CFA Level I 2027 curriculum changes: what is new, what moved, what was dropped
The 2027 CFA® Program curriculum applies to exams from February 2027. Quantitative Methods and Equities are rewritten, and CFA Institute says these updates "represent about 25 percent of the CFA Level I exam". Ethics becomes ten modules and drops to 10–15%. The other seven topics keep identical learning outcomes.
Checked on 22 October 2026 against CFA Institute's 2027 Level I topic outlines, its Level I exam page, its 2027 curriculum change note and its May 2026 press release. Analyst Dojo is independent and not affiliated with CFA Institute. Analyst Dojo teaches the 2027 curriculum and keeps the 2026 lessons readable.
When does the 2027 curriculum apply?
It applies to exams from February 2027. CFA Institute announced the updates on 26 May 2026, for "candidates sitting exams beginning February 2027". The February 2027 window runs 22 to 28 February 2027.
The last window before it is November 2026, 11 to 17 November 2026, and there is no Level I window in between. So November 2026 is the last sitting on the 2026 curriculum. That last step is our reading of the published windows; CFA Institute has not said it in those words. Dates were last checked on 18 October 2026, so check CFA Institute's dates and fees page before you plan around them.
One more thing changes at the same time: from the February 2027 window there is no paid deferral, only emergency deferral. A candidate who misses November 2026 therefore cannot carry a 2026 registration forward by paying. See fees and deferrals on the exam guide.
What changed, topic by topic?
Three topics changed: Quantitative Methods and Equities were rewritten, and Ethics was restructured. The other seven topics have identical learning outcomes in the 2027 outline.
| Topic (2027 name) | Modules, 2026 to 2027 | Learning outcomes, 2026 to 2027 | 2027 outline text |
|---|---|---|---|
| Quantitative Methods | 11 to 11 | 38 to 30 | Every module retitled and rewritten |
| Economics | 8 to 8 | 30 to 30 | Identical |
| Corporate Finance (was Corporate Issuers) | 7 to 7 | 22 to 22 | Identical except the topic name |
| Financial Statement Analysis | 12 to 12 | 53 to 53 | Identical |
| Equities (was Equity Investments) | 8 to 12 | 66 to 37 | Rewritten |
| Fixed Income | 19 to 19 | 51 to 51 | Identical |
| Derivatives | 10 to 10 | 22 to 22 | Identical except one letter in one module title |
| Alternative Investments | 7 to 7 | 22 to 22 | Identical |
| Portfolio Construction (was Portfolio Management) | 6 to 6 | 40 to 40 | Identical except the topic name |
| Ethical and Professional Standards | 5 to 10 | 21 to 33 | Restructured |
| Total | 93 to 102 | 365 to 340 |
The module and outcome counts are ours, counted from CFA Institute's 2026 and 2027 topic outlines.
Quantitative Methods
All eleven module titles change and the learning outcomes fall from 38 to 30. CFA Institute's change note says the topic is reorganized "around real-world applications". It describes expanded coverage of estimation and simulation (historical simulation, bootstrapping and Monte Carlo, with Excel and Google Sheets functions), expanded portfolio optimization, and a new reading on financial data science, AI and large language models. Index construction also moved in from the old Equity Investments topic. The weight nearly doubles, from 6–9% to 11–14%. Full module list: Quantitative Methods in the 2027 curriculum.
Equities
The topic goes from 8 modules to 12 and from 66 learning outcomes to 37, at an unchanged weight of 11–14%. The change note says Equities has been "substantially updated". It describes valuation grounded in financial statement forecasting, scenario analysis with probability weighting, Porter's Five Forces and PESTLE tied to valuation, and new modules on analyst research reports and on CAPM and multi-factor models for estimating cost of equity. Several 2026 module titles no longer appear by name, among them market organization and structure, security market indexes and market efficiency. See Equities in the 2027 curriculum for what left and what arrived.
Ethics
Ethics goes from 5 modules to 10, with one module for each of the seven Standards, and from 21 learning outcomes to 33. The weight drops from 15–20% to 10–15%. The 2026 module on the Global Investment Performance Standards (GIPS), with five learning outcomes, is not in the 2027 outline. CFA Institute's change note says Ethics follows the 12th edition of the Standards of Practice Handbook. The rule text of the Code and Standards is the same as in the 2026 curriculum; the guidance and examples changed. See Ethics in the 2027 curriculum.
The seven topics that did not change
Economics, Financial Statement Analysis, Corporate Finance, Fixed Income, Derivatives, Alternative Investments and Portfolio Construction have identical learning outcomes. Two differ only by name: Corporate Issuers is now Corporate Finance and Portfolio Management is now Portfolio Construction. CFA Institute's exam page lists Derivatives as "Derivatives and Risk Management", but the 2027 outline header still says "Derivatives", no risk-management module was added, and the only text change is one letter in a swaps module title (Rates became Rate).
We also compared the 2026 and 2027 textbooks for Economics, Corporate Finance and Alternative Investments. We found the same content and the same number of end-of-module questions with the same answer keys. For Financial Statement Analysis, Fixed Income, Derivatives and Portfolio Construction we compared the outlines only, so we say their learning outcomes are unchanged and no more.
How did the exam weights change?
