CFA Institute released the new Level I and II CFA Program curriculum when registration opened on 13 May 2021 for the February 2022 exam. We are excited to announce high-level changes to the curriculum that reflect the newest materials candidates will have seen in two years. Read on to find out more about the updated curriculum and how your society can access it.
As part of our commitment to prioritizing the interests of our candidates, CFA Institute froze the 2020 CFA® Program curriculum for two exam cycles. This meant that all candidates who took the exam in December 2020 or any exam dates offered in 2021 were tested using the 2020 CFA Program curriculum. We provided the 2021 curriculum readings to members in the traditional form of Refresher Readings.
We are excited to reveal changes to the curriculum that keep pace with industry developments. For Levels I and II of the 2022 CFA Program curriculum, we have:
- Moved the Ethics Code & Standards Topic area to the end of each level and added an Applications reading that explicitly shows the Code & Standards in operation on topics and material covered in that level.
- Completely revised the Quantitative Methods topic area in Level I to be engaging, digital-friendly, and include code snippets and Excel commands that support the data presentation.
- Transformed the Corporate Finance topic area into the Corporate Issuers topic area at Levels I and II. The focus of the new Corporate Issuers topic area is on understanding the motivations, interactions, and impacts on investors of securities issued by corporations.
- Revised and aligned all the Fixed Income readings across all levels. This includes notation simplification and alignment, elimination of duplication, and updating of concepts such as LIBOR to Market Reference Rates.
- Updated Alternative Investments readings at Levels I and II, including a new introductory reading at Level I and a single new reading on real estate at Level II.
Look for changes to the Level III curriculum when it is released in August. Refresher Readings will be promoted to members in fall of 2022.
In the meantime, your society can access the Level I and II curriculum files by logging in to Society Center and navigating to the Candidate tile.
If you prefer to purchase a hard copy, click here for more details on how to place your order.
11 May 2022 Update: The 2023 curriculum has been released for Levels I and III.
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