
Financial
9.31.f permanent differences in pre-tax 8.30.f permanent differences in pre-tax
Reporting
accounting income and taxable income accounting income and taxable income
describe the valuation allowance for describe the valuation allowance for
Financial deferred tax assetswhen it is required deferred tax assetswhen it is required
9.31.g 8.30.g
Reporting and what impact it has on financial and what impact it has on financial
statements statements
Financial explain recognition and measurement explain recognition and measurement of
9.31.h 8.30.h
Reporting of current and deferred tax items current and deferred tax items

analyze disclosures relating to deferred analyze disclosures relating to deferred

tax items and the effective tax rate tax items and the effective tax rate
Financial
9.31.i reconciliation, and explain how 8.30.i reconciliation and explain how
Reporting
information included in these information included in these
disclosures affects a companys disclosures affects a companys financial
financial statements and financial ratios statements and financial ratios
identify the key provisions of and identify the key provisions of and
differences between income tax differences between income tax
Financial accounting under International accounting under International Financial
9.31.j 8.30.j
Reporting Financial Reporting Standards (IFRS) Reporting Standards (IFRS) and US
and US generally accepted accounting generally accepted accounting principles
principles (GAAP) (GAAP)
determine the initial recognition, initial determine the initial recognition, initial
Financial
9.32.a measurement and subsequent 8.31.a measurement and subsequent
Reporting
measurement of bonds measurement of bonds
describe the effective interest method describe the effective interest method
and calculate interest expense, and calculate interest expense,
Financial
9.32.b amortisation of bond 8.31.b amortisation of bond
Reporting
discounts/premiums, and interest discounts/premiums, and interest
payments payments
Financial
9.32.c 8.31.c
Reporting explain the derecognition of debt explain the derecognition of debt
Financial describe the role of debt covenants in describe the role of debt covenants in
9.32.d 8.31.d
Reporting protecting creditors protecting creditors
Financial
9.32.e presentation of and disclosures relating 8.31.e presentation of and disclosures relating
Reporting
to debt to debt
Financial explain motivations for leasing assets explain motivations for leasing assets
9.32.f 8.31.f
Reporting instead of purchasing them instead of purchasing them
distinguish between a finance lease and distinguish between a finance lease and
Financial an operating lease from the an operating lease from the
9.32.g 8.31.g
Reporting perspectives of the lessor and the perspectives of the lessor and the
lessee lessee
determine the initial recognition, initial determine the initial recognition, initial
Financial
9.32.h measurement, and subsequent 8.31.h measurement, and subsequent
Reporting
measurement of finance leases measurement of finance leases
Financial compare the disclosures relating to compare the disclosures relating to
9.32.i 8.31.i
Reporting finance and operating leases finance and operating leases
compare the presentation and compare the presentation and
Financial
9.32.j disclosure of defined contribution and 8.31.j disclosure of defined contribution and
Reporting
defined benefit pension plans defined benefit pension plans
Financial calculate and interpret leverage and calculate and interpret leverage and
9.32.k 8.31.k
Reporting coverage ratios coverage ratios
distinguish between financial reporting distinguish between financial reporting
Financial quality and quality of reported results quality and quality of reported results
10.33.a 9.32.a
Reporting (including quality of earnings, cash (including quality of earnings, cash flow,
flow, and balance sheet items) and balance sheet items)
Financial describe a spectrum for assessing describe a spectrum for assessing
10.33.b 9.32.b
Reporting financial reporting quality financial reporting quality
Financial distinguish between conservative and distinguish between conservative and
10.33.c 9.32.c
Reporting aggressive accounting aggressive accounting
describe motivations that might cause describe motivations that might cause
Financial
10.33.d management to issue financial reports 9.32.d management to issue financial reports
Reporting
that are not high quality that are not high quality
describe conditions that are conducive describe conditions that are conducive
Financial
10.33.e to issuing low-quality, or even 9.32.e to issuing low-quality, or even
Reporting
fraudulent, financial reports fraudulent, financial reports
describe mechanisms that discipline describe mechanisms that discipline
Financial financial reporting quality and the financial reporting quality and the
10.33.f 9.32.f
Reporting potential limitations of those potential limitations of those
mechanisms mechanisms
Financial describe presentation choices, including describe presentation choices, including

10.33.g 9.32.g
Reporting non-GAAP measures, that could be non-GAAP measures, that could be used
used to influence an analysts opinion to influence an analysts opinion
describe accounting methods (choices describe accounting methods (choices
Financial and estimates) that could be used to and estimates) that could be used to
10.33.h 9.32.h
Reporting manage earnings, cash flow, and manage earnings, cash flow, and
balance sheet items balance sheet items
describe accounting warning signs and describe accounting warning signs and
Financial
10.33.i methods for detecting manipulation of 9.32.i methods for detecting manipulation of
Reporting
information in financial reports information in financial reports
evaluate a companys past financial evaluate a companys past financial
Financial performance and explain how a performance and explain how a
10.34.a 9.33.a
Reporting companys strategy is reflected in past companys strategy is reflected in past
financial performance financial performance
Financial forecast a companys future net income forecast a companys future net income
10.34.b 9.33.b
Reporting and cash flow and cash flow
describe the role of financial statement describe the role of financial statement
Financial
10.34.c analysis in assessing the credit quality 9.33.c analysis in assessing the credit quality
Reporting
of a potential debt investment of a potential debt investment

