1. Question Set 1 Confuses Differentiation with a Narrow-Segment Strategy
Curriculum location: Company Competitive Strategy and Industry Position, Question Set 1, Question 4 solution, p. 399.
"B is incorrect because even though a differentiation strategy involves operating in a narrow market segment, it does not reflect a low-cost approach."
The option is correctly rejected because it does not describe a low-cost strategy, but the explanation gives the wrong reason about competitive scope. The same Topic describes differentiation through distinctive value and treats a narrowed customer, product, region, or value-creation scope as focus. When differentiation is applied to a niche, the result is differentiation-based focus; differentiation itself does not require a narrow segment.
Correct reading: Differentiation seeks distinctive value and may be pursued broadly. A narrow segment identifies focus; pairing that scope with differentiation produces differentiation-based focus.
A candidate who merges scope with the basis of advantage can misclassify cost leadership, differentiation, and the two focus variants.
2. Question Set 3 Has Two Defensible Net-Capital-Expenditure Answers
Curriculum location: Working Capital, Capital Investments, and Capital Structure, Question Set 3, Question 2, pp. 419–420.
"2. A decline in a firm’s net capital expenditure is most consistent with:"
"A. increasing depreciation charges."
"B is correct because net capital expenditure is calculated as capital expenditures minus depreciation and amortization. A reduction in long-term asset investments directly leads to a decline in net capital expenditures."
"A is incorrect because higher depreciation would typically follow new investments, not a reduction."
The solution states the relevant identity: . Holding capital expenditure constant, increasing depreciation and amortization reduces net capital expenditure. Reduced long-term-asset investment can also reduce it. The business narrative offered against A does not remove that direct arithmetic reading, so A and B are both defensible as printed.
Correct reading: With depreciation and amortization held constant, lower capital expenditure reduces net capital expenditure. With capital expenditure and amortization held constant, higher depreciation does the same. The item needs an explicit assumption or a revised option A to make B unique.
A candidate can apply the printed formula correctly, select A, and still be marked wrong.
Complete Module 10 Errata Index
Scope: Module 10, pp. 383–424 (printed page numbers).
What this review covers. Errors in the printed curriculum that would change a candidate's answer or understanding: wrong numbers, wrong formulas, reversed logic, and statements that contradict the module's own data. It does not list spelling mistakes, equation-numbering slips, or wording that is loose but defensible.
The table below lists all high-value, objectively confirmed curriculum errors covered by this article, including eligible errors in printed Practice Problems and their solutions. Repeated instances of the same defect are consolidated into one row. Import-only defects, question errors not printed in the module source, disputed or reasonably defensible claims, and low-value editorial corrections such as typos or numbering and cross-reference errors are outside scope.
References
This article is an independent candidate-focused analysis of confirmed errors in the CFA Level I 2027 Curriculum, Volume 5 Equity Investments, Module 10 Company Analysis: Past, Present, and Future. It is not an official CFA Institute errata notice, and inclusion here must not be read as CFA Institute confirmation, endorsement, or approval.