I recently noticed that I am running an old version of AWS CLI that is lacking some functionality I need:
$aws --version
aws-cli/1.2.9 Python/3.4.3 Linux/3.1
For Ubuntu 16.04 I used parts of the other answers and comments and just reloaded bash instead of rebooting.
I installed the aws-cli using apt so I removed that first:
sudo apt-get remove awscli
Then I could pip install (I chose to use sudo to install globally with pip2):
sudo pip install -U awscli
Since I was doing this on a server I didn't want to reboot it, but reloading bash did the trick:
source ~/.bashrc
At this point I could use the new version of aws cli
aws --version