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The CFA ESG Certificate was introduced in 2019. Each year, a CFA ESG new version is released, which includes additional content as well as important corrections or amendments from previous versions. The CFA Institute also takes advantage of this annual version update to announce any policy, pricing, examination, or other changes related to the CFA ESG Certificate.
As a CFA Institute Prep Provider for the CFA ESG Certificate, Alma Mundus has early access to the latest version updates and will promptly announce them to keep candidates fully informed. We assure you that any necessary changes will be made to our study materials to ensure our continued provision of high-quality service with accurate and current information.
The purpose of this article is to address the questions of CFA ESG candidates or potential candidates regarding the new CFA ESG Certificate Version 2024, also known as Version 5 or Edition 2024. The article also aims to provide an overview of the updates introduced in the new version.

CFA ESG New Version: Timeline, Registration and Exam Due Date

From now on, CFA ESG Candidates will be tested on the version/edition they have registered for.

CFA ESG Certificate | 2023 Version

CFA ESG Certificate 2023 Version
Candidates who register for the CFA ESG Certificate until December 31, 2023, will be tested on Version 4 or Edition 2023, regardless of when they take the exam.

Candidates have six months to take the Exam upon registration. A Candidate who registers on December 31, 2023 (the last day possible to register under version 4) will have until June 30, 2024, to take the Exam.

CFA ESG Certificate | 2024 Version 

CFA ESG Certificate 2024 Version
Candidates who register for the CFA ESG Certificate during the calendar year of 2024 (from January 1 to December 31, 2024) will be tested on Version 5 or Edition 2024, regardless of when they take the exam.

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 version 5) will have until June 30, 2025, to take the Exam.

According to the CFA Institute, “This change does not impact how we are delivering the curriculum to candidates but rather improves the candidate experience by ensuring they sit for the exam related to the curriculum they have been studying.”

CFA ESG Certificate | 2023 and 2024 Versions (or Versions 4 and 5)

CFA ESG Certificate 2023 and 2024 Versions

Study Materials: CFA ESG New Version 2024 vs. Old Version 2023

The CFA Institute will provide all registered candidates with access to the materials relevant to the version each candidate will be tested on.

Curriculum Changes: CFA ESG New Version 2024 vs. Old Version 2023

The 2024 curriculum remains structurally unchanged, organized under the same nine chapters and with a similar page count. However, the new curriculum includes additional content introduced to specific chapters, as well as corrections and amendments to the previous version.

Chapters 2, 7, and 9 have undergone updates in the CFA ESG 2024 Version curriculum. Notably, the “History of ESG Investing” has been removed from Chapter 2. In Chapter 7, four sections have been eliminated and replaced with three new sections, resulting in a reorganization of the chapter. Additionally, Chapter 9 now includes a dedicated section on “Greenwashing and its Consequences.”

The new curriculum comprises 438 content pages, which is a reduction of 44 pages compared to the previous version. Despite the book’s total page count of nearly 600 pages, it contains fewer content pages to be covered compared to the previous version.

CFA ESG Content Pages per Chapter

2023 Version 2024 Version <>
Chapter 1 46 41 (5)
Chapter 2 35 33 (2)
Chapter 3 104 100 (4)
Chapter 4 28 26 (2)
Chapter 5 47 55 8
Chapter 6 37 38 1
Chapter 7 66 43 (23)
Chapter 8 85 58 (27)
Chapter 9 34 44 10
Total Content Pages1 482 438 (44)
Total Book Pages1 586 599 13

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 – 2023 Version VS 2024 Version

Chapter 1

2023 Version Content 2024 Version Content Comments
What Is ESG Investing? What Is ESG Investing? Minor outstanding corrections but the same content.
Types of Responsible Investment Types of Responsible Investment
Macro-Level Debate on ESG Incorporation Macro-Level Debate on ESG Incorporation
Financial Materiality of ESG Integration Financial Materiality of ESG Integration
Challenges in Integrating ESG Factors Challenges in Integrating ESG Factors
ESG Factors’ Influence on Financial Performance ESG Factors’ Influence on Financial Performance
Putting ESG Investing into Practice Putting ESG Investing into Practice
Key Initiatives Key Initiatives

Chapter 2

2023 Version Content 2024 Version Content Comments
History of ESG Investing

1 Section Removed.

Minor outstanding corrections but the same content.

