Note: This article is for the new 2024 curriculum. For last year’s info, check out our article on 2023 CFA curriculum changes.
The new 2024 CFA curriculum is now out for all 3 levels, with some 2024 exams already open for registration.
With CFA Program’s big revamp coming up for 2024/2025, we have done all the hard work to compare and check all the 2024 CFA curriculum changes for each level, in a lovely summary just for you! ☕
So here’s a quick breakdown of the latest CFA curriculum changes 2024 for all Levels that you should know.
Some fun facts on the recent 2024 CFA curriculum updates:
- CFA Level 1 has fully transitioned to Learning Modules (LMs) for all topics, so there are major changes this year. That said, hopefully the smaller, bite-szed lessons makes studying easier.
- There are minor changes in CFA Level 2 and 3’s curriculum in 2024. So you can still use parts of 2023’s books to revise, but check which topics are unchagned before doing so.
Read on to find out more!
Why are CFA curriculum changes and topic weights important?
Topic weights are key to CFA study plans, as it guides candidates on the importance of each topic for the exams. Needless to say, higher weighted topics deserve more study time, focus and practice.
Knowing the curriculum changes in advance are useful in certain circumstances, for example:
- Candidates who have yet to register for the 2024 exam, yet want to get a head start on reading existing 2023 study materials. They need to make sure that what they are studying now will be part of the updated curriculum;
- Candidates who are interested in getting second hand, previous year versions of third party study materials for the next exam; or
- Candidates who (unfortunately) failed a current year exam, and are planning to retake in 6-12 months time. Existing third party study materials may be re-used if the curriculum changes are minor between these 2 years.
Here are the quick summaries of the topic weights and curriculum changes that you need to know for your exam.
For each level, there is also a free 1 pager summary PDF you can download at the end of each section.
CFA Level 1 topic weights
Since 2021, CFA Institute changed CFA Level 1’s topic weights to be a range rather than an absolute % as per previous years.
There are big changes to 2024’s CFA level 1 topic weights compared to 2023’s.
| CFA Level 1 Topic Weights | 2019 | 2020 | 2021 | 2022-2023 | 2024 |
|---|---|---|---|---|---|
| Quant Methods | 10% | 10% | 8-12% | 8-12% | 6-9% |
| Economics | 10% | 10% | 8-12% | 8-12% | 6-9% |
| Financial Statement Analysis | 15% | 15% | 13-17% | 13-17% | 11-14% |
| Corp. Issuers | 10% | 10% | 8-12% | 8-12% | 6-9% |
| Equity | 11% | 11% | 10-12% | 10-12% | 11-14% |
| Fixed Income | 11% | 11% | 10-12% | 10-12% | 11-14% |
| Derivatives | 6% | 6% | 5-8% | 5-8% | 5-8% |
| Alt. Investments | 6% | 6% | 5-8% | 5-8% | 7-10% |
| Portfolio Mgmt. | 6% | 6% | 5-8% | 5-8% | 8-12% |
| Ethics | 15% | 15% | 15-20% | 15-20% | 15-20% |
What’s interesting to see about 2024’s CFA Level 1 topic weights changes is its more practical focus on Equity, Fixed Income, Alternative Investments and Portfolio Management, at the expense perhaps more theoretical topics such as Quantitative Methods, Economics, Financial Statement Analysis and Corporate Issuers.
These changes are done to sharpen the focus of the curriculum to ensure that candidates can apply their skills on-the-job earlier whilst preparing for CFA Level 1.
CFA Level 1 curriculum changes 2024
In short, there has been a major change throughout the CFA Level 1 curriculum given the evolution of the CFA Program announced recently. Some notable changes:
- CFA Level 1’s 2024 curriculum has fully transitioned to a Learning Module (LM) structure, instead of Readings. Learning Modules are basically bite-sized lessons that can be done in an evening of study, to better reflect the nature of CFA candidates’ study patterns. LMs also include more visuals, spreadsheets and practical content relevant to finance careers.
