CFA Level 1 2027 Curriculum Changes: New Weights Explained

Short answer

The 2027 CFA Level 1 curriculum applies from the February 2027 exam window. Quantitative Methods rises from 6–9% to 11–14%, Ethics falls from 15–20% to 10–15%, Derivatives moves to 6–9% and Alternative Investments to 6–9%. Four topics are renamed, Quant and Equities are reorganised into more focused readings, and GIPS is no longer a separate Level 1 reading.

Every year CFA Institute updates the curriculum, and most years the changes are small enough that last year's notes are still usable. 2027 is different at Level 1. The weight shift toward Quant is the largest single change to Level 1 weights in several years, and it changes how you should split your study time.

Who the 2027 changes affect

Your Level 1 exam window	Curriculum you sit
November 2026	2026 curriculum
February 2027 and later	2027 curriculum

If you are booked for November 2026 and are thinking of moving to a 2027 window, be aware that you would also be switching curriculum. That matters most for Quant, where a 2026 study plan would leave you under-prepared for roughly ten extra questions.

The new topic weights

Topic (2027 name)	2026	2027	Approx. questions in 2027 (of 180)
Quantitative Methods	6–9%	11–14%	20–25
Ethical and Professional Standards	15–20%	10–15%	18–27
Financial Statement Analysis	11–14%	11–14%	20–25
Equities (was Equity Investments)	11–14%	11–14%	20–25
Fixed Income	11–14%	11–14%	20–25
Portfolio Construction (was Portfolio Management)	8–12%	8–12%	14–22
Economics	6–9%	6–9%	11–16
Corporate Finance (was Corporate Issuers)	6–9%	6–9%	11–16
Derivatives and Risk Management (was Derivatives)	5–8%	6–9%	11–16
Alternative Investments	7–10%	6–9%	11–16

The exam format does not change: 180 multiple-choice questions in two sessions of 135 minutes. For the 2026 table on its own, see CFA Level 1 topic weights.

What changed inside each topic

Quantitative Methods: bigger and more applied

Quant now sits alongside FSA, Equities and Fixed Income as one of the four largest topics. The readings have been reorganised and retitled, with more emphasis on applied financial analysis than on abstract statistics. Rates and returns material is split into more focused readings, and the big data reading is now framed as financial data science. In practice, expect more questions on returns, benchmarking, distributions and interpreting data, and treat Quant as a core topic rather than one to get through quickly. Our Quantitative Methods guide covers the calculations that carry over.

Ethics: smaller weight, clearer structure

Ethics drops by five percentage points but remains one of the larger topics, worth roughly 18–27 questions. The guidance for the seven Standards is now organised as a separate reading for each Standard, which makes it easier to study one Standard at a time. GIPS is no longer a separate Level 1 reading. Ethics also still matters for borderline results, as explained in the CFA ethics adjustment.

Equities: more focused readings

Equity Investments becomes Equities and is reorganised into narrower readings covering areas such as discounted cash flow valuation, relative valuation, equity research and factor-based models. Some material previously associated with Portfolio Management now sits closer to Equities. The weight is unchanged.

Renamed topics

Corporate Issuers becomes Corporate Finance, Portfolio Management becomes Portfolio Construction, and Derivatives becomes Derivatives and Risk Management (with a one-point weight increase). Treat a renamed topic as a signal to check the new reading list rather than assuming nothing moved.

How to adjust your study plan for 2027

Rebalance hours toward Quant. If your plan was built on 2026 weights, move time from Ethics and Alternative Investments into Quant. A simple rule: give Quant about the same hours as Fixed Income.

Study Quant early. Returns and time value of money feed into Fixed Income, Equities and Corporate Finance. Learning them first now pays twice.

Do not drop Ethics. A 10–15% weight is still bigger than five other topics, and Ethics still affects borderline candidates.

Use 2027 materials. Older notes and question banks will be missing reorganised Quant and Equities content. Questions on GIPS from older banks are no longer a priority for Level 1.

Re-weight your diagnostic. When you take a mock, multiply your gap in each topic by its 2027 weight, not the old one. The worked example in our topic weights guide shows how.

Frequently asked questions

When do the 2027 CFA Level 1 changes take effect?

From the February 2027 exam window. Candidates sitting Level 1 in November 2026 use the 2026 curriculum.

What are the CFA Level 1 topic weights for 2027?

Ethics 10–15%; Quantitative Methods 11–14%; Economics 6–9%; FSA 11–14%; Corporate Finance 6–9%; Equities 11–14%; Fixed Income 11–14%; Derivatives and Risk Management 6–9%; Alternative Investments 6–9%; Portfolio Construction 8–12%.

Is Quant more important in the 2027 CFA curriculum?

Yes. Quantitative Methods rises from 6–9% to 11–14%, making it one of the four largest Level 1 topics.

Is Ethics still important in 2027?

Yes. It falls to 10–15% but is still larger than five other topics and still affects candidates close to the minimum passing score.

Is GIPS tested at Level 1 in 2027?

GIPS is no longer a separate Level 1 reading in the 2027 curriculum.

Which topics were renamed for 2027?

Corporate Issuers became Corporate Finance, Equity Investments became Equities, Portfolio Management became Portfolio Construction, and Derivatives became Derivatives and Risk Management.

Can I use 2026 study materials for a 2027 exam?

Much of the content carries over, but the Quant and Equities readings were reorganised and the weights changed. Use 2027 materials for those topics at minimum.

Does the Level 1 exam format change in 2027?

No. It remains 180 multiple-choice questions in two 135-minute sessions.