What’s Next for the CFA Program

Technology and innovation continue to drive relentless change in the finance industry. The investment profession does not stand still, and neither does the CFA Program. Since 1963, CFA Insitute has continually enhanced the CFA Program to ensure its ongoing value to our candidates, to their employers, and to clients. It is exciting to share details about the following changes to the CFA Institute flagship product that will ensure its continued growth and relevance

The six changes are as follows:

1. Self-contained, digital practical skills modules will be introduced to the CFA Program to teach candidates on-the-job, practical applications. The initial practical skills modules include Financial Modelling for Level I; Analyst Skills at Level II; Python Programming Fundamentals (Level I or Level II) and Python, Data Science and Artificial Intelligence (Level II). Additional practical skills modules are in development for Level III for the calendar 2025 exam series. Beginning in 2024, at least one practical skills module must be completed for each of Levels I and II but will not be graded as part of the exam.

2. Specialized pathways will be introduced at Level III beginning in 2025. A common core of study will exist for all three pathways at Level III, and candidates will be able to choose one of three job-role focused pathways:

   1. Portfolio Management (the traditional version of Level III)

   2. Private Wealth

   3. Private Markets

   All three pathways will be equally rigorous and in pursuit of one credential: the CFA charter.

3. An improved digital badging strategy will reinforce the value of Level I and Level II achievements to candidates on their CFA Program journey. Candidate feedback suggests that a formal acknowledgement of completing Levels I and II would be beneficial in their search for internships and full-time positions as an indicator of the seriousness of their commitment to a career in the investment profession.

4. The volume of study materials will be reduced at each Level to ensure candidate preparation remains at around 300 hours for each exam. Removing redundancies and sharpen our focus on what is practically relevant while providing pre-requisite, reference readings for candidates who wish to review or reference fundamental content, thus returning to the baseline preparation and “brand promise” of approximately 300 hours of study. Timing: Beginning with February 2024 exams

5. Additional practice materials: when registration opens for the February 2024 exams this May, Level I candidates will have the opportunity to purchase the CFA Program Practice Pack, a new product that includes 1000 new practice questions and six additional Level I mock exams. Candidates are currently granted access to two mock exams at no additional charge eight weeks before their exam window. Based on candidate surveys, it was determined that significant demand exists for more mock exams and practice questions from CFA Institute.

6. Level I CFA Exam eligibility has been extended by a year to those who are two years away from completing their undergraduate degree. This change was previously announced on 16 November, 2022.