CFA Level 1: 2022 Curriculum Changes (vs. 2020/2021)
Summary:
Topic
Reading #
61
7
2
83
Quantitative Methods (QM)
94
10 5
11 6
7
12 8
13 9
14 10
Economics
15 11
16 12
17 13
18 14
19 15
20 16
21 17
22 18
23 19
24 20
Financial Reporting &
Analysis (FRA)
25 21
26 22
27 23
28 24
29 25
30 26
31 27
28
29
30
Corporate Finance Issuers 31
32
33
34 32
35
36 33
37 34
38 35
Equity
39 36
40 37
41 38
42 39
43 40
44 41
Fixed Income
45 42
46 43
47 44
48 45
Derivatives
49 46
Alternative Investments
50 47
51 48
52 49
53 50
54 51
Portfolio Management
(PM)
52
55 53
56 54
57 55
1 56
2 57
3 58
Ethics
4 59
5
60
- 2022 L1 has 60 readings: 5 readings removed, 8 added.
- 16 readings updated: Mostly Alt Inv, Corp Issuers, Quants, Fixed Income
- Overall, 3-4 topics have notable changes to better prepare candidates for L2
New
Removed
Reading Name
The Time Value of Money
Statistical Concepts & Market Returns
Organizing, Visualizing, and Describing Data
Probability Concepts
Common Probability Distributions
Sampling & Estimation
Hypothesis Testing
Introduction to Linear Regression
Topics in Demand & Supply Analysis
The Firm & Market Structures
Aggregate Output, Prices and Economic Growth
Understanding Business Cycles
Monetary & Fiscal Policy
International Trade and Capital Flows
Currency Exchange Rates
Introduction to Financial Statement Analysis
Financial Reporting Standards
Understanding Income Statement
Understanding Balance Sheet
Understanding Cashflow Statement
Financial Analysis Techniques
Inventories
Long Lived Assets
Income Taxes
Non-Current (Long-Term) Liabilities
Financial Reporting Quality
Applications of Financial Statement Analysis
Introduction to Corporate Governance & Other ESG Considerations
Uses of Capital
Sources of Capital
Cost of Capital - Foundational Topics
Capital Structure
Capital Budgeting
Cost of Capital
Measures of Leverage
Working Capital Management
Market Organization & Structure
Security Market Indices
Market Efficiency
Overview of Equity Securities
Introduction to Industry & Company Analysis
Equity Valuation: Concepts & Basic Tools
Fixed-Income Securities: Defining Elements
Fixed-Income Markets: Issuance, Trading, Funding
Introduction to Fixed-Income Valuation
Introduction to Asset-Backed Securities
Understanding Fixed-Income Risk and Return
Fundamentals of Credit Analysis
Derivative Markets & Instruments
Basics of Derivative Pricing & Valuation
Introduction to Alternative Investments
Portfolio Management: An Overview
Portfolio Risk & Return: Part I
Portfolio Risk & Return: Part II
Basics of Portfolio Planning & Construction
The Behavioral Biases of Individuals
Introduction to Risk Management
Technical Analysis
Fintech in Investment Management
Ethics and Trust in the Investment Profession
Code of Ethics and Standards of Professional Conduct
Guidance for Standards I-VII
Introduction to the Global Investment Performance Standards (GIPS)
Global Investment Performance Standards
Ethics Application
Comments
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Updated
Moved
Minor changes: 1 LOS removed, 1 updated
Major revision: 4 LOS wording changes
Minor changes: 1 LOS moved to R4, 1 added
Major revision: 2 LOS updated, 1 added
Repeated in L2, same as L2's 2022 R1 LOS
Minor changes: 1 LOS added
Minor changes: 1 LOS added
Minor changes: Lease accounting revision
Major revision: Addition of ESG content
Minor changes: 1 LOS split into two
Minor changes: 1 LOS added
Minor changes: 1 LOS added
Minor changes: 2 LOS wording changes
Major revision: content update
Minor change: ESG consideration added
Major revision: more examples added
Minor changes: 2 LOS added