CFA Level I · what changed for your attempt
CFA Level I 2027 exams: applicable amendments and notifications
Checked against CFA Institute's official announcements, as of 12 October 2026. Each item links the official notice; read it before you rely on it.
CFA Institute does not issue attempt-wise applicability notices. It publishes a topic outline and topic weights for each exam year on the level's exam page, and announces program policy changes through its press room.
At a glance
| Update | Type | Applies to |
|---|---|---|
| Paid deferrals end from the February 2027 exams | Other | 2027 exams |
| New Level I topic weights and topic names for 2027 | Curriculum | 2027 exams |
| Quantitative Methods rebuilt around financial returns and data | Curriculum | 2027 exams |
| Equities topic expanded to twelve new modules | Curriculum | 2027 exams |
| Ethics: one module per Standard, GIPS introduction removed | Curriculum | 2027 exams |
Other · notice of 5 Mar 2026
Paid deferrals end from the February 2027 exams
From exams scheduled in February 2027 onward, CFA Institute no longer offers paid deferrals. A candidate who does not sit the booked exam loses the registration fee and has to register again at the prevailing rate. Pregnancy also stops being a ground for an emergency deferral unless there are life-threatening complications; special exam-day arrangements can be requested instead.
What to do: Book a 2027 exam window only when you are confident you can sit it.
Effective: CFA Program exams scheduled for February 2027 and beyond · Attempts: 2027 exams
Scope: the whole exam, not one chapter.
Official source: CFA Institute press release - Deferral policy changes beginning with the 2027 exam administrations (5 Mar 2026)
Curriculum · notice of 20 Jan 2026
New Level I topic weights and topic names for 2027
For 2027 exams, Ethical and Professional Standards drops from 15-20% to 10-15%, while Quantitative Methods rises from 6-9% to 11-14%. Derivatives (now Derivatives and Risk Management) moves from 5-8% to 6-9% and Alternative Investments from 7-10% to 6-9%. Four topics are renamed: Corporate Issuers becomes Corporate Finance, Equity Investments becomes Equities, and Portfolio Management becomes Portfolio Construction.
What to do: Rebalance your study hours toward Quantitative Methods and do not rely on 2026-edition weight tables or mock exams built on them.
Effective: 2027 curriculum (2027 exams) · Attempts: 2027 exams
Scope: the whole exam, not one chapter.
Official source: CFA Institute - CFA Program Level I exam (2027 and 2026 topic weights) · CFA Institute - 2027 Level I Topic Outlines (PDF)
Curriculum · notice of 20 Jan 2026
Quantitative Methods rebuilt around financial returns and data
The 2027 Level I outline replaces all eleven 2026 Quantitative Methods modules with eleven new ones, organised around asset returns, benchmarking, return distributions, portfolio risk and return, simulation, regression applications and financial data science. Index construction and index returns are now covered in Benchmarking Returns, and portfolio maths moves into The Return and Risk of a Financial Portfolio.
What to do: Study Quantitative Methods from the 2027 learning outcomes; 2026 notes organised by the old module titles will not map one-to-one.
Effective: 2027 curriculum (2027 exams) · Attempts: 2027 exams
Chapters affected: Returns of Financial Assets and Instruments (CFA Level I Exam); Types of Financial Returns (CFA Level I Exam); Benchmarking Returns (CFA Level I Exam); The Time Value of Money in Finance (CFA Level I Exam); Statistical Characteristics of Asset Returns (CFA Level I Exam); Statistical Distributions for Financial Asset Prices and Returns (CFA Level I Exam); Estimation and Hypothesis Testing (CFA Level I Exam); The Return and Risk of a Financial Portfolio (CFA Level I Exam); Simulation of Financial Asset Prices and Returns (CFA Level I Exam); Applications of Simple Linear Regression in Finance (CFA Level I Exam); Introduction to Financial Data Science (CFA Level I Exam)
Official source: CFA Institute - 2027 Level I Topic Outlines (PDF) · CFA Institute - 2026 Level I Topic Outlines (PDF)
Curriculum · notice of 20 Jan 2026
Equities topic expanded to twelve new modules
The 2027 Equities topic (previously Equity Investments) grows from eight to twelve modules. New modules cover equity instrument features, jurisdictions and voting, issuance and trading, sources of equity returns, DCF and growth models, relative valuation, forecasting, analyst research reports, and CAPM and factor-based equity models. Market Organization and Structure, Security Market Indexes and Market Efficiency no longer appear as Level I modules.
What to do: Treat Equities as a new topic for 2027 and work through every learning outcome in the 2027 outline.
