Book 1

Page 5:

CFA Institute errata

Please disregard the paragraph and Professor's Note that appear after the harmonic mean example, regarding a relationship among arithmetic, geometric, and harmonic means. CFA Institute has posted an update to the 2026 curriculum such that it no longer asserts this relationship.

Page 134:

Correction

In the fourth paragraph (beginning with "The variety of data..."), the fourth line should be updated as follows: "...semistructured forms (e.g., photos and web page code)..."

Page 149:

Correction

In the last paragraph, the second sentence should be updated as follows: "Note that with monopolistic competition, price is greater than MC (i.e., producers can realize an economic profit), average total cost is not at a minimum..."

Page 216:

Correction

The Key Concepts for LOS 17.b should be updated as follows:

Within each importing country, all of these restrictions will tend to do the following:

• Increase prices of imports and decrease quantities of imports
• Increase demand for and quantity supplied of domestically produced goods
• Increase producer’s surplus and decrease consumer surplus

Book 2

Page 147: Correction

In the first table, showing the balance sheet, the Year 1 entry for the operating lease should be 27,233. (Posted June 3, 2026)