Changes in 2016 Level III

The 2016 Level III curriculum has 32 readings. There are only a few changes from 2015.

For full details on what has been added, removed or changed you can email me at If you have any comments or questions please email me at

Thank you Arif!

Thank you Arif, I love your curriculum change summaries!

Thank you

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Thanks for sharing!

I just found out they’re completely revamping the Level III curriculum for 2016. Unbelievable!

Just kidding.

Is it less material to read in L3 becasue its 32 readings instead of 60?

^ Yes less readings than level 2 and so less pages to flip through definitely. But it has its unique challenges - essay writing and timings AM session as you would have heard about it.

If I end up taking it again I believe I would marginally add content wise to my knowledge and it would be lot focused on finishing on time.

Conclusion - Finish the material sooner and master the skill of writing concisely/pertinently and be able finish in time.

I disagree that there is less material to read. Bookshelf changed the way it classifies “pages”. At times, one page on Bookshelf is the equivalent of 5 or 6 regular pages. Don’t be fooled when you see “125 pages”. It is much more reading than you would expect!

Given that there are not many changes, can you get away with using Schweser 2015 materials? Someone has offered them to me, not sure if I should buy 2016.

You should be fine for most part. You anyway will get the CFAI eBook so whatever is different, you can study from there.

Is anyone else seeing that 12 of the readings have different authors? Readings 13-15- 17-20-21-22-23-24-25-29-30-31 all have the same title and LOS but different authors.

Comparing last years “combined LOS” pdf from the Institute website with this year’s. Wanted to double-check to make sure I’m not just seeing things.

Your videos are best helped me across all levels.

Thanks a ton sirji

I don’t have access to the books from either 2015 or 2016, but I saw this too. I assumed they reworded the readings to stop you from just buying the textbooks directly rather than spending $150 on the “very thin paper” cfai readings.

I’d much prefer to know what book the BF reading is based on so I can enjoy the actual book.

I’m going off the “Combined LOS” pdf for each level on the Institute website. You can download a pdf that shows all the 2016 readings and LOS.

So did the readings change or not?

I see authors of at least 2 readings have changed

The Alternative Investments Reading, and the Risk Management reading. So given authors have changed, even if the LOS are the same - the treatment of the reading is likely to be different.

I didn’t check the 2016 e-curriculum and 2015 books word for word, but I did flip through them and scan the sub-headings, examples, EOC questions, key words, formulas etc., and found very minor changes. Reading 3 on applications of ethics is “updated” by combining the 2 cases and moving the problem sets from reading 2 to 3. For the rest, a few sentences are taken out, a ratio is renamed to CAPE, the currency readings are moved from volume 4 to 3… I didn’t really see any rewording when glancing at the curricula. Hope I didn’t miss any major changes.

So basically, the readings barely changed. I think it’s safe to save the money and just reread the 2015 books.