The global association of investment professionals, CFA Institute, has made several enhancements to its CFA Programme.
The revamp will address the way today’s candidates learn and prepare them for careers as investment professionals, while also supplying the industry with the well-trained, ethical professionals.
Self-contained, digital practical skills modules will be introduced to the CFA Programme to teach candidates on-the-job, practical applications. The initial practical skills modules include Financial Modelling for Level I; Analyst Skills at Level II; Python Programming Fundamentals (Level I or Level II) and Python, Data Science and Artificial Intelligence (Level II).
Additional practical skills modules are in development for Level III for the calendar 2025 exam series. Beginning in 2024, at least one practical skills module must be completed for each of Levels I and II but will not be graded as part of the exam.
Specialised pathways will be introduced at Level III beginning in 2025. A common core of study will exist for all three pathways at Level III, and candidates will be able to choose one of three job-role focused pathways:
- Portfolio Management (the traditional version of Level III);
- Private Wealth; and
- Private Markets.
All three pathways will be in pursuit of the CFA charter.
An improved digital badging strategy will reinforce the value of Level I and Level II achievements to candidates on their CFA Programme journey.
The volume of study materials will be reduced at each level to ensure candidate preparation remains at around 300 hours for each exam. The CFA Institute found today’s candidates are spending significantly more than 300 hours to study for each level of the CFA Programme.
Also candidates will be given additional practice materials. When registration opens for the February 2024 exams this May, Level I candidates will have the opportunity to purchase the CFA Programme Practice Pack, a new product that includes 1000 new practice questions and six additional Level I mock exams. Candidates are currently granted access to two mock exams at no additional charge eight weeks before their exam window.
Lastly, Level I CFA Exam eligibility has been extended by a year to those who are two years away from completing their undergraduate degree. This change was previously announced on 16 November 2022.
‘Important milestone’
Margaret Franklin, president and chief executive of CFA Institute, said: “These enhancements represent an important milestone for our candidates and employers in the industry. In fact, they constitute the most significant changes we have ever made to the CFA Program since its inception in 1963.
“We conducted extensive research to get feedback directly from employers, candidates, prospective candidates, and the industry at large to inform how best to advance the knowledge and skills we provide to the investment professionals of the future.
“We can say with certainty that candidates are exceptionally keen to get an edge in the market for employment, and they are willing to work very hard for the advantage that the CFA Programme provides.
“These changes will meet their needs by helping them to understand how to put investing concepts into practice on the job and be desk-ready on day one. The CFA Programme signals clearly that candidates are serious about a long and successful career in investment management.”