describe the use of financial statement describe the use of financial statement
Financial
10.34.d analysis in screening for potential 9.33.d analysis in screening for potential equity
Reporting
equity investments investments
explain appropriate analyst explain appropriate analyst adjustments
Financial adjustments to a companys financial to a companys financial statements to
10.34.e 9.33.e
Reporting statements to facilitate comparison facilitate comparison with another
with another company company
Financial
10.34.a New
Reporting describe corporate governance
describe a companys stakeholder
Financial
10.34.b groups and compare interests of New
Reporting
stakeholder groups
describe principalagent and other
Financial relationships in corporate governance
10.34.c New
Reporting and the conflicts that may arise in these
relationships
Financial
10.34.d New
Reporting describe stakeholder management
describe mechanisms to manage
Financial
10.34.e stakeholder relationships and mitigate New
Reporting
associated risks
describe functions and responsibilities of
Financial
10.34.f a companys board of directors and its New
Reporting
committees
describe market and non-market factors
Financial
10.34.g that can affect stakeholder relationships New
Reporting
and corporate governance
identify potential risks of poor corporate
governance and stakeholder
Financial
10.34.h management and identify benefits from New
Reporting
effective corporate governance and
stakeholder management
describe factors relevant to the analysis
Financial
10.34.i of corporate governance and New
Reporting
stakeholder management
Financial describe environmental and social
10.34.j New
Reporting considerations in investment analysis
describe how environmental, social, and
Financial
10.34.k governance factors may be used in New
Reporting
investment analysis

describe the capital budgeting process
Financial
10.35.a and distinguish among the various New
Reporting
categories of capital projects
Financial describe the basic principles of capital
10.35.b New
Reporting budgeting
explain how the evaluation and
Financial selection of capital projects is affected
10.35.c New
Reporting by mutually exclusive projects, project
sequencing, and capital rationing
calculate and interpret net present
value (NPV), internal rate of return
Financial
10.35.d (IRR), payback period, discounted New
Reporting
payback period, and profitability index
(PI) of a single capital project
explain the NPV profile, compare the
NPV and IRR methods when evaluating
Financial independent and mutually exclusive
10.35.e New
Reporting projects, and describe the problems
associated with each of the evaluation
methods
describe expected relations among an
Financial
10.35.f investments NPV, company value, and New
Reporting
share price
describe the capital budgeting process
Corporate
11.35.a and distinguish among the various Removed
Finance
categories of capital projects
Corporate describe the basic principles of capital
11.35.b Removed
Finance budgeting
explain how the evaluation and
Corporate selection of capital projects is affected
11.35.c Removed
Finance by mutually exclusive projects, project
sequencing, and capital rationing
calculate and interpret net present
value (NPV), internal rate of return
Corporate
11.35.d (IRR), payback period, discounted Removed
Finance
payback period, and profitability index
(PI) of a single capital project

explain the NPV profile, compare the
NPV and IRR methods when evaluating
Corporate independent and mutually exclusive
11.35.e Removed
Finance projects, and describe the problems
associated with each of the evaluation
methods
describe expected relations among an
Corporate
11.35.f investments NPV, company value, and Removed
Finance
share price
calculate and interpret the weighted calculate and interpret the weighted
Corporate
11.36.a average cost of capital (WACC) of a 10.36.a average cost of capital (WACC) of a
Finance
company company
Corporate describe how taxes affect the cost of describe how taxes affect the cost of
11.36.b 10.36.b
Finance capital from different capital sources capital from different capital sources
describe the use of target capital describe the use of target capital
Corporate structure in estimating WACC and how structure in estimating WACC and how
11.36.c 10.36.c
Finance target capital structure weights may be target capital structure weights may be
determined determined
explain how the marginal cost of capital explain how the marginal cost of capital
Corporate and the investment opportunity and the investment opportunity
11.36.d 10.36.d
Finance schedule are used to determine the schedule are used to determine the
optimal capital budget optimal capital budget
explain the marginal cost of capitals explain the marginal cost of capitals
Corporate
11.36.e role in determining the net present 10.36.e role in determining the net present
Finance
value of a project value of a project
calculate and interpret the cost of debt calculate and interpret the cost of debt
Corporate
11.36.f capital using the yield-to-maturity 10.36.f capital using the yield-to-maturity
Finance
approach and the debt-rating approach approach and the debt-rating approach
calculate and interpret the cost of calculate and interpret the cost of
Corporate
11.36.g noncallable, nonconvertible preferred 10.36.g noncallable, nonconvertible preferred
Finance
stock stock
calculate and interpret the cost of calculate and interpret the cost of
equity capital using the capital asset equity capital using the capital asset
Corporate
11.36.h pricing model approach, the dividend 10.36.h pricing model approach, the dividend
Finance
discount model approach, and the bond- discount model approach, and the bond-
yield-plus risk-premium approach yield-plus risk-premium approach
Corporate calculate and interpret the beta and calculate and interpret the beta and
11.36.i 10.36.i
Finance cost of capital for a project cost of capital for a project
Corporate describe uses of country risk premiums describe uses of country risk premiums
11.36.j 10.36.j
Finance in estimating the cost of equity in estimating the cost of equity

