What the 2023 CFA Curriculum Updates Mean for You
The new 2023 CFA curriculum has been released for all 3 levels. This article will summarize all of the important changes to the curriculum and how it affects your preparation.
On the whole, this was a relatively small update, yet significant in specific areas. Level 1 had several additions, while Level 2 had both additions and deletions, and Level 3 was left unchanged. There are no changes to the Topic Area Weights across all three levels.
Updates to the Level I Curriculum
The 2023 CFA curriculum renumbered all Readings into Learning Modules by topic area. For example, Reading 1 from 2022 is now Quantitative Methods Learning Module 1. Financial Statement Analysis has two sets of learning modules, which are sets 3 and 4 in order. So you'll see 3 FSA LM 1-2 and 4 FSA 1-10, and similar changes for Corporate Issuers. A full listing of these renumberings, specific changes, and notes that I made while updating the Bloomberg Exam Prep materials can be found here.
New Learning Modules
The following new Learning Modules were added or the result of splits for 2023:
2 Economics LM 6, “Introduction to Geopolitics” is new.
5 Corporate Issuers 1, “Corporate Structures and Ownership” is new.
5 Corporate Issuers 3 “Business Models and Risks” is new.
5 Corporate Issuers 5 “Working Capital & Liquidity” is new.
2022 Reading 45 was split into three learning modules, 10 Derivatives LM 1-3 with large changes.
2022 Reading 46 was split into seven learning modules, 10 Derivatives LM 4-10 with large changes.
Updates to Existing Learning Modules / Readings
There were updates to several readings for the 2023 curriculum. Major changes were made in the following:
5 Corporate Issuers 2, “Introduction to Corporate Governance and other ESG Considerations,” was subject to a significant rewrite. It was previously Reading 27.
5 Corporate Issuers 4, “Capital Investments,” was subject to a significant rewrite. It was previously Reading 28.
5 Corporate Issuers 5, “Working Capital & Liquidity,” was subject to a significant rewrite. It was previously Reading 28.
6 Corporate Issuers 2, “Capital Structure,” was subject to a significant rewrite. It was previously Reading 31.
All Derivatives and Alternative Investments learning modules were subject to significant rewriting. These were previously Readings 45-47.
12 Portfolio Management 2, “Portfolio Risk and Return: Part I,” was subject to a significant rewrite. It was previously Reading 49.
14 Ethics 4, “Introduction to GIPS,” was subject to significant rewriting. It was previously Reading 59.
Deleted Learning Modules / Readings
No readings from the previous curriculum were removed.
Updates to the Level II Curriculum
The 2023 CFA curriculum renumbered all Level 2 readings in Learning Modules by topic area similar to that of Level 1. A full listing of these renumberings, specific changes, and notes that I made while updating the Bloomberg Exam Prep materials can be found here.
New Learning Modules
The following new Learning Modules were added or the result of splits for 2023:
2022 Reading 2 was split into four learning modules, 1 Quantitative Methods LM 1-4, with some new material and a reorganization.
4 Corporate Issuers 4, “Cost of Capital: Advanced Topics,” is new.
2022 Reading 35 was split into three learning modules, 9 Alternative Investments LM 1-3 with minor changes to LM 1
Updates to Existing Learning Modules / Readings
There were updates to several readings for the 2023 curriculum. Major changes were made in the following:
1 Quantitative Methods LM 1, “Basics of Multiple Regression and Underlying Assumptions”
4 Corporate Issuers LM 1, “Financial Statement Modeling”
4 Corporate Issuers LM 5, “Corporate Restructuring”
8 Derivatives LM 1, “Pricing and Valuation of Forward Commitments”
9 Alternative Investments LM 1, “Overview of Types of Real Estate Investment”
There were also minor updates to:
2 Economics LM 1 and 2
9 Alternative Investments LM 2 and 3
Deleted Learning Modules / Readings
Readings from the previous curriculum that were removed:
Reading 1, “Intro to Linear Regression” was already duplicated in Level 1, and now is removed from Level 2.
Reading 19, “Capital Budgeting” was removed.
Reading 21, “Return Concepts” were used to a small extent in the new 4 Corporate Issuers LM 4.
CFA Level III Updates
There were no changes to the Level 3 curriculum; the 2022 Level 3 curriculum is still in use.
Overall, candidates that have prepared using the 2022 curriculum are well-placed for the 2023 exam as well, with these changes in mind. As always, feel free to reach out to the Bloomberg Exam Prep team for any questions and help.
Happy studying!
About the Author
Dr. Aaron Johnson is the Academic Director of CFA Programs at Bloomberg Exam Prep. He teaches courses in economics, finance, and mathematics at universities in the U.S. and Europe, at both undergraduate and graduate levels. Aaron earned his Ph.D. and M.A. in Economics at the Walton College of Business, served as an MBA program director, and as a non-profit finance director. His research interests are focused in development economics, specifically micro-lending and poverty alleviation efforts, with working papers also in ODA and family economics.