CFA Syllabus 2025 (Available): Download Latