CFA Level 1 2026 vs 2027 Curriculum Changes
The CFA Institute has introduced several curriculum updates for the CFA Level 1 2027 exam. This page provides a detailed comparison of the 2026 and 2027 curriculum, including changes in Quantitative Methods, Ethics, Derivatives, Alternative Investments, Equity, and other topic areas.
Summary of CFA Level 1 2027 Curriculum Changes
The CFA Level 1 2027 curriculum includes several structural and content-related revisions across multiple topic areas. Some readings have been divided into separate modules, selected topics have been removed or reorganized, and additional applications have been introduced to reflect evolving industry practices.
Quantitative Methods Changes
Compared with CFA Level 1 2026, the 2027 Quantitative Methods curriculum has been significantly reorganized. Several readings have been renamed, restructured, and redistributed to improve progression across return calculations, statistical analysis, portfolio mathematics, and financial data science. Additional emphasis has been placed on benchmarking returns, statistical distributions, and practical applications of quantitative techniques in investment analysis. The revised structure creates a more integrated learning flow from return measurement to data interpretation and analytical decision-making.
Economics Changes
From CFA Level 1 2026 to 2027, the Economics curriculum remains largely unchanged. The readings, topic structure, and core learning outcomes continue to follow the same framework covering macroeconomics, microeconomics, monetary and fiscal policy, economic growth, and foreign exchange concepts.
Corporate Finance Changes
From CFA Level 1 2026 to 2027, the Corporate Issuers topic has been renamed back to Corporate Finance. However, the underlying curriculum remains largely unchanged. The core coverage continues to focus on corporate governance, capital budgeting, cost of capital, leverage measures, and working capital management, with no major revisions in the learning outcomes or overall topic structure.
Financial Statement Analysis Changes
From CFA Level 1 2026 to 2027, the Financial Statement Analysis curriculum remains largely consistent in its core structure and coverage. The curriculum continues to emphasize financial reporting mechanics, income statement analysis, balance sheet interpretation, cash flow analysis, financial ratios, and the evaluation of financial reporting quality. While certain readings may have been reorganized or updated for clarity, there are no major structural changes in the overall topic coverage.
Equity Changes
From CFA Level 1 2026 to 2027, Equity Investments has undergone one of the more meaningful curriculum restructurings and is now renamed as Equities. The number of readings has increased from 8 to 12, with the curriculum reorganized into more focused modules covering market organization, trading mechanisms, equity return concepts, valuation models, company analysis, equity research, and factor-based investing. Additional emphasis has been placed on discounted cash flow models, growth models, relative valuation techniques, and practical equity analysis applications.
Fixed-Income Changes
From CFA Level 1 2026 to 2027, the Fixed-Income curriculum remains unchanged.
Derivatives Changes
From CFA Level 1 2026 to 2027, the Derivatives curriculum remains unchanged.
Alternative Investments Changes
From CFA Level 1 2026 to 2027, the Alternative Investments curriculum remains unchanged.
Portfolio Management Changes
From CFA Level 1 2026 to 2027, the Portfolio Management curriculum remains unchanged.
Ethics Changes
From CFA Level 1 2026 to 2027, the Ethics curriculum has undergone a major structural reorganization. In 2026, the guidance for Standards I–VII was presented as a combined reading, whereas the 2027 curriculum separates each Standard into dedicated readings and learning modules. The revised structure increases the number of Ethics readings and creates a more focused approach toward professionalism, market integrity, duties to clients, employer responsibilities, investment analysis, conflicts of interest, and responsibilities as CFA Institute members and candidates. The changes are intended to improve learning flow, retention, and practical application of the Code and Standards.