describe the marginal cost of capital describe the marginal cost of capital
schedule, explain why it may be schedule, explain why it may be upward-
Corporate
11.36.k upward-sloping with respect to 10.36.k sloping with respect to additional
Finance
additional capital, and calculate and capital, and calculate and interpret its
interpret its break-points break-points
Corporate explain and demonstrate the correct explain and demonstrate the correct
11.36.l 10.36.l
Finance treatment of flotation costs treatment of flotation costs
define and explain leverage, business define and explain leverage, business
Corporate
11.37.a risk, sales risk, operating risk, and 11.37.a risk, sales risk, operating risk, and
Finance
financial risk, and classify a risk financial risk and classify a risk
calculate and interpret the degree of calculate and interpret the degree of
Corporate operating leverage, the degree of operating leverage, the degree of
11.37.b 11.37.b
Finance financial leverage, and the degree of financial leverage, and the degree of
total leverage total leverage
analyze the effect of financial leverage analyze the effect of financial leverage
Corporate
11.37.c on a companys net income and return 11.37.c on a companys net income and return
Finance
on equity on equity
calculate the breakeven quantity of calculate the breakeven quantity of
Corporate
11.37.d sales and determine the companys net 11.37.d sales and determine the companys net
Finance
income at various sales levels income at various sales levels
Corporate calculate and interpret the operating calculate and interpret the operating
11.37.e 11.37.e
Finance breakeven quantity of sales breakeven quantity of sales
describe regular cash dividends, extra describe regular cash dividends, extra
dividends, liquidating dividends, stock dividends, liquidating dividends, stock
Corporate dividends, stock splits, and reverse dividends, stock splits, and reverse
11.38.a 11.38.a
Finance stock splits, including their expected stock splits, including their expected
effect on shareholders wealth and a effect on shareholders wealth and a
companys financial ratios companys financial ratios
describe dividend payment chronology, describe dividend payment chronology,
Corporate including the significance of including the significance of declaration,
11.38.b 11.38.b
Finance declaration, holder-of-record, ex- holder-of-record, ex-dividend, and
dividend, and payment dates payment dates
Corporate
11.38.c 11.38.c
Finance compare share repurchase methods compare share repurchase methods
calculate and compare the effect of a calculate and compare the effect of a
share repurchase on earnings per share share repurchase on earnings per share
Corporate when 1) the repurchase is financed when 1) the repurchase is financed with
11.38.d 11.38.d
Finance with the companys excess cash and 2) the companys excess cash and 2) the
the company uses debt to finance the company uses debt to finance the
repurchase repurchase
Corporate calculate the effect of a share calculate the effect of a share
11.38.e 11.38.e
Finance repurchase on book value per share repurchase on book value per share
explain why a cash dividend and a explain why a cash dividend and a share
share repurchase of the same amount repurchase of the same amount are
Corporate
11.38.f are equivalent in terms of the effect on 11.38.f equivalent in terms of the effect on
Finance
shareholders wealth, all else being shareholders wealth, all else being
equal equal
describe primary and secondary describe primary and secondary sources
Corporate
11.39.a sources of liquidity and factors that 11.39.a of liquidity and factors that influence a
Finance
influence a companys liquidity position companys liquidity position
Corporate
11.39.b compare a companys liquidity 11.39.b compare a companys liquidity
Finance
measures with those of peer companies measures with those of peer companies
evaluate working capital effectiveness evaluate working capital effectiveness of
of a company based on its operating a company based on its operating and
Corporate
11.39.c and cash conversion cycles, and 11.39.c cash conversion cycles and compare the
Finance
compare the companys effectiveness companys effectiveness with that of
with that of peer companies peer companies
describe how different types of cash describe how different types of cash
Corporate
11.39.d flows affect a companys net daily cash 11.39.d flows affect a companys net daily cash
Finance
position position
calculate and interpret comparable calculate and interpret comparable

Corporate yields on various securities, compare yields on various securities, compare
11.39.e 11.39.e
Finance portfolio returns against a standard portfolio returns against a standard
benchmark, and evaluate a companys benchmark, and evaluate a companys
short-term investment policy guidelines short-term investment policy guidelines
evaluate a companys management of evaluate a companys management of
Corporate accounts receivable, inventory, and accounts receivable, inventory, and
11.39.f 11.39.f
Finance accounts payable over time and accounts payable over time and
compared to peer companies compared to peer companies
evaluate the choices of short-term evaluate the choices of short-term
Corporate
11.39.g funding available to a company and 11.39.g funding available to a company and
Finance
recommend a financing method recommend a financing method
Corporate
11.40.a Removed
Finance define corporate governance
describe practices related to board and
committee independence, experience,
Corporate compensation, external consultants,
11.40.b Removed
Finance and frequency of elections, and
determine whether they are supportive
of shareowner protection

describe board independence and
Corporate explain the importance of independent
11.40.c Removed
Finance board members in corporate
governance
identify factors that an analyst should
Corporate
11.40.d consider when evaluating the Removed
Finance
qualifications of board members
describe responsibilities of the audit,
compensation, and nominations
Corporate committees and identify factors an
11.40.e Removed
Finance investor should consider when
evaluating the quality of each
committee
describe provisions that should be
Corporate
11.40.f included in a strong corporate code of Removed
Finance
ethics
evaluate, from a shareowners
perspective, company policies related
Corporate
11.40.g to voting rules, shareowner sponsored Removed
Finance
proposals, common stock classes, and
takeover defenses
Portfolio describe the portfolio approach to describe the portfolio approach to
12.41.a 12.40.a
Management investing investing
describe types of investors and describe types of investors and
Portfolio
12.41.b distinctive characteristics and needs of 12.40.b distinctive characteristics and needs of
Management
each each
Portfolio describe defined contribution and describe defined contribution and
12.41.c 12.40.c
Management defined benefit pension plans defined benefit pension plans
Portfolio describe the steps in the portfolio describe the steps in the portfolio
12.41.d 12.40.d
Management management process management process
describe mutual funds and compare describe mutual funds and compare
Portfolio
12.41.e them with other pooled investment 12.40.e them with other pooled investment
Management
products products
Portfolio
12.42.a 12.41.a
Management define risk management define risk management
Portfolio describe features of a risk management describe features of a risk management
12.42.b 12.41.b
Management framework framework
Portfolio define risk governance and describe define risk governance and describe
12.42.c 12.41.c
Management elements of effective risk governance elements of effective risk governance
Portfolio explain how risk tolerance affects risk explain how risk tolerance affects risk
12.42.d 12.41.d
Management management management