Effective: 2027 curriculum (2027 exams) · Attempts: 2027 exams
Chapters affected: Equity Instrument Features (CFA Level I Exam); Equity Jurisdictions, Classes, and the Voting Process (CFA Level I Exam); Equity Issuance and Trading (CFA Level I Exam); Sources of Equity Returns (CFA Level I Exam); Introduction to Equity Valuation (CFA Level I Exam); Discounted Cash Flow (DCF) and Growth Models (CFA Level I Exam); Relative Value Equity Valuation Approaches (CFA Level I Exam); Financial Statement Forecasting in Equity Valuation (CFA Level I Exam); Industry and Competitive Analysis (CFA Level I Exam); Company Analysis: Past, Present, and Future (CFA Level I Exam); Equity Analyst Research Reports (CFA Level I Exam); The Capital Asset Pricing Model, Market Model, and Other Factor-Based Equity Models (CFA Level I Exam)
Official source: CFA Institute - 2027 Level I Topic Outlines (PDF) · CFA Institute - 2026 Level I Topic Outlines (PDF)
Curriculum · notice of 20 Jan 2026
Ethics: one module per Standard, GIPS introduction removed
In the 2027 Level I outline, the single Guidance for Standards I-VII module is split into seven separate modules, one for each Standard, and the 2026 Ethics Application module is replaced by Application of the Code and Standards: Level I. The Introduction to the Global Investment Performance Standards (GIPS) module no longer appears at Level I. The topic's weight also falls to 10-15%.
What to do: Study the guidance Standard by Standard and drop GIPS from your Level I plan.
Effective: 2027 curriculum (2027 exams) · Attempts: 2027 exams
Chapters affected: Code of Ethics and Standards of Professional Conduct (CFA Level I Exam); Guidance for Standard I: Professionalism (CFA Level I Exam); Guidance for Standard II: Integrity of Capital Markets (CFA Level I Exam); Guidance for Standard III: Duties to Clients (CFA Level I Exam); Guidance for Standard IV: Duties to Employers (CFA Level I Exam); Guidance for Standard V: Investment Analysis, Recommendations, and Actions (CFA Level I Exam); Guidance for Standard VI: Conflicts of Interest (CFA Level I Exam); Guidance for Standard VII: Responsibilities as a CFA Institute Member or CFA Candidate (CFA Level I Exam); Application of the Code and Standards: Level I (CFA Level I Exam)
Official source: CFA Institute - 2027 Level I Topic Outlines (PDF) · CFA Institute - 2026 Level I Topic Outlines (PDF)
Chapters to revise with these changes in mind
- Returns of Financial Assets and InstrumentsCFA Level I Exam
- Types of Financial ReturnsCFA Level I Exam
- Benchmarking ReturnsCFA Level I Exam
- The Time Value of Money in FinanceCFA Level I Exam
- Statistical Characteristics of Asset ReturnsCFA Level I Exam
- Statistical Distributions for Financial Asset Prices and ReturnsCFA Level I Exam
- Estimation and Hypothesis TestingCFA Level I Exam
- The Return and Risk of a Financial PortfolioCFA Level I Exam
- Simulation of Financial Asset Prices and ReturnsCFA Level I Exam
- Applications of Simple Linear Regression in FinanceCFA Level I Exam
- Introduction to Financial Data ScienceCFA Level I Exam
- Equity Instrument FeaturesCFA Level I Exam
- Equity Jurisdictions, Classes, and the Voting ProcessCFA Level I Exam
- Equity Issuance and TradingCFA Level I Exam
- Sources of Equity ReturnsCFA Level I Exam
- Introduction to Equity ValuationCFA Level I Exam
- Discounted Cash Flow (DCF) and Growth ModelsCFA Level I Exam
- Relative Value Equity Valuation ApproachesCFA Level I Exam
- Financial Statement Forecasting in Equity ValuationCFA Level I Exam
- Industry and Competitive AnalysisCFA Level I Exam
- Company Analysis: Past, Present, and FutureCFA Level I Exam
- Equity Analyst Research ReportsCFA Level I Exam
- The Capital Asset Pricing Model, Market Model, and Other Factor-Based Equity ModelsCFA Level I Exam
- Code of Ethics and Standards of Professional ConductCFA Level I Exam
- Guidance for Standard I: ProfessionalismCFA Level I Exam
- Guidance for Standard II: Integrity of Capital MarketsCFA Level I Exam
- Guidance for Standard III: Duties to ClientsCFA Level I Exam
- Guidance for Standard IV: Duties to EmployersCFA Level I Exam
- Guidance for Standard V: Investment Analysis, Recommendations, and ActionsCFA Level I Exam
- Guidance for Standard VI: Conflicts of InterestCFA Level I Exam
- Guidance for Standard VII: Responsibilities as a CFA Institute Member or CFA CandidateCFA Level I Exam
- Application of the Code and Standards: Level ICFA Level I Exam
This page lists only items we could verify on CFA Institute's or the regulator's own website, summarised in our words. If CFA Institute publishes a newer applicability notice, it overrides this page. Check for new notices: CFA Institute - CFA Program Level I exam.