CFA Exam Changes 2016: Can I Keep Using Old Materials?


Every year, changes to the CFA level 1 curriculum are released after the June test and they are effective in the exam next June.

The 2016 changes to the CFA level 1 curriculum have been much less dramatic than the previous year. Let’s take a look at the summary below.

CFA Exam Changes 2016 at a Glance

Only one new reading is introduced and no others are removed. The LOS and weighting stay pretty much the same.

1. Ethical and Professional Standards

There is no change from 2015.

For those who took the exam in 2014, you may want to know that, starting from 2015, the Code and Standards Handbook has been updated to the 11th edition. Exam content has been slightly changed accordingly.

2. Quantitative Methods

No change from 2015.

3. Economics

No change from 2015.

4. Financial Reporting and Analysis

There are two minor wording change in Study Session 7 and 8. In SS9, there are notable removals and additions mostly on inventory, LIFO/FIFO and long-lived assets.

The reading text has not been changed and therefore I don’t think you need to worry about it.

5. Corporate Finance

No change from 2015.

6. Portfolio Management

There is a new reading on “risk management: an introduction”. There is also related addition in the LOS.

7. Equity – Market Organization, Market Indices, and Market Efficiency

Minor changes in the LOS:

  • Very minor wording change in market efficiency and equity valuation
  • Some changes and addition in the introduction to industry and company analysis

8. Fixed Income

There are quite a few changes in most subtopics within fixed income in the LOS. However, there is no change in reading text.

9. Derivatives

No changes from 2015.

10. Alternative Investment

Only two wording changes in the LOS.


For this year, it is fine to use older material as a source, but not as the only source. If you need clarification on concepts in any topic areas, Wiley Elan notes and videos are great.

For Your Further Reading


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