| A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | |
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5 | https://www.bloombergprep.com/cfa | ||||||||||||||||||||||||
6 | Area | 2022 Reading | 2023 Reading | 2023 Reading Name | 2023 Revisions: | Notes | Errata noted | ||||||||||||||||||
7 | Quantitative Methods | 1 | DELETED (was "Intro to linear regression") | DELETED | |||||||||||||||||||||
8 | Quantitative Methods | 2 | 1 QM 1 | Basics of Multiple Regression and Underlying Assumptions | Significant | Most lesson info was solid, even if now out of order a bit, so few edits. They added scatterplots and some Q-Q stuff, so I reworked an old related lesson to cover this last section. | |||||||||||||||||||
9 | Quantitative Methods | 2 | 1 QM 2 | Evaluating Regression Model Fit and Interpreting Model Results | Split/revision of 2022 R2 | Two new lessons written | |||||||||||||||||||
10 | Quantitative Methods | 2 | 1 QM 3 | Model Misspecification | Split/revision of 2022 R2 | Two new lessons written, and reading remapped, as the last two MLs were moved to the front in the curriculum. | |||||||||||||||||||
11 | Quantitative Methods | 2 | 1 QM 4 | Extensions of Multiple Regression | Split/revision of 2022 R2 | Four new lessons written to cover significant additions to the dummy variable topics; MLE and LR tests | Cook's Distance cutoff shows the 2 as a superscript instead of a coefficient, even though it is calculated that way in examples and here (https://towardsdatascience.com/linear-regression-models-and-influential-points-4ee844adac6d) search for 2* math.sqrt(k/n). | ||||||||||||||||||
12 | Quantitative Methods | 3 | 1 QM 5 | Time-Series Analysis | None | ||||||||||||||||||||
13 | Quantitative Methods | 4 | 1 QM 6 | Machine Learning | None | ||||||||||||||||||||
14 | Quantitative Methods | 5 | 1 QM 7 | Big Data Projects | None | ||||||||||||||||||||
15 | Economics | 6 | 2 EC 1 | Currency Exchange Rates | Minor | LOSs all the same. Text largely unchanged through Section 11. Section 12 is reworked, but still very minor. Sections 13-15 unchanged. Just exhibit errors as noted. | p.405, changed to 1, 5, 10, etc. years but graphs are unchanged. Exhibit 4 moved from Section 12 to 13 in error (and now mislabeled), and the Mundell-Flemming table is missing. All graphs after that shifted by one in error, it seems. | ||||||||||||||||||
16 | Economics | 7 | 2 EC 2 | Economic Growth | Minor | LOSs all the same. Text largely unchanged through Section 2. Section 3 is rewritten, new lesson there. Sections 4-end unchanged. | |||||||||||||||||||
17 | Economics | 8 | 2 EC 3 | Economics of Regulation | None | ||||||||||||||||||||
18 | Financial Statement Analysis | 9 | 3 FSA 1 | Intercorporate Investments | None | IFRS, "held for trading, available for sale, and held to maturity" should all be gone now. Rewritten sections with IAS 9 stuff from section 3. | |||||||||||||||||||
19 | Financial Statement Analysis | 10 | 3 FSA 2 | Employee Compensation | None | ||||||||||||||||||||
20 | Financial Statement Analysis | 11 | 3 FSA 3 | Multinational Operations | None | ||||||||||||||||||||
21 | Financial Statement Analysis | 12 | 3 FSA 4 | Analysis of Financial Institutions | None | ||||||||||||||||||||
22 | Financial Statement Analysis | 13 | 3 FSA 5 | Evaluating Quality of Financial Reports | None | ||||||||||||||||||||
23 | Financial Statement Analysis | 14 | 3 FSA 6 | Integration of Financial Statement Analysis Techniques | None (case study reading) | Left lumped in with 3 FSA 5 since it's a case study reading | |||||||||||||||||||
24 | Corporate Issuers | 15 | Capital Structure | DELETED | |||||||||||||||||||||
25 | Equity | 22 | 4 CI 1 | Financial Statement Modeling | Significant | Moved from Equity to Corporate Issuers. New lesson written, with curriculum's example chunk in the middle covered in three lessons near the end. Example led to pro forma statements; ROCE removed. A lot of later MLs were left unchanged since they seem to use the text as well as borrow from exhibits fairly. Each ML opened and gone through for term bolding, etc. | |||||||||||||||||||
26 | Corporate Issuers | 16 | 4 CI 2 | Analysis of Dividends and Share Repurchases | None | ||||||||||||||||||||
27 | Corporate Issuers | 17 | 4 CI 3 | Environmental, Social, and Governance (ESG) Considerations in Investment Analysis | None | ||||||||||||||||||||
28 | NEW in 2023 | 4 CI 4 | Cost of Capital: Advanced Topics | NEW | Hunted for scraps in Deleted 21 as well. Deleted several MLs, and all "capital budgeting" items. Turned out to be almost a full IW. Gone: RMRF (but still in Carhart model, PM2), Pastor-Stambaugh, BIRR, levered and unlevered betas, realized alpha, Blume adjustment of beta. Some annualized return and alpha calculations were left in as general enough for now. | ||||||||||||||||||||