ESG Investing in Numbers ESG Investing in Numbers
Market Drivers / Challenges in ESG Integration Market Drivers / Challenges in ESG Integration
Asset Owners Asset Owners
Asset Managers, Fund Promoters, and Financial Services Asset Managers, Fund Promoters, and Financial Services
Policymakers, Regulators, Investees, Governments, Civil Society, and Academia Policymakers, Regulators, Investees, Governments, Civil Society, and Academia

Chapter 3

2023 Version Content 2024 Version Content Comments
Key Environmental Issues Key Environmental Issues—Climate Change 1 Section Added.

Besides that, there are minor outstanding corrections but the same content.

Systemic Relationships between Business Activities and Environmental Issues Systemic Relationships between Business Activities and Environmental Issues
Key “Megatrends” and Drivers Influencing Environmental Change in Terms Key “Megatrends” and Drivers Influencing Environmental Change in Terms
Assessment of Materiality of Environmental Issues Assessment of Materiality of Environmental Issues
Approaches to Account for Material Environmental Analysis and Risk Approaches to Account for Material Environmental Analysis and Risk
Nature Assessment and TNFD Framework
Applying Material Environmental Factors to Financial Modeling, Ratio Applying Material Environmental Factors to Financial Modeling, Ratio
Opportunities Relating to Climate Change and Environmental Issues Opportunities Relating to Climate Change and Environmental Issues

Chapter 4

2023 Version Content 2024 Version Content Comments
Social and Environmental Megatrends Social and Environmental Megatrends Minor outstanding corrections but the same content.
Key Social Issues and Business Activities Key Social Issues and Business Activities
Internal Social Factors Internal Social Factors
External Social Factors External Social Factors
Identifying Material Social Factors for Investors Identifying Material Social Factors for Investors
Application of Social Factors in Investments Application of Social Factors in Investments

Chapter 5

2023 Version Content 2024 Version Content Comments
Corporate Governance: Accountability and Alignment Corporate Governance: Accountability and Alignment Minor outstanding corrections but the same content.
Formalized Corporate Governance Frameworks Formalized Corporate Governance Frameworks
Shareholder Engagement and Alignment Shareholder Engagement and Alignment
Characteristics of Effective Corporate Governance Characteristics of Effective Corporate Governance
Structural Corporate Governance Differences in Several Major World Markets Structural Corporate Governance Differences in Several Major World Markets
Corporate Governance and the Independent Audit Function Corporate Governance and the Independent Audit Function
Corporate Governance and the Investment Decision-Making Process Corporate Governance and the Investment Decision-Making Process

Chapter 6

2023 Version Content 2024 Version Content Comments
Stewardship and Engagement Stewardship and Engagement

Sections were reorganized and renamed.

Besides that, there are minor outstanding corrections but the same content.

Codes and Standards Codes and Standards
Engagement Styles Engagement Styles
Effective Engagement: Forms, Goal Setting Effective Engagement: Forms, Goal Setting
Effective Engagement: Objectives, Practicalities, Escalation, Collective
Special Considerations: Proxy Voting Voting
Special Considerations: Asset Classes Engagement across Different Asset Classes

Chapter 7

2023 Version Content 2024 Version Content Comments
Why Investors Integrate ESG

4 Sections Erased and 3 Sections Added.

Sections were reorganized and renamed.

Besides that, there are minor outstanding corrections but the same content.

The Different Approaches to ESG Integration The Different Approaches to ESG Integration
Typical Stages of Integrated ESG Assessment (Research and Idea Generation Stage) ESG Integration in Listed Equities
Typical Stages of Integrated ESG Assessment (Scorecards Can Be Used to Assess ESG Risk and Opportunity, and Materiality Assessments and Risk Mapping)
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
Valuation and Company Integrated Assessment Stage and the Challenge of Company Disclosure on ESG Topics
Investment Decision and Portfolio Construction and ESG Integration Techniques in Practice (Seven Cases) Case Studies in ESG Integration
Discussion of Private Markets, Real Estate, and Infrastructure; Discussion of ESG in Fixed Income and Differences to Equity; and Challenges to ESG Integration
Range of ESG Integration Databases and Software Available ESG Integration Databases and Software
Mutual Fund and Fund Manager ESG Assessment, Company ESG Mutual Fund and Fund Manager ESG Assessment and Other Uses of ESG
Fixed Income, Credit Rating Agencies, and ESG Credit Scoring

