Annotation

CANDIDATE BODY OF KNOWLEDGETM

The CFA curriculum is grounded in the practice of the investment profession. CFA Institute

periodically conducts a job analysis involving CFA charterholders around the world to determine

those elements of the body of investment knowledge and skills that are important to

charterholders in their practice. The most recent job analysis was completed in 2001. The survey

results define the Candidate Body of Knowledge (CBOKTM) and to determine how much

emphasis each of the major topic areas receives on the CFA examinations.

The CBOK is organized into four major topic areas: ethical and professional standards, tools and

inputs for investment valuation and management, asset valuation, and portfolio management and

performance presentation.

Two features of the CBOK are especially relevant to the CFA examinations. First, the curriculum

for each level of the CFA Program is organized primarily around a functional area:

The Level I study program emphasizes tools and inputs and includes an introduction to

asset valuation and portfolio management techniques.

The Level II study program emphasizes asset valuation and includes applications of the

tools and inputs (including economics, financial statement analysis, and quantitative

methods) in asset valuation.

The Level III study program emphasizes portfolio management and includes strategies

for applying the tools, inputs, and asset valuation models in managing equity, fixed

income, and derivative investments for individuals and institutions.

Second, because they are an integral part of the other three functional areas of investment

management, ethical and professional standards are covered at all three levels of the curriculum.

CFA® CANDIDATE BODY OF KNOWLEDGE

Revised 2001

CANDIDATE BODY OF KNOWLEDGETM

The CFA curriculum is grounded in the practice of the investment profession. CFA Institute

periodically conducts a job analysis involving CFA charterholders around the world to determine

those elements of the body of investment knowledge and skills that are important to

charterholders in their practice. The most recent job analysis was completed in 2001. The survey

results define the Candidate Body of Knowledge (CBOKTM) and to determine how much

emphasis each of the major topic areas receives on the CFA examinations.

The CBOK is organized into four major topic areas: ethical and professional standards, tools and

inputs for investment valuation and management, asset valuation, and portfolio management and

performance presentation.

Two features of the CBOK are especially relevant to the CFA examinations. First, the curriculum

for each level of the CFA Program is organized primarily around a functional area:

The Level I study program emphasizes tools and inputs and includes an introduction to

asset valuation and portfolio management techniques.

The Level II study program emphasizes asset valuation and includes applications of the

tools and inputs (including economics, financial statement analysis, and quantitative

methods) in asset valuation.

The Level III study program emphasizes portfolio management and includes strategies

for applying the tools, inputs, and asset valuation models in managing equity, fixed

income, and derivative investments for individuals and institutions.

Second, because they are an integral part of the other three functional areas of investment

management, ethical and professional standards are covered at all three levels of the curriculum.

CFA® CANDIDATE BODY OF KNOWLEDGE

Revised 2001