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CFA® Level I · 2027 errata

CFA® Level I 2027 Curriculum Errata, Module by Module

One index for Quizara's independent, candidate-focused reviews of the 2027 Quantitative Methods, Economics, Corporate Finance, Financial Statement Analysis, Equity Investments, Fixed Income, Derivatives, Alternative Investments, and Portfolio Construction modules currently covered in this library.

Quizara produced this analysis independently. It is not an official CFA Institute® errata notice, and inclusion here must not be read as CFA Institute confirmation, endorsement, or approval.

Modules reviewed

87

V1 modules 1–11 · V2 modules 1, 3–5, 7–8 · V3 modules 1–7 · V4 modules 1–12 · V5 modules 1–12 · V6 modules 1–9, 11–17, 19 · V7 modules 1–10 · V8 modules 2–7 · V9 modules 1–6

Issue-index entries

345

Independently reviewed

Detailed explanations

313

With suggested readings

Reviewed modules

Scope first, analysis second.

Each article states its printed-page range and review boundary. Choose a volume, then a module, to see the full independent review index and detailed suggested readings.

Jump to a subject

Volume 1 · Quantitative Methods

Curriculum errataCFA® L1 2027

V1 Module 1 Errata: Returns of Financial Assets and Instruments

Printed Module 1 curriculum on pp. 5–38; covers confirmed errors that change a candidate's answer or understanding, and excludes spelling mistakes, equation-numbering slips, and wording that is loose but defensible.

7 independently reviewed issues7 min readPublished · Updated
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Curriculum errataCFA® L1 2027

V1 Module 2 Errata: Types of Financial Returns

Printed Module 2 curriculum on pp. 49–69; covers confirmed errors that change a candidate's answer or understanding, and excludes spelling mistakes, equation-numbering slips, and wording that is loose but defensible.

4 independently reviewed issues4 min readPublished · Updated
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Curriculum errataCFA® L1 2027

V1 Module 3 Errata: Benchmarking Returns

Printed Module 3 curriculum on pp. 73–115; covers confirmed errors that change a candidate's answer or understanding, and excludes spelling mistakes, equation-numbering slips, and wording that is loose but defensible.

18 independently reviewed issues11 min readPublished · Updated
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Curriculum errataCFA® L1 2027

V1 Module 4 Errata: The Time Value of Money in Finance

Printed Module 4 curriculum on pp. 127–178; covers confirmed errors that change a candidate's answer or understanding, and excludes spelling mistakes, equation-numbering slips, and wording that is loose but defensible.

14 independently reviewed issues12 min readPublished · Updated
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Curriculum errataCFA® L1 2027

V1 Module 5 Errata: Statistical Characteristics of Asset Returns

Printed Module 5 curriculum on pp. 187–240; covers confirmed errors that change a candidate's answer or understanding, and excludes spelling mistakes, equation-numbering slips, and wording that is loose but defensible.

18 independently reviewed issues12 min readPublished
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Curriculum errataCFA® L1 2027

V1 Module 6 Errata: Statistical Distributions for Financial Asset Prices and Returns

Printed Module 6 curriculum on pp. 249–307; covers confirmed errors that change a candidate's answer or understanding, and excludes spelling mistakes, equation-numbering slips, and wording that is loose but defensible.

15 independently reviewed issues11 min readPublished · Updated
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Curriculum errataCFA® L1 2027

V1 Module 7 Errata: Estimation and Hypothesis Testing

Printed Module 7 curriculum on pp. 309–379; covers confirmed errors that change a candidate's answer or understanding, and excludes spelling mistakes, equation-numbering slips, and wording that is loose but defensible.

17 independently reviewed issues12 min readPublished · Updated
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Curriculum errataCFA® L1 2027

V1 Module 8 Errata: The Return and Risk of a Financial Portfolio

Printed Module 8 curriculum on pp. 381–452; covers confirmed errors that change a candidate's answer or understanding, and excludes spelling mistakes, equation-numbering slips, and wording that is loose but defensible.

