What will you find in this article?
1. CFA ESG New Version: Timeline, Registration and Exam Due Date
2. Study Materials: CFA ESG New Version 2025 vs. Old Version 2024
3. Curriculum Changes: CFA ESG New Version 2025 vs. Old Version 2024
4. Exam Format: CFA ESG New Version 2025 vs. Old Version 2024
5. Price: CFA ESG New Version 2025 vs. Old Version 2025
CFA ESG New Version: Timeline, Registration and Exam Due Date
CFA ESG Certificate | 2024 Version
Candidates have six months to take the Exam upon registration. A Candidate who registers on December 31, 2024 (the last day possible to register under the 2024 Version) will have until June 30, 2025, to take the Exam.
CFA ESG Certificate | 2025 Version
Candidates who register for the CFA ESG Certificate during the calendar year of 2025 (from January 1 to December 31, 2025) will be tested on the 2025 Version, regardless of when they take the exam.
Candidates have six months to take the Exam upon registration. A Candidate who registers on December 31, 2025 (the last day possible to register under the 2025 Version) will have until June 30, 2026, to take the Exam.
CFA ESG Certificate | 2024 and 2025 Versions
Study Materials: CFA ESG New Version 2025 vs. Old Version 2024
Alma Mundus updates its CFA ESG Study Materials annually to equip candidates with the version they will be tested on, whether it is the 2024 or 2025 version.
Curriculum Changes: CFA ESG New Version 2025 vs. Old Version 2024
The new curriculum comprises 422 content pages, which is a reduction of 16 pages compared to the previous version.
CFA ESG Content Pages per Chapter
| 2024 Version | 2025 Version | <> | |
| Chapter 1 | 41 | 36 | (5) |
| Chapter 2 | 33 | 33 | = |
| Chapter 3 | 100 | 99 | (1) |
| Chapter 4 | 26 | 25 | (1) |
| Chapter 5 | 55 | 50 | (5) |
| Chapter 6 | 38 | 39 | 1 |
| Chapter 7 | 43 | 38 | (5) |
| Chapter 8 | 58 | 58 | = |
| Chapter 9 | 44 | 44 | = |
| Total Content Pages1 | 438 | 422 | (16) |
| Total Book Pages1 | 599 | 574 | (25) |
Source: CFA Institute and Alma Mundus
Note1: Content Pages refers to relevant/content pages only. Content Pages refer to the Total Book Pages, excluding blank pages, reference pages, glossary of terms, index, self-assessment questions and solutions, and other non-content pages.
Alma Mundus © | All Rights Reserved
CFA ESG Syllabus Updates – 2024 Version VS 2025 Version
Chapter 1 – Introduction to ESG Investing
| 2024 Version | 2025 Version | Comments |
| What Is ESG Investing? | = | Minor outstanding corrections but the same content. |
| Types of Responsible Investment | = | |
| Macro-Level Debate on ESG Incorporation | = | |
| Financial Materiality of ESG Integration | = | |
| Challenges in Integrating ESG Factors | = | |
| ESG Factors’ Influence on Financial Performance | = | |
| Putting ESG Investing into Practice | = | |
| Key Initiatives | = |
Chapter 2 – The ESG Market
| 2024 Version | 2025 Version | Comments |
| ESG Investing in Numbers | = | Minor outstanding corrections but the same content. |
| Market Drivers / Challenges in ESG Integration | = | |
| Asset Owners | = | |
| Asset Managers, Fund Promoters, and Financial Services | = | |
| Policymakers, Regulators, Investees, Governments, Civil Society, and Academia | = |
Chapter 3 – Environmental Factors
| 2024 Version | 2025 Version | Comments |
| Key Environmental Issues—Climate Change | = | 1 Section Added. Sub-sections were reorganized. There are also minor outstanding corrections but the same content. |
| Pressures on Natural Resources | = | |
| Systemic Relationships between Business Activities and Environmental Issues | = | |
| Key Megatrends and Drivers that Potentially Impact Companies and Their Environmental Practices | = | |
| Carbon Pricing and Compliance Markets | = | |
| Assessment of Materiality of Environmental Issues | = | |
| Approaches to Account for Material Environmental Analysis and Risk Management Strategies | = | |
| Climate Scenario Analysis | ||
| Nature Assessment and TNFD Framework | = | |
| Applying Material Environmental Factors to Financial Modeling, Ratio Analysis, and Risk Assessment | = | |
| Opportunities Relating to Climate Change and Environmental Issues | = |
Chapter 4 – Social Factors
| 2024 Version | 2025 Version | Comments |
| Social and Environmental Megatrends | = | Minor outstanding corrections but the same content. |
| Key Social Issues and Business Activities | = | |
| Internal Social Factors | = | |
| External Social Factors | = | |
| Identifying Material Social Factors for Investors | = | |
| Application of Social Factors in Investments | = |
Chapter 5 – Governance Factors
| 2024 Version | 2025 Version | Comments |
| Corporate Governance: Accountability and Alignment | = | Minor outstanding corrections but the same content. |
| Formalized Corporate Governance Frameworks | = | |
| Shareholder Engagement and Alignment | = | |
