CFA Level III Exam – LOS Changes 2013

The Level III exam has seen almost no changes since last year’s curriculum with the exception of a reading in Equity Portfolio Management. I have looked over some notes to the new material and it looks more conceptual with an emphasis on ethical decisions by management. We will cover the new material in a little more detail through our study plan but will still focus on the essay portion of the exam.
There are two types of changes to the Learning Outcome Statements within the curriculum that the Institute regularly implements. Candidates retaking the exams or coming back to the exams after a hiatus need to be aware of LOS changes and plan accordingly.

  • Wording changes are rarely material or worth too much consideration. These are the most minor changes and usually involve a change from something like “characterize” to “describe” or “explain” to “interpret”. The material does not change and you still need to learn the same ideas.
  • Additions and deletions are much more important. Occasionally, these will be from existing readings but more typically it will involve a change to the readings as well. Those retaking an exam may want to spend a little more time on the new sections to bring themselves up where they are in other topic areas. Those returning to the exams after a multi-year hiatus need to be aware of changes across the exams because often the Institute will move curriculum around in the three levels.

Reading 28 has been changed within Equity Portfolio Management and takes some emphasis off of the board of directors and focuses more on different stakeholders. The new reading, “Corporate Performance, Governance and Business Ethics,” replaces the older reading, “Corporate Governance.” The seven LOS in the old reading are replaced with four new LOS with notable emphasis on ethical decisions by managers.
Towards the end of this week, we will cover a couple of general strategies for different study personalities. Next week, we will start our study plan covering each study session within each level exam. Let me know if you have any questions, suggestions or if you are having difficulty with any particular topic.
‘til next time, happy studyin’
Joseph Hogue, CFA

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