The CFA Program curriculum updates every year, and the 2027 edition brings the most significant changes in a while, especially at Level I. If you are planning a 2027 sitting, you need to know what moved, because the changes affect which materials you buy, how you split your study hours, and even which topics carry the most marks. Here is a clear, level-by-level breakdown, built around Kaplan Schweser's own guidance, along with what it means for your prep.
The one change that touches every level: Ethics
The single theme running through all three levels in 2027 is a rebuild of Ethical and Professional Standards. Instead of grouping the Standards of Professional Conduct together, the curriculum now breaks Standards I to VII into their own individual modules, aligned with the latest Standards of Practice Handbook. The goal is a more detailed, Standard-by-Standard treatment aimed at helping candidates recognise and prevent violations, rather than a general summary. If you are reusing older study notes for any level, Ethics is the one section you cannot rely on from a previous year.
Level I: the biggest overhaul
Level I saw the deepest changes, with the total number of learning modules rising from 93 to 102. Three things stand out.
Topics were renamed
- Corporate Issuers is now Corporate Finance.
- Equity Investments is now Equities.
- Portfolio Management is now Portfolio Construction.
These are not just cosmetic. The renamed areas also had content moved around, so treat them as updated topics, not relabelled ones.
Quantitative Methods and Equities were restructured
Quantitative Methods was reorganised to focus more on applied financial analysis and less on abstract statistical theory, and it is now a much heavier part of the exam. Equities was expanded and now absorbs some content that previously sat in Portfolio Management. The Global Investment Performance Standards (GIPS) reading has been removed from the Level I curriculum entirely.
The new Level I topic weights
The weight shifts are large enough to change how you plan your hours. Quantitative Methods roughly doubled in weight, while Ethics came down.
| Topics | 2026 | 2027 |
|---|---|---|
| Ethical and Professional Standards | 15 to 20% | 10 to 15 % |
| Quantitative Methods | 6 to 9% | 11 to 14 % |
| Derivatives | 5 to 8% | 6 to 9 % |
| Alternative Investments | 7 to 10 % | 6 to 9 % |
All other Level I topic weights are unchanged. The practical takeaway: give Quantitative Methods noticeably more of your time than last year's candidates did, and do not over-invest in Ethics relative to its reduced weight.
Level II: Ethics only
At Level II, the only real change is Ethics. The Standards I to VII guidance has been split into individual modules, taking the total to 51, six more than in 2026. Every other topic, and all the topic weights, are unchanged. If you sat or studied Level II recently, your materials are still valid everywhere except Ethics, which you should update.
Level III: Ethics only
Level III follows the same pattern. Ethics has been restructured into individual Standard modules, while the core topics and the specialised pathways (such as Portfolio Management, Private Wealth, and Private Markets) keep their existing weights and content. Again, the one thing to refresh is Ethics.
Do you need new study materials?
Kaplan Schweser's advice is to keep your prep materials current and study to the exact curriculum of your sitting. In practice that means:
- Level I candidates: use 2027 materials, at a minimum for Quantitative Methods, Equities, and Ethics, and rebalance your study plan towards the new weights. Unchanged topics can still be studied from recent materials.
- Level II and Level III candidates: you can generally reuse recent materials for the unchanged topics, but you need updated Ethics materials aligned with the new module structure.
- Everyone: do not mix an old Ethics section into a 2027 study plan, and check that your question bank and mocks reflect the current modules.
Which sitting should you plan for?
The changes make your target window a real decision. If you are mapping out a 2027 attempt, build your plan around the 2027 curriculum from day one rather than starting on older notes and patching them later. Level I candidates in particular should lock in up-to-date materials before they begin, given how much of Quant and Equities has moved. If you are still choosing a window, see our guide to the CFA Level I February 2027 sitting, and if you want to understand how your result is actually graded, read how the CFA exam is scored.
Study the current curriculum with confidence
A changing curriculum is exactly when the right materials matter most, because outdated notes cost you marks on the topics that moved. As an official Kaplan Schweser partner, Top Finance offers a complete CFA preparation course and Kaplan Schweser materials, fully aligned with the 2027 curriculum, in person or online, and at the best possible price. From updated study notes and a current question bank to full-length mocks built on the new modules, you study exactly what your exam will test, and nothing you do not need.
The bottom line
For 2027, Ethics is rebuilt at all three levels, and Level I gets a genuine overhaul: renamed topics, a restructured and much heavier Quantitative Methods, an expanded Equities, GIPS removed, and reshaped topic weights. Level II and Level III candidates mainly need to refresh Ethics. Whatever your level, the move is the same: study the 2027 curriculum from current materials, and plan your hours around the new weights rather than last year's.