Just like every other year, CFA has once again made significant changes lớn its curriculum. These changes are effective from 2023, and candidates anticipating sitting their exams in the coming year should keep them in mind. While the changes don’t cut across all three levels, anyone planning to take any CFA exams should approach it differently. The majority of changes are centered around the cấp độ I curriculum, though it doesn’t mean candidates are going to meet a whole new curriculum.

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That said, let’s take a look at what you should expect in the coming CFA exams from 2023.

CFA màn chơi I Changes

Aspiring CFA candidates should expect a few structural changes as well as major nội dung revisions that might affect how they’re going to lớn prepare for the coming exam. With regard khổng lồ the structure, study sessions have been faced out from the curriculum, and Learning Modules put in place of readings.

Structural Changes for CFA cấp độ I

The new CFA màn chơi I curriculum structure will be as follows:

Topic —> Learning Module(s) —> LOS (Learning Outcome Statements) —> Lesson(s)

As you can see, Learning Modules are now the equivalent of the old Readings you’d find in the previous CFA level I modules. It’s also important to chú ý that LOS is no longer numbered. To help you understand the breakdown above, here are examples of items in each category:

Topic – Portfolio Management

Learning Module – Introduction to lớn risk management

LOS – Define risk management

Content Revisions

With regard to nội dung changes, a few more learning modules have been added, and the existing ones revised accordingly. About 5% of the learning modules have undergone some minor changes, and less than 5% added to lớn the existing modules. While in 2022, candidates had 60 modules to go through before sitting their exams, now they have 73 learning modules for the 2023 CFA cấp độ I exam.

In that light, here are some changes worth highlighting in the new CFA cấp độ I curriculum:

There are major structures for Derivatives & Alternative Investment topics. The Derivatives are now divided into 10 learning modules, while the Alternative Investment topic is split into 3 learning modules.Derivatives

The old readings in this area have been revised into learning modules on the following topics:

Derivative instruments and derivative market featuresForward commitment và contingent claim features & instrumentsDerivative benefits, risks, và issuer and investor usesArbitrage, replication, & the cost of carrying in pricing derivativesPricing and Valuation of forwarding contracts and for an underlying with varying maturitiesPricing and valuation of futures contractsPricing và valuation of interest rate & other swapsPricing and Valuation of optionsOption replication using put-call parityValuing a derivative using a one-period binomial mã sản phẩm Alternative Investments

Just lượt thích Derivatives, the old readings on this topic have been revised into learning modules with no alteration khổng lồ the content coverage. The topics covered are as follows:

Categories, Characteristics, và Compensation Structures of Alternative InvestmentsPerformance Calculation và Appraisal of Alternative InvestmentsPrivate Capital, Real Estate, Infrastructure, Natural Resources, và Hedge Funds

The Corporate Issuer topic has seen major revisions and expansion lớn cover more areas of contemporary business practices. Four modules have been revised in this area, and they are as follows:

Capital InvestmentsCapital structureWorking CapitalIntroduction to lớn Corporate Governance & Other ESG Considerations

It’s worth noting that out of the modules highlighted in this section, Capital Structure has seen major revisions whereby the nội dung has been revised lớn reduce theoretical content and develop a more practical approach intended to support evaluation exercises.

In addition to lớn the changes highlighted above, three new learning modules were added lớn the CFA level I curriculum. They include:

Introduction lớn Geopolitics – This has been added to Economics. The new learning module is meant to introduce geopolitics and offers an in-depth explanation of how it impacts investment management.

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Corporate Structures và Ownership – This is a new addition to the Corporate Issuers topic. The new learning module highlights important business structures for investment management.Business Models – This module has been added to the Corporate Issuers topic. It examines key business aspects & how analysts can evaluate business models to tư vấn financial modeling.

Approaching the CFA level I in 2023

The changes reflected in the CFA cấp độ don’t mean you’ve got to do much lớn change your study techniques. If anything, the CFA Institute has designed each of the modules in a way that you can complete a module in an evening of study with formative assessments included throughout the module. To make studying seamless for learners, the CFA Institute has incorporated more visuals, spreadsheets, informative content, và expert demonstrations offering candidates practice opportunities lớn sharpen their skills.

Just like other professional exams in the area of finance, quite a lot of practice is needed before you sit for your exams. On that note, we offer lots of study resources for CFA learners who would lượt thích to improve their scores by getting exposed khổng lồ real CFA cấp độ I questions. In addition to the assessments you’re going to lớn come across in the modules, it’s important to practice using real exam questions even as you track time to lớn ensure you finish within the exam timeline.

Are there any changes lớn levels II and III?

So far, the CFA Institute has not announced any changes for the 2023 level II and III exams. The màn chơi II curriculum is set to be released on August 9, 2022, when registration opens for May 2023 màn chơi II exams. On the other hand, there will be no changes for CFA cấp độ III from the 2022 curriculum to accommodate the major shifts in the exam window beginning in 2022 và in future years.

Now you know what khổng lồ expect in the coming CFA exams. You can prepare lớn register for your exams as soon as the registration opens. However, that doesn’t mean you wait until then khổng lồ start studying. There are lots of CFA study resources on our trang web which can help you prepare adequately. Get the notes & practice questions in preparation for your exams.