CFA Syllabus 2025 (Available): Download Latest Syllabus, Study Material PDF for Level I, II & III Exam

CFA Exam Syllabus Breakdown (Level 1): 

Check out the table below to know the CFA syllabus Level 1 with topic weightage and sub topics: 

Changes in CFA Syllabus Level 1

• According to the research, many Level I CFA candidates have mastered various introductory financial concepts during their graduation or early career roles. Hence, to avoid duplication and streamline the Level I CFA curriculum, exam conducting authorities have moved some of the content and are now providing it separately as reference material for registered candidates.
• The content has been moved to pre-read topics such as time and value of money, basic statistics, microeconomics, and introduction to company accounts, etc., which are building blocks for later learning. By not directly assessing these topic areas, there is more room for advanced practice concepts and more time for the new practical skills modules.
• Students who do not have exposure to such concepts, or who simply wish to review materials during their preparation for the Level I CFA exam, can access the content as pre-read materials at no additional charges. Registered candidates can also use these materials to get a sense of gaps in their knowledge and assess their readiness for the exam.

Also Read: What to Expect of CFA Level 1 Exam

CFA level 1 syllabus and weightage

Check: 

CFA Syllabus 2025 Level 1 Topics Outline- Combined

CFA Syllabus 2026 Level 1 Topics Outline- Combined

Refer to the table below to know the CFA syllabus for the Level II exam:

Refer to the table below to know the CFA syllabus for the Level III exam:

CFA 2025 exam onwards for Level 3, CFA Institute has introduced two new versions of Level 3 in Private Wealth and Private Markets while also keeping the traditional pathway, Portfolio Management. Candidates can choose the path according to their interests and aspirations. The three pathways of Level 3 will have one common core of the curriculum and additional specialised content for each pathway.

Candidates can choose one of the three pathway options during the CFA registration. Candidates must carefully choose the pathway as they cannot be changed after registration. The common core of the curriculum will have 65% to 75% weightage and 25% to 25% weightage will be given to the specialised pathway.

CFA Specialized Pathways Weightage

Common Core Curriculum

The common core will include the following:

• Asset Allocation- Capital market expectations, macro forecasting, handling constraints
• Portfolio Construction- Equity, Fixed Income and Alternatives Portfolio Construction, Institutional versus Private Wealth Portfolio Construction, Trading Costs
• Performance Measurement- Performance Attribution, Manager Selection, Global Investment Performance Standards
• Derivatives and Risk Management- Options strategies, swaps/ forwards/ futures strategies, Currency Hedging Strategies
• Ethics- Code of Ethics, Standards of Professional Conduct, Asset Manager Code

Private Wealth Pathway

The private wealth pathway offers a global perspective and universal guidelines for working with High Net Worth clients who have a net worth of 5 million dollars. It follows a journey from a young adult starting to build wealth, through working with a private wealth manager, to eventually transferring wealth to the next generation. This pathway expands on previous CFA Program content, going beyond just investment management and financial planning. It now includes new topics such as family management, philanthropy, and serving star athletes. This specialised pathway is further divided into seven chapters:

• Private Wealth Management Industry: Different kinds of business models in the wealth management industry which have different fee and compensations structures, coordinating with various advisors and understanding regulatory and compliance issues for wealth managers
• Working With Wealthy: Includes family dynamics and human psychology. Understanding social and psychological aspects of wealth whilst dealing with complex family structures and developing the skills to serve and educate high net-worth clients.
• Wealth Planning: Creating goal-based financial plans, managing financial risks, protecting assets, understanding tax impacts and developing liquidity strategies.
• Investment Planning: Recommending investment portfolios to private clients, maximizing tax efficiency, helping clients plan retirement through retirement and saving plans, evaluating investment performance through reporting, etc.
• Preserving Wealth: Identifying the various types of risks to human capital using insurance and other products, and strategies to protect against inflation and currency volatility.
• Advising the Wealthy: Navigating citizenship, nationality and residency issues whilst handling complex family financial situations. Maximizing the net worth of wealthy professionals, along with managing their business assets.
• Transferring Wealth: Using gifts and bequests to transfer wealth and strategies for charitable giving and philanthropy.

Private Markets Pathway

This pathway addresses the investments made by the private markets from the perspective of the General Partner (GP). It expands on important valuation skills and other key concepts from all four asset classes of the CFA program. The curriculum includes recent engaging examples from the private markets, such as Elon Musk’s acquisition of Twitter, Facebook’s acquisition of WhatsApp, Blackstone REIT, events at Silicon Valley Bank, Gabon’s debt-for-nature swap and several high-profile LBOs such as Thyssen elevators in 2020. It is further divided into seven chapters:

• Private Investments and Structures: As the name suggests, it focuses on understanding the private investments and structures. It includes the methods and structures of debt, equity, infrastructure, etc. It also explores the difference between the various types of performance metrics and compares the risk and return profiles of private versus public markets within strategic asset allocation.
• GP and LP Perspectives: This explores the roles and responsibilities of GPs or General Partners and Limited Partners (LPs) in managing the private investment fund. Learning about fee structures, fund performance and alignment of interests between investors and investment firms. One will also get to explore favourable characteristics of investment targets, due diligence, business planning, and alternative exit routes and their impact on value.
• Private Equity: Delves into the private equity strategies which include venture capital, growth equity, and buyout investments. It also includes private equity investments and the risk and return as compared to other investments.
• Private Debt: Examines the use of debt financing in private market strategies including leveraged loans, high-yield bonds, mezzanine debt, and uni-tranche debt. Candidates can learn about the private debt profile and ratio analysis while comparing the risk and return on other debt investments.
• Private Social Situations: Explores event-driven opportunities which involve financial dislocation or distress, financing alternatives for issuers in distress and investment strategies such as capital structure arbitrage. 
• Private Real Estate: Focuses on the features and economic drivers of private real estate investments including farmland and timberland. Understanding the due diligence and valuation process for real estate and comparing their risk and return profiles within strategic asset allocation. 
• Infrastructure: Talks about private infrastructure investment features, vehicles and methods. It studies the overall investment process including the roles of equity financing and debt and compares their risk and return profiles within strategic asset allocation. 

Read More:

• CFA 2025 application form
• CFA 2025 exam pattern
• CFA exam dates 2025-26

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