This important decision was made following extensive study, modeling, and the unanimous recommendation from the CFA Preparation Task Force, a working group that convened in 2004 to address questions of candidate preparation and examination performance.

As you may know, the CFA Program curriculum is driven by a rigorous global practice analysis to determine the knowledge relevant to the profession. This body of knowledge drives the curriculum-development process and the examination itself.

Yet for many candidates, the focus has shifted from mastering a body of knowledge to merely passing an exam. The current practice of allowing candidates to register for the exam without purchasing the curriculum sends the message that studying that curriculum is optional. Some candidates even confuse third-party materials with the curriculum itself. The decision to provide the CFA Program curriculum to all candidates was, in part, based on these concerns.