| Characteristics of Effective Corporate Governance: Board Structure and Executive Remuneration | = | |
| Characteristics of Effective Corporate Governance: Transparency, Capital Allocation, and Business Ethics | = | |
| Structural Corporate Governance Differences in Several Major World Markets | = | |
| Corporate Governance and the Independent Audit Function | = | |
| Corporate Governance and the Investment Decision-Making Process | = |
Chapter 6 – Engagement and Stewardship
| 2024 Version | 2025 Version | Comments |
| Engagement and Stewardship: What’s Involved and Why It’s Important | = | Minor outstanding corrections but the same content. |
| Codes and Standards | = | |
| Engagement Styles | = | |
| Effective Engagement: Forms, Goal Setting | = | |
| Voting | = | |
| Engagement across Different Asset Classes | = |
Chapter 7 – ESG Analysis, Valuation, and Integration
| 2024 Version | 2025 Version | Comments |
| The Different Approaches to ESG Integration | = | Sub-sections were reorganized. There are also minor outstanding corrections but the same content. |
| ESG Integration in Listed Equities | = | |
| ESG Integration in Listed Equities: Valuation Considerations | = | |
| ESG Integration in Other Asset Classes: Fixed Income | = | |
| ESG Integration in Other Asset Classes: Real Estate and Private Markets | = | |
| Case Studies in ESG Integration | = | |
| Mutual Fund and Fund Manager ESG Assessment and Other Uses of ESG | = | |
| ESG Integration Databases and Software | = |
Chapter 8 – Integrated Portfolio Construction and Management
| 2024 Version | 2025 Version | Comments |
| ESG Integration: Strategic Asset Allocation Models | = | 1 Section Erased, 1 Sections Added, and 1 Section Renamed. Sections were reorganized and renamed. There are also minor outstanding corrections but the same content. |
| ESG Integration: Asset Manager Selection | = | |
| Approaches to ESG Integration: Portfolio-Level Framework | = | |
| Approaches to ESG Integration: Role of Analysts, Portfolio Managers, and Internal and External Research | = | |
| Approaches to ESG Integration: Quantitative Research Developments in ESG Investing | = | |
| The Evolution of ESG Integration: Exclusionary Preferences and Their Application | = | |
| ESG Screening within Portfolios and across Asset Classes: Fixed Income, Corporate Debt, and ESG Bonds | ESG Approaches within Portfolios and across Asset Classes: Fixed Income and Alternative Investments | |
| ESG Screening within Portfolios and across Asset Classes: Green Securitization and Sovereign Debt Green Securitization | ||
| ESG Screening Examples | ||
| ESG Screening within Portfolios and across Asset Classes: Listed and Private Equity | = | |
| ESG Screening within Portfolios and across Asset Classes: Real Assets – Real Estate and Infrastructure | = | |
| Integrating ESG Screens in Portfolios to Manage Risk and Generate Returns | = | |
| Quantitative Approaches That Embed ESG Factors | = | |
| Applying ESG Screenings to Individual Listed and Unlisted Companies and Collective Investment Funds | = | |
| Managing the Risk and Return Dynamics of an ESG-Integrated Portfolio | = | |
| Full ESG Integration, Exclusionary Screening, and Positive Alignment | = | |
| ESG Strategies, Objectives, Investment Considerations, and Risks: Thematic and Impact Investing | = | |
| ESG Integration in Index-Based Portfolios and Established Datasets | = |
Chapter 9 – Investment Mandates, Portfolio Analytics, and Client Reporting
| 2024 Version | 2025 Version | Comments |
| Introduction | = | Minor outstanding corrections but the same content. |
| Clarifying Client Needs: Defining the ESG Investment Strategy | = | |
| Fully Aligning Investment with Client ESG Beliefs | = | |
| Developing Client-Relevant ESG-Aware Investment Mandates | = | |
| Greenwashing and Its Consequence | = | |
| Tailoring the ESG Investment Approach to Client Expectations | = | |
| Holding Managers to Account: Monitoring Delivery | = | |
| Holding Managers to Account: Measurement and Reporting | = |
Source: CFA Institute and Alma Mundus
Legend:
| New/Added Section | |
| Removed Section |
Alma Mundus © | All Rights Reserved
Exam Format: CFA ESG New Version 2025 vs. Old Version 2024
Price: CFA ESG New Version 2025 vs. Old Version 2024
This information will be confirmed and updated once disclosed by the CFA Institute. The price-related details below are estimated based on historical registration fee data.
In 2024, the registration fee increased to US$865, up by US$70 from the 2023 version fee of US$795. We estimate that the 2025 fee may range between US$935 and US$970 based on historical trends.
Candidates who do not pass the exam on their first attempt can retake it. The fee for retaking the exam is US$690. We estimate the 2025 Version retake fee may range between US$740 and US$770 based on historical trends.
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