Changes of the CFA Certificate in ESG Investing

CFA Institute just released the 2023 curriculum for the CFA Certificate in ESG Investing. Along with the chagnes to the new curriculum (Version 4) came a few changes to the exam structure, price and timelines. In this blog post, we will focus on the changes of the CFA ESG exam experience. We will post a second blog post on the changes in the curriculum (Version 3 to Version 4).

CFA ESG 2023 Changes:

  • Exam timelines (exam cycle and the how period until the exam must be taken)
  • Pricing
  • Structure of exam questions


In the first three versions of the CFA ESG, the cycle was September-to-September (meaning new exam versions would start in September of a given year). With the release of the new Version 4 Curriculum, CFA will transition to a January-to-January cycle – the new Version 4 curriculum will begin to be tested on January 1st, 2023.


What does that mean for you?

  • At the time of this writing (17th October 2022), you will be enrolled for the Version 3 exam. This exam will be tested until December 31st, 2022.
  • If you wish to register for the Version 3 exam, you can do so until November 30th, 2022.
  • From 1st December 2022, you can start registering for the Version 4 exam which will be tested from 1st January on.


Another change important to note is that the eligibility period of the registration will be shortened from 12 months to 6 months. This means once you register for the exam on any given date, you will have 6 months to take the exam, otherwise your registration will expire.



Before 31 December

After 31 December

Curriculum Changes

No changes to the curriculum you are studying

You need to study the new material

Test Changes     

No changes to the material you will be tested on during your exam

You will be tested on the new material during your exam

Length of Time to Take Your Exam

Exam eligibility period is 12 months

Exam eligibility period is 6 months

Rescheduling Fees


You can reschedule your exam appointment to a date prior to 31 December, for a fee of USD 30.

Source: CFA Institute


The price of the exam will change from Version 3 to Version 4.

  • The Version 3 CFA ESG exam has an initial registration cost of USD 675, with a retake option of USD 475
  • The Version 4 CFA ESG exam will have an initial registration cost of USD 795 and a retake cost of USD 595
  • The cost increase will take place as soon as registration for the new curriculum starts (1st December 2022)

You Register

Before 1 December

After 1 December

Pricing Changes

Registration price is USD 675

Retake registration price is USD 475

Registration price is USD 795

Retake registration price is USD 595

Source: CFA Institute

CFA Certificate in ESG Investing Exam structure:

One change that should be welcomed by most candidates is that the exam structure will change from a combination of multiple-choice questions and item sets (cases with 4 to 6 questions) to an exam structure that will be tested purely in multiple-choice format.


You Register

Before 1 December

After 1 December

Exam Questions

Questions are multiple choice and item set

Questions are multiple choice

Source: CFA Institute

Some final notes:

We’ve got you. Whether you are preparing for Version 3 exam, or plan to register for the Version 4 exam – we are ready. Our prep material includes both item sets and multiple-choice questions, just like the Version 3 exam that will be tested until 31 December 2021.

For our customers who want to wait for the Version 4 CFA ESG exam – As a CFA prep provider, we were given early access to the new curriculum. We have already read and reviewed the material, and will be ready with updated questions by 1st December 2022, when registration of the Version 4 exam begins.

Our initial assessment is that there have not been major changes. The overarching 9 chapters are still the same.

We will release a new blog post highlighting the biggest changes in the curriculum from Version 3 to 4 shortly.