CFA® Exam Curriculum

Changes You Must Know for All Levels

Many CFA exam candidates have concerns about the time required to analyze the recent changes in the CFA exam curriculum. It is important to note that being aware of the curriculum changes in advance can be highly advantageous in certain situations. For instance, individuals who plan to begin studying early for the 2023 exam should confirm that the materials they are studying will be covered in the updated curriculum. Additionally, candidates who intend to purchase used study materials from previous years for the upcoming exam will benefit from being informed of any curriculum changes. Moreover, those who have failed the current exam and plan to retake it in 6-12 months can reuse existing third-party study materials, taking into account the minor curriculum changes.

CFA Exam Curriculum and Topics/Syllabus

The CFA exam curriculum is a comprehensive and rigorous program that covers a wide range of topics related to investment management and analysis. The syllabus for the CFA exam is divided into three levels, each of which builds upon the knowledge and skills gained in the previous level. Candidates who successfully complete the CFA exam program demonstrate a high level of knowledge and expertise in these areas, which is highly valued in the investment industry.

Here’s a list of the topics for CFA exam L1, L2, and L3:

CFA Exam Level 1 & 2 Topics

CFA Exam Level 3 Topics

Economics

Economics

Alternative Investments

Alternative Investments

Derivative Investments

Derivative Investments

Equity Investments

Equity Investments

Ethical and Professional Standards

Ethical and Professional Standards

Fixed Income Investments

Fixed Income Investments

Portfolio Management and Wealth Planning

Portfolio Management and Wealth Planning

Quantitative Methods

N/A

Financial Statement and Analysis

N/A

Corporate Finance

N/A

The CFA Institute (CFAI®) updates the exam material annually to keep up with the constantly evolving landscape of investment management and the market. As a result, when selecting study resources, it is crucial to be aware of what has changed and whether the topic weights have been updated. This is particularly important if you failed the CFA exam in the past year and are unsure of your next steps. By staying current on curriculum changes, you can focus your preparation efforts and increase your chances of success in the CFA exam.

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Recent Changes to the CFA Exam Curriculum

By thoroughly reviewing existing practices and developing a new curriculum, Level 1 and Level 2 of the CFA program have undergone significant updates. These changes, in addition to those implemented in 2022, aim to equip candidates with a more up-to-date comprehension of investment practices. The updates include the division of Multiple Regression into smaller, more easily digestible segments, an enhancement of Corporate Restructuring with greater emphasis on spreadsheet modeling, and the simplification of Real Estate into three separate components.

Starting in 2024, all Level 1 and 2 candidates will be required to take a Practical Skill Module (PSM). The PSM is a video-based training program, designed to help them bridge the gap between theoretical knowledge and practical applications. In addition, Level 3 candidates will also be required to complete a PSM starting in 2025. The PSM is an important step towards ensuring that candidates are fully prepared to handle the challenges of their job roles.

Why Is Knowing the Curriculum Changes Important?

Knowing the curriculum changes ahead of time can provide several benefits. Firstly, it helps candidates understand the significance of each topic covered in the exams, aiding in better preparation. Additionally, students who want to start their studies early for the 2023 exam can get a head start by familiarizing themselves with the upcoming changes in the curriculum.

However, in certain circumstances, knowing the changes in advance can be even more critical. This is particularly true if you are:

A Deferring Candidate: Candidates who have been deferred from the CFA exams will be tested on the new curriculum which will be implemented in 2023. Being aware of the changes in the new curriculum can help these candidates focus their study efforts on what is required, and avoid spending time and money on studying material that will no longer be included. By doing so, they can save a significant amount of money and time, and make their study schedule more efficient. This will also provide them with an advantage over other candidates who may not be aware of the changes in the curriculum.

A Returning Candidate: If a candidate has previously failed a CFA exam, they will be required to retake the exam based on the new curriculum. It is important for candidates to be aware of any changes in the curriculum so that they can focus their study efforts on the new learning objectives and disregard any topics that are no longer relevant. Having a clear understanding of the current curriculum will ultimately aid in achieving a better score on the CFA exam.

Proper Planning and Preparation Promotes First Time Passing
Our CFA study planner is designed to support your success by breaking down your study goals into manageable sections. With a clear study roadmap, the planner helps you stay organized and on track towards achieving your objectives
A CFA Study group looking over their plan to pass the CFA exam.

Frequently Asked Questions

The CFA Institute oversees the development and revision of the CFA exam curriculum, with input from various stakeholders. The curriculum is regularly updated to stay current with industry practices, with 2-8% of the syllabus changing each year. The frequency of updates varies by exam level, with Level 1 updated annually and Levels 2 and 3 updated every three to five years, though changes may occur at any time due to industry or regulatory changes.
The CFA exam curriculum is updated annually and can be found on the CFAI website. You may want to know if using just the CFAI curriculum is enough to pass the exam.

Read More About the CFA Exam

Are you worried about upcoming exam dates? For those confused by the changing timetables, here is a handy summary of new dates and frequencies.
Looking for the most up-to-date information on CFA exam scoring and pass rates? Check out the most recent statistics to know how much time you’ll need to study for the exam.
Want to know more about the eligibility criteria to sit for the CFA exam? Learn more about the eligibility, enrollment criteria, and all the deadlines.
Looking to learn more about the prerequisites for the CFA exam? Here is a detailed read regarding the registration criteria and the rest of the costs involved.
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