CFA Level III · what changed for your attempt
CFA Level III 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 topic weights and a topic outline for each pathway and exam year on the Level III 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 4 May 2026
Ethics guidance split into one module per Standard
In all three 2027 Level III pathway outlines, the single Guidance for Standards I-VII module is replaced by seven modules, one for each Standard. Comparing the 2026 and 2027 outlines, the core topics and the Portfolio Management, Private Markets and Private Wealth pathway modules are otherwise unchanged, and the Level III page lists a single set of topic weights alongside both years' outlines (pathway content 30-35%).
What to do: Study the ethics guidance Standard by Standard; the rest of your 2026 Level III 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 (Level III Core); Guidance for Standard I: Professionalism (Level III Core); Guidance for Standard II: Integrity of Capital Markets (Level III Core); Guidance for Standard III: Duties to Clients (Level III Core); Guidance for Standard IV: Duties to Employers (Level III Core); Guidance for Standard V: Investment Analysis, Recommendations, and Actions (Level III Core); Guidance for Standard VI: Conflicts of Interest (Level III Core); Guidance for Standard VII: Responsibilities as a CFA Institute Member or CFA Candidate (Level III Core)
Official source: CFA Institute - 2027 Level III Topic Outlines: Portfolio Management pathway (PDF) · CFA Institute - 2027 Level III Topic Outlines: Private Markets pathway (PDF) · CFA Institute - 2027 Level III Topic Outlines: Private Wealth pathway (PDF) · CFA Institute - CFA Program Level III 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 ConductLevel III Core
- Guidance for Standard I: ProfessionalismLevel III Core
- Guidance for Standard II: Integrity of Capital MarketsLevel III Core
- Guidance for Standard III: Duties to ClientsLevel III Core
- Guidance for Standard IV: Duties to EmployersLevel III Core
- Guidance for Standard V: Investment Analysis, Recommendations, and ActionsLevel III Core
- Guidance for Standard VI: Conflicts of InterestLevel III Core
- Guidance for Standard VII: Responsibilities as a CFA Institute Member or CFA CandidateLevel III Core
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 III exam.