- So in a way, the ‘number of readings/chapters’ comparison vs. last year is no longer comparable, although we still have a good gauge of the extent of an update.
- Portfolio Management, Derivatives and Ethics remain largely unchanged vs 2023.
- Other topics are either further broken down into LMs (e.g. Fixed Income, Quant Methods, Alternative Investments) or consolidated/refreshed (Economics, Corporate Issuers, Financial Statement Analysis and Equity).
There are 93 Learning Modules in 2024’s Level 1 Curriculum (vs. 73 readings in 2023) – as mentioned earlier, this is not comparable given the transition to LMs:
- Some readings in 2023 were removed, but most are replaced, renamed or changed to Learning Modules.
- Many Learning Modules were added (mostly in Fixed Income, Quantitative Methods, Alternative Investments):
- LM 13 – Introduction to Geopolitics
- LM 28 – Corporate Structures and Ownership
- LM 30 – Business Models
Overall, the 2024’s CFA Level 1 curriculum changes are significant, with 5-7 topics updated (LMs or Learning Outcome Statements (LOS) added/removed) to to reflect current market demand and a sharper focus on practical knowledge.
Corporate Issuers, Economics, Alternative Investments, Derivatives and to a smaller extent Portfolio Management have notable changes from 2022’s curriculum. Other topics remain largely the same as last year’s.
More details of the changes are shown in the table below, as well as a 1 pager summary PDF you can download.
CFA Level 2 topic weights
In contrast to CFA Level 1, there are no changes to 2024’s CFA level 2 topic weights compared to 2023’s.
This is as expected given historical trends of reducing the variability in topic weight across the 10 topics, with a maximum range difference of 5% per topic.
These changes may have been done to discourage candidates from purely just focusing on the (previously) big 5 topics of Level 2 (FSA, Corporate Finance, Equity Investments, Fixed Income and Derivatives).
Based on 2024’s topic weighting, it is even possible for the 10 topics to be tested evenly at 10% weighting each for CFA Level 2.
| CFA Level 2 Topic Weights | 2019 | 2020 | 2021 | 2022-2023 | 2024 |
|---|---|---|---|---|---|
| Quant Methods | 5-10% | 5-10% | 5-10% | 5-10% | 5-10% |
| Economics | 5-10% | 5-10% | 5-10% | 5-10% | 5-10% |
| Financial Statement Analysis | 10-15% | 10-15% | 10-15% | 10-15% | 10-15% |
| Corp Issuers | 5-10% | 5-10% | 5-10% | 5-10% | 5-10% |
| Equity | 10-15% | 10-15% | 10-15% | 10-15% | 10-15% |
| Fixed Income | 10-15% | 10-15% | 10-15% | 10-15% | 10-15% |
| Derivatives | 5-10% | 5-10% | 5-10% | 5-10% | 5-10% |
| Alt. Investments | 5-10% | 5-10% | 5-10% | 5-10% | 5-10% |
| Portfolio Mgmt. | 5-15% | 5-15% | 10-15% | 10-15% | 10-15% |
| Ethics | 10-15% | 10-15% | 10-15% | 10-15% | 10-15% |
CFA Level 2 curriculum changes 2024
In short, Level 2’s curriculum experienced a minor update this year. Some notable changes are:
- Just like CFA Level 1, instead of Readings, CFA Level 2’s program structuring is moving towards a Learning Module (LM) structure, i.e. bite-sized lessons that can be done in an evening of study, to better reflect the nature of CFA candidates’ study patterns. LMs also include more visuals, spreadsheets and practical content relevant to finance careers.
- So far, some Quantitative Methods and Alternative Investment readings respectively have been broken down to smaller Learning Modules.
- In Financial Statement Analysis, there has been major changes in “Employee Compensation: Post Employment and Share-based” where most LOS has changed and less/no focus on defined benefit.
- In Equity, “Private Company Valuation” most of the LOS has been changed/updated.
