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.
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