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CFA Institute has confirmed the 2027 CFA Program curriculum changes. Here is what is changing, which levels are affected, and what it means for your exam timing. The changes take effect from February 2027; the August and November 2026 windows still use the current 2026 curriculum, which makes November 2026 the last sitting under the old structure.

What is changing at Level 1

Level 1 sees the most significant updates:

• Quantitative Methods adds a new reading introducing financial data science, artificial intelligence and large language models, with hands-on Excel and Google Sheets demonstrations (historical simulation, bootstrapping, Monte Carlo).
• Equities expands from about 8 to about 12 modules, covering practical analyst workflows - how equity research is actually produced, sell-side versus buy-side dynamics, and real-world valuation.
• Ethics is restructured into roughly one module per Standard of Professional Conduct (about 10 modules, up from 5), and GIPS is no longer standalone Level 1 content.

What is changing at Levels 2 and 3

At Levels 2 and 3, only Ethics changes, mirroring the per-Standard module structure. The technical topics (Financial Statement Analysis, Fixed Income, Derivatives and the rest) remain unchanged, and the Level 3 Specialized Pathways are untouched. Topic weights stay the same across all three levels, so there is no shift in exam weighting.

What it means for you

If you are already deep into 2026 preparation, aim to complete your exams by the November 2026 window on the current curriculum. If you are starting fresh, target February 2027 or later and study the new curriculum from the outset rather than switching material mid-stream.

Whichever curriculum you sit, keep your recall sharp with free CFA-style practice questions on Professional Career Club - instant feedback, no signup needed.

Details are as announced by CFA Institute and can change; confirm specifics on the official CFA Institute site before planning your sitting.

CFA Institute has confirmed a new Level III Practical Skills Module on Due Diligence, scheduled for release later in 2026.

Where it fits

Practical Skills Modules sit alongside the examined curriculum. They are hands-on units built around what analysts actually do, and the Due Diligence module extends that idea to Level III.

What else is changing in the PSMs

The same announcement confirms enhancements to existing modules at Levels I and II: Equity Analysis, Macro Insights for Investing and Python.

The wider 2027 curriculum update

The Due Diligence PSM is one part of a broader refresh that takes effect with the February 2027 exams. That update is concentrated on Level I, where it affects around 25% of the exam, with expanded Quantitative Methods content including a new module on financial data science, AI and large language models, reworked Equity Investments material, and updated ethics content across all three levels.

What to do about it

Nothing urgent. PSMs are a completion requirement rather than an examined section, so the practical step is to check your candidate resources once the module is released and build the time into your Level III plan rather than discovering it in the final weeks.

Source: CFA Institute — CFA Institute Announces Updates to CFA Program Curriculum

CFA Institute has announced updates to the CFA Program curriculum that take effect with the February 2027 exams. The changes land mainly on Level I, where they touch roughly 25% of the exam.

Quantitative Methods

Coverage of estimation, simulation and portfolio optimisation is expanded, and a new module on financial data science, AI and large language models is added. CFA Institute is also introducing interactive Equation Explorers that let candidates work through time value of money and cash-flow relationships rather than only read them.

Equity Investments

The emphasis moves toward practical application: modelling, valuation and investment communication. New content covers cost of equity estimation and multi-factor approaches.

Practical Skills Modules

Existing PSMs at Levels I and II are enhanced — Equity Analysis, Macro Insights for Investing, and Python. A new Level III PSM on Due Diligence is scheduled for release later in 2026.

Ethics across all three levels

Ethics content is updated at Levels I, II and III, reflecting its position as foundational content throughout the programme.

What it means for your study plan

If you sit Level I before February 2027, the current curriculum still applies. If your first Level I attempt falls in or after February 2027, work from the 2027 materials rather than reusing a 2026 set — a quarter of the exam is a large enough share that second-hand notes will have real gaps, particularly in Quantitative Methods.

Source: CFA Institute — CFA Institute Announces Updates to CFA Program Curriculum