Latest CFA ESG Exam Curriculum Updates

This article delves into the latest CFA^® ESG exam curriculum, shedding light on the importance of ESG integration, the key topics covered, and the potential impact it holds for aspiring investment professionals striving to make a- positive difference in the world of finance.

Table of Contents

• Introduction to ESG Investing

• The ESG Market Changes

• Environmental Factors Changes

• Social Factors Changes

• Governance Factors Changes

• Engagement and Stewardship Changes

• ESG Analysis, Valuation, and Integration Changes

• ESG Integrated Portfolio Construction and Management Changes

• Investment Mandates, Portfolio Analytics, and Client Reporting Changes

2025 Certificate in ESG Investing Exam Topics and Weights

Detailed Updates For the 2025 Certificate in ESG Investing Curriculum

Below are summaries of what changed in the latest version of the ESG curriculum for 2025 compared to the 2024 curriculum.

Topic 1: Introduction to ESG Investing

The first learning outcome of this topic was condensed in the 2025 syllabus to simply define ESG investments and the associated investment approaches. The other learning outcomes in this topic remained the same with only minor changes in the wording.

Topic 2: The ESG Market

There were no changes in the 2025 learning outcome statements for the ESG Market topic.

Topic 3: Environmental Factors

The 2025 syllabus added a new learning outcome, 3.1.7, which asks candidates be able to describe and explain the most important methodologies that apply to biodiversity and its valuation, risk management, and interconnectedness with environmental factors and nature-related risk.

The other learning outcomes in this topic were reordered and slightly reworded but overall did not change.

Topic 4: Social Factors

Only minor wording changes appear in the 2025 syllabus. New terms like "economic inequality" and "geopolitical conflict" were added and "social opportunities" were changed to "access to knowledge".

Topic 5: Governance Factors

Only minor wording changes are present in the new 2025 syllabus. Diversity, Equity, and Inclusion was added to the 5.1.2 learning outcome.

Topic 6: Engagement and Stewardship

The only notable change in the 2025 syllabus for this topic was the expansion the learning outcome 6.1.3 to include asset owners and service providers in addition to asset managers.

Topic 7: ESG Analysis, Valuation, and Integration

The only notable change in the 2025 syllabus for this topic was the learning outcome 7.1.11 was changed to describe primary and secondary sources of ESG data and information. Besides that a few learning outcomes were reordered and there were some other small changes in wording.

Topic 8: ESG Integrated Portfolio Construction and Management

The only notable change for this topic in 2025 was the learning outcome 8.1.9 had "/SRI" and "Other" removed from the list of ESG Analysis types.

Topic 9: Investment Mandates, Portfolio Analytics, and Client Reporting

There were no notable changes to this topic in 2025 besides some minor wording changes and the term "integrated ESG reporting and investment reviews" was added to learning outcome 9.1.7.

Who Makes Changes To The CFA ESG Exam Curriculum?

The CFA Institute makes changes to the curriculum for the Certificate in ESG Investing Exam annually.

Certificate in ESG Investing Exam Information

The price to register for the exam was increased in 2025. Besides that that weren't any other notable changes to question formats, requirements or recommended study duration.

CFA ESG Certificate Program Details >>

How To Prepare For Certificate in ESG Investing Exam Curriculum Changes

As you get ready for the CFA ESG Certificate exam, make the Kaplan Schweser ESG Certificate prep package—complete with ondemand videos, practice questions, and mock exams—the centerpiece of your mission to earn a passing score.