CFA Exam 2020 Curriculum Extended - Girl Preparing

Posted by: Kaplan Schweser
Published: April 7, 2020

The postponement of the June 2020 CFA® exam due to COVID-19 concerns has resulted in a number of questions. Candidates want to know whether the curriculum will change in 2021, if the 2021 Level I exam will still be computer-based and offered four times, and what the 2022 curriculum will be like. This article answers these questions and concerns.

CFA® Exam Curriculum Freeze for 2021

On April 6, 2020, CFA Institute announced a curriculum freeze, which means that the 2020 curriculum will be extended through 2021. Candidates of every level who take the exam in December 2020, or in any of the exam dates offered in 2021, will be tested using the current 2020 curriculum. Basically, this information breaks down as follows:

  • Level I 2020 will apply to Level I 2021 (Feb, May, Aug, and Nov).
  • Level II June 2020 will apply to Level II June 2021.
  • Level III June 2020 will apply to Level III June 2021.

CFA Institute made this decision to minimize the impact of the postponement of the June 2020 exam. Transitioning students whose exams might be postponed to 2021 to a new curriculum could disrupt their learning, add confusion, and place an additional burden on their study plans.
Because the 2021 curriculum was already evolving, CFA Institute will release the 2021 curriculum as refresher readings.

CFA Level I 2021 Changes are Still on Track

CFA Institute plans to proceed with their format and exam date changes for Level I. Starting in 2021, Level I of the CFA exam will move to four times a year and will be computer-based. The first exam window will be in February 2021, and registration will launch in June 2020. The computer-based exam will consist of 180 questions instead of 240.

The following video summarizes the curriculum freeze and the 2021 Level I exam plan.

Watch Video

Substantial Curriculum Changes Are Coming in 2022

The 2022 curriculum will incorporate 2021 changes in addition to 2022 changes, which means the curriculum change for 2022 will be substantial. CFA Institute will release the 2022 Candidate Body of Knowledge (CBOK) and curriculum when they open registration for the 2022 exam. For Level I, the curriculum and CBOK should be released in May 2021 when the first 2022 exam window is expected to open. The Level II and III curricula will be released when the June 2022 exam registration period opens.

Not Sure How to Prepare for the Postponed Exam?

Schweser can help. We have an overview video about how to approach your study plan if you were scheduled to take any of the June 2020 CFA exam levels. We also offer three level-specific videos that address how to modify your preparation for each.

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