CFA Program Curriculum 2017 Level 1 - Vol 3.pdf - Contents 1 Table of Contents 2 How to Use the CFA Program Curriculum 3 Financial Reporting and

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Unformatted text preview: Contents 1. Table of Contents 2. How to Use the CFA Program Curriculum 3. Financial Reporting and Analysis a. STUDY SESSION 6 Financial Reporting and Analysis: An Introduction i. READING 21 Financial Statement Analysis: An Introduction ii. READING 22 Financial Reporting Mechanics iii. READING 23 Financial Reporting Standards b. STUDY SESSION 7 Financial Reporting and Analysis: Income Statements, Balance Sheets, and Cash Flow Statements i. READING 24 Understanding Income Statements ii. READING 25 Understanding Balance Sheets iii. READING 26 Understanding Cash Flow Statements iv. READING 27 Financial Analysis Techniques c. STUDY SESSION 8 Financial Reporting and Analysis: Inventories, Long-lived Assets, Income Taxes, and Non-current Liabilities i. READING 28 Inventories ii. READING 29 Long-Lived Assets iii. READING 30 Income Taxes iv. READING 31 Non-Current (Long-Term) Liabilities d. STUDY SESSION 9 Financial Reporting and Analysis: Financial Reporting Quality and Financial Statement Analysis i. READING 32 Financial Reporting Quality ii. READING 33 Financial Statement Analysis: Applications 4. Glossary 5. Index FINANCIAL REPORTING AND ANALYSIS CFA® Program Curriculum 2017 • LEVEL I • VOLUME 3 Photography courtesy of Hector Emanuel. © 201 6, 201 5, 201 4, 201 3, 201 2, 201 1 , 201 0, 2009, 2008, 2007 , 2006 by CFA Institute. All rights reserv ed. This copy right cov ers material written ex pressly for this v olume by the editor/s as well as the compilation itself. It does not cov er the indiv idual selections herein that first appeared elsewhere. Permission to reprint these has been obtained by CFA Institute for this edition only . Further reproductions by any means, electronic or mechanical, including photocopy ing and recording, or by any information storage or retriev al sy stems, must be arranged with the indiv idual copy right holders noted. CFA®, Chartered Financial Analy st®, AIMR-PPS®, and GIPS® are just a few of the trademarks owned by CFA Institute. To v iew a list of CFA Institute trademarks and the Guide for Use of CFA Institute Marks, please v isit our website at . This publication is designed to prov ide accurate and authoritativ e information in regard to the subject matter cov ered. It is sold with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional serv ice. If legal adv ice or other ex pert assistance is required, the serv ices of a competent professional should be sought. All trademarks, serv ice marks, registered trademarks, and registered serv ice marks are the property of their respectiv e owners and are used herein for identification purposes only . ISBN 97 8-1 -94247 1 -69-1 (paper) ISBN 97 8-1 -94247 1 -90-5 (ebk) Please v isit our website at GlobalFinance.com. CONTENTS HOW TO USE THE CFA PROGRAM CURRICULUM CURRICULUM DEVELOPMENT PROCESS ORGANIZATION OF THE CURRICULUM FEATURES OF THE CURRICULUM DESIGNING YOUR PERSONAL STUDY PROGRAM FEEDBACK FINANCIAL REPORTING AND ANALYSIS STUDY SESSION 6 FINANCIAL REPORTING AND ANALYSIS AN INTRODUCTION READING 21 FINANCIAL STATEMENT ANALYSIS: AN INTRODUCTION 1 INTRODUCTION 2 SCOPE OF FINANCIAL STATEMENT ANALYSIS 3 MAJOR FINANCIAL