Does The CFA Material Really Change Every Year?

If you have been inquiring about the changes in the CFA material from last year, two years ago, or even more, chances are that it’s because you have older material and you are wondering if you can use it for your upcoming exam. Either that or you failed the exam, are retaking it, and you wonder if you really need to go through all of the material. Sure, there might be other reasons but my guess would be that those are the main ones.

It’s Not Worth Taking a Chance

My main answer would be that given everything that you are putting into this exam in terms of time, money, and sacrifices, I think you’d be foolish to try to take a shortcut by assuming the material has not changed significantly. It’s true that spending a few hundred dollars for example to buy updated Schweser summaries can be frustrating when you bought some just a few months earlier. That being said, the material does change and the additional cost is so small compared to the few points that might make you fail the exam. I can see how some would disagree with me here but to me it’s crystal clear.

How Much Of The Material Changes?

To be clear, not that much changes from one year to another, so you would probably not notice huge differences if you were to compare the two (hopefully you do not have THAT much free time!). The thing is though that what they did change is likely to be tested. Any new laws or ethic rules for example are very likely to be tested.

The One Exception

The one difference of course would be if you do your level #1 exam in June, I would be more than fine with using the previous December material. Since December is not a full exam period, you can expect the material and questions to cover mostly the same material.

What Are Your Thoughts On This?


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