Latest CFA Exam Curriculum Updates

To stay up to date with current topics and challenges professionals in the investment management industry face, CFA^® Institute updates the material covered in the CFA exam annually.

Understanding which information is being updated and identifying what you need to learn at every level is a crucial aspect of creating a successful study plan. This is particularly important when developing your next steps following an unsuccessful attempt at the CFA exam from a prior year.

Table of Contents

• 2026 CFA Curriculum Changes

• The CFA Program Candidate Body of Knowledge

• The Global Body Of Investment Knowledge

• Who Makes Changes To The CFA Curriculum?

• How To Prepare For CFA Curriculum Changes

Did the CFA Curriculum Change in 2026?

Yes, it's normal for the CFA curriculum to get updated each year. The 2026 CFA curriculum was changed minimally at each curriculum level of the CFA exam.

2026 CFA Curriculum Changes

The Level I CFA curriculum was not changed for the 2026 exam season compared to 2025. The primary learning outcomes within each topic area are the same.

Within the Portfolio Management Pathway for Level III, the only change for the 2026 exams is the title of one of the case studies from "Case Study in Portfolio Management: Institutional (SWF)" to "Case Study in Portfolio Management: Institutional (Endowment).

There were no changes to the 2026 curriculum for the Private Wealth Pathway or Private Markets Pathway for Level III candidates.

What Is The CFA Program Candidate Body of Knowledge?

The CFA Program Candidate Body of Knowledge (CBOK), is a document that represents the core competencies used by investment professionals. The CFA Institute released the 2023 Candidate Body of Knowledge, which contains the latest survey results from investment professionals around the world about what should be included in the CFA 2023 Program curriculum.

CFA Candidate Body of Knowledge Topic Areas

Below is each Candidate Body of Knowledge (CBOK) area in the CFA Program:

1. Ethical and Professional Standards

2. Quantitative Methods

3. Economics

4. Corporate Issuers

5. Financial Statement Analysis

6. Equity Investments

7. Fixed Income

8. Derivatives

9. Alternative Investments

10. Portfolio Management

What Is The Global Body Of Investment Knowledge?

The Global Body of Investment Knowledge® is an all-inclusive document about the knowledge needed for the investment profession. The concepts contained in the GBIK are for CFA charterholders to use as a source of inspiration for new concepts and lifelong learning opportunities throughout their careers.

The GBIK® is maintained by the CFA Education Advisory Committee, which is composed of individuals around the world from various backgrounds in the investment management industry.

Who Makes Changes To The CFA Curriculum?

The CFA Institute makes changes to the CFA syllabus through the practice analysis process and guidance from the CFA Institute Education Advisory Committee.

What Is The Practice Analysis Process?

The practice analysis process is a methodology for the CFA Institute to keep the CFA curriculum up to date with current skills and competencies for success in the investment management industry. The Practice Analysis Process contains multiple stages from which the Candidate Body of Knowledge ultimately gets updated.

How To Prepare For CFA Curriculum Changes

The most important way to prepare for curriculum changes is to keep your CFA prep materials up to date. If you do decide to use previous years’ materials, try to avoid outdated topics and trends and focus on what will be present on the exam. Another great option is to join the Kaplan Schweser Community where you can ask fellow candidates and industry experts questions about curriculum updates.