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

Download Level I Program Changes

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

Best Regards,

Team IFT