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The AICPA Board of Examiners has approved a phased approach for testing CPA candidates on the H.R. 1 One Big Beautiful Bill Act (OBBBA). Old tax provisions remain testable until June 30, 2026. New tax provisions with effective dates in 2024 and 2025 appear on the test starting July 1, 2026. This is the single biggest 2026 CPA exam development — affects REG and TCP sections

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