CFA Institute have released the syllabus, LOS and readings for 2022. Links below:
Some very high-level observations:
- Most noticeable change is that Ethics is now the last topic, but that doesn’t fundamentally change content
- Some topics moving down the levels, i.e. Level 1 now has some ex-Level 2 topics, Level 2 now has some ex-Level 3 topics
- Topic-by-topic observations:
- Level 1: 9 new readings 6 readings removed
- Quantitative Methods: Introduction to Linear Regression
- Quantitative Methods: Organizing, Visualizing, and Describing Data
- Corporate Issuers: Corporate Finance is now Corporate Issuers and has had a curriculum reconfiguration in general
- Portfolio Management: The Behavioral Biases of Individuals
- Ethics: Ethics Application
- Quantitative Methods: Statistical Concepts & Market Returns
- Corporate Finance: Capital Budgeting
- Corporate Finance: Cost of Capital
- Corporate Finance: Working Capital Management
- Ethics: Global Investment Performance Standards
- Level 2: 1 new reading, 2 readings removed, 6 readings changed
- Economics: Economic Growth
- Corporate Issuers: Environmental, Social, and Governance (ESG) Considerations in Investment Analysis
- Alternative Investments: Real Estate Investments
- Alternative Investments: Private Equity Investments
- Ethics: Application of the Code and Standards: Level II
- Portfolio Management: Backtesting and Simulation
- Quantitative Methods: Excerpt from “Probabilistic Approaches”
- Alternative Investments: Publicly Traded Real Estate Securities
- Level 3: 2 new readings, 5 readings removed, 1 reading changed
- Portfolio Management: Topics in Private Wealth Management
- Portfolio Management: Case Study in Risk Management: Institutional
- Ethics: Application of the Code and Standards: Level III
- Ethics: Professionalism in Investment Management
- Portfolio Management: The Behavioral Finance Perspective
- Portfolio Management: Taxes and Private Wealth Management in a Global Context
- Portfolio Management: Estate Planning in a Global Context
- Portfolio Management: Concentrated Single-Asset Positions
- Level 1: 9 new readings 6 readings removed
The observations above are just from scanning and reading titles. We’re in the process of going through the LOS. There are additional changes within the readings that seem unchanged when you look through the individual LOSes.
We have just published our full guide on 2022 CFA curriculum changes (vs 2020-2021), check it out!
If you notice any more changes let me know below!
Summary of changes from CFA Institute:
- Moved the Ethics Code & Standards topic area to the end of each level and added an Applications reading that explicitly shows the Code & Standards in operation on topics and material covered in that level.
- Completely revised the Quantitative Methods topic area in Level I to be engaging, digital-friendly, and include code snippets and Excel commands that support the data presentation.
- Transformed the Corporate Finance topic area into the Corporate Issuers topic area at Levels I and II. The focus of the new Corporate Issuers topic area is on understanding the motivations, interactions, and impacts on investors of securities issued by corporations.
- Revised and aligned all the Fixed Income readings across all levels. This includes notation simplification and alignment, elimination of duplication, and updating of concepts such as LIBOR to Market Reference Rates.
- Updated Alternative Investments readings at Levels I and II, including a new introductory reading at Level I and a single new reading on real estate at Level II.
I have registered for Nov 2021 Level 1. I assume it will be following 2020’s curriculum instead of 2022 correct?
What is the difference between 2020’s curriculum versus 2022’s?
@itsdhruvinhere2016 Merged your topic here as it is a similar topic. Nov-21 will use 2020 curriculum since all 2021 exams use the 2020 curriculum.
For 2020 vs 2022 CFA curriculum differences, see my original post above to see a quick summary of differences.
A deeper look at differences will be published as a guide in the coming weeks.
Will I need to get new notes for CFA level I already have year 2020 notes and I have registered for Feb 2022?
The curriculum for Feb 2022 will be different to 2020. The summary of changes can be found here:
As to whether you should be getting new material, that’s your call. I personally would not try using outdated material, but everyone’s circumstances are different.
Hey Zee..Can we expect the full guide for the curriculum updates to be posted this month?
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