2027 Curriculum Officially Released — Major Update

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