2023 CFA Curriculum Update- Quick Overview

Generally speaking, CFA claims to change or instead update its syllabus by 5% every year.

Now considering that there are around 70 readings, it leads to around three readings being changed yearly.

Index of Contents

New Learning Modules

What matters most is the introduction of new learning modules or chapters, and below is the list of new chapters added.

  • Business Models- Corporate Issuers

This chapter was long overdue, I felt, considering that most of the new candidates had no background in business strategy. The chapter is almost like a mini-MBA with discussion on pricing, channel and marketing strategy.

  • Corporate Structure & Ownership- Corporate Issuers

Firstly the investment market has nowadays more private funding happening, it is inevitable how ownership structures are affected by it.

  • Introduction to geopolitics

I won’t have to stress why this chapter has been added, i.e. Ukraine-Russia crisis. The ripple effect of such a geo-political crisis has been witnessed by us all across the globe.


Updated Learning Modules

The following readings have been updated, we can categorize them as major and minor.

Major Changes

  • Capital Structure- Corporate Issuers- Practical aspects of valuation introduced

Revisions & Update

  • Introduction to Risk Management-Performance calculation
  • Fintech in Investment Management
  • Portfolio Risk & Return Part 1 & II- currency risk, New EORQs
  • Introduction to Alternative Investments
  • Derivative markets and instruments and pricing and valuation
  • Capital Investments-Working capital- External analysts valuing a company
  • Working capital- External analysts valuing a company
  • Introduction to Corporate Governance-aligned with evolving practice New EORQs


Change of Nuances

CFA institute has dropped the term study session & Readings; it now simply calls it learning modules. Firstly my opinion is that this was long due to reduced the confusion with reading numbers.

Secondly, the change is for their own good, with confusion in maintaining the numeric orders. So no comments here.


Summary of Changes

To summarize, what matters to you

  • 3 New readings and plenty of revisions in the form of learning outcome statement
  • Summary and refresher readings to be given to members starting September 2022.

CFA 2023 New Reading PPTs

You can access the new reading material from Mentor Me Careers in our free learning portal for CFA aspirants. Just visit the site and click on the enroll now for free.

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ALLEN ARAVINDAN,CFA

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