2025 CFA Level I Curriculum: Continuity with a Focus on Ethics

As we move into 2025, the CFA Institute has decided to retain the substantial changes introduced in the 2024 CFA Level I curriculum. The significant paradigm shift in 2024 saw the curriculum transition from traditional readings to a more dynamic Learning Module (LM) structure. These LMs were designed as bite-sized lessons, tailored to the study patterns of CFA candidates, enabling focused study. They also provided a richer learning experience by incorporating more visuals, spreadsheets, and practical content aligned with the demands of finance careers.

Review of 2024 Curriculum Changes

Learning Module Structure

The transition to Learning Modules represented a departure from the traditional approach of comparing the number of readings/chapters from previous years. This structural transformation rendered such comparisons obsolete. Despite this shift, critical areas such as Portfolio Management, Derivatives, and Ethics saw minimal alterations compared to the 2023 curriculum.

Topic-Specific Changes

• Economics, Corporate Issuers, Financial Statement Analysis, and Equity: These topics were updated and enhanced, with various elements either further dissected into LMs or consolidated and refreshed to provide clearer and more concise content.
• Fixed Income, Quantitative Methods, and Alternative Investments: These areas were meticulously broken down into more manageable LMs to facilitate better understanding and retention.
• New Learning Modules: The introduction of specific LMs, such as Introduction to Geopolitics, Corporate Structures and Ownership, and Business Models, highlighted the program’s commitment to staying ahead of industry trends.

Quantitatively, the 2024 curriculum saw an increase in content, featuring 93 Learning Modules compared to 73 readings in 2023. This surge was accompanied by the removal, replacement, renaming, or transformation of certain readings to better align with market dynamics. These substantive updates, observed in 5-7 topics, reflected the CFA Institute’s dedication to addressing current market demands and enhancing practical knowledge.

2025 Curriculum: Stability with Minor Changes in Ethics

As we look ahead to the 2025 CFA Level I curriculum, it’s important to note that all the changes and improvements introduced in 2024 will remain intact. The focus on practical, industry-relevant knowledge continues to be a cornerstone of the curriculum. The only notable modification for 2025 will be in the Ethics topic, which will undergo updates to reflect evolving standards and practices in the finance industry. These changes specifically affect Learning Modules 2, 3, and 5.

The CFA Institute has made significant updates in Learning Module 2, titled Code of Ethics and Standards of Professional Conduct. Within Standard I: Professionalism, the Board has approved a new requirement for members to maintain the competence necessary for the fulfillment of their professional responsibilities. This addition, Standard I(E): Competence, reinforces the principle outlined in the Code of Ethics. Furthermore, within Standard V: Investment Analysis, Recommendations, and Actions, Standard V(B) has been revised to mandate disclosures about the nature of services provided and the costs to clients. Additionally, Standard VI: Conflicts of Interest has been renamed to “Avoid or Disclose Conflicts” and now explicitly requires members to either avoid conflicts of interest or disclose them, addressing a gap in the previous standard.

Learning Module 3, Guidance for Standards I–VII, provides expanded discussions on these changes. The new standard on competence in Standard I(E): Professionalism is explored in more detail, emphasizing the importance of maintaining professional skills. Standard V(B): Communication with Clients now includes comprehensive guidance on the revised requirements for disclosing the nature of services and associated costs to clients and prospective clients. Similarly, the detailed guidance in Standard VI(A) underscores the imperative to avoid or disclose conflicts of interest, ensuring clarity in ethical obligations.

Learning Module 5, Ethics Application, incorporates these updates, reinforcing the themes introduced in Learning Modules 2 and 3. It emphasizes the application of these revised standards in real-world scenarios, ensuring that candidates understand and can apply these ethical principles in their professional conduct.

These focused updates in Ethics ensure that CFA candidates are well-versed with the current professional standards and ethical practices, maintaining the integrity and relevance of the CFA designation. By keeping the curriculum aligned with evolving industry standards, the CFA Institute continues to uphold its commitment to fostering high levels of competence and ethical behavior in the investment profession.

Conclusion

The CFA Level I curriculum for 2025 remains committed to the enhancements made in 2024, ensuring that candidates continue to receive a contemporary and relevant education. With the exception of minor updates in Ethics, all other topics will retain their 2024 structure and content. This consistency allows candidates to benefit from a proven, comprehensive learning experience that prepares them for success in their CFA journey and future finance careers.

As candidates gear up for their exams, they can be confident that the curriculum is designed to meet their evolving needs, providing a robust foundation in the principles and practices of finance.