STATEMENTS AND OTHER INFORMATION SOURCES 4 FINANCIAL STATEMENT ANALYSIS FRAMEWORK SUMMARY REFERENCES PRACTICE PROBLEMS SOLUTIONS READING 22 FINANCIAL REPORTING MECHANICS 1 INTRODUCTION 2 THE CLASSIFICATION OF BUSINESS ACTIVITIES 3 ACCOUNTS AND FINANCIAL STATEMENTS 4 THE ACCOUNTING PROCESS 5 ACCRUALS AND VALUATION ADJUSTMENTS 6 ACCOUNTING SYSTEMS 7 USING FINANCIAL STATEMENTS IN SECURITY ANALYSIS SUMMARY APPENDIX 23: A DEBIT/CREDIT ACCOUNTING SYSTEM PRACTICE PROBLEMS SOLUTIONS READING 23 FINANCIAL REPORTING STANDARDS 1 INTRODUCTION 2 THE OBJECTIVE OF FINANCIAL REPORTING 3 STANDARD-SETTING BODIES AND REGULATORY AUTHORITIES 4 CONVERGENCE OF GLOBAL FINANCIAL REPORTING STANDARDS 5 THE INTERNATIONAL FINANCIAL REPORTING STANDARDS FRAMEWORK 6 EFFECTIVE FINANCIAL REPORTING 7 COMPARISON OF IFRS WITH ALTERNATIVE REPORTING SYSTEMS 8 MONITORING DEVELOPMENTS IN FINANCIAL REPORTING STANDARDS SUMMARY PRACTICE PROBLEMS SOLUTIONS STUDY SESSION 7 FINANCIAL REPORTING AND ANALYSIS INCOME STATEMENTS, BALANCE SHEETS, AND CASH FLOW STATEMENTS READING 24 UNDERSTANDING INCOME STATEMENTS 1 INTRODUCTION 2 COMPONENTS AND FORMAT OF THE INCOME STATEMENT 3 REVENUE RECOGNITION 4 EXPENSE RECOGNITION 5 NON-RECURRING ITEMS AND NON-OPERATING ITEMS 6 EARNINGS PER SHARE 7 ANALYSIS OF THE INCOME STATEMENT 8 COMPREHENSIVE INCOME SUMMARY PRACTICE PROBLEMS SOLUTIONS READING 25 UNDERSTANDING BALANCE SHEETS 1 INTRODUCTION 2 COMPONENTS AND FORMAT OF THE BALANCE SHEET 3 CURRENT ASSETS AND CURRENT LIABILITIES 4 NON-CURRENT ASSETS 5 NON-CURRENT LIABILITIES 6 EQUITY 7 ANALYSIS OF THE BALANCE SHEET SUMMARY PRACTICE PROBLEMS SOLUTIONS READING 26 UNDERSTANDING CASH FLOW STATEMENTS 1 INTRODUCTION 2 COMPONENTS AND FORMAT OF THE CASH FLOW STATEMENT 3 THE CASH FLOW STATEMENT: LINKAGES AND PREPARATION 4 CASH FLOW STATEMENT ANALYSIS SUMMARY REFERENCES PRACTICE PROBLEMS SOLUTIONS READING 27 FINANCIAL ANALYSIS TECHNIQUES 1 INTRODUCTION 2 THE FINANCIAL ANALYSIS PROCESS 3 ANALYTICAL TOOLS AND TECHNIQUES 4 COMMON RATIOS USED IN FINANCIAL ANALYSIS 5 EQUITY ANALYSIS 6 CREDIT ANALYSIS 7 BUSINESS AND GEOGRAPHIC SEGMENTS 8 MODEL BUILDING AND FORECASTING SUMMARY REFERENCES PRACTICE PROBLEMS SOLUTIONS STUDY SESSION 8 FINANCIAL REPORTING AND ANALYSIS INVENTORIES, LONG-LIVED ASSETS, INCOME TAXES, AND NON-CURRENT LIABILITIES READING 28 INVENTORIES 1 INTRODUCTION 2 COST OF INVENTORIES 3 INVENTORY VALUATION METHODS 4 THE LIFO METHOD 5 INVENTORY METHOD CHANGES 6 INVENTORY ADJUSTMENTS 7 EVALUATION OF INVENTORY MANAGEMENT SUMMARY PRACTICE PROBLEMS SOLUTIONS READING 29 LONG-LIVED ASSETS 1 INTRODUCTION 2 ACQUISITION OF LONG-LIVED ASSETS 3 DEPRECIATION AND AMORTISATION OF LONG-LIVED ASSETS 4 THE REVALUATION MODEL 5 IMPAIRMENT OF ASSETS 6 DERECOGNITION 7 PRESENTATION AND DISCLOSURES 8 INVESTMENT PROPERTY 9 LEASING SUMMARY PRACTICE PROBLEMS SOLUTIONS READING 30 INCOME TAXES 1 INTRODUCTION 2 DIFFERENCES BETWEEN ACCOUNTING PROFIT AND TAXABLE INCOME 3 DETERMINING THE TAX BASE OF ASSETS AND LIABILITIES 4 TEMPORARY AND PERMANENT DIFFERENCES BETWEEN TAXABLE AND ACCOUNTING PROFIT 5 UNUSED TAX LOSSES AND TAX CREDITS 6 RECOGNITION AND MEASUREMENT OF CURRENT AND DEFERRED TAX 7 PRESENTATION AND DISCLOSURE 8 COMPARISON OF IFRS AND US GAAP SUMMARY PRACTICE PROBLEMS SOLUTIONS READING 31 NON-CURRENT (LONG-TERM) LIABILITIES 1 INTRODUCTION 2 BONDS PAYABLE 3 LEASES 4 INTRODUCTION TO PENSIONS AND OTHER