The CFA Institute has announced significant curriculum updates for the 2026 CFA Program exams, affecting all three levels. These changes reflect the evolving landscape of investment management, with increased emphasis on artificial intelligence, sustainable investing, and data analytics.

Level I Changes

The 2026 Level I curriculum sees a restructuring of the Quantitative Methods topic area, with approximately 30% of readings updated to include machine learning fundamentals and big data concepts. The weighting remains at 6-9%, but the content now includes:

• Introduction to artificial intelligence and machine learning algorithms
• Big data analytics in investment decision-making
• Updated financial statement analysis with ESG integration
• Enhanced fixed income content on sustainable bonds

Level II Changes

Level II introduces a new module on Alternative Investments, expanding coverage beyond traditional real estate and private equity to include:

• Cryptocurrency and digital asset valuation methodologies
• Infrastructure investment analysis
• Hedge fund strategies in volatile markets
• Enhanced derivatives coverage with climate risk hedging

Level III Changes

The most significant changes occur at Level III, where the portfolio management curriculum has been restructured to emphasize:

• Behavioral finance applications in wealth management
• ESG integration across asset classes
• Private wealth management for next-generation clients
• Risk management in algorithmic trading environments

Exam Policy Updates

Alongside curriculum changes, CFA Institute has implemented new exam policies for 2026:

• Enhanced calculator policy: Only BA II Plus Professional and HP 12C Platinum models permitted
• Remote proctoring improvements: AI-assisted monitoring with human oversight
• Results timeline: Results release accelerated to within 6 weeks for all levels
• Deferral policy: Limited to one emergency deferral per 12-month period

Preparation Strategy

Given the magnitude of these changes, CFA Institute recommends that candidates:

• Begin preparation at least 6 months before the exam date
• Utilize official curriculum materials for new topic areas
• Practice with updated question banks reflecting 2026 LOS
• Join study groups focused on new curriculum sections

The 2026 CFA Program curriculum represents the most significant update in recent years, aligning the charter with modern investment management practices. While these changes increase the breadth of knowledge required, they also enhance the relevance and value of the CFA designation in today's financial markets.

The Global Association of Risk Professionals (GARP) has unveiled substantial changes to the FRM Program curriculum for 2026, marking a paradigm shift in how risk management education addresses emerging technologies and alternative asset classes. These updates reflect the growing importance of AI governance and private credit markets in global financial risk management.

Part II: Transformation in Risk Management

The most dramatic changes appear in Part II, where GARP has introduced entirely new sections and restructured existing content:

Artificial Intelligence Risk (New Section)

A completely new learning module dedicated to AI risk management has been added to the Operational Risk section, covering:

• Machine learning model risk and validation frameworks
• Algorithmic bias detection and mitigation strategies
• Regulatory approaches to AI governance (EU AI Act, SEC proposals)
• Ethical considerations in automated decision-making
• Cybersecurity risks specific to AI systems

Private Credit and Markets (Expanded)

The Credit Risk section now includes comprehensive coverage of private credit markets, which have grown to over $1.5 trillion globally. New topics include:

• Direct lending and mezzanine debt risk assessment
• Private equity secondary market risks
• Liquidity risk in private fund structures
• Valuation methodologies for illiquid credit instruments
• Systemic risk implications of private credit growth

Current Issues: Complete Refresh

The Current Issues section (10% of exam weight) has been entirely rewritten for 2026, featuring:

• Generative AI in Financial Services: Risk implications of LLMs and generative models
• Climate Transition Risk: New scenarios and stress testing methodologies
• Geopolitical Risk: Supply chain fragmentation and sanctions compliance
• Digital Assets: Stablecoin regulation and DeFi risk frameworks

Part I: Quantitative Evolution

While Part I maintains its structure, significant updates have been made to the Quantitative Analysis section:

• Enhanced Python programming applications for risk modeling
• Machine learning basics for risk classification
• Time series analysis with high-frequency data considerations
• Bayesian methods in risk estimation

Exam Administration Changes

GARP has also updated examination policies for 2026:

• Exam Windows: May and November windows maintained, with enhanced remote proctoring
• Question Format: Increased emphasis on scenario-based questions (60% of exam)
• Passing Scores: Expected to adjust upward due to curriculum standardization
• Study Hours: Recommended preparation time increased to 250 hours per part

The 2026 FRM curriculum positions the certification at the cutting edge of risk management practice. Candidates mastering these new areas will be well-equipped to address the complex risk challenges posed by AI adoption and the growth of private markets.

ACCA (Association of Chartered Certified Accountants) has implemented comprehensive syllabus updates for 2026, reflecting the profession's rapid evolution toward integrated reporting, sustainability, and digital finance. These changes affect primarily the Strategic Professional level, though Applied Skills papers also see important updates.

Strategic Business Leader (SBL) Enhancements

The flagship SBL paper undergoes significant restructuring to better assess leadership capabilities in the digital age:

• Pre-seen Material: Released 6 weeks before exam (previously 2 weeks) to allow deeper analysis
• Technology Integration: 25% of marks now explicitly test digital transformation leadership
• ESG Leadership: New requirement to develop sustainability strategies and stakeholder engagement plans
• Cyber Risk Governance: Board-level oversight of information security and data privacy
• AI Ethics: Strategic implications of artificial intelligence deployment in organizations

Strategic Business Reporting (SBR) Updates

SBR incorporates the latest international accounting standards and reporting frameworks:

• IFRS 18: Presentation and Disclosure in Financial Statements (effective 2027, examined from 2026)
• IFRS 19: Subsidiaries without Public Accountability (new standard for qualifying entities)
• ISSB Standards: Integrated sustainability disclosure requirements (IFRS S1 and S2)
• Digital Reporting: XBRL tagging and electronic filing requirements
• Climate Financial Risks: TCFD-aligned disclosure requirements

Optional Papers Refresh

Advanced Financial Management (AFM)

AFM now includes:

• Cryptocurrency treasury management and hedging strategies
• Sustainable finance and green bond valuation
• Private equity valuation methodologies
• Machine learning in financial forecasting

Advanced Performance Management (APM)

APM emphasizes:

• Big data analytics for performance measurement
• Integrated reporting and capitals model
• Behavioral performance management
• Sustainability KPIs and ESG balanced scorecards

Advanced Taxation (ATX)

ATX updates cover:

• Digital services taxation and OECD Pillar Two implementation
• Environmental taxes and carbon border adjustments
• Crypto-asset taxation frameworks
• Transfer pricing documentation updates

Advanced Audit and Assurance (AAA)

AAA focuses on:

• Assurance of sustainability reports (ESG assurance)
• Auditing AI-driven accounting systems
• Cybersecurity assurance engagements
• Revised ISA standards on risk assessment and quality management

Applied Skills Updates

Several Applied Skills papers incorporate new content:

• Financial Reporting (FR): IFRS 18 early adoption scenarios
• Audit and Assurance (AA): Data analytics in audit sampling
• Taxation (TX): Updated tax rates and digital economy provisions
• Financial Management (FM): Sustainable working capital management

Exam Format Innovations

ACCA introduces several delivery improvements:

• Remote Invigilation: Expanded availability for all Strategic Professional papers
• On-Demand CBE: Applied Knowledge papers now available year-round with instant results
• Professional Marks: Increased emphasis (now 25% of marks) on communication and presentation in SBL
• Word Processing: Enhanced software for constructed response questions with spell-check disabled

The 2026 ACCA syllabus demonstrates the organization's commitment to producing future-ready accountants capable of navigating complex technological, environmental, and regulatory challenges. These updates ensure ACCA members remain at the forefront of the accounting profession globally.