CFA exam changes: the 2027 curriculum, new fees and no more deferrals
Three things change for candidates in the next few months: a refreshed curriculum that applies from the February 2027 window, higher fees that took effect in 2026, and the end of paid deferrals. The exam format and topic weights stay the same.
The timeline
| When | What changes |
|---|---|
| February 2026 | The $350 enrollment fee is removed. Exam fees rise to $1,140 early and $1,490 standard for Levels I and II, and to $1,240 and $1,590 for Level III. |
| May 26, 2026 | CFA Institute announces the 2027 curriculum update. |
| November 2026 | Last window tested on the 2026 curriculum (Levels I and II). |
| February 2027 | The 2027 curriculum applies to every exam from this window onward. Paid deferrals are no longer offered. |
What is in the 2027 curriculum
CFA Institute says the update focuses mainly on Level I, in the Quantitative Methods and Equity Investments topic areas, which together make up about a quarter of the Level I exam. It also expands ethics content at all three levels and updates the Practical Skills Modules.
Quantitative Methods and Equity Investments are reworked, with new learning modules. Providers report a new reading on financial data science, AI and large language models.
Mostly stable. The main change is a restructured and expanded Ethics section.
The pathway structure is unchanged, Ethics expands, and a new Practical Skills Module on due diligence is due later in 2026.
What does not change
What to do about it
The 2027 curriculum does not apply to you. Study materials from the 2026 cycle are the right ones for the November window.
Your materials must be the 2027 edition. For Levels II and III, 2026 materials are mostly usable, but you need updated ethics content.
Avoid buying last year's package at a discount without confirming it covers the 2027 curriculum, especially for Level I.
The end of paid deferrals
Until now, a candidate who could not sit their window could pay a fee to move their registration to a later one. From the February 2027 cycle, CFA Institute will no longer offer paid deferrals. The data shows why it matters: in recent official results, first-time Level I candidates passed at 49%, while candidates sitting after at least one deferral passed at only 29%.
Common questions
Is the exam getting harder?
CFA Institute has not announced any change to the question formats or the topic weights at any level. Only the content within some topics changes. Whether difficulty shifts is something only the first 2027 results will show.
Can I use 2026 materials for a 2027 exam?
For Level I, no: the Quantitative Methods and Equity Investments changes are large enough that you need 2027-edition materials. For Levels II and III, mostly, because the changes are small apart from Ethics, but you will need the updated ethics content.
Do the fee changes affect me if I started before 2026?
Yes. Exam fees for 2026 and later windows apply to everyone, whatever year they started. The enrollment fee has simply been removed.