Portfolio describe risk budgeting and its role in describe risk budgeting and its role in
12.42.e 12.41.e
Management risk governance risk governance
identify financial and non-financial identify financial and non-financial
Portfolio
12.42.f sources of risk and describe how they 12.41.f sources of risk and describe how they
Management
may interact may interact
describe methods for measuring and describe methods for measuring and
Portfolio modifying risk exposures and factors to modifying risk exposures and factors to
12.42.g 12.41.g
Management consider in choosing among the consider in choosing among the
methods methods
calculate and interpret major return calculate and interpret major return
Portfolio
12.43.a measures and describe their 12.42.a measures and describe their appropriate
Management
appropriate uses uses
describe characteristics of the major describe characteristics of the major
Portfolio
12.43.b asset classes that investors consider in 12.42.b asset classes that investors consider in
Management
forming portfolios forming portfolios
calculate and interpret the mean, calculate and interpret the mean,
Portfolio variance, and covariance (or variance, and covariance (or
12.43.c 12.42.c
Management correlation) of asset returns based on correlation) of asset returns based on
historical data historical data
Portfolio explain risk aversion and its explain risk aversion and its implications
12.43.d 12.42.d
Management implications for portfolio selection for portfolio selection
Portfolio calculate and interpret portfolio calculate and interpret portfolio
12.43.e 12.42.e
Management standard deviation standard deviation
describe the effect on a portfolios risk describe the effect on a portfolios risk
Portfolio
12.43.f of investing in assets that are less than 12.42.f of investing in assets that are less than
Management
perfectly correlated perfectly correlated
describe and interpret the minimum- describe and interpret the minimum-
Portfolio variance and efficient frontiers of risky variance and efficient frontiers of risky
12.43.g 12.42.g
Management assets and the global minimum- assets and the global minimum-variance
variance portfolio portfolio
explain the selection of an optimal explain the selection of an optimal
Portfolio portfolio, given an investors utility (or portfolio, given an investors utility (or
12.43.h 12.42.h
Management risk aversion) and the capital allocation risk aversion) and the capital allocation
line line
describe the implications of combining describe the implications of combining a
Portfolio
12.44.a a risk-free asset with a portfolio of risky 12.43.a risk-free asset with a portfolio of risky
Management
assets assets
Portfolio explain the capital allocation line (CAL) explain the capital allocation line (CAL)
12.44.b 12.43.b
Management and the capital market line (CML) and the capital market line (CML)

explain systematic and nonsystematic explain systematic and nonsystematic
Portfolio risk, including why an investor should risk, including why an investor should
12.44.c 12.43.c
Management not expect to receive additional return not expect to receive additional return
for bearing nonsystematic risk for bearing nonsystematic risk
explain return generating models explain return generating models
Portfolio
12.44.d (including the market model) and their 12.43.d (including the market model) and their
Management
uses uses
Portfolio
12.44.e 12.43.e
Management calculate and interpret beta calculate and interpret beta
explain the capital asset pricing model explain the capital asset pricing model
Portfolio
12.44.f (CAPM), including its assumptions, and 12.43.f (CAPM), including its assumptions, and
Management
the security market line (SML) the security market line (SML)
Portfolio calculate and interpret the expected calculate and interpret the expected
12.44.g 12.43.g
Management return of an asset using the CAPM return of an asset using the CAPM
Portfolio describe and demonstrate applications describe and demonstrate applications
12.44.h 12.43.h
Management of the CAPM and the SML of the CAPM and the SML
Portfolio describe the reasons for a written describe the reasons for a written
12.45.a 12.44.a
Management investment policy statement (IPS) investment policy statement (IPS)
Portfolio describe the major components of an describe the major components of an
12.45.b 12.44.b
Management IPS IPS
Portfolio describe risk and return objectives and describe risk and return objectives and
12.45.c 12.44.c
Management how they may be developed for a client how they may be developed for a client
distinguish between the willingness and distinguish between the willingness and
Portfolio the ability (capacity) to take risk in the ability (capacity) to take risk in
12.45.d 12.44.d
Management analyzing an investors financial risk analyzing an investors financial risk
tolerance tolerance
describe the investment constraints of
liquidity, time horizon, tax concerns, describe the investment constraints of
Portfolio legal and regulatory factors, and liquidity, time horizon, tax concerns,
12.45.e 12.44.e
Management unique circumstances and their legal and regulatory factors, and unique
implications for the choice of portfolio circumstances and their implications for
assets the choice of portfolio assets
Portfolio explain the specification of asset explain the specification of asset classes
12.45.f 12.44.f
Management classes in relation to asset allocation in relation to asset allocation
describe the principles of portfolio describe the principles of portfolio
Portfolio
12.45.g construction and the role of asset 12.44.g construction and the role of asset
Management
allocation in relation to the IPS allocation in relation to the IPS
explain the main functions of the explain the main functions of the
Equity 13.46.a 13.45.a
financial system financial system
describe classifications of assets and describe classifications of assets and
Equity 13.46.b 13.45.b
markets markets

describe the major types of securities, describe the major types of securities,
currencies, contracts, commodities, and currencies, contracts, commodities, and
Equity 13.46.c real assets that trade in organized 13.45.c real assets that trade in organized
markets, including their distinguishing markets, including their distinguishing
characteristics and major subtypes characteristics and major subtypes
describe types of financial describe types of financial
Equity 13.46.d intermediaries and services that they 13.45.d intermediaries and services that they
provide provide
compare positions an investor can take compare positions an investor can take
Equity 13.46.e 13.45.e
in an asset in an asset
calculate and interpret the leverage calculate and interpret the leverage
ratio, the rate of return on a margin ratio, the rate of return on a margin
Equity 13.46.f transaction, and the security price at 13.45.f transaction, and the security price at
which the investor would receive a which the investor would receive a
margin call margin call
compare execution, validity, and compare execution, validity, and
Equity 13.46.g 13.45.g
clearing instructions clearing instructions
compare market orders with limit
Equity 13.46.h 13.45.h
orders compare market orders with limit orders
define primary and secondary markets define primary and secondary markets
Equity 13.46.i and explain how secondary markets 13.45.i and explain how secondary markets
support primary markets support primary markets
describe how securities, contracts, and describe how securities, contracts, and
Equity 13.46.j currencies are traded in quote-driven, 13.45.j currencies are traded in quote-driven,
order-driven, and brokered markets order-driven, and brokered markets
describe characteristics of a well- describe characteristics of a well-
Equity 13.46.k 13.45.k
functioning financial system functioning financial system
describe objectives of market
Equity 13.46.l 13.45.l
regulation describe objectives of market regulation
Equity 13.47.a describe a security market index 13.46.a describe a security market index
calculate and interpret the value, price calculate and interpret the value, price
Equity 13.47.b 13.46.b
return, and total return of an index return, and total return of an index
describe the choices and issues in index describe the choices and issues in index
Equity 13.47.c 13.46.c
construction and management construction and management
compare the different weighting compare the different weighting
Equity 13.47.d 13.46.d
methods used in index construction methods used in index construction
calculate and analyze the value and calculate and analyze the value and
Equity 13.47.e return of an index given its weighting 13.46.e return of an index given its weighting
method method
describe rebalancing and reconstitution describe rebalancing and reconstitution
Equity 13.47.f 13.46.f
of an index of an index