12 independently reviewed issues10 min readPublished · Updated
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Curriculum errataCFA® L1 2027

V1 Module 9 Errata: Simulation of Financial Asset Prices and Returns

Printed Module 9 curriculum on pp. 453–508, including Practice Problem 6 and its solution; covers confirmed errors that change a candidate's answer or understanding, and excludes spelling mistakes, equation-numbering slips, and wording that is loose but defensible.

7 independently reviewed issues8 min readPublished · Updated
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Curriculum errataCFA® L1 2027

V1 Module 10 Errata: Applications of Simple Linear Regression in Finance

Printed Module 10 curriculum on pp. 509–572; covers confirmed errors that change a candidate's answer or understanding, and excludes spelling mistakes, equation-numbering slips, and wording that is loose but defensible.

4 independently reviewed issues5 min readPublished
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Curriculum errataCFA® L1 2027

V1 Module 11 Errata: Introduction to Financial Data Science

Printed Module 11 curriculum on pp. 573–602; covers confirmed errors that change a candidate's answer or understanding, and excludes spelling mistakes, equation-numbering slips, and wording that is loose but defensible.

3 independently reviewed issues4 min readPublished
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Volume 2 · Economics

Curriculum errataCFA® L1 2027

V2 Economics Errata: Market Structures, Policy, Trade, and Currency Regimes

Printed Modules 1, 3–5, and 7–8 on pp. 3–48, 79–192, and 213–266, including their exhibits, examples, and printed Practice Problems and solutions; covers confirmed errors that change a candidate's answer or understanding, and excludes spelling mistakes, equation-numbering slips, and wording that is loose but defensible.

18 independently reviewed issues17 min readPublished
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Volume 3 · Corporate Finance

Curriculum errataCFA® L1 2027

V3 Corporate Finance Errata: Disclosure, Voting, Liquidity, and Capital Allocation

Printed Modules 1–7 on pp. 3–242, including the printed Practice Problems and solutions in Modules 2–6 and the embedded Question Sets and solutions in Module 7; covers confirmed errors that change a candidate's answer or understanding, and excludes spelling mistakes, equation-numbering slips, and wording that is loose but defensible.

7 independently reviewed issues8 min readPublished
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Volume 4 · Financial Statement Analysis

Curriculum errataCFA® L1 2027

V4 Financial Statement Analysis Errata: Revenue, Impairment, Leases, and Taxes

Printed Modules 1–12 on pp. 3–503, including their exhibits, examples, embedded Question Sets and knowledge checks, and printed Practice Problems and solutions; covers confirmed errors that change a candidate's answer or understanding, and excludes spelling mistakes, equation-numbering slips, and wording that is loose but defensible.

31 independently reviewed issues33 min readPublished
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Volume 5 · Equity Investments

Curriculum errataCFA® L1 2027

V5 Module 1 Errata: Equity Instrument Features

Printed Module 1 curriculum on pp. 3–24; covers confirmed errors that change a candidate's answer or understanding, and excludes spelling mistakes, equation-numbering slips, and wording that is loose but defensible.

3 independently reviewed issues4 min readPublished · Updated
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Curriculum errataCFA® L1 2027

V5 Module 2 Errata: Equity Jurisdictions, Classes, and the Voting Process

Printed Module 2 curriculum on pp. 25–44; covers confirmed errors that change a candidate's answer or understanding, and excludes spelling mistakes, equation-numbering slips, and wording that is loose but defensible.

3 independently reviewed issues4 min readPublished · Updated
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Curriculum errataCFA® L1 2027

V5 Module 3 Errata: Equity Issuance and Trading

Printed Module 3 curriculum on pp. 45–74, including its printed Question Sets and solutions; covers confirmed errors that change a candidate's answer or understanding, and excludes spelling mistakes, equation-numbering slips, and wording that is loose but defensible.

7 independently reviewed issues7 min readPublished · Updated
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Curriculum errataCFA® L1 2027

V5 Module 4 Errata: Sources of Equity Returns

Printed Module 4 curriculum on pp. 75–104; covers confirmed errors that change a candidate's answer or understanding, and excludes spelling mistakes, equation-numbering slips, and wording that is loose but defensible.

