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Level I Curriculum Changes

We recommend you study the curriculum you receive when you register for an exam. Exam questions are based solely on the current curriculum year readings.

What's Different from the Level I 2020 Readings?

New Readings

  • Organizing, Visualizing, and Describing Data (L1V1R2)*
  • Introduction to Linear Regression (L1V1R7; also appears in Level 2)
  • The Behavioral Biases of Individuals (L1V6R52)
  • Ethics Application (L1V6R60)

Dropped Readings

  • Global Investment Performance Standards **called out with URLs within revised Intro reading
  • Statistical Concepts and Market Returns *replaced by Organizing, Visualizing, and Describing Data (L1V1R2)*


The Level I readings listed below are those where there were either LOS changes or significant content changes.

  • Probability Concepts (L1V1R3)
  • Common Probability Distributions (L1V1R4)
  • Sampling and Estimation (L1V1R5)
  • Hypothesis Testing (L1V1R6)
  • Aggregate Output, Prices, and Economic Growth (L1V2R10)
  • Understanding Business Cycles (L1V2R11)
  • Non-Current (Long-Term) Liabilities (L1V3R24)
  • Introduction to Corporate Governance and Other ESG Considerations (L1V3R27)
  • Uses of Capital (L1V3R28)
  • Sources of Capital (L1V3R29)
  • Cost of Capital-Foundational Topics (L1V4R30)
  • Capital Structure (L1V4R31; major revision of L2 reading)
  • Introduction to Industry and Company Analysis (L1V4R37)
  • Fixed-Income Securities: Defining Elements (L1V4R39)
  • Fixed-Income Markets: Issuance, Trading, and Funding (L1V4R40)
  • Introduction to Fixed-Income Valuation (L1V4R41)
  • Introduction to Asset-Backed Securities (L1V4R42)
  • Understanding Fixed-Income Risk and Return (L1V5R43)
  • Fundamentals of Credit Analysis (L1V5R44)
  • Introduction to Alternative Investments (L1V5R47)
  • Basics of Portfolio Planning and Construction (L1V6R51)
  • Technical Analysis (L1V6R54)
  • Introduction to the Global Investment Performance Standards (L1V6R59)**

End-of-Reading Practice Problems

End-of-reading questions were added to the following Level I readings:

  • Organizing, Visualizing, and Describing Data (L1V1R2)
  • The Behavioral Biases of Individuals (L1V652)
  • Technical Analysis (L1V6R54)

See all readings and exam topics in the the Level I Study Sessions