Equity 13.47.g 13.46.g

describe uses of security market indices describe uses of security market indices
Equity 13.47.h describe types of equity indices 13.46.h describe types of equity indices
Equity 13.47.i describe types of fixed-income indices 13.46.i describe types of fixed-income indices
describe indices representing describe indices representing alternative
Equity 13.47.j 13.46.j
alternative investments investments
compare types of security market compare types of security market
Equity 13.47.k 13.46.k
indices indices
describe market efficiency and related describe market efficiency and related
Equity 13.48.a concepts, including their importance to 13.47.a concepts, including their importance to
investment practitioners investment practitioners
distinguish between market value and distinguish between market value and
Equity 13.48.b 13.47.b
intrinsic value intrinsic value
explain factors that affect a markets explain factors that affect a markets
Equity 13.48.c 13.47.c
efficiency efficiency
contrast weak-form, semi-strong-form, contrast weak-form, semi-strong-form,
Equity 13.48.d 13.47.d
and strong-form market efficiency and strong-form market efficiency
explain the implications of each form of explain the implications of each form of
market efficiency for fundamental market efficiency for fundamental
Equity 13.48.e analysis, technical analysis, and the 13.47.e analysis, technical analysis, and the
choice between active and passive choice between active and passive
portfolio management portfolio management
Equity 13.48.f describe market anomalies 13.47.f describe market anomalies
describe behavioral finance and its describe behavioral finance and its
Equity 13.48.g potential relevance to understanding 13.47.g potential relevance to understanding
market anomalies market anomalies
describe characteristics of types of describe characteristics of types of
Equity 14.49.a 14.48.a
equity securities equity securities
describe differences in voting rights and describe differences in voting rights and
Equity 14.49.b other ownership characteristics among 14.48.b other ownership characteristics among
different equity classes different equity classes
distinguish between public and private distinguish between public and private
Equity 14.49.c 14.48.c
describe methods for investing in non- describe methods for investing in non-
Equity 14.49.d 14.48.d
domestic equity securities domestic equity securities
compare the risk and return compare the risk and return
Equity 14.49.e characteristics of different types of 14.48.e characteristics of different types of
explain the role of equity securities in explain the role of equity securities in
Equity 14.49.f 14.48.f
the financing of a companys assets the financing of a companys assets
distinguish between the market value distinguish between the market value
Equity 14.49.g 14.48.g
and book value of equity securities and book value of equity securities
compare a companys cost of equity, its compare a companys cost of equity, its
Equity 14.49.h (accounting) return on equity, and 14.48.h (accounting) return on equity, and
investors required rates of return investors required rates of return
explain uses of industry analysis and explain uses of industry analysis and
Equity 14.50.a the relation of industry analysis to 14.49.a the relation of industry analysis to
company analysis company analysis
compare methods by which companies compare methods by which companies
can be grouped, current industry can be grouped, current industry
Equity 14.50.b classification systems, and classify a 14.49.b classification systems, and classify a
company, given a description of its company, given a description of its
activities and the classification system activities and the classification system
explain the factors that affect the
sensitivity of a company to the explain the factors that affect the
business cycle and the uses and sensitivity of a company to the business
Equity 14.50.c 14.49.c
limitations of industry and company cycle and the uses and limitations of
descriptors such as growth, industry and company descriptors such
defensive, and cyclical as growth, defensive, and cyclical
explain how a companys industry explain how a companys industry
classification can be used to identify a classification can be used to identify a
Equity 14.50.d 14.49.d
potential peer group for equity potential peer group for equity
valuation valuation
describe the elements that need to be describe the elements that need to be
Equity 14.50.e 14.49.e
covered in a thorough industry analysis covered in a thorough industry analysis
describe the principles of strategic describe the principles of strategic
Equity 14.50.f 14.49.f
analysis of an industry analysis of an industry
explain the effects of barriers to entry, explain the effects of barriers to entry,
industry concentration, industry industry concentration, industry
Equity 14.50.g 14.49.g
capacity, and market share stability on capacity, and market share stability on
pricing power and price competition pricing power and price competition
describe industry life cycle models, describe industry life cycle models,
classify an industry as to life cycle classify an industry as to life cycle
Equity 14.50.h stage, and describe limitations of the 14.49.h stage, and describe limitations of the
life-cycle concept in forecasting life-cycle concept in forecasting industry
industry performance performance
compare characteristics of compare characteristics of
Equity 14.50.i representative industries from the 14.49.i representative industries from the
various economic sectors various economic sectors
describe macroeconomic, technological, describe macroeconomic, technological,
demographic, governmental, and social demographic, governmental, and social
Equity 14.50.j 14.49.j
influences on industry growth, influences on industry growth,
profitability, and risk profitability, and risk

