CFA® Level 1 2022 Exam Changes
CFA Institute occasionally changes the CFA Exam—from format to schedule to the number of times the exam is administered.This article will walk you through all of the latest CFA Level 1 Exam changes.
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As the finance profession evolves, the CFA Exam must do the same. The exam remains a relevant measure of the knowledge and skills all financial professionals must have to practice their profession efficiently and protect the public interest.
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2022 CFA Exam Changes
CFA Institute recently announced changes to the Level 1 Exam. While there are no monumental changes, candidates should be aware of these updates to prepare for the test thoroughly.
Beginning in 2022, CFA Institute will offer four exam administration windows for Level 1.
Below is a quick summary of the 2022 CFA Level 1 exam changes:
- Four administration dates for the Level 1 exam
- Four exam windows in February, May, August, and November
CFA Exam Format Change
All Exam Levels, including Level 1, are now 100% computer-based. Level 1 consists of 180 multiple-choice questions and is split between two 135-minute testing sessions. Half of the questions are asked in the first session, and the other half is administered in the second session.
The exam tests candidates’ knowledge of financial topics such as portfolio management and investment valuation. The exam curriculum consists of ten topics grouped into four areas: ethical and professional standards, investment tools, asset classes, and portfolio management and wealth planning.
The best way to see this is to view our Mock Exam Video showing how we replicate the exam in both format and design, giving you an early test day preview.
CFA Exam Content Change
Here are the most notable content-related changes that will appear in the 2022 exam:
- The environmental, social, and governance questions in the Corporate Issuers readings were updated and expanded to include recent developments and their impact on financial and investment management.
- CFA Institute changed the Level 1 Quantitative Methods section to be more interactive and easily digestible on a computer platform. The topic area now incorporates code snippets, and Excel commands to support data presentations. (Note: these may not be tested but are included in the curriculum for illustrative purposes). Further, the Level 1 curriculum concludes with an introduction to regression reading that focuses on investment applications.
- The readings on fixed income were updated to align for ease of reading and uniformity.
- The readings on alternative investments have been updated to include an introduction section.
All CFA updates are reflected on CFA Institute’s website and included in the exam curriculum. You should ensure any exam preparation software you use incorporates these changes into their content.
2022 CFA Exam Changes FAQ
Simply put, they shouldn’t. Despite the changes for 2022, the core content of the exam has not changed, nor has its notorious rigor. We recommend that you continue to prepare diligently and thoroughly for the exam like you always intended to.