Changes in the New Examination Syllabus of CFA Level 1 in 2023
Unchanged module
Quantification, financial report, fixed income, equity, morality
Changed module
economy
Supplement: Introduction to Geopolitics
Introduce geopolitics and explain its importance to investment management.
wealth management
Supplement: Company Structure and Ownership
A new learning module introduces the important business structure of investment management.
Revised Edition: Introduction to Corporate Governance and Other ESG Considerations
Revise ESG terminology to adapt to evolving practices.
New EORQS (engineering order quotation request)
Supplement: Business model
Examine key aspects of the business and the way analysts evaluate the business model to support financial modeling.
Update: capital investment (previous use of capital)
This revision has increased the relevance of external analysts to the company's valuation.
Update: Working capital (former source of capital)
This revision has increased the relevance of external analysts to the company's valuation.
Radical reform: capital structure
The revised content reduces the existing theoretical content and sets a more practical focus to support the valuation work.
derive
Revised Edition: Derivatives Market and Tools and Basis for Pricing and Valuation of Derivatives
The reading material was revised into a learning unit with the following theme (structural adjustment, the second-level content was moved down to 1 level).
Derivatives and derivatives market characteristics
Characteristics and tools of long-term commitments and contingent claims
Benefits, risks and uses of derivatives used by issuers and investors
Arbitrage, duplication and spread cost in derivative pricing
Pricing and valuation of forward contracts and underlying assets with different maturities.
Pricing and valuation of futures contracts
Pricing and valuation of interest rates and other swaps
Pricing and valuation of options
Option replication using buy-sell parity
Calculating the value of derivative with binomial model
odd
Review: Introduction to Alternative Investment
The previous reading has been simplified and modified into a learning module, covering the following topics, and the content coverage has not changed (structural adjustment)
Categories, Characteristics and Salary Structure of Alternative Investment
Performance calculation and evaluation of alternative investment
Private capital, real estate, infrastructure, natural resources and hedge funds
combine
Update: Portfolio Risk and Return: Part I
The content of international investment risk management supporting currency risk has been added.
Update: Portfolio Risk and Return: Part II
New EORQs
Update: Introduction to Risk Management
The content of international investment risk management supporting currency risk has been added.
Update: Financial Technology in Investment Management
Update the content to reflect the latest development of decentralized financing (DeFi) and blockchain.