POST-EMPLOYMENT BENEFITS 5 EVALUATING SOLVENCY: LEVERAGE AND COVERAGE RATIOS SUMMARY PRACTICE PROBLEMS SOLUTIONS STUDY SESSION 9 FINANCIAL REPORTING AND ANALYSIS FINANCIAL REPORTING QUALITY AND FINANCIAL STATEMENT ANALYSIS READING 32 FINANCIAL REPORTING QUALITY 1 INTRODUCTION 2 CONCEPTUAL OVERVIEW 3 CONTEXT FOR ASSESSING FINANCIAL REPORTING QUALITY 4 DETECTION OF FINANCIAL REPORTING QUALITY ISSUES 5 CONCLUSION REFERENCES PRACTICE PROBLEMS SOLUTIONS READING 33 FINANCIAL STATEMENT ANALYSIS: APPLICATIONS 1 INTRODUCTION 2 APPLICATION: EVALUATING PAST FINANCIAL PERFORMANCE 3 APPLICATION: PROJECTING FUTURE FINANCIAL PERFORMANCE 4 APPLICATION: ASSESSING CREDIT RISK 5 APPLICATION: SCREENING FOR POTENTIAL EQUITY INVESTMENTS 6 ANALYST ADJUSTMENTS TO REPORTED FINANCIALS SUMMARY REFERENCES PRACTICE PROBLEMS SOLUTIONS GLOSSARY INDEX List of Illustrations READING 21 Exhibit 1 An Earnings Release and News Media Comparison with Analysts' Expectations Exhibit 2 Exhibit 3 Balance Sheet of the Volkswagen Group Exhibit 4 Walmart Consolidated Balance Sheet Exhibit 5 Income Statement of the Volkswagen Group for the Period 1 January to 31 December* Exhibit 6 Statement of Comprehensive Income of the Volkswagen Group for the Period 1 January to 31 December Exhibit 7 Excerpt from Statement of Changes in Equity of the Volkswagen Group for the Period 1 January to 31 December 2009* Exhibit 8 Cash Flow Statement of the Volkswagen Group: 1 January to 31 December Exhibit 9 Excerpt from Notes to the Consolidated Financial Statements of the Volkswagen Group for Fiscal Year Ended 31 December 2009: Selected Data on Operating Segments (€ millions) Exhibit 10 Volkswagen's Independent Audit Report Exhibit 11 Financial Statement Analysis Framework READING 22 Exhibit 1 Typical Business Activities and Financial Statement Elements Affected Exhibit 2 Common Accounts Exhibit 3 Simplified Balance Sheet and Income Statement Exhibit 4 Simplified Balance Sheet, Income Statement, and Statement of Retained Earnings Exhibit 5 Business Activities for Investment Advisers, Ltd. Exhibit 6 Accounting System for Investment Advisers, Ltd. Exhibit 7 Investment Advisers, Ltd. Accruals and Other Adjusting Entries on 31 January 2006 Exhibit 8 Simplified Balance Sheet and Income Statement Exhibit 9 Investment Advisers, Ltd., Financial Statements Exhibit 10 Accruals Exhibit 11 Accounting System Flow and Related Documents Exhibit 1 Balance Sheet T-Accounts for Investment Advisers, Ltd. Exhibit 2 Income Statement T-Accounts for Investment Advisers, Ltd. Exhibit 3 Business Transactions for Investment Advisers, Ltd. Exhibit 4 General Ledger T-Accounts for Investment Advisors, Ltd. Exhibit 5 Investment Advisers, Ltd., Trial Balance Exhibit 6 Post-Closing General Ledger T-Accounts for Investment Advisors, Ltd. Exhibit 7 Investment Advisers, Ltd., Post-Closing Trial Balance READING 23 Exhibit 1 International Adoption Status of IFRS in Selected Locations as of June 2010 Exhibit 2 IFRS Framework for the Preparation and Presentation of Financial Reports Exhibit 3 IASB General Requirements for Financial Statements Exhibit 4 IAS No. 1: Minimum Required Line Items in Financial Statements Exhibit 5 Summary of IFRS Required Disclosures in the Notes to the Financial Statements Exhibit 6 Summary of Differences between IFRS and US GAAP Frameworks Exhibit 7 Reconciliation of GAAP Income: Syngenta (US$ in Millions) Exhibit 8 Accounting Policy Discussion in Volkswagen's Management Report Exhibit 9 Accounting Policies Described in Volkswagen's Financial Statement Notes Exhibit 10 Impact of New and Amended Accounting Standards: General Electric READING 24 Exhibit 1 Groupe Danone Consolidated Income Statement (in Millions of Euros) Exhibit 2 Kraft Foods and Subsidiaries Consolidated Statements of Earnings (in Millions of Dollars, except Per-Share Data) Exhibit 3 CRA International Inc. Consolidated Statements of Income (Excerpt) (in Thousands of Dollars, except Per-Share Data) Exhibit 4 Excerpt from DaimlerChrysler Notes Exhibit 5 Excerpt from Ford Motor Company Notes Exhibit 6 Revenue Recognition in Special Cases Exhibit 7 Applying the Converged Revenue Recognition Standard Exhibit 8 Summary Table on Inventory Costing Methods Exhibit 9 Annual Depreciation Expense (in Dollars) Exhibit 10 Extraordinary Gain on Debt Forgiveness Exhibit 11 Highlighting Infrequent Nature of Items Excerpt from Roche Group Consolidated Income Statement (in millions of CHF, Year ended 31 December 2009) Exhibit 12 Calculation of Diluted EPS for Bright-Warm Utility Company Using the IfConverted Method: Case of Preferred Stock Exhibit 13 Calculation of Diluted EPS for Oppnox Company Using the If-Converted Method: Case of a Convertible Bond Exhibit 14 Calculation of Diluted EPS for Hihotech Company Using the Treasury Stock Method: Case of Stock Options Exhibit 15 Calculation for an Antidilutive Security Exhibit 16 Exhibit 17 Median Common-Size Income Statement Statistics for the S&P 500 Classified by S&P/MSCI GICS Sector Data for 2008 Exhibit 18 Kraft's Margins Abbreviated Common-Size Income Statement READING 25 Exhibit 1 SAP Group Consolidated Statements of Financial Position (Excerpt) (in millions of €) Exhibit 2 Apple Inc. Consolidated Balance Sheet (Excerpt)* (in millions of $) Exhibit 3 China Construction Bank Corporation Consolidated Statement of Financial Position (Excerpt: Assets Only) as of 31 December (in millions of RMB) Exhibit 4 SAP Group Consolidated Statements of Financial Position (Excerpt: Current Assets Detail) (in millions of €) Exhibit 5 Apple Inc. Consolidated Balance Sheet (Excerpt: Current Assets Detail) * (in millions of $) Exhibit 6 SAP Group Consolidated Statements of Financial Position (Excerpt: Current Liabilities Detail) (in millions of €) Exhibit 7 Apple Inc. Consolidated Balance Sheet (Excerpt: Current Liabilities Detail)* (in millions of $) Exhibit 8 SAP Group Consolidated Statements of Financial Position (Excerpt: NonCurrent Assets Detail) (in millions of €) Exhibit 9 Apple Inc. Consolidated Balance Sheet (Excerpt: Non-Current Assets Detail)* (in millions of $) Exhibit 10 Measurement of Financial Assets Exhibit 11 Accounting for Gains and Losses on Marketable Securities Exhibit 12 SAP Group Consolidated Statements of Financial Position (Excerpt: NonCurrent Liabilities Detail) (in millions of €) Exhibit 13 Apple Inc. Consolidated Balance Sheet (Excerpt: Non-Current Liabilities Detail)* (in millions of $) Exhibit 14 SAP Group Consolidated Statements of Financial Position (Excerpt: Equity Detail) (in millions of €) Exhibit 15 Apple Inc. Consolidated Balance Sheet (Excerpt: Equity Detail) (in millions of $) Exhibit 16 Excerpt from Apple Inc.'s Consolidated Statements of Changes in Shareholders' Equity (in