CFA Institute Announces Updates to CFA Program Curriculum

New interactive tools and content updates enhance practical learning and strengthen real-world investment skills

NEW YORK--(BUSINESS WIRE)--CFA Institute, the global association of investment professionals, has released the 2027 curriculum for the CFA® Program, introducing new learning modules, enhanced learning features, and expanded Practical Skills Modules.

The updates focus primarily on Level I Quantitative Methods and Equity Investments topic areas and represent about 25 percent of the CFA Level I exam. The new curriculum applies to candidates sitting exams beginning February 2027.

Chris Wiese, CFA, Managing Director, Education at CFA Institute, comments:

“The CFA Program builds technical expertise alongside the judgment needed for real-world investment decisions. Shaped by ongoing input from employers and practitioners, the curriculum connects learning with real-world practice while maintaining a strong focus on ethics. Earning the CFA charter signals a commitment to professional excellence and to the trust that underpins the investment industry.”

Curriculum updates in Quantitative Methods expand the coverage of estimation, simulation and portfolio optimization. A new learning module introduces financial data science, AI, and large language models. New Equation Explorers—interactive tools that support the learning of core concepts such as time value of money, implied return, and cash-flow relationships—aim to help candidates develop knowledge around quantitative concepts and prepare for more advanced analysis.

Equity Investments updates emphasize practical application, building skills in modelling, valuation, and communicating investment insights, while linking company strategy more directly to investment decisions. New content, including cost of equity estimation and multi-factor approaches, further strengthens candidate career readiness and supports those who are participating in student-managed investment funds or the CFA Institute Research Challenge.

Updates to Practical Skills Modules (PSMs) include enhancements to Equity Analysis, Macro Insights for Investing, and Python PSMs at Levels I and II. A new Level III PSM on Due Diligence is scheduled for release later in 2026.

In addition, ethics content has been updated across all three levels of the CFA Program, reflecting its central role throughout the curriculum.

CFA Program Question Slam
On 12 June 2026, Rob Langrick, CFA, CIPM, Chief Product Advocate at CFA Institute, will host a Q&A webinar on the CFA Program, with a focus on the 2027 curriculum updates. Webinar registration is now open and available at: https://www.cfainstitute.org/insights/events/2026/cfa-program-question-slam-june-12.

About CFA Institute
As the global association of investment professionals, CFA Institute sets the standard for professional excellence and credentials. We champion ethical behavior in investment markets and serve as the leading source of learning and research for the investment industry. We believe in fostering an environment where investors’ interests come first, markets function at their best, and economies grow. With more than 200,000 charterholders worldwide across 160 markets, CFA Institute has 8 offices and 157 local societies. Find us at www.cfainstitute.org or follow us on LinkedIn, and subscribe on YouTube.