29 | Corporate Issuers | 18 | 4 CI 5 | Corporate Restructuring | OVERHAUL | This was "Mergers and Acquisitions." All lessons were reworked in this large overhaul. Gone: exchange ratio, bootstrapping earnings, backward integration, forward integration, vertical/horizontal (but lightly in LM 3), friendly/hostile, cash offering, securities offering, mixed offering, subsidiary merger, statutory merger, equity carve-out, greenmail, bear hug, poison (pill/put), flip (in/over), Pac-Man, white knight, squire, proxy fight, supermajority, fair price amendments, statutory vertical, statutory horizontal. Reading ends with 3 case studies, sections 5 and on. | "Startup" twice in Exhibit 1. Text compares methods to DCF methods even though DCF was removed. | ||||||||||||||||||
30 | Corporate Issuers | 19 | DELETED (was "Capital Budgeting") | DELETED | Large deletion effort; nearly all capital budgeting discussion is gone. | ||||||||||||||||||||
31 | Equity Valuation | 20 | 5 EV 1 | Equity Valuation: Applications and Processes | None | ||||||||||||||||||||
32 | Equity Valuation | 21 | DELETED (was "Return Concepts") | DELETED | Harvested a few pieces for "new" reading "Cost of Capital: Advanced Topics". Gone: Pastor-Stambaugh, levered and unlevered betas, realized alpha, Blume adjustments. | ||||||||||||||||||||
33 | Equity Valuation | 23 | 5 EV 2 | Discounted Dividend Valuation | None | ||||||||||||||||||||
34 | Equity Valuation | 24 | 6 EV 1 | Free Cash Flow Valuation | None | ||||||||||||||||||||
35 | Equity Valuation | 25 | 6 EV 2 | Market-Based Valuation | None | Slight lesson reordering | |||||||||||||||||||
36 | Equity Valuation | 26 | 6 EV 3 | Residual Income Valuation | None | Slight remapping | |||||||||||||||||||
37 | Equity Valuation | 27 | 6 EV 4 | Private Company Valuation | None | ||||||||||||||||||||
38 | Fixed Income | 28 | 7 FI 1 | The Term structure & Interest rate dynamics | None | ||||||||||||||||||||
39 | Fixed Income | 29 | 7 FI 2 | Arbitrage-Free Valuation Framework | None | ||||||||||||||||||||
40 | Fixed Income | 30 | 7 FI 3 | Valuation and Analysis of Bonds with Embedded Options | None | ||||||||||||||||||||
41 | Fixed Income | 31 | 7 FI 4 | Credit Analysis Models | None | ||||||||||||||||||||
42 | Fixed Income | 32 | 7 FI 5 | Credit Default Swaps | None | ||||||||||||||||||||
43 | Derivatives | 33 | 8 Der 1 | Pricing and Valuation of Forward commitments | Significant | Full replacement of LIBOR with MRR. From 101 down to 6 curriculum mentions; phased out of all questions now, so full replacement was done in the system. | |||||||||||||||||||
44 | Derivatives | 34 | 8 Der 2 | Valuation of Contingent claims | None | Gone: Bull spread, bear spread, straddle. Calendar spreads still in LM 9 AI 5. | |||||||||||||||||||
45 | Alternative Investments | 35 | 9 AI 1 | Overview of Types of Real Estate Investment | Significant | 1:3 split. Added "core real estate investment style" to lesson. The "Real Estate Risk and Returns Relative to Stocks and Bonds" ML includes some history from prior curricula (dot-com, 2008) that was removed in the 2023 curriculum; but I left it in anyway since it doesn't harm the ML. GONE: effective gross income EGI, potential gross income PGI. | |||||||||||||||||||
46 | Alternative Investments | 35 | 9 AI 2 | Investments in Real Estate through Private Vehicles | Minor | 1:3 split. Largely unchanged. | |||||||||||||||||||
47 | Alternative Investments | 35 | 9 AI 3 | Investments in Real Estate Through Publicly Traded Securities | Minor | 1:3 split. Largely unchanged. | |||||||||||||||||||
48 | Alternative Investments | 36 | 9 AI 4 | Private Equity Investments | None | ||||||||||||||||||||
49 | Alternative Investments | 37 | 9 AI 5 | Intro to Commodities & Commodity Derivatives | None | ||||||||||||||||||||
50 | Portfolio Management | 38 | 10 PM 1 | Exchange-Traded Funds: Mechanics and Applications | None | ||||||||||||||||||||
51 | Portfolio Management | 39 | 10 PM 2 | Using Multifactor models | None | ||||||||||||||||||||
52 | Portfolio Management | 40 | 10 PM 3 | Measuring and Managing Market Risk | None | ||||||||||||||||||||
53 | Portfolio Management | 41 | 10 PM 4 | Backtesting and Simulation | None | ||||||||||||||||||||
54 | Portfolio Management | 42 | 11 PM 1 | Economics and Investment Markets | None | ||||||||||||||||||||
55 | Portfolio Management | 43 | 11 PM 2 | Analysis of Active Portfolio Management | None | ||||||||||||||||||||
56 | Portfolio Management | 44 | 11 PM 3 | Trading Costs and Electronic Markets | None | ||||||||||||||||||||
57 | Ethics | 45 | 12 Eth 1 | Code of Ethics and Standards | None | ||||||||||||||||||||
58 | Ethics | 46 | 12 Eth 2 | Guidance for Standards | None | ||||||||||||||||||||
59 | Ethics | 47 | 12 Eth 3 | Application of the Code and Standards | None | ||||||||||||||||||||
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