CFA level 1 - Syllabus changes- for 2022 exams -- Important!

Hey Folks!

**CFA Institute has released the syllabus, LOS, and changes for 2022, and below are the high-level changes for level 1 **

If you are planning to give the exam in Feb or anytime in 2022 then please make a note of these changes and refer to the latest syllabus for preparation. Good luck!

  • 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
      • New
        • 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
      • Removed
        • 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
      • 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
      • New
        • Portfolio Management: Backtesting and Simulation
      • Removed
        • Quantitative Methods: Excerpt from “Probabilistic Approaches”
        • Alternative Investments: Publicly Traded Real Estate Securities
    • Level 3: 2 new readings, 5 readings removed, 1 reading changed
      • New
        • Portfolio Management: Topics in Private Wealth Management
        • Portfolio Management: Case Study in Risk Management: Institutional
      • Changed
        • Ethics: Application of the Code and Standards: Level III
      • Removed
        • 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

Source credit- 300Hours

#cfa-exam-level-iii:economics #cfa-exam-level-i #cfa-exam-general-discussion #test-prep:study-notes #cfa-exam-level-ii #cfa-exam-level-iii #events:cfa-events #cfa-exam-level-i:corporate-finance #cfa-exam-level-iii:portfolio-management #cfa-exam-level-ii:financial-reporting-analysis

1 Like

so for level 1 they’re removing basic statistics and fundamental topics in finance (Capital budgeting, cost of capital, etc), and replacing them with introductory topics from data science (linear regression 101, organizing data, etc).

You no longer need to know things such as CAPM and beta to become a CFA. I wonder if wallstreetbets influenced this decision. The collective enthusiasm from reddit or other online communities made any stock price evaluation based on traditional metrics essentially useless.
This might also explain the introduction of Behavioral Biases for level 1.

I agree… I felt the same. Lots of changes across syllabus…