Four weights moved: Ethics down 5 points, Quantitative Methods up 5, Derivatives up 1 and Alternative Investments down 1. The other six are unchanged. Format is the same: 180 multiple-choice questions in two sessions of 135 minutes, 90 questions each.
| Topic | 2026 | 2027 | Change |
|---|---|---|---|
| Ethical and Professional Standards | 15–20% | 10–15% | Down 5 points |
| Quantitative Methods | 6–9% | 11–14% | Up 5 points |
| Economics | 6–9% | 6–9% | None |
| Financial Statement Analysis | 11–14% | 11–14% | None |
| Corporate Finance | 6–9% | 6–9% | None |
| Equities | 11–14% | 11–14% | None |
| Fixed Income | 11–14% | 11–14% | None |
| Derivatives and Risk Management | 5–8% | 6–9% | Up 1 point |
| Alternative Investments | 7–10% | 6–9% | Down 1 point |
| Portfolio Construction | 8–12% | 8–12% | None |
Out of 180 questions, our arithmetic gives these ranges for the four that moved: Ethics about 18 to 27 questions (was 27 to 36), Quantitative Methods about 20 to 25 (was 11 to 16), Derivatives about 11 to 16 (was 9 to 14) and Alternative Investments about 11 to 16 (was 13 to 18). Treat them as guides, not quotas. The session split did not change: Ethics and Quantitative Methods stay in session 1 with Economics, Financial Statement Analysis and Corporate Finance, and the other five topics stay in session 2. CFA Institute has not published a reason for the weight changes. The full side-by-side is on the 2027 topic weights page.
What did CFA Institute say?
It said the updates focus on Quantitative Methods and Equities, and named a few specifics. We quote only its May 2026 press release and its 2027 change note:
- Scope. The updates "focus primarily on Level I Quantitative Methods and Equity Investments topic areas" and "represent about 25 percent of the CFA Level I exam". That figure is for the two topics together, not for either alone.
- Equation Explorers. These are interactive lessons "available exclusively in the Level I online learning ecosystem", which "accompany the Time Value of Money lessons in Quantitative Methods". They live on CFA Institute's own platform, not here, and the change note ties them to that one area.
- Prerequisite reading. The Quantitative Methods prerequisite reading is "being retired for 2027 and forwards", because the revisions made it "redundant". The note says this of Quantitative Methods only.
- Ethics. It was "updated at all three levels to fully reflect the Standards of Practice Handbook (v12)", and "Each Standard is now presented as its own module with targeted practice problems".
The note does not mention the weights, GIPS, or Economics, Financial Statement Analysis, Corporate Finance, Fixed Income, Derivatives, Alternative Investments or Portfolio Construction.
What if you already studied the 2026 material?
Most of it is still good: seven topics carry over as they are. If you deferred or are rolling over into 2027, our guide Studied for the 2026 exam, sitting in 2027? What to re-study goes through it topic by topic. In short:
| Group | Share of the 2027 exam | What it means for 2026 study |
|---|---|---|
| Seven topics with identical learning outcomes | 54–76%, midpoint 65% (our arithmetic) | Your 2026 study carries over. Nothing in the outline needs re-studying. |
| Quantitative Methods, Equities, Ethics | 32–43% together (our arithmetic) | Re-study from 2027 material. Ethics keeps its rules, so there it is the guidance and examples that need a fresh pass. |
A few specifics help you aim your time. Index construction was part of Equity Investments in 2026 and now sits in Quantitative Methods. The GIPS reading is not in the 2027 outline. Weight has moved toward Quantitative Methods and away from Ethics, so the order you revise in may be worth rethinking. Our study plan shows how 12, 16 and 24 weeks look, and the Level I exam guide has the dates and fees.
How does Analyst Dojo handle the two curricula?
Lessons on the 2027 study map follow the 2027 curriculum. Lessons that exist only in the 2026 curriculum stay readable on the 2026 study map, with a clear 2026 label. Lessons that both curricula share say so. Your progress carries over automatically, and every lesson is free.
Questions candidates ask
Is the 2027 curriculum harder?
We cannot say. What we can say is what changed: Quantitative Methods and Equities are rewritten, Ethics is restructured, and seven topics keep identical learning outcomes. Quantitative Methods also carries more weight, 11–14% instead of 6–9%, so more of your score depends on it.
Can I use 2026 books for a 2027 exam?
Topic by topic. Seven topics have identical learning outcomes, so 2026 study carries over there (our textbook comparison covered Economics, Corporate Finance and Alternative Investments only). Quantitative Methods, Equities and Ethics changed, so use 2027 material for those.
Did Ethics get easier?
We would not say so. The weight fell from 15–20% to 10–15%, the rules of the Code and Standards are the same, and the guidance and examples changed, with one module per Standard. Whether that makes questions easier or harder, we cannot say.
Is GIPS still on Level I?
The 2027 Level I topic outline has no GIPS reading; the 2026 outline had a module with five learning outcomes. CFA Institute's change note and press release do not mention it, and its Level I exam page text still does. Keep a one-line idea of what GIPS is: the Standards guidance on performance presentation still refers to it.
Where is Market Efficiency now?
The 2027 Equities outline has no learning outcome on market efficiency. Behavioral biases remain in Portfolio Construction, with identical learning outcomes. The 2026 lesson is still readable on this site. Open the 2026 Market Efficiency lesson.