5 independently reviewed issues6 min readPublished · Updated
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Curriculum errataCFA® L1 2027

V5 Module 5 Errata: Introduction to Equity Valuation

Printed Module 5 curriculum on pp. 105–144, including its embedded Case Studies and Knowledge Checks; covers confirmed errors that change a candidate's answer or understanding, and excludes spelling mistakes, equation-numbering slips, and wording that is loose but defensible.

5 independently reviewed issues6 min readPublished
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Curriculum errataCFA® L1 2027

V5 Module 6 Errata: Discounted Cash Flow (DCF) and Growth Models

Printed Module 6 curriculum on pp. 145–207, including its embedded Knowledge Checks and Question Sets; covers confirmed errors that change a candidate's answer or understanding, and excludes spelling mistakes, equation-numbering slips, and wording that is loose but defensible.

10 independently reviewed issues8 min readPublished · Updated
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Curriculum errataCFA® L1 2027

V5 Module 7 Errata: Relative Value Equity Valuation Approaches

Printed Module 7 curriculum on pp. 209–270, including its embedded Knowledge Checks and Question Sets; covers confirmed errors that change a candidate's answer or understanding, and excludes spelling mistakes, equation-numbering slips, and wording that is loose but defensible.

9 independently reviewed issues8 min readPublished
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Curriculum errataCFA® L1 2027

V5 Module 8 Errata: Financial Statement Forecasting in Equity Valuation

Printed Module 8 curriculum on pp. 271–336, including its exhibits, embedded Knowledge Checks and Question Sets, and printed Practice Problems and solutions; covers confirmed errors that change a candidate's answer or understanding, and excludes spelling mistakes, equation-numbering slips, and wording that is loose but defensible.

3 independently reviewed issues4 min readPublished
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Curriculum errataCFA® L1 2027

V5 Module 9 Errata: Industry and Competitive Analysis

Printed Module 9 curriculum on pp. 337–382, including its embedded Question Sets and printed Practice Problems and solutions; covers confirmed errors that change a candidate's answer or understanding, and excludes spelling mistakes, equation-numbering slips, and wording that is loose but defensible.

3 independently reviewed issues5 min readPublished
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Curriculum errataCFA® L1 2027

V5 Module 10 Errata: Company Analysis—Past, Present, and Future

Printed Module 10 curriculum on pp. 383–424, including its embedded Question Sets and printed Practice Problems and solutions; covers confirmed errors that change a candidate's answer or understanding, and excludes spelling mistakes, equation-numbering slips, and wording that is loose but defensible.

2 independently reviewed issues4 min readPublished
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Curriculum errataCFA® L1 2027

V5 Module 11 Errata: Equity Analyst Research Reports

Printed Module 11 curriculum on pp. 425–466, including its embedded Knowledge Checks and printed Practice Problems and solutions; covers confirmed errors that change a candidate's answer or understanding, and excludes spelling mistakes, equation-numbering slips, and wording that is loose but defensible.

1 independently reviewed issue3 min readPublished
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Curriculum errataCFA® L1 2027

V5 Module 12 Errata: CAPM, the Market Model, and Factor-Based Equity Models

Printed Module 12 curriculum on pp. 467–505, including its embedded Knowledge Checks, Question Sets, and printed Practice Problems and solutions; covers confirmed errors that change a candidate's answer or understanding, and excludes spelling mistakes, equation-numbering slips, and wording that is loose but defensible.

3 independently reviewed issues5 min readPublished
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Volume 6 · Fixed Income

Curriculum errataCFA® L1 2027

V6 Modules 1–5 Errata: Fixed Income Instruments, Markets, and Issuance

Printed Modules 1–5 on pp. 3–126, excluding the Module 1 Introduction self-assessment on pp. 4–5; covers confirmed errors that change a candidate's answer or understanding, and excludes spelling mistakes, equation-numbering slips, and wording that is loose but defensible.