Chapter 8

2023 Version Content 2024 Version Content Comments
ESG Integration: Strategic Asset Allocation Models ESG Integration: Strategic Asset Allocation Models Minor outstanding corrections but the same content.
ESG Integration: Asset Manager Selection ESG Integration: Asset Manager Selection
Approaches to ESG Integration: Portfolio-Level Framework 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: Role of Analysts, Portfolio Managers, and Internal and External Research
Approaches to ESG Integration: Quantitative Research Developments in ESG Investing Approaches to ESG Integration: Quantitative Research Developments in ESG Investing
The Evolution of ESG Integration: Exclusionary Preferences and Their Application 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 Screening within Portfolios and across Asset Classes: Fixed Income, Corporate Debt, and ESG Bonds
ESG Screening within Portfolios and across Asset Classes: Green Securitization and Sovereign Debt ESG Screening within Portfolios and across Asset Classes: Green Securitization and Sovereign Debt Green Securitization
ESG Screening within Portfolios and across Asset Classes: Listed and Private Equity 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 ESG Screening within Portfolios and across Asset Classes: Real Assets – Real Estate and Infrastructure
Integrating ESG Screens within Portfolios to Manage Risk and Generate Returns Integrating ESG Screens in Portfolios to Manage Risk and Generate Returns
Quantitative Approaches That Embed ESG Factors Quantitative Approaches That Embed ESG Factors
Applying ESG Screenings to Individual Listed and Unlisted Companies and Collective Investment Funds Applying ESG Screenings to Individual Listed and Unlisted Companies and Collective Investment Funds
Managing the Risk and Return Dynamics of an ESG Integrated Portfolio Managing the Risk and Return Dynamics of an ESG-Integrated Portfolio
ESG Strategies, Objectives, Investment Considerations, and Risks: Full ESG Integration, Exclusionary Screening, and Positive Alignment Full ESG Integration, Exclusionary Screening, and Positive Alignment
ESG Strategies, Objectives, Investment Considerations, and Risks: Thematic and Impact Investing ESG Strategies, Objectives, Investment Considerations, and Risks: Thematic and Impact Investing
Integrating ESG in Passive Portfolios and Established Datasets ESG Integration in Index-Based Portfolios and Established Datasets

Chapter 9

2023 Version Content 2024 Version Content Comments
Introduction: Accountability to Clients and Alignment with Them Introduction

1 Section Added.

Besides that, there are minor outstanding corrections but the same content.

Clarifying Client Needs: Defining the ESG Investment Strategy Clarifying Client Needs: Defining the ESG Investment Strategy
Fully Aligning Investment with Client ESG Beliefs Fully Aligning Investment with Client ESG Beliefs
Developing Client-Relevant ESG-Aware Investment Mandates Developing Client-Relevant ESG-Aware Investment Mandates
Greenwashing and Its Consequence
Tailoring the ESG Investment Approach to Client Expectations Tailoring the ESG Investment Approach to Client Expectations
Holding Managers to Account: Monitoring Delivery Holding Managers to Account: Monitoring Delivery
Holding Managers to Account: Measurement and Reporting 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 2024 vs. Old Version 2023

The CFA Institute revised the exam format in 2023 (Version 4), and we do not expect any changes in the exam format in 2024 (Version 5). The exam consists of 100 multiple-choice questions, with three answer options for each question, and must be completed within 2 hours and 20 minutes.

This information will be confirmed and updated when disclosed by the CFA Institute.

Price: CFA ESG New Version 2024 vs. Old Version 2023

In 2024, the registration fee will be raised to US$865, an increase of US$70 from the current fee of US$795. Candidates who do not pass the exam on the first attempt and need to retake it can avail the retake option. The fee for the retake option will also be raised to US$690, an increase of US$95 from the current fee of US$595.

cfa esg new price 2024
Alma Mundus is grateful for the opportunity to support thousands of CFA ESG Candidates from over 140 countries throughout their study journey since Edition 2 (2020/21). This experience has allowed us to constantly improve our Academy with CFA ESG Materials and study solutions.
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