millions, except share amounts which are reflected in thousands) Exhibit 17 Exhibit 18 Common-Size Balance Sheet Statistics for the S&P 500 Grouped by S&P/MSCI GICS Sector (in percent except No. of Observations; data for 2008) Exhibit 19 Balance Sheet Ratios READING 26 Exhibit 1 Cash Flow Statements: Differences between IFRS and US GAAP Exhibit 2 Unilever Group Consolidated Cash Flow Statement (€ millions) Exhibit 3 Telefónica Group Consolidated Statement of Cash Flows (€ millions) Exhibit 4 Tech Data Corporation and Subsidiaries Consolidated Cash Flow Statements (in Thousands) Exhibit 5 Walmart Cash Flow Statements Fiscal Years Ended 31 January ($ millions) Exhibit 6 Acme Corporation Income Statement Year Ended 31 December 2009 Exhibit 7 Acme Corporation Comparative Balance Sheets 31 December 2009 and 2008 Exhibit 8 Acme Corporation Cash Flow Statement (Direct Method) for Year Ended 31 December 2009 Exhibit 9 Adjustments to Net Income Using the Indirect Method Exhibit 10 Acme Corporation Cash Flow Statement (Indirect Method) Year Ended 31 December 2009 Exhibit 11 Conversion from the Indirect to the Direct Method Exhibit 12 Groupe Danone Consolidated Financial Statements Consolidated Statements of Cash Flows (in € Millions) Exhibit 13 Acme Corporation Common-Size Cash Flow Statement Year Ended 31 December 2009 Exhibit 14 Acme Corporation Common-Size Cash Flow Statement: Indirect Format Year Ended 31 December 2009 Exhibit 15 Cash Flow Ratios READING 27 Exhibit 1 A Financial Statement Analysis Framework Exhibit 2 Exhibit 3 Vertical Common-Size (Partial) Balance Sheet for a Hypothetical Company Exhibit 4 Vertical Common-Size Income Statement for Hypothetical Company Exhibit 5 Vertical Common-Size (Partial) Balance Sheet for Two Hypothetical Companies Exhibit 6 A Partial Balance Sheet for a Hypothetical Company over Five Periods Exhibit 6 B Horizontal Common-Size (Partial) Balance Sheet for a Hypothetical Company over Five Periods, with Each Item Expressed Relative to the Same Item in Period One Exhibit 6 C Horizontal Common-Size (Partial) Balance Sheet for a Hypothetical Company over Five Periods, with Percent Change in Each Item Relative to the Prior Period Exhibit 7 Stacked Column Graph of Asset Composition of Hypothetical Company over Five Periods Exhibit 8 Line Graph of Growth of Assets of Hypothetical Company over Five Periods Exhibit 9 Categories of Financial Ratios Exhibit 10 Definitions of Commonly Used Activity Ratios Exhibit 11 Exhibit 12 Definitions of Commonly Used Liquidity Ratios Exhibit 13 National Datacomputer Inc. ($ millions) Exhibit 14 Definitions of Commonly Used Solvency Ratios Exhibit 15 Definitions of Commonly Used Profitability Ratios Exhibit 16 Exhibit 17 DuPont Analysis of Anson Industries' ROE: Fiscal Year 5 Exhibit 18 Definitions of Selected Valuation Ratios and Related Quantities Exhibit 19 Definitions of Some Common Industry- and Task-Specific Ratios Exhibit 20 Selected Credit Ratios Used by Standard & Poor's Exhibit 21 Definitions of Segment Ratios Exhibit 22 Exhibit 1 READING 28 Exhibit 1 Caterpillar Inc. Consolidated Results of Operation (US$ millions) Exhibit 2 Caterpillar Inc. Consolidated Financial Position (US$ millions) Exhibit 3 Caterpillar Inc. Selected Notes to Consolidated Financial Statements Exhibit 4 RF Financial Statement Information under LIFO Exhibit 5 Volvo Group