11 independently reviewed issues13 min readPublished
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Curriculum errataCFA® L1 2027

V6 Modules 6–9 Errata: Bond Valuation, Yield Measures, and the Term Structure

Printed Modules 6–9 on pp. 127–238, including their exhibits, examples, Question Sets, and printed Practice Problems and solutions; covers confirmed errors that change a candidate's answer or understanding, and excludes spelling mistakes, equation-numbering slips, and wording that is loose but defensible.

17 independently reviewed issues16 min readPublished
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Curriculum errataCFA® L1 2027

V6 Modules 11–13 Errata: Duration, Convexity, and Interest-Rate Risk

Printed Modules 11–13 on pp. 267–344, including their exhibits, Knowledge Checks, Question Sets, and printed Practice Problems and solutions; covers confirmed errors that change a candidate's answer or understanding, and excludes spelling mistakes, equation-numbering slips, and wording that is loose but defensible.

11 independently reviewed issues13 min readPublished
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Curriculum errataCFA® L1 2027

V6 Modules 14–16 Errata: Credit Risk and Credit Analysis

Printed Modules 14–16 on pp. 345–442, including their exhibits, examples, Question Sets, knowledge checks, and printed Practice Problems and solutions; covers confirmed errors that change a candidate's answer or understanding, and excludes spelling mistakes, equation-numbering slips, and wording that is loose but defensible.

13 independently reviewed issues14 min readPublished
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Curriculum errataCFA® L1 2027

V6 Modules 17 and 19 Errata: Securitization and Mortgage-Backed Securities

Printed Modules 17 and 19 on pp. 443–464 and 497–536, including their exhibits, Question Sets, and solutions; covers confirmed errors that change a candidate's answer or understanding, and excludes spelling mistakes, equation-numbering slips, and wording that is loose but defensible.

9 independently reviewed issues10 min readPublished
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Volume 7 · Derivatives

Curriculum errataCFA® L1 2027

V7 Derivatives Errata: Forward Pricing, Parity, and Binomial Valuation

Printed Modules 1–10 on pp. 3–242, excluding the Module 5 and Module 6 end-of-module Practice Problems and solutions and the Module 10 introductory self-assessment and glossary; covers confirmed errors that change a candidate's answer or understanding, and excludes spelling mistakes, equation-numbering slips, and wording that is loose but defensible.

25 independently reviewed issues30 min readPublished
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Volume 8 · Alternative Investments

Curriculum errataCFA® L1 2027

V8 Alternative Investments Errata: Fees, Private Capital, and Digital Assets

Printed Modules 2–7 on pp. 33–212, including their embedded Question Sets and printed Practice Problems and solutions, and excluding each module's introductory self-assessment material; covers confirmed errors that change a candidate's answer or understanding, and excludes spelling mistakes, equation-numbering slips, and wording that is loose but defensible.

17 independently reviewed issues21 min readPublished
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Volume 9 · Portfolio Construction

Curriculum errataCFA® L1 2027

V9 Portfolio Construction Errata: Portfolio Risk, Factor Models, and Behavioral Biases

Printed Modules 1–6 on pp. 3–60, 61–120, 121–158, 159–202, 204–237, and 239–289, plus the unnumbered Module 5 opening; includes embedded examples and printed Practice Problems and solutions within the reviewed scope, and excludes import-only defects, question errors not printed in the module source, disputed or reasonably defensible claims, and low-value editorial corrections.

13 independently reviewed issues18 min readPublished
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Review method and boundaries

What this library does—and does not claim.

Reviews the named source text

Each review is limited to the module and topics stated on its article. The analysis checks the surrounding definitions, formulas, examples, and cited references needed to explain the issue.

Consolidates repeated instances

When the same underlying issue appears more than once, the independent review index combines those instances into one row instead of inflating the count.

Keeps review boundaries visible

Each article states its printed-page range and selection standard. The library covers confirmed issues that would change a candidate's answer or understanding, while excluding spelling mistakes, equation-numbering slips, and wording that is loose but defensible.

Separates independent analysis from official errata

Quizara explains its own reviewed issues. Only CFA Institute can confirm official curriculum errata, so candidates should check the current official notice as the authoritative source for official corrections.

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