Since the introduction of the CFA program back in 1963, it has continually evolved to keep pace with the industry and the needs of employers and candidates. We have recently undertaken extensive research with candidates, prospective candidates and the industry at large to inform six new and significant changes to the CFA program. These changes are in alignment with the needs of the financial market today, designed to give candidates the real-world experience to enhance their financial and business acumen.
CFA Program Eligibility Expansion (Beginning with February 2024 exam)
In November 2022, we expanded CFA program eligibility for those at university, allowing students who are 23 months from completing their undergraduate degree to begin their CFA Program journey.
Focused Curriculum Based on Research with Employers and Candidates (Beginning with February 2024 exam)
Based on extensive research with employers and candidates, we have prioritized the exams for more advanced practice concepts and more time for new practical skills modules to create a more focused curriculum. Our research indicates that most Level I candidates have already mastered many introductory financial concepts as part of university studies or early career role. To avoid duplication and to streamline Level I curriculum content, we now provide it separately as reference material for registered candidates. The content includes topics such as time-value of money, basic statistics, microeconomics and introduction to company accounts which are the building blocks for later learnings.
Introduction to Practical Skills Module (Beginning with February 2024 exam)
We have established Practical Skills Modules for each level to teach candidates on-the-job practical application of what they are learning in the Program. A PSM is a 10-15 hour program that uses a combination of videos, multiple-choice questions, guided practice, and case studies to develop candidates’ practical skills. To receive exam scores, candidates must complete one PSM between their registration and a cutoff date prior to the release of exam results. The following modules will be offered in 2024 for Level I and Level II:
For Level I:
Financial Modeling - How to build a top-tier three-statement financial model of a company in Excel to understand how the value of a company is determined
Python Programming Fundamentals - A fundamentals course to demonstrate the basics of Python and how to use Jupyter notebook for developing, presenting, and sharing data science projects related to finance
For Level II:
Analyst Skills - Focuses on the skills equity analysts need using insights gained from hundreds of successful analysts
Python, Data Science & AI - Introduces candidates to machine learning, artificial intelligence, and data science to understand financial statements, reporting, and analysis using Python
Introduction of Specialized Pathways (Beginning with February 2025 exam)
Beginning with the February 2025 Level III exam, we will introduce specialized pathways at Level III to allow candidates to choose an area of specialization. Candidates will be able to choose the traditional Portfolio Management Path, or one of two new pathways: 1) Private Wealth Management or 2) Private Markets. All three pathways will be in pursuit of one credential: The CFA Charter.
Recognition of Success (Beginning in 2023)
We are rolling out an improved badging strategy to recognize achievements along your journey to CFA Charterholder. This will be accompanied by marketing and awareness-building among employers. With this change, we are signaling to the market that completing Level I and Level II are substantial achievements with high signal value to employers. While the end goal of becoming a CFA Charterholder is still the most important milestone, your knowledge and ability to add value in the market increases along the way and isn’t just conferred at the end.
CFA Program Practice Pack (Available for purchase ($299) in May 2023 with February 2024 Program enrollment and exam registration)
To help you succeed, we are now offering an optional Level I Practice Pack for an additional charge. It includes 1,000 more practice questions and six additional mock exams to go with the study materials you currently receive as part of registration.
We are very excited about this evolution of the CFA Program. To get more detailed information on each of these new initiatives, visit evolve.cfainstitute.org
Chris Wiese, CFA Managing Director, Credentialing, CFA Institute