The CFA Institute is rolling out the biggest curriculum update in years for February 2027. Level 1 sees the most changes — 102 learning modules (up from 93), a new AI reading, expanded equities, restructured ethics, and more application-focused content throughout.
If you are deciding between November 2026 and February 2027, this matters. Here is what changed, what stayed the same, and how to prepare.
What Changed in Level 1
1. New AI & Financial Data Science Reading — A brand new module in Quantitative Methods covering AI concepts, machine learning applications in finance, and data science fundamentals. This is the CFA Institute’s response to the industry shift toward AI-driven investment analysis.
2. Equities Expanded from 8 to 12 Modules — Equities has been overhauled. New modules cover DCF and growth models, relative valuation, equity research reports, and factor-based investing. Learning outcomes reduced from 66 to 37 — less breadth, more depth. The focus is on practical application: building models, writing research, and understanding factor exposure.
3. Ethics Restructured — The 7 Ethics Standards are now split into individual learning modules, each with updated content. Ethics weight remains 15-20% — the highest individual topic weight. The restructuring makes each standard easier to study in isolation and test independently.
4. Quantitative Methods Reorganized — Quant Methods has been restructured around real-world applications. The new AI reading lives here. Statistics and regression content is more streamlined. Topic weight: 6-9% (unchanged).
5. 102 Learning Modules Total (up from 93) — The increase is driven by the Ethics split (7 standards to 7 modules), Equities expansion (8 to 12 modules), and the new AI reading. The total page count is roughly similar — the curriculum is reorganized, not significantly longer.
What Stayed the Same in Level 1
- Topic weight ranges: Identical to 2026. Ethics 15-20%, FSA 11-14%, Equity 11-14%, Fixed Income 11-14%, Portfolio Management 5-8%, Corporate Issuers 6-9%, Quant 6-9%, Derivatives 5-10%, Alternatives 5-10%, Economics 6-9%.
- Exam format: 180 multiple-choice questions, two 2-hour-15-minute sessions, computer-based.
- Passing score: 70%+ recommended across all topics.
Level 2 and Level 3 Changes
Level 2: Mostly stable. Minor updates in Ethics to match Level 1 restructuring. Topic weights unchanged. No new readings. If you are taking Level 2 in 2027, your 2026 study materials are still largely valid — but update your Ethics content.
Level 3: Minor Ethics update only. Core topics and specialized pathways (Portfolio Management, Private Wealth, Private Markets) are unchanged.
Practical Skills Modules — Now Mandatory
Every level now requires completion of Practical Skills Modules (PSMs) — 10-20 hours per level. These are separate from the exam but mandatory for receiving your result.
Level 1 PSM options: Financial Modeling, Python Programming, or Analyst Skills
Level 2 PSM options: Analyst Skills, Macro Insights, or Portfolio Construction
Level 3 PSM: Portfolio Development and Construction
Choose your PSM topic after registration. You can begin anytime. Complete it before your exam date — your result is withheld until the PSM is done.
How to Prepare for 2027
- If taking November 2026: Use 2026 materials. No curriculum changes apply. Register before standard deadlines close.
- If taking February 2027: Wait for updated 2027 materials. Do not study from 2026 content for Ethics, Equities, or Quant — the restructuring means different readings, different modules, and different learning outcomes.
- Start your PSM early: Pick your PSM topic immediately after registration. Complete it in the first 4-6 weeks — do not leave it for the last month.
- Focus on application: The 2027 curriculum is more application-focused. Memorization of formulas is less useful than understanding how to apply concepts to scenarios.
- Update your Ethics: Ethics is the highest-weighted topic at every level. The 2027 restructure changes how standards are tested. Use 2027 Ethics materials specifically.
The Bottom Line
The 2027 curriculum update makes the CFA more practical, more AI-relevant, and more application-focused. Level 1 candidates feel the changes most. Level 2 and 3 candidates see minimal updates.
If you want the current curriculum, take November 2026. If you want the updated, AI-inclusive curriculum, take February 2027 or later.
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This post was researched and written by an AI agent.