Consolidated Income Statements (Swedish Krona in millions, except per share data) Exhibit 6 Volvo Group Consolidated Balance Sheets (Swedish Krona in millions) Exhibit 7 Volvo Group Selected Notes to Consolidated Financial Statements Exhibit 8 Alcatel-Lucent Consolidated Income Statements (€ millions) Exhibit 9 Alcatel-Lucent Consolidated Balance Sheets (€ millions) Exhibit 10 Alcatel-Lucent Selected Notes to Consolidated Financial Statements Exhibit 1 Century Chocolate Income Statements (CHF Millions) Exhibit 2 Century Chocolate Balance Sheets (CHF Millions) Exhibit 3 Century Chocolate Supplementary Footnote Disclosures: Inventories (CHF Millions) Exhibit 4 Century Chocolate Inventory Record for Purchased Lemon Drops Exhibit 5 Century Chocolate Net Realisable Value Information for Black Licorice Jelly Beans Exhibit 1 Balance Sheet Information (US$ Millions) Exhibit 2 Income Statement Information (US$ Millions) Exhibit 1 Selected Financial Information (US$ Millions) Exhibit 2 Industry Information Exhibit 1 Consolidated Balance Sheets (¥ Millions) Exhibit 2 Consolidated Statements of Income (¥ Millions) Exhibit 3 Selected Disclosures in the 2009 Annual Report READING 29 Exhibit 1 Acquisition of Intangible Assets through a Business Combination Exhibit 2 Capitalising versus Expensing Exhibit 3 MTR Gaming Group Selected Data, as Reported (Dollars in thousands) Exhibit 4 Disclosure on Software Development Costs Exhibit 5 JHH SOFTWARE (Dollars in Thousands, Except Per-Share Amounts) Exhibit 6 Impact of Revaluation Exhibit 7 Altria Group, Inc. and Subsidiaries Pro Forma Condensed Consolidated Balance Sheet [Partial] As of 31 December 2006 (Unaudited) Exhibit 8 Vodafone Group Plc Exhibit 9 Vodafone Group Plc Exhibit 10 Exhibit 11 Excerpt from the Consolidated Income Statements at 31 March (Currency in £ thousands) Exhibit 12 Present Value Computations Implicit Interest Rate (Internal Rate of Return) based on Capital Leases (7.245%) Exhibit 13 Present Value Computations (Implicit Interest Rate: 7.245%) Exhibit 1 Consolidated Statement of Income Exhibit 2 Consolidated Balance Sheet READING 30 Exhibit 1 Treatment of Temporary Differences Exhibit 2 Micron Technology, Inc. Consolidated Statements of Operations (Amounts in Millions except Per Share) Exhibit 3 Micron Technology, Inc. Consolidated Balance Sheets (Dollars in Millions) Exhibit 4 Micron Technology, Inc. Income Taxes Note to the Consolidated Financial Statements Exhibit 5 Deferred Income Tax Issues IFRS and US GAAP Methodology Similarities and Differences READING 31 Exhibit 1 Johnson & Johnson Exhibit 2 Summary of Financial Statement Impact of Operating and Financing Leases on the Lessee and Lessor Exhibit 3 Definitions of Commonly Used Solvency Ratios READING 32 Exhibit 1 Relationships between Financial Reporting Quality and Earnings Quality Exhibit 2 Quality Spectrum of Financial Reports Exhibit 3 Excerpt from Toyota Motor Corporation's Consolidated Financial Results for FY2014 First Quarter Ending 30 June 2013 Exhibit 4A Excerpt from Notes to PACCAR's 2009 Financial Statements Exhibit 4B Excerpt from MD&A of PACCAR's 2009 Annual Report Exhibit 5 Illustration of Aggressive Presentation Choice: Earnings Announcement Exhibit 6 Excerpt from Summary Financial Information Exhibit 7 The Extractive Industries Productio...
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