News & Updates

2023 CFA Program Curriculum Changes

18 May 2022


With the 10 May 2022 opening of Level I and Level III February 2023 CFA® Program exam administration comes the release of the 2023 curriculum. Read on to see how the 2023 CFA Program curriculum reflects the knowledge and skills candidates need.


The CFA Program Continues Its Evolution

Extensive work through practice analysis and curriculum development has resulted in major revisions at Level I for 2023. These changes, coupled with the updates made for the 2022 cycle, will better equip candidates with relevant knowledge and skills that reflect current investment practice. And by leveraging the experience the Learning Ecosystem (LES) platform can provide, changes for 2023 also keep learning technology and adult learners’ needs central.

Level I

The single biggest change in the curriculum in recent years comes in Level I Derivatives and Alternative Investments content. By revising the material to a learning module structure—designed with an “LES-first” mindset— CFA Institute has aligned the content with learning best practice to meet candidates' needs.

Each module is designed to be completed in an evening of study, and formative assessments are included throughout. The modules incorporate more visuals, spreadsheets, and realistic content, plus expert demonstrations followed by opportunities for candidates to practice the skills.

New readings for Level I include

  • “Introduction to Geopolitics,” a completely new module to reflect the new Candidate Body of Knowledge line. Structured as a learning module, it includes formative assessments within new content.
  • “Corporate Structures and Ownership,” a new learning module that sets out organizational forms used throughout the curriculum. The reading emphasizes corporate structure but includes general partner and limited partner structures used in Alternative Investments.
  • “Business Models” includes new content that sets out what a business model consists of and ties it to drivers in financial modeling. It also includes a section on alternative business models within an industry and risks associated with different business models.

Readings have also been revised and updated in the Corporate Issuers and Portfolio Management topic areas. Notably, the “Fintech in Investment Management” reading now includes new content on DeFi and blockchain.

Visit CFA Institute website to see list of topics and readings and a key to changes for Level I.

Level II

The Level II curriculum will be released when registration opens on 9 August 2022 for the May 2023 Level II exam. More information about the Level II curriculum will b released upon the opening of registration.

Level III

Content at Level III will remain frozen from the 2022 curriculum to accommodate the shift in exam windows for 2023. To find out more about the 2022 Level III curriculum, download the Guide to 2022 CFA Program Curriculum Changes.

Visit CFA Institute website to see a list of topics and readings for Level III.