fbpixel 2023 Level I CFA Program Changes | IFT World

2023 Level I CFA Program Changes

Each year CFA Institute makes changes to the exam curriculum. 2023’s level 1 Curriculum has changed in terms of the structure along with some revisions in the content.

Revised Structure: Study sessions are no longer part of the curriculum and readings have been replaced with Learning Modules. The curriculum structure for 2023 is as follows:

  • Topic (e.g., Portfolio Management)
    • Learning Module(s) (e.g., Introduction to Risk Management). Learning Modules are now the equivalent of the old “Readings”.
      • LOS (e.g., define risk management). LOS are no longer numbered.
        • Lesson(s).

Content Changes: On the content side, a few learning modules were added and some changes were made to the previous ones. Overall around 5% of the learning modules were revised and less than 5% were added as new ones.

There are 73 learning modules in 2023’s Level 1 Curriculum (vs. 60 in 2022).

Some noteworthy changes are:

  • Corporate Issuers topic area was revised and expanded for better coverage of contemporary business practices.
  • Derivatives and Alternative Investment topics were mainly changed in terms of the structure, with each one now divided into 10 and 3 learning modules respectively.

None of the readings were removed from 2022’s Curriculum.

3 new learning modules were added (1 in Economics and 2 in Corporate Issuers)

  • Introduction to Geopolitics
  • Corporate Structures and Ownership
  • Business Models

4 learning modules were revised significantly (All in Corporate Issuers)

  • Introduction to Corporate Governance and Other ESG Considerations
  • Capital Investments
  • Working Capital
  • Capital Structure

Refer to the CFA website for more details: Level I Curriculum: What Changed for 2023

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

Level I 2022-2023 Program Changes


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Team IFT