1. The Revenue Knowledge Check Uses 10% Instead of 110%
Curriculum location: Equity Research Reconciliation, Knowledge Check solution, pp. 455–456.
"In all four years of the forecast, the updated revenue may be calculated by multiplying the prior forecast numbers by 10%."
The instruction confuses 10% of an amount with an increase of 10%. Multiplying the first base forecast of 8,000 by 10% gives , not the updated revenue of 8,800 shown in Exhibit 15. Every revenue in that exhibit instead applies a 1.10 multiplier: 8,000 becomes 8,800, 12,000 becomes 13,200, 24,000 becomes 26,400, and 32,000 becomes 35,200.
Correct reading: A 10% increase is calculated by multiplying the prior forecast by , equivalently 110%, or by adding 10% of the prior forecast to the prior forecast.
A candidate who follows the printed operation cannot reproduce the worked revenue schedule and will carry incorrect revenue, net income, and FCFE values through the valuation analysis.
Complete Module 11 Errata Index
Scope: Module 11, pp. 425–466 (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 lists every high-value, objectively confirmed curriculum error admitted for this module. Extraction or import-fidelity problems, disputed readings, and low-value editorial issues are outside the public errata scope.
References
This article is an independent candidate-focused analysis of a confirmed error in the CFA Level I 2027 Curriculum, Volume 5 Equity Investments, Module 11 Equity Analyst Research Reports. It is not an official CFA Institute errata notice, and inclusion here must not be read as CFA Institute confirmation, endorsement, or approval.