2022 Level I Program Changes

Each year CFA Institute makes changes to the exam curriculum. This year there have been many updates throughout the Level I curriculum.

There are 60 readings in the 2022 Level I curriculum versus 57 in 2021.

  • 2 readings from 2021 were dropped:
    • R05 Global Investment Performance Standards (GIPS)
    • R07 Statistical Concepts and Market Returns
  • 5 new readings were added:
    • R02 Organizing, Visualizing, and Describing Data
    • R07 Introduction to Linear Regression – moved from LII to LI
    • R31 Capital Structure – moved from LII to LI 
    • R52 The Behavioral Biases of Individuals – moved from LIII to LI
    • R60 Ethics Application – The reading presents a number of short cases that demonstrate how to apply the Code and Standards.
  • 21 readings were updated.
    • Ethics has been moved to the end.
    • Corporate finance has been renamed to Corporate Issuers.
    • Quantitative Methods, Corporate Issuers (earlier called corporate finance), Fixed Income, and Alternative Investments have major content revisions.
    • Other topics have remained largely unchanged.

For details on what has been added, removed, or changed for Level I please see the chart here:

Level I 2021-2022 Program Changes


To learn more about the 2022 Level I exam and make your study strategy, watch our advice videos.

If you have any comments or questions please visit the IFT Help Desk.

Best Regards,

Team IFT