CFA Level II · what changed for your attempt
CFA Level II 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 |
|---|---|---|
| Ethics guidance split into one module per Standard | Curriculum | 2027 exams |
| Paid deferrals end from the February 2027 exams | Other | 2027 exams |
Curriculum · notice of 17 Apr 2026
Ethics guidance split into one module per Standard
The 2027 Level II outline replaces the single Guidance for Standards I-VII module with seven modules, one for each Standard, each asking candidates to apply that Standard to specific situations. The Code of Ethics module now also covers the structure of the Professional Conduct Program and its disciplinary review process. Comparing the 2026 and 2027 outlines, the learning outcomes in the other topics are essentially unchanged, though several topics carry new names (for example Corporate Finance, Equities and Portfolio Construction).
What to do: Study the ethics guidance Standard by Standard; the rest of your 2026 Level II preparation still maps to the 2027 outline.
Effective: 2027 curriculum (2027 exams) · Attempts: 2027 exams
Chapters affected: Code of Ethics and Standards of Professional Conduct (CFA Level II Exam); Guidance for Standard I: Professionalism (CFA Level II Exam); Guidance for Standard II: Integrity of Capital Markets (CFA Level II Exam); Guidance for Standard III: Duties to Clients (CFA Level II Exam); Guidance for Standard IV: Duties to Employers (CFA Level II Exam); Guidance for Standard V: Investment Analysis, Recommendations, and Actions (CFA Level II Exam); Guidance for Standard VI: Conflicts of Interest (CFA Level II Exam); Guidance for Standard VII: Responsibilities as a CFA Institute Member or CFA Candidate (CFA Level II Exam)
Official source: CFA Institute - 2027 Level II Topic Outlines (PDF) · CFA Institute - 2026 Level II Topic Outlines (PDF) · CFA Institute - CFA Program Level II exam (topic weights)
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)
Chapters to revise with these changes in mind
- Code of Ethics and Standards of Professional ConductCFA Level II Exam
- Guidance for Standard I: ProfessionalismCFA Level II Exam
- Guidance for Standard II: Integrity of Capital MarketsCFA Level II Exam
- Guidance for Standard III: Duties to ClientsCFA Level II Exam
- Guidance for Standard IV: Duties to EmployersCFA Level II Exam
- Guidance for Standard V: Investment Analysis, Recommendations, and ActionsCFA Level II Exam
- Guidance for Standard VI: Conflicts of InterestCFA Level II Exam
- Guidance for Standard VII: Responsibilities as a CFA Institute Member or CFA CandidateCFA Level II 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 II exam.