Latest CFA Exam Curriculum Updates

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

Understanding which information is updated and identifying what you need to learn at every level is a critical 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 sitting.

Table of Contents

• 2027 CFA Curriculum Changes

• 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

What are the 2027 CFA Curriculum Changes?

The 2027 CFA curriculum was substantially updated compared to the 2026 CFA curriculum. There were some topic rebrands including:

• Corporate Issuers is now called Corporate Finance

• Equity Investments is now called Equities

• Portfolio Management is now called Portfolio Construction

There were also some weight changes in the Level I curriculum. 

• Quantitative Methods weight changed to 11-14%

• Derivatives weight changed to 6-9%

• Alternative Investments weight changed to 6-9%

• Ethical and Professional Standards weight changed to 10-15%

In terms of changes made to the learning outcome statements for 2027, Quantitative Methods topic reorganized and the learning outcomes are now more focused on applied financial analysis rather than abstract statistical theory. 

The Equities topic was enhanced and incorporated  certain elements that were previously found in Portfolio Management. 

There were also significant changes to Ethical and Professional Standards. The 2027 CFA curriculum no longer contains a Global Investment Performance Standards (GIPS) reading. Instead a detailed breakdown for each individual Standard of Professional Conduct (I-VII) ends the chapter which is designed to focus more on preventing violations rather than a generalized summary. 

What were the 2026 CFA Curriculum Changes?

The Level I CFA curriculum was not changed for the 2026 exam season when 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 Candidate Body of Knowledge, which contains the latest survey results from investment professionals around the world about what should be included in the latest CFA 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 Finance

5. Financial Statement Analysis

6. Equities

7. Fixed Income

8. Derivatives

9. Alternative Investments

10. Portfolio Construction

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 your specific exam. Another great option is to join the Kaplan Schweser Community where you can ask fellow candidates and industry experts questions about CFA curriculum updates.

Written by Kaplan Schweser experts, reviewed by Jim Maher, CFA, CFP, CAIA. Jim is a Senior Content Specialist at Kaplan Schweser, where he contributes to the development of CFA program study materials. With over 30 years of experience in the financial planning industry, Jim brings deep expertise as both an educator and advisor. He is a CFA charterholder and a key member of the Kaplan Schweser faculty. He is also one of the experts who developed and teaches in the SCR certification course.