The CFA Program looks different from the one many older charterholders sat. If you are planning the CFA in 2026, here are the structural changes that actually affect how you study and sit the exams. Always confirm the current details with CFA Institute, since the program is updated over time.
Computer-based testing across all levels
All three levels are now computer-based and delivered in testing windows during the year, rather than on a single global paper date. In practice that means more scheduling flexibility, but the same demanding content. The Level I exam remains standalone multiple-choice; Level II is vignette-based item sets; and Level III combines constructed-response (essay) questions with item sets.
Practical skills modules
Candidates now complete practical skills modules alongside the exams - short, applied learning on topics such as financial modelling and analyst skills. They are part of earning the charter, not just the exam itself.
The big one: Level III specialised pathways
From 2025, Level III candidates choose one of three specialised pathways on top of a common core:
- Portfolio Management - the traditional, most general route.
- Private Markets - private equity, private credit and related assets.
- Private Wealth - advising individual and family clients.
The common core still includes portfolio management and ethics, so ethics remains tested at every level. Choose the pathway that matches your career direction rather than the one that looks shortest - you will retain the material you actually use.
What this means for you
If you are starting out, nothing changes about the fundamentals: the CFA is still around 300 hours per level, still heavily weighted toward ethics, and still rewards practice over reading. The pathway choice only arrives at Level III, so focus on building the foundation first.
If your goal is risk or alternatives specifically, it is also worth weighing the FRM (risk management) and the CAIA (alternative investments) alongside the CFA - they pair well and target narrower careers.