describe the elements that should be
Equity 14.50.k covered in a thorough company 14.49.k describe the elements that should be
analysis covered in a thorough company analysis
evaluate whether a security, given its evaluate whether a security, given its
current market price and a value current market price and a value
Equity 14.51.a 14.50.a
estimate, is overvalued, fairly valued, estimate, is overvalued, fairly valued, or
or undervalued by the market undervalued by the market
describe major categories of equity describe major categories of equity
Equity 14.51.b 14.50.b
valuation models valuation models
explain the rationale for using present explain the rationale for using present
value models to value equity and value models to value equity and
Equity 14.51.c 14.50.c
describe the dividend discount and free- describe the dividend discount and free-
cash-flow-to-equity models cash-flow-to-equity models
calculate the intrinsic value of a non-
Equity 14.51.d callable, non-convertible preferred 14.50.d calculate the intrinsic value of a non-
stock callable, non-convertible preferred stock
calculate and interpret the intrinsic calculate and interpret the intrinsic
value of an equity security based on value of an equity security based on the
Equity 14.51.e the Gordon (constant) growth dividend 14.50.e Gordon (constant) growth dividend
discount model or a two-stage dividend discount model or a two-stage dividend
discount model, as appropriate discount model, as appropriate
identify characteristics of companies for identify characteristics of companies for
which the constant growth or a which the constant growth or a
Equity 14.51.f 14.50.f
multistage dividend discount model is multistage dividend discount model is
appropriate appropriate
explain the rationale for using price explain the rationale for using price
multiples to value equity, how the price multiples to value equity, how the price
Equity 14.51.g to earnings multiple relates to 14.50.g to earnings multiple relates to
fundamentals, and the use of multiples fundamentals, and the use of multiples
based on comparables based on comparables
calculate and interpret the following calculate and interpret the following
multiples: price to earnings, price to an multiples: price to earnings, price to an
Equity 14.51.h 14.50.h
estimate of operating cash flow, price estimate of operating cash flow, price to
to sales, and price to book value sales, and price to book value
describe enterprise value multiples and describe enterprise value multiples and
Equity 14.51.i 14.50.i
their use in estimating equity value their use in estimating equity value
Equity 14.51.j describe asset-based valuation models 14.50.j describe asset-based valuation models
and their use in estimating equity value and their use in estimating equity value
explain advantages and disadvantages explain advantages and disadvantages
Equity 14.51.k 14.50.k
of each category of valuation model of each category of valuation model

describe basic features of a fixed- describe basic features of a fixed-
Fixed Income 15.52.a 15.51.a
income security income security
Fixed Income 15.52.b describe content of a bond indenture 15.51.b describe content of a bond indenture
compare affirmative and negative compare affirmative and negative
Fixed Income 15.52.c covenants and identify examples of 15.51.c covenants and identify examples of
each each
describe how legal, regulatory, and tax describe how legal, regulatory, and tax
Fixed Income 15.52.d considerations affect the issuance and 15.51.d considerations affect the issuance and
trading of fixed-income securities trading of fixed-income securities
describe how cash flows of fixed- describe how cash flows of fixed-income
Fixed Income 15.52.e 15.51.e
income securities are structured securities are structured
describe contingency provisions describe contingency provisions
affecting the timing and/or nature of affecting the timing and/or nature of
Fixed Income 15.52.f cash flows of fixed-income securities 15.51.f cash flows of fixed-income securities
and identify whether such provisions and identify whether such provisions
benefit the borrower or the lender benefit the borrower or the lender
describe classifications of global fixed- describe classifications of global fixed-
income markets income markets
describe the use of interbank offered describe the use of interbank offered
Fixed Income 15.53.b rates as reference rates in floating-rate 15.52.b rates as reference rates in floating-rate
debt debt
describe mechanisms available for describe mechanisms available for
Fixed Income 15.53.c 15.52.c
issuing bonds in primary markets issuing bonds in primary markets
Fixed Income 15.53.d describe secondary markets for bonds 15.52.d describe secondary markets for bonds
describe securities issued by sovereign describe securities issued by sovereign
governments governments
describe securities issued by non- describe securities issued by non-
sovereign governments, quasi- sovereign governments, quasi-
Fixed Income 15.53.f 15.52.f
government entities, and supranational government entities, and supranational
agencies agencies
describe types of debt issued by describe types of debt issued by
Fixed Income 15.53.g 15.52.g
corporations corporations
describe short-term funding describe short-term funding alternatives
Fixed Income 15.53.h 15.52.h
alternatives available to banks available to banks
describe repurchase agreements
Fixed Income 15.53.i (repos) and the risks associated with 15.52.i describe repurchase agreements (repos)
them and the risks associated with them
calculate a bonds price given a market calculate a bonds price given a market
discount rate discount rate

