fbpixel 2023 Level II CFA Program Changes | IFT World

2023 Level II CFA Program Changes

Each year CFA Institute makes changes to the exam curriculum. This year there have been a small number of changes to the LII curriculum.

There are 49 learning modules in the 2023 Level II curriculum versus 47 readings in 2022.

(The CFA Institute has made this change: A Reading is now referred to as Learning Module (LM) for each topic.)

  • 5 readings from 2022 were dropped:
    • Introduction to Linear Regression
    • Capital Structure
    • Mergers & Acquisitions
    • Capital Budgeting
    • Return Concepts
  • 1 new reading was added:
    • Cost of Capital: Advanced Topics
  • 6 readings were updated.
    • Multiple regression content has been divided into four learning modules and updated with investment-focused datasets. 
    • A “Financial Statement Modeling” reading that replaces “Industry and Company Analysis.” The reading introduces spreadsheets in the LES for financial modeling and includes additional content on behavioral biases in forecasting.
    • “Cost of Capital: Advanced Topics” covers some of the content of the previous “Return Concepts” reading. 
    • “Corporate Restructuring” focuses on all types of corporate restructuring and how to model them using expanded coverage of spreadsheet modeling. This reading replaces the previous “Mergers & Acquisitions” reading.
    • Three integrated modules covering various topics in Real Estate, including investments through private vehicles and publicly traded securities. These replace and consolidate the material in the previous two real estate readings at this level.
    • “Application of the Code and Standards” includes a new vignette to ensure coverage of all the Code of Ethics and Standards of Professional Conduct.

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


To learn more about the 2023 Level II 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

2025 CFA Exam Packages Now on Sale! See below.
This is default text for notification bar