As part of our commitment to prioritizing the interests of our candidates, CFA Institute has decided to minimize the impact of the postponement of the June 2020 exams by freezing the 2020 CFA® Program curriculum for two exam cycles.
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This means that all candidates who take the exam in December 2020 or any exam dates offered in 2021 will be tested using the current 2020 CFA Program curriculum.
The 2021 CFA Program curriculum evolved significantly relative to the current 2020 CFA Program curriculum, and CFA Institute felt that asking candidates to transition to a new version of the curriculum would have placed an unfair burden on them at this time. Registered candidates have already invested a great deal of time in their studies, and we do not want to disrupt their learning or add further confusion to the re-scheduling of exam dates.
We will provide 2021 curriculum readings to members in the traditional form of Refresher Readings. In addition, we will help candidates bridge the gap between the readings from the 2020 curriculum to the 2022 curriculum.
Please see these FAQs to support your candidates through this transition. These FAQs and other information related to coronavirus business disruptions can also be found on our enterprise site.
Q: Will the curriculum change for exams in 2021?
A: Due to the postponement of the June 2020 exam and the ongoing upheaval caused by COVID-19 concerns, CFA Institute has made the decision to extend the use of the current 2020 curriculum through the 2021 exam period. This means that candidates of every level who take the exam in December 2020 or in any of the exam dates offered in 2021 will be tested using the current 2020 curriculum.
Q: Why did you decide to keep the curriculum the same?
A: We put our candidates’ interest first and decided to minimize the impact of the postponement of the June 2020 exams by freezing the curriculum for two exam cycles. Although the 2021 curriculum topics have continued to evolve, we felt that to transition candidates who have been postponed and ensure they accurately understand changes to the curriculum places an unfair burden on them at this time.
Registered candidates already invested a great deal of time in their studies, and we do not want to disrupt their learning or add further confusion to the re-scheduling of exam dates.
Q: When will a new version of the curriculum be released?
A: The 2022 Candidate Body of Knowledge (CBOK) and 2022 curriculum will be released when we open registration for the 2022 exam. For Level I, the curriculum and CBOK should be released in May 2021 when the first 2022 exam window is expected to open. The Level II and III curricula will be released when we open registration for the June 2022 exams.
Q: Will the curriculum readings for members remain the same?
A: The curriculum continues to evolve to ensure it remains relevant. We decided not to release the 2021 curriculum to help 2020 candidates affected by COVID-19. However, we will provide 2021 curriculum readings to our members in the traditional form of Refresher Readings.
Q: How will candidates be able to make the transition from the 2020 curriculum to the 2022 curriculum if there is never a 2021 version?
A: We will help bridge the gap between the readings from the 2020 curriculum to those intended for 2022.
Q: Will there be any changes on the Learning Ecosystem?
A: Testable content will not change. However, during this interim period, CFA Institute will continue to evolve the learning experience, adding functionality to help candidates study more effectively. We will also be adding the 2020 Level III curriculum into the Learning Ecosystem in time for the opening of registration for the June 2021 Level III exam. Level III candidates registered for June 2020 will continue to have access to the VitalSource e-book only.
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