identify the relationships among a
bonds price, coupon rate, maturity, identify the relationships among a
Fixed Income 15.54.b 15.53.b
and market discount rate (yield-to- bonds price, coupon rate, maturity, and
maturity) market discount rate (yield-to-maturity)
define spot rates and calculate the define spot rates and calculate the price
price of a bond using spot rates of a bond using spot rates
describe and calculate the flat price, describe and calculate the flat price,
Fixed Income 15.54.d accrued interest, and the full price of a 15.53.d accrued interest, and the full price of a
bond bond
Fixed Income 15.54.e describe matrix pricing 15.53.e describe matrix pricing
calculate and interpret yield measures calculate and interpret yield measures
Fixed Income 15.54.f for fixed-rate bonds, floating-rate 15.53.f for fixed-rate bonds, floating-rate notes,
notes, and money market instruments and money market instruments
define and compare the spot curve, define and compare the spot curve,
Fixed Income 15.54.g yield curve on coupon bonds, par 15.53.g yield curve on coupon bonds, par curve,
curve, and forward curve and forward curve
define forward rates and calculate spot define forward rates and calculate spot
rates from forward rates, forward rates rates from forward rates, forward rates
from spot rates, and the price of a bond from spot rates, and the price of a bond
using forward rates using forward rates
compare, calculate, and interpret yield compare, calculate, and interpret yield
Fixed Income 15.54.i 15.53.i
spread measures spread measures
explain benefits of securitization for explain benefits of securitization for
economies and financial markets economies and financial markets
describe securitization, including the describe securitization, including the
Fixed Income 15.55.b parties involved in the process and the 15.54.b parties involved in the process and the
roles they play roles they play
describe typical structures of describe typical structures of
Fixed Income 15.55.c securitizations, including credit 15.54.c securitizations, including credit
tranching and time tranching tranching and time tranching
describe types and characteristics of describe types and characteristics of
Fixed Income 15.55.d residential mortgage loans that are 15.54.d residential mortgage loans that are
typically securitized typically securitized
residential mortgage-backed securities, residential mortgage-backed securities,
including mortgage pass-through including mortgage pass-through
securities and collateralized mortgage securities and collateralized mortgage
obligations, and explain the cash flows obligations, and explain the cash flows
and risks for each type and risks for each type
define prepayment risk and describe define prepayment risk and describe the
Fixed Income 15.55.f the prepayment risk of mortgage- 15.54.f prepayment risk of mortgage-backed
backed securities securities
Fixed Income 15.55.g describe characteristics and risks of 15.54.g describe characteristics and risks of
commercial mortgage-backed securities commercial mortgage-backed securities
non-mortgage asset-backed securities, non-mortgage asset-backed securities,
including the cash flows and risks of including the cash flows and risks of
each type each type
describe collateralized debt obligations, describe collateralized debt obligations,
including their cash flows and risks including their cash flows and risks
calculate and interpret the sources of calculate and interpret the sources of
Fixed Income 16.56.a return from investing in a fixed-rate 16.55.a return from investing in a fixed-rate
bond bond
define, calculate, and interpret define, calculate, and interpret
Fixed Income 16.56.b Macaulay, modified, and effective 16.55.b Macaulay, modified, and effective
durations durations
explain why effective duration is the explain why effective duration is the
most appropriate measure of interest most appropriate measure of interest
rate risk for bonds with embedded rate risk for bonds with embedded
options options
define key rate duration and describe define key rate duration and describe
the use of key rate durations in the use of key rate durations in
Fixed Income 16.56.d measuring the sensitivity of bonds to 16.55.d measuring the sensitivity of bonds to
changes in the shape of the benchmark changes in the shape of the benchmark
yield curve yield curve
explain how a bonds maturity, coupon, explain how a bonds maturity, coupon,
Fixed Income 16.56.e and yield level affect its interest rate 16.55.e and yield level affect its interest rate
risk risk
calculate the duration of a portfolio and calculate the duration of a portfolio and
Fixed Income 16.56.f explain the limitations of portfolio 16.55.f explain the limitations of portfolio
duration duration
calculate and interpret the money calculate and interpret the money
Fixed Income 16.56.g duration of a bond and price value of a 16.55.g duration of a bond and price value of a
basis point (PVBP) basis point (PVBP)
calculate and interpret approximate calculate and interpret approximate
Fixed Income 16.56.h convexity and distinguish between 16.55.h convexity and distinguish between
approximate and effective convexity approximate and effective convexity
estimate the percentage price change estimate the percentage price change of
of a bond for a specified change in a bond for a specified change in yield,
yield, given the bonds approximate given the bonds approximate duration
duration and convexity and convexity

describe how the term structure of describe how the term structure of yield
Fixed Income 16.56.j yield volatility affects the interest rate 16.55.j volatility affects the interest rate risk of
risk of a bond a bond
describe the relationships among a describe the relationships among a
Fixed Income 16.56.k bonds holding period return, its 16.55.k bonds holding period return, its
duration, and the investment horizon duration, and the investment horizon
explain how changes in credit spread explain how changes in credit spread
and liquidity affect yield-to-maturity of and liquidity affect yield-to-maturity of
Fixed Income 16.56.l a bond and how duration and convexity 16.55.l a bond and how duration and convexity
can be used to estimate the price effect can be used to estimate the price effect
of the changes of the changes
describe credit risk and credit-related describe credit risk and credit-related
risks affecting corporate bonds risks affecting corporate bonds
describe default probability and loss describe default probability and loss
Fixed Income 16.57.b 16.56.b
severity as components of credit risk severity as components of credit risk
describe seniority rankings of corporate describe seniority rankings of corporate
debt and explain the potential violation debt and explain the potential violation
of the priority of claims in a bankruptcy of the priority of claims in a bankruptcy
proceeding proceeding
distinguish between corporate issuer distinguish between corporate issuer
credit ratings and issue credit ratings credit ratings and issue credit ratings
Fixed Income 16.57.d 16.56.d
and describe the rating agency practice and describe the rating agency practice
of notching of notching
explain risks in relying on ratings from explain risks in relying on ratings from
credit rating agencies credit rating agencies
explain the four Cs (Capacity, explain the four Cs (Capacity, Collateral,
Fixed Income 16.57.f Collateral, Covenants, and Character) 16.56.f Covenants, and Character) of traditional
of traditional credit analysis credit analysis
calculate and interpret financial ratios calculate and interpret financial ratios
Fixed Income 16.57.g 16.56.g
used in credit analysis used in credit analysis
evaluate the credit quality of a evaluate the credit quality of a
corporate bond issuer and a bond of corporate bond issuer and a bond of
that issuer, given key financial ratios of that issuer, given key financial ratios of
the issuer and the industry the issuer and the industry
describe factors that influence the level describe factors that influence the level
and volatility of yield spreads and volatility of yield spreads
explain special considerations when explain special considerations when
evaluating the credit of high yield, evaluating the credit of high yield,
Fixed Income 16.57.j 16.56.j
sovereign, and non-sovereign sovereign, and non-sovereign
government debt issuers and issues government debt issuers and issues

