AuthorTopic: Difference between Dec 03 and June 04 Exam
@2003-09-12 21:09:13
How much difference,do you think,are there between the June test and the I use the 2003 Dec. notes to prepare for the 2004 June test?
@2003-09-24 09:11:31
I have compared the 2004 LI curriculum with the 2003 LI curriculum and have the following comments to offer:

1. There have updates to textbooks, namely to the Financial Statement Analysis text (3rd edition) and the Economics text (10th edition). However the LOS (learning Outcome Statement) for the required readings are almost identical to the LOS in the 2003 curriculum using older editions of the textbooks.

2. The major changes are in Study Session # 16 - Derivatives -, which has a new AIMR produced textbook and Study Session # 17 (Alternative Investments)which has been totally revamped.
Note that there were 12 questions in 2003 exam on Derivatives and 4 questions on Alternative Investments.

3. The June 2003 exam was broken down as follows:
The exam consists of 240 questions and was broken down as follows in June:
The topical sections are identical in the morning and the afternoon
The whole exam's morning and afternoon consisted of the following number of questions by topic:
Financial Statement Analysis ?66 questions
Alternative Investments - 4 questions
Derivatives - 12 questions
Economics -24 questions
Equity Analysis - 32 questions
Ethics -36 questions
Fixed Income - 24 questions
Portfolio Management - 12 questions
Quantitative Analysis - 30 questions

The exam appears to have differed from previous exams as follows:
A - In the past if you knew how to use a calculator (HP12C or TI) there were at least 30 questions you could answer without knowing the theory. This was not the case in June 2003. There were very few questions like this.
B There used to be a lot of questions on the exam that were similar to the sample exam distributed by AIMR. This was not the case in 2003.
C If asked a question where you had to choose two correct answers. There was a column A and a column B with four potential answers in each column. If one of the column's A or B had unique numbers you only had to do one calculation. This was not the case. Each column had numbers that were identical, which meant you had to do two calculations, one each for column A and column B to determine the correct answer.

To summarize, the 2004 curriculum is very similar to the 2003 curriculum except for Derivatives and Alternative Investments.

Harry Figov
@2003-10-01 16:30:24
If you compare the study guide outline for 2004 with 2003, the following sessions will have significant changes:

1. Economics: New materials are added for 2004
2. Derivatives: A new textbook is used
3. Alternative investments: A new text book is used
4. FSA: Two new chapters are added

CFA Discussion Topic: Difference between Dec 03 and June 04 Exam

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I used your notes and passed ... highly recommended!