New Study Guide for Mar. 2011 is out

If anyone thinks they may have to repeat and is looking forward to Mar. 2011, there have been some changes (as always!) Firstly, the book “Integrated Topics and Applications” no longer exists and is now totally encompassed in the book “Current and Integrated Topics”. The Advanced Core Topics book remains the same. There were 30 readings for L2 in Sep. 2010, while there will be 29 for Mar. 2011 All of the readings that were in “Integrated Topics and Applications” remain in the curriculum. They are just housed in “Current and Integrated Topics”. Five readings have been dropped: “Coping with Climate Change” Christian Weistroffer “Beyond Markowitz: A Comprehensive Wealth Allocation Framework for Individual Investors” Ashvin B. Chhabra “Portfolio Management with Illiquid Investments” R. Meredith, N. De Brito, R. De Figueiredo “What Happened to the Quants in August 2007” A. E. Khandani, A. W. Lo “The Subprime Credit Crisis of 2007” M.G. Crouhy, R.A. Jarrow, S.M. Turnbull Four readings have been added: Büyükşahin, B., M. S. Haigh, and M A. Robe. “Commodities and Equities: A “Market of One?” The Journal of Alternative Investments. Winter 2010. Rinehart, J. “U.S. Timberland post-recession: Is it the same asset?” Pages 11-30. R&A Investment Forestry. April 2010. Lo, A.W. and M. T. Mueller. “WARNING: Physics Envy May Be Hazardous To Your Wealth!” Journal of Investment Management. Second Quarter 2010. Esch, D.N. “Non-Normality, Facts and Fallacies.” Journal of Investment Management. First Quarter 2010. Topic Weightings have also been changed from Sep. 2010 to Mar. 2011 for L2 Ethics remains 10-15% Private Equity remains 10-15% Commodities was 5-10%, will now be 10-15% Managed Futures was 5-10%, will now be 10-15% Real Estate was 5-10%, will now be 10-15% Hedge Funds was 15-20%, will now be 10-20% Current & Integrated Topics was 30-40%, will now be 20-25% For more detailed info, you can download the study guide here.

Seems like they want everyone to buy new books in every attempt.

I like how current they keep the curriculum. The new articles are from 2010! Let’s hope I don’t have to sit in March! In any case, I have material from Sept for sale. 1. Uppermark Study Guides 2. Schweser Flash Cards 3. Original Articles Shoot me an email if interested.

I like the new curriculum way better. I hope I don’t have to take the test, but I like the new weightings. It seems like the CAIA is still trying to figure out how to adminster the exam.


I find it funny with this new curriculum, the sections they cut out I got 0 questions on. I failed Level II for sho, and a lot of it was due to the fact that the sections I knew cold, Subprime Crisis, Quants, Climate Change, Beyond Markowitz, Beta Blockers had 0 questions. FML, honestly why even put that stuff in the curriculum, and that’s about half of the current topics, if you aren’t even going to test it. Taking Level II again in March will bloooowwwww.

It’s nice that they keep the curriculum up to date but it makes retaking pretty expensive unless you have access to the new articles via a subscription service through work or school.