define a derivative, and distinguish define a derivative and distinguish
Derivatives 17.58.a between exchange-traded and over-the- 17.57.a between exchange-traded and over-the-
counter derivatives counter derivatives
contrast forward commitments with contrast forward commitments with
Derivatives 17.58.b 17.57.b
contingent claims contingent claims
define forward contracts, futures define forward contracts, futures
contracts, options (calls and puts), contracts, options (calls and puts),
Derivatives 17.58.c 17.57.c
swaps, and credit derivatives, and swaps, and credit derivatives and
compare their basic characteristics compare their basic characteristics
Derivatives 17.58.d describe purposes of, and controversies 17.57.d describe purposes of, and controversies
related to, derivative markets related to, derivative markets
explain arbitrage and the role it plays in explain arbitrage and the role it plays in
Derivatives 17.58.e determining prices and promoting 17.57.e determining prices and promoting
market efficiency market efficiency
explain how the concepts of arbitrage, explain how the concepts of arbitrage,
Derivatives 17.59.a replication, and risk neutrality are used 17.58.a replication, and risk neutrality are used
in pricing derivatives in pricing derivatives
distinguish between value and price of distinguish between value and price of
forward and futures contracts forward and futures contracts
explain how the value and price of a explain how the value and price of a
forward contract are determined at forward contract are determined at
Derivatives 17.59.c 17.58.c
expiration, during the life of the expiration, during the life of the
contract, and at initiation contract, and at initiation
describe monetary and nonmonetary describe monetary and nonmonetary
benefits and costs associated with benefits and costs associated with
Derivatives 17.59.d holding the underlying asset, and 17.58.d holding the underlying asset and explain
explain how they affect the value and how they affect the value and price of a
price of a forward contract forward contract
define a forward rate agreement and define a forward rate agreement and
Derivatives 17.59.e 17.58.e
describe its uses describe its uses
explain why forward and futures prices explain why forward and futures prices
Derivatives 17.59.f 17.58.f
differ differ
explain how swap contracts are similar explain how swap contracts are similar
Derivatives 17.59.g to but different from a series of forward 17.58.g to but different from a series of forward
contracts contracts
distinguish between the value and price distinguish between the value and price
Derivatives 17.59.h 17.58.h
of swaps of swaps
explain how the value of a European explain how the value of a European
Derivatives 17.59.i 17.58.i
option is determined at expiration option is determined at expiration
explain the exercise value, time value, explain the exercise value, time value,
Derivatives 17.59.j 17.58.j
and moneyness of an option and moneyness of an option
identify the factors that determine the
value of an option, and explain how identify the factors that determine the
Derivatives 17.59.k 17.58.k
each factor affects the value of an value of an option and explain how each
option factor affects the value of an option
explain putcall parity for European explain putcall parity for European
Derivatives 17.59.l 17.58.l
options options
explain putcallforward parity for explain putcallforward parity for
Derivatives 17.59.m 17.58.m
European options European options
explain how the value of an option is explain how the value of an option is
Derivatives 17.59.n determined using a one-period binomial 17.58.n determined using a one-period binomial
model model
explain under which circumstances the explain under which circumstances the
Derivatives 17.59.o values of European and American 17.58.o values of European and American
options differ options differ
determine the value at expiration, the determine the value at expiration, the
profit, maximum profit, maximum loss, profit, maximum profit, maximum loss,
breakeven underlying price at breakeven underlying price at
expiration, and payoff graph of the expiration, and payoff graph of the
Derivatives 17.60.a 17.59.a
strategies of buying and selling calls strategies of buying and selling calls
and puts and determine the potential and puts and determine the potential
outcomes for investors using these outcomes for investors using these
strategies strategies
determine the value at expiration, determine the value at expiration,
profit, maximum profit, maximum loss, profit, maximum profit, maximum loss,
breakeven underlying price at breakeven underlying price at
expiration, and payoff graph of a expiration, and payoff graph of a
covered call strategy and a protective covered call strategy and a protective
put strategy, and explain the risk put strategy, and explain the risk
management application of each management application of each
strategy strategy
Alternative compare alternative investments with compare alternative investments with
18.61.a 18.60.a
Investments traditional investments traditional investments
Alternative describe categories of alternative describe categories of alternative
18.61.b 18.60.b
Investments investments investments
describe potential benefits of describe potential benefits of alternative
Alternative
18.61.c alternative investments in the context 18.60.c investments in the context of portfolio
Investments
of portfolio management management

describe hedge funds, private equity,
real estate, commodities, describe hedge funds, private equity,
infrastructure, and other alternative real estate, commodities, infrastructure,
Alternative
18.61.d investments, including, as applicable, 18.60.d and other alternative investments,
Investments
strategies, sub-categories, potential including, as applicable, strategies, sub-
benefits and risks, fee structures, and categories, potential benefits and risks,
due diligence fee structures, and due diligence
describe, calculate, and interpret describe, calculate, and interpret
Alternative
18.61.e management and incentive fees and 18.60.e management and incentive fees and net-
Investments
net-of-fees returns to hedge funds of-fees returns to hedge funds
describe issues in valuing, and describe issues in valuing and
Alternative calculating returns on, hedge funds, calculating returns on hedge funds,
18.61.f 18.60.f
Investments private equity, real estate, private equity, real estate, commodities,
commodities, and infrastructure and infrastructure
Alternative describe risk management of describe risk management of alternative
18.61.g 18.60.g
Investments alternative investments investments

CFA Level I - LOS Changes 2016 - 2017

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demonstrate the application of the demonstrate the application of the Code

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Economics 4.13.i describe types of auctions and calculate Removed

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compare key concepts of financial compare key concepts of financial

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describe the differences between describe the differences between

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analyze disclosures relating to deferred analyze disclosures relating to deferred

Financial describe presentation choices, including describe presentation choices, including

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calculate and interpret comparable calculate and interpret comparable

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Equity 13.47.g 13.46.g

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