CFA 2022 curriculum released for Levels 1, 2 and 3

Question

CFA Institute have released the syllabus, LOS and readings for 2022. Links below:

Level 1 study sessions
 	Level 2 study sessions
 	Level 3 study sessions

Some very high-level observations:

Most noticeable change is that Ethics is now the last topic, but that doesn't fundamentally change content
 	Some topics moving down the levels, i.e. Level 1 now has some ex-Level 2 topics, Level 2 now has some ex-Level 3 topics
 	Topic-by-topic observations:

Level 1: 9 new readings 6 readings removed

New

Quantitative Methods: Introduction to Linear Regression
 	Quantitative Methods: Organizing, Visualizing, and Describing Data
 	Corporate Issuers: Corporate Finance is now Corporate Issuers and has had a curriculum reconfiguration in general
 	Portfolio Management: The Behavioral Biases of Individuals
 	Ethics: Ethics Application

Removed

Quantitative Methods: Statistical Concepts & Market Returns
 	Corporate Finance: Capital Budgeting
 	Corporate Finance: Cost of Capital
 	Corporate Finance: Working Capital Management
 	Ethics: Global Investment Performance Standards

Level 2: 1 new reading, 2 readings removed, 6 readings changed

Changed

Economics: Economic Growth
 	Corporate Issuers: Environmental, Social, and Governance (ESG) Considerations in Investment Analysis
 	Alternative Investments: Real Estate Investments
 	Alternative Investments: Private Equity Investments
 	Ethics: Application of the Code and Standards: Level II

New

Portfolio Management: Backtesting and Simulation

Removed

Quantitative Methods: Excerpt from “Probabilistic Approaches”
 	Alternative Investments: Publicly Traded Real Estate Securities

Level 3: 2 new readings, 5 readings removed, 1 reading changed

New

Portfolio Management: Topics in Private Wealth Management
 	Portfolio Management: Case Study in Risk Management: Institutional

Changed

Ethics: Application of the Code and Standards: Level III

Removed

Ethics: Professionalism in Investment Management
 	Portfolio Management: The Behavioral Finance Perspective
 	Portfolio Management: Taxes and Private Wealth Management in a Global Context
 	Portfolio Management: Estate Planning in a Global Context
 	Portfolio Management: Concentrated Single-Asset Positions

The observations above are just from scanning and reading titles. We're in the process of going through the LOS. There are additional changes within the readings that seem unchanged when you look through the individual LOSes.

We have just published our full guide on 2022 CFA curriculum changes (vs 2020-2021), check it out!

If you notice any more changes let me know below!

Zee Tan · Accepted Answer

Summary of changes from CFA Institute:

Moved the Ethics Code & Standards topic area to the end of each level and added an Applications reading that explicitly shows the Code & Standards in operation on topics and material covered in that level.
 	Completely revised the Quantitative Methods topic area in Level I to be engaging, digital-friendly, and include code snippets and Excel commands that support the data presentation.
 	Transformed the Corporate Finance topic area into the Corporate Issuers topic area at Levels I and II. The focus of the new Corporate Issuers topic area is on understanding the motivations, interactions, and impacts on investors of securities issued by corporations.
 	Revised and aligned all the Fixed Income readings across all levels. This includes notation simplification and alignment, elimination of duplication, and updating of concepts such as LIBOR to Market Reference Rates.
 	Updated Alternative Investments readings at Levels I and II, including a new introductory reading at Level I and a single new reading on real estate at Level II.

Anjalirao · Answer

Hey zee,

Will I need to get new notes for CFA level I already have year 2020 notes and I have registered for Feb 2022?

itsdhruvinhere2016 · Answer

Hi guys,

I have registered for Nov 2021 Level 1. I assume it will be following 2020's curriculum instead of 2022 correct?

What is the difference between 2020's curriculum versus 2022's?