{"id":46844,"date":"2023-09-25T11:31:07","date_gmt":"2023-09-25T11:31:07","guid":{"rendered":"https:\/\/analystprep.com\/cfa-level-1-exam\/?p=46844"},"modified":"2026-07-22T19:56:11","modified_gmt":"2026-07-22T19:56:11","slug":"information-sources-for-analysts","status":"publish","type":"post","link":"https:\/\/analystprep.com\/cfa-level-1-exam\/financial-reporting-and-analysis\/information-sources-for-analysts\/","title":{"rendered":"Information Sources for Analysts"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><iframe loading=\"lazy\" src=\"\/\/www.youtube.com\/embed\/oB7NFDLqF4U\" width=\"611\" height=\"343\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n\n\n\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"QAPage\",\n  \"mainEntity\": {\n    \"@type\": \"Question\",\n    \"name\": \"Information sources for financial statement analysis can be categorized into different origins. Which of the following options represents an example of a \u201cproprietary third-party source\u201d?\",\n    \"text\": \"Options:\\nA. Earning calls hosted by the company.\\nB. Data and reports from industry-specific consultancies.\\nC. Conducting surveys and conversations commissioned by an analyst.\",\n    \"answerCount\": 1,\n    \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"The correct answer is B. Data and reports from industry-specific consultancies are examples of proprietary third-party sources. Earnings calls hosted by the company are issuer sources of information, while surveys and conversations commissioned by an analyst are examples of proprietary primary research.\"\n    }\n  }\n}\n<\/script>\n\n\n\n<p class=\"wp-block-paragraph\">Analysts tend to base their financial statement analysis on the company&#8217;s audited, annual financial statements to get a relatively accurate picture of its financial position and performance. In this case, the annual financial statements audit must have been done by an independent auditor. However, other important sources of information can be relied upon in this process to facilitate informed investment decision-making.<\/p>\n\n\n\n<div style=\"text-align:center; margin:28px 0;\">\n  <a href=\"https:\/\/analystprep.com\/free-trial\/\" target=\"_blank\" rel=\"noopener noreferrer\"\n     style=\"display:inline-block; background:#1a73e8; color:#ffffff; padding:12px 26px; border-radius:40px;\n            font-size:16px; font-weight:500; text-decoration:none; line-height:1.4;\">\n    Practice financial information source questions with our Free Trial\n  <\/a>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Information Sources Other Than Annual Financial Statements<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Other than supplementary and annual financial statement information, financial statement analysis can be conducted using the information provided by a company in its annual report or other publicly available documents such as proxy statements. These sources can be grouped by origin:<\/p>\n\n\n\n<ol style=\"list-style-type:upper-roman\" class=\"wp-block-list\">\n<li><strong>Issuer Sources<\/strong>\n<ul class=\"wp-block-list\">\n<li>Earning calls: Issuers host earnings calls to discuss financial results via webcast or teleconference. Media, analysts, and investors are the primary audience for the calls. To sharpen their estimates, analysts ask probing questions to understand past actions and results.<\/li>\n\n\n\n<li>Presentations and events.<\/li>\n\n\n\n<li>Press releases.<\/li>\n\n\n\n<li>Speaking with other company personnel, investor relations, or management.<\/li>\n\n\n\n<li>Company properties or websites analysts can visit as investors or customers.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Public Third-party Sources<\/strong>\n<ul class=\"wp-block-list\">\n<li>Free analyst reports or industry whitepapers.<\/li>\n\n\n\n<li>Industry or economic indicators from the governments.<\/li>\n\n\n\n<li>General and industry-specific news outlets.<\/li>\n\n\n\n<li>Social media.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Proprietary Third-party Sources<\/strong>\n<ul class=\"wp-block-list\">\n<li>Analyst communications and reports.<\/li>\n\n\n\n<li>Data and reports from platforms such as FactSet.<\/li>\n\n\n\n<li>Data and reports from industry-specific consultancies.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Proprietary Primary Research<\/strong>\n<ul class=\"wp-block-list\">\n<li>Product comparisons, surveys, and conversations are conducted directly or commissioned by an analyst.<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">Economic, industry, and peer company information helps put a company&#8217;s financial performance and prospects in perspective. An analyst&#8217;s effectiveness depends largely on information from sources outside the company.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<h2 class=\"wp-block-heading\">Question<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Information sources for financial statement analysis can be categorized into different origins. Which of the following options represents an example of a \u201cproprietary third-party source\u201d?<\/p>\n\n\n\n<ol style=\"list-style-type:upper-alpha\" class=\"wp-block-list\">\n<li>Earning calls hosted by the company.<\/li>\n\n\n\n<li>Data and reports from industry-specific consultancies.<\/li>\n\n\n\n<li>Conducting surveys and conversations commissioned by an analyst.<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Solution<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>The correct answer is<\/strong> <strong>B<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Data and reports from industry-specific consultancies is an example of proprietary third-party source.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>A is incorrect<\/strong>. This is an issuer source of information.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>C is incorrect<\/strong>. This is proprietary primary research.<\/p>\n<\/blockquote>\n\n\n\n<div style=\"background:#f5f7fb; padding:24px 18px; border-radius:12px; text-align:center; margin:36px 0 18px;\">\n\n  <a href=\"https:\/\/analystprep.com\/free-trial\/\" target=\"_blank\" rel=\"noopener noreferrer\"\n     style=\"display:inline-block; background:#1a73e8; color:#ffffff; padding:10px 24px; border-radius:40px;\n            font-size:16px; font-weight:700; text-decoration:none; margin-bottom:16px;\">\n    Start Free Trial \u2192\n  <\/a>\n\n  <div style=\"font-size:14px; color:#333333; max-width:650px; margin:0 auto; line-height:1.6;\">\n    Learn how analysts use annual reports, regulatory filings, company disclosures, and other information sources to support financial analysis and investment decisions with CFA Level I-style practice questions and study notes.\n  <\/div>\n\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Analysts tend to base their financial statement analysis on the company&#8217;s audited, annual financial statements to get a relatively accurate picture of its financial position and performance. In this case, the annual financial statements audit must have been done by&#8230;<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5],"tags":[],"class_list":["post-46844","post","type-post","status-publish","format-standard","hentry","category-financial-reporting-and-analysis","blog-post","no-post-thumbnail","animate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Information Sources for Analysts | CFA Level I<\/title>\n<meta name=\"description\" content=\"Learn about key information sources for analysts, including annual reports, earnings calls, third-party research, and proprietary data.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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