Changes in 2006 CFA® Level I Materials

In mid-2005, the CFA® Institute announced changes in the way the study materials provided by CFAI are to be packaged in future. Rather than a selection of individual textbooks and printed selected readings, the Institute intends to assemble all the required study materials into a set of comprehensive printed volumes which can then be purchased by candidates. This new approach to packaging and distribution goes into effect for Level I in 2006, Level II in 2007, and Level III in 2008.

The primary benefits to candidates are the reduction in total costs if buying the CFA study materials directly from the Institute. For Level I, rather than prior required expenditures of approximately $750, it now costs $395 (plus shipping). The materials for 2006 Level I are bound in four separate volumes of approximately 800-1100 pages each. Note that the quantity of materials has not been reduced, but only the method of packaging and distribution. The new volumes also have a helpful glossary, index, table of contents, and uniform formatting and printing, Although the volumes themselves are “weighty”, there is also the added convenience of not keeping up with multiple textbooks and answer manuals.

The downside is that new set of volumes must be purchased from year to year as the study materials are tweaked. In the past, textbooks were not necessarily changed from year, so that candidates could re-use previously purchased texts, borrow texts from other colleagues, or purchase cheaper, used copies of the texts. Only the selected readings volume would need to be purchased. Candidates can still use the texts, but must also now purchase the volumes for any readings not included in textbooks.

It is important for candidates to remember that the quantity and quality of CFA-produced study materials, and thus the amount of study time devoted to the examination process, have not changed.

If you would like more information on CFA Level I or CFA Level II material please visit our website at www.keirsuccess.com or call us at 1-800-795-5347.