Schweser Cfa Level 1 2018 Package Free Download
Notation: This article is for the new 2022 curriculum. For previous year's info, check out our article on 2020-2021 CFA curriculum changes.
The new 2022 CFA curriculum is at present out for all 3 levels, with 2022 test registration open up.
Nosotros have carefully gone through all the 2022 learning effect statements (LOS) for each level, and compared them to 2020/2021'due south, and then y'all don't have to! ☕
So here's a quick summary of the latest 2022 CFA curriculum changes and topic weights for all Levels that you lot demand to know.
Some fun facts on the contempo 2022's CFA curriculum updates for all levels:
- Corporate Finance is renamed as Corporate Issuers (?!),
- Ethics has been moved to concluding study session (finally).
Read on to observe out more than!
- Why Are Curriculum Changes and Topic Weights Important?
- CFA Level i Topic Weights
- CFA Level 1 Curriculum Changes
- CFA Level 2 Topic Weights
- CFA Level 2 Curriculum Changes
- CFA Level 3 Topic Weights
- CFA Level 3 Curriculum Changes
Why Are Curriculum Changes and Topic Weights Important?
Topic weights are cardinal to CFA report plans, as it guides candidates on the importance of each topic for the exams. Needless to say, higher weighted topics deserve more than report time, focus and practice.
Knowing the curriculum changes in accelerate are useful in certain circumstances, for example:
- Candidates who have yet to annals for the 2022 exam, yet want to get a head kickoff on reading existing 2020/2021 materials (remember that CFA Institute kept the 2021 curriculum the aforementioned as 2020'due south due to COVID-nineteen). They need to brand certain that what they are studying now will be office of the updated curriculum;
- Candidates who are interested in getting 2d manus, previous twelvemonth versions of third party study materials for the next test; or
- Candidates who (unfortunately) failed a current year exam, and are planning to retake in 6-12 months time. Existing third party study materials may be re-used if the curriculum changes are pocket-sized between these ii years.
Here are the quick summaries of the topic weights and curriculum changes that you need to know for your test.
For each level, there is as well a gratis i pager summary PDF you tin download at the finish of each section.
CFA Level 1 Topic Weights
At that place is no alter to 2022'due south CFA level i topic weights compared to 2021'southward.
Annotation that in 2021, CFA Institute inverse CFA Level 1's topic weights to be a range rather than an absolute % every bit per previous years.
Looking back to 2018-2019, there were big changes whereby Financial Reporting & Analysis and Quantitative Methods' weightings were reduced significantly, to provide a more balanced topic range.
These changes may have been washed to discourage candidates from completely ignoring topics such as Derivatives and Alternative Investments for Level 1 preparations.
CFA Level ane Topic Weights (vs. Previous Years)
| Topics / Weight | 2018 | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|---|
| Quant Methods | 12% | x% | 10% | 8-12% | viii-12% |
| Economics | ten% | x% | 10% | 8-12% | 8-12% |
| FRA | twenty% | 15% | 15% | 13-17% | 13-17% |
| Corp Fin / Issuers | 7% | ten% | ten% | 8-12% | eight-12% |
| Equity | 10% | 11% | 11% | x-12% | 10-12% |
| Fixed Income | x% | 11% | 11% | 10-12% | 10-12% |
| Derivatives | 5% | half dozen% | 6% | 5-viii% | 5-8% |
| Alt. Investments | 4% | 6% | vi% | 5-8% | 5-8% |
| Portfolio Mgmt. | 7% | 6% | 6% | five-8% | 5-8% |
| Ethics | fifteen% | xv% | fifteen% | fifteen-20% | 15-twenty% |
CFA Level 1 Curriculum Changes
In brusque, in that location has been lots of small updates throughout the Level 1 curriculum, but zip major overall. Some notable changes:
- Ecology, social, and governance (ESG) coverage at Level one was updated and expanded to comprehend the nigh recent developments and their impact on investment management.
- The Level 1 Quantitative Methods topic area was revised to be more engaging and digital-friendly. It besides now includes lawmaking snippets also equally Excel commands to support the information presentation. Level ane now ends with a new Introduction to Regression reading that focuses on investment applications.
- Stock-still Income readings were revised across all levels to align for ease of reading and consistency.
- The Alternative Investments readings have been updated to include a new introductory reading.
There are 60 readings in 2022'south Level 1 Curriculum (vs. 57 in 2020/2021):
- 5 readings from 2020/2021 were removed:
- Reading v – Global Investment Operation Standards
- Reading 7 – Statistical Concepts & Market Returns
- Reading 32 – Capital letter Budgeting
- Reading 33 – Cost of Capital
- Reading 35 – Working Capital letter Management
- viii new readings were added (mostly in Quant Methods and Corporate Issuers):
- Reading two – Organizing, Visualizing, and Describing Information
- Reading 7 – Introduction to Linear Regression
- Reading 28 – Uses of Capital
- Reading 29 – Sources of Capital
- Reading 30 – Toll of Upper-case letter – Foundational Topics
- Reading 31 – Capital Construction
- Reading 52 – The Behavioral Biases of Individuals
- Reading 60 – Ideals Application
- 16 readings were updated: mostly minor changes, except Culling Investments.
Overall, the 2022'due south CFA Level 1 curriculum changes are nothing major, with three-four topics updated to better prepare candidates for a smoother transition to Level 2.
Quant Methods, Corporate Issuers (previously Corporate Finance), Alternative Investments and to a small-scale extent Ethics have notable changes from 2020/2021's curriculum. Other topics remain largely the same as terminal year's.
More details of the changes are shown in the table below, too as a 1 pager summary PDF you can download.
CFA Level two Topic Weights
Just like CFA Level 1, at that place are no changes to 2022'due south CFA level two topic weights compared to 2021's.
This is as expected given historical trends of reducing the variability in topic weight across the 10 topics, with a maximum range departure of 5% per topic.
Based on 2022'southward topic weighting, information technology is even possible for the 10 topics to be tested evenly at x% weighting each for CFA Level 2.
These changes may have been done to discourage candidates from purely but focusing on the (previously) big 5 topics of Level 2 (FRA, Corporate Finance, Equity Investments, Fixed Income and Derivatives).
CFA Level 2 Topic Weights (Changes vs. Previous Years)
| Topics / Weight | 2018 | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|---|
| Quant Methods | v-10% | 5-ten% | five-ten% | 5-10% | five-x% |
| Economics | 5-10% | five-10% | five-10% | 5-10% | 5-10% |
| FRA | fifteen-20% | 10-15% | x-15% | x-15% | 10-15% |
| Corp Fin / Issuers | v-xv% | five-10% | 5-10% | 5-ten% | 5-ten% |
| Equity | fifteen-25% | 10-15% | 10-15% | 10-15% | 10-xv% |
| Stock-still Income | x-twenty% | ten-15% | ten-xv% | 10-15% | 10-xv% |
| Derivatives | five-15% | 5-ten% | five-10% | 5-ten% | v-10% |
| Alt. Investments | 5-10% | v-ten% | 5-x% | 5-x% | five-10% |
| Portfolio Mgmt. | five-ten% | 5-xv% | 5-xv% | 10-15% | 10-15% |
| Ideals | 10-15% | 10-fifteen% | 10-fifteen% | 10-15% | ten-fifteen% |
CFA Level two Curriculum Changes
In short, Level 2'southward curriculum experienced a relatively light update this twelvemonth. Some notable changes:
- Auto Learning has been updated to use several information cases to investment bug.
- In addition, a new Backtesting & Simulation reading provides an attainable introduction to explain how these tools are used in evaluating investment strategies and to compare their strengths and weaknesses.
- Corporate Finance is renamed as Corporate Issuers, focusing on understanding the motivations, interactions, and impacts on investors of securities issued by corporations. Corporate Issuers brings together foundation areas like economics and financial statement analysis to provide a starting bespeak for disinterestedness and fixed income valuation.
- Fixed Income readings were revised across all levels to align for ease of reading and consistency.
- The Alternative Investments readings have been updated to include a single reading on Existent Estate and revisions to Private Equity.
There are 47 readings in 2022's Level 2 Curriculum (vs. 48 in 2020/2021):
- 3 readings from 2020/2021 were removed:
- Reading 9 – Excerpt from Probabilistic Approaches
- Reading 22 – Corporate Governance & Other ESG Considerations in Investment Assay
- Reading xl – Publicly Traded Real Manor Securities
- 2 new readings were added:
- Reading 17 – Environmental, Social, and Governance (ESG) Considerations in Investment Analysis
- Reading 41 – Backtesting and Simulation
- 14 readings were updated, mostly minor changes, except R33 Pricing & Valuation of Forward Commitments (Derivatives), R18 Mergers and Acquisitions (Corporate Issuers) and R35 Existent Estate Investments – the latter due to merging of 2 readings into one.
Overall, 2022 CFA Level 2's curriculum experienced a lot of pocket-size updates, with just Derivatives, Corporate Issuers and Culling Investments experiencing notable changes in some readings.
More details of the changes are shown in the table below, every bit well as a 1 pager summary PDF you tin can download.
CFA Level 3 Topic Weights
But like CFA Level 1 and 2, in that location are no changes to 2022'southward CFA level iii topic weights compared to 2021'southward.
This is every bit expected given historical trends of reducing the variability in topic weight across the 10 topics, with a maximum range difference of 5% per topic.
CFA Level 3 Topic Weights (Changes vs. Previous Twelvemonth)
| Topics / Weight | 2018 | 2019 | 2020 | 2021 | 202ii |
|---|---|---|---|---|---|
| Quant Methods | – | – | – | – | – |
| Economics | v-10% | 5-10% | 5-10% | 5-x% | 5-10% |
| FRA | – | – | – | – | – |
| Corp Fin / Issuers | – | – | – | – | – |
| Equity | v-15% | 10-15% | ten-15% | 10-15% | ten-15% |
| Fixed Income | 10-20% | 15-20% | 15-xx% | 15-20% | 15-twenty% |
| Derivatives | 5-fifteen% | 5-10% | 5-10% | 5-ten% | 5-x% |
| Alt. Investments | 5-15% | 5-10% | 5-10% | v-ten% | v-10% |
| Portfolio Mgmt. | forty-55% | 35-40% | 35-forty% | 35-twoscore% | 35-40% |
| Ideals | 10-15% | ten-15% | 10-15% | x-fifteen% | 10-15% |
CFA Level iii Curriculum Changes
In brusk, there is a much smaller revamp on the Level 3 curriculum this year (compared to last twelvemonth). Some notable changes:
- Fixed Income readings were revised across all levels to align for ease of reading and consistency. Due east.thou. notation simplification and alignment, elimination of duplication, and updating of concepts such as LIBOR to Market Reference Rates, as well every bit a consummate revision of the challenging Yield Curve Strategies and Credit Strategies readings at Level 3 for clarity and relevance.
- Revisions to Private Wealth Management, Institutional Investors, and Performance Evaluation reverberate the new 2020 GIPS standards.
At that place are 35 readings in 2022's Level 3 Curriculum (vs. 38 in 2020/2021):
- 5 readings from 2020/2021 were removed:
- Reading 4: Professionalism in Investment Management
- Reading vii: The Behavioral Finance Perspective
- Reading 29: Taxes and Private Wealth Direction in a Global Context
- Reading 30: Estate Planning in a Global Context
- Reading 31: Concentrated Single-Nugget Positions
- two new readings were added:
- Reading 22: Topics in Private Wealth Management
- Reading 30: Example Study in Gamble Management: Institutional
- 7 readings were updated, mostly major content revisions in Fixed Income and farther update of GIPS (Ideals).
Overall, 2022 CFA Level 3 curriculum has notable content changes in Fixed Income, Portfolio Management and Ethics (GIPS reading only).
Other topics remain largely the same as last year's.
More details of the changes are shown in the tabular array below, likewise as a 1 pager summary PDF you can download.
Information technology seems that 2020/2021'due south CFA books are largely notwithstanding quite transferable to 2022 (excluding a few capacity with major revisions) – I hope you've found the above useful in your next CFA exam report preparations!
Meanwhile, here are a few related articles of interest for your CFA exam preparations:
- Go Your Gratis, Customizable CFA Study Planner Now [2022 Curriculum Included]
- 7 Benefits of CFA Charter You Should Know
- CFA Registration: Plan your CFA exams with our Journey Planner
- 2021 CFA Curriculum Changes, Summarized
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