The 2027 CFA Level I curriculum changes

About a quarter of Level I changes from February 2027. What was added, what was removed and whether your 2026 material still works.

Last updated: 5 August 2026

The 2027 curriculum is the largest revision to Level I in several years, and it lands from the February 2027 window onwards. If you are choosing when to sit, this is the single most consequential piece of information available to you.

What changed

CFA Institute describes the updates as representing about 25 percent of the Level I exam, concentrated in Quantitative Methods and Equities, with a new module covering financial data science, artificial intelligence and large language models.

Ethics restructured

Each of the seven Standards of Professional Conduct now gets its own dedicated module, updated to the twelfth edition of the Standards of Practice Handbook. Provider counts put Level I Ethics at roughly ten modules in 2027, up from five.

Ethics is the heaviest topic at 15–20% of the exam, so a restructure here matters more than the module count suggests.

Three topics renamed

Same subject matter, clearer labels. Worth knowing when navigating older material.

What was removed

Knowing what has gone is as useful as knowing what has arrived, because studying deleted content is pure waste:

• GIPS no longer appears as a standalone Level I reading.
• Parametric and non-parametric tests of independence are gone from Quantitative Methods.
• Repetitive return formulas have been eliminated.

Weights are unchanged

Reassuringly, topic weights hold steady at all three levels. Level I keeps Ethics at 15–20%, and Financial Statement Analysis, Equities and Fixed Income each at 11–14%.

The relative importance of what you study is therefore stable: what changed is how the material is taught and organised, not how much each topic counts. Your topic prioritisation carries over intact.

Practical Skills Modules updated too

The mandatory Practical Skills Modules introduced in 2024 also get a refresh. CFA Institute announced updates to the Equity Analysis, Macro Insights for Investing and Python modules at Levels 1 and 2, with a new Due Diligence module for Level 3 releasing later in 2026.

These are not optional extras: failing to complete the module can void your exam result.

What this means for your material

Which window should you sit?

• Already well into 2026 material? November 2026 is the last window on the old syllabus. Sitting then avoids relearning a quarter of the content.
• Starting now? Plan for the 2027 curriculum from day one. Buying 2026 material today means buying something with a short shelf life.

Frequently asked questions

When do the 2027 CFA curriculum changes take effect?

From the February 2027 exam window onwards. August and November 2026 are still tested on the 2026 curriculum.

How much of Level I changes in 2027?

CFA Institute describes the updates as representing about 25 percent of the Level I exam, concentrated in Quantitative Methods and Equities, plus a new module on financial data science, AI and large language models.

Did the topic weights change for 2027?

No. Topic weights are unchanged at all three levels. Ethics stays at 15–20% of Level I, and FSA, Equities and Fixed Income each stay at 11–14%.

Can I use 2026 study material for a 2027 exam?

For unchanged fundamentals it retains some value, but for Level I Quantitative Methods, Equities and Ethics it is a real risk. Compare the Learning Outcome Statements before relying on older books.

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