There are 47 Learning Modules (LMs) in 2024’s CFA Level 2 Curriculum (vs. 49 in 2023):
- 3 LMs from 2023 were removed:
- LM 36: Investment in Real Estate Through Private Vehicles
- LM 38: Private Equity Investments
- LM 46: Trading Costs and Electronic Markets
- 1 new Learning Module was added: LM 38: Hedge Fund Strategies
- 2 Learning Modules were updated: significant changes in Employee Compensation: Post Employment and Share-based (FSA) and Private Company Valuation (Equity). Rest are minor.
Overall, 2023 CFA Level 2’s curriculum experienced a smaller update, with only Financial Statement Analysis, Equity and Alternative Investments experiencing big changes in some LMs.
More details of the changes are shown in the table below, as well as a 1 pager summary PDF you can download.
CFA Level 3 topic weights
Just like CFA Level 2, there are no changes to 2024’s CFA level 3 topic weights compared to 2023’s.
This is as expected given historical trends of reducing the variability in topic weight across the 10 topics, with a maximum range difference of 5% per topic.
| CFA Level 3 Topic Weights | 2019 | 2020-2023 | 2024 |
|---|---|---|---|
| Quant Methods | – | – | – |
| Economics | 5-10% | 5-10% | 5-10% |
| Financial Statement Analysis | – | – | – |
| Corp Issuers | – | – | – |
| Equity | 10-15% | 10-15% | 10-15% |
| Fixed Income | 15-20% | 15-20% | 15-20% |
| Derivatives | 5-10% | 5-10% | 5-10% |
| Alt. Investments | 5-10% | 5-10% | 5-10% |
| Portfolio Mgmt. | 35-40% | 35-40% | 35-40% |
| Ethics | 10-15% | 10-15% | 10-15% |
CFA Level 3 curriculum changes 2024
In short, there is a much smaller revamp on the Level 3 curriculum this time around. Some notable changes:
- There are various minor updates in Portfolio Management readings, mainly removal of 1-2 LOS or data/exhibit updates.
- Currency Management reading in Derivatives has moved to Economics.
There are 33 readings in 2024’s Level 3 Curriculum (vs. 35 in 2023):
- 2 readings from 2023 were removed:
- Reading 1: The Behavioral Biases of Individuals
- Reading 2: Behavioral Finance & Investment Processes
Overall, 2024’s CFA Level 3 curriculum has notable content changes in Portfolio Management.
Other topics remain largely the same as 2023’s curriculum.
More details of the changes are shown in the table below, as well as a 1 pager summary PDF you can download.
For CFA Level 2 and 3, it seems that 2023’s CFA books are highly transferable to 2024 (excluding a few chapters with major revisions). I hope you’ve found the above useful in your next CFA exam study preparations!
Meanwhile, here are a few related articles of interest:
Thank you.
Hi,
Based on the shuffling of the readings, is there a guide on study sequence of topics for the 2024 CFA level III curriculum?
There is now Michael, thanks for your patience 🙂
Hi Michael, yes there is 🙂 Check this L3 study order article that corresponds with our free study planner as well.
I usually put my trust in this site, however I do agree with the original poster in that reading # 3 is not currency management and has not moved from derivatives section. This reduces the credibility I can give this website in my opinion
Hi Upset, this article is about 2024 vs 2023’s CFA curriculum.
So in 2023 for CFA Level 3, the Currency Management: An Introduction is part of the Derivatives reading.
In 2024 CFA Level 3, this specific “Current Management: An Introduction” reading has been moved to Economics.
Hope this clarifies 🙂 Let me know if you have further questions.
Currency Management hasn’t moved to Economics. Please check
Hi Masashi, this article is about 2024 vs 2023’s CFA curriculum.
So in 2023 for CFA Level 3, the Currency Management: An Introduction is part of the Derivatives reading.
In 2024 CFA Level 3, this specific “Current Management: An Introduction” reading has been moved to Economics.
Hope this clarifies, let me know if you have further questions.