Level II Curriculum Changes
Realizing that some candidates may want to use last year’s notes, we provide a high-level overview of the significant changes we made to the Level II curriculum.
Four readings are new for 2019:
• Reading 3: Application of the Code and Standards
• Reading 6: Fintech in Investment Management by Barbara J. Mack and Robert Kissell, PhD
*This reading is identical to the Level I reading; it will appear in the Level II curriculum only in 2019 to ensure that Level II candidates have the required knowledge for the insert on Machine Learning (Reading 8 below).
• Reading 17: Analysis of Financial Institutions by Jack T. Ciesielski, CPA, CFA, and Elaine Henry, PhD, CFA
• Reading 37: Credit Analysis Models by James F. Adams, PhD, CFA, and Donald J. Smith, PhD
Five readings were removed for 2019:
• CFA Institute Research Objectivity Standards
• The Glenarm Company
• Preston Partners
• Super Selection
• Credit Analysis Models
*Combined with new content in the new reading Application of the Code and Standards (Reading 3).
One reading was revised for 2019:
• Reading 8:
Multiple Regression and Issues in Regression Analysis was revised with new content on Machine Learning in 2019 to become Multiple Regression and Machine Learning
Other Notable Improvements:
• Updated two FRA readings to reflect new accounting standards for revenue recognition, leases, and financial instruments
• Reading 35:
The Arbitrage-Free Valuation Framework: improved the presentation of content to ensure consistency with other fixed-income readings
• Reading 36:
Valuation and Analysis: Bonds with Embedded Options: improved the presentation of content to ensure consistency with other fixed-income readings
Revisions have also been made to correct errata, clarify text, or update terminology or standards. These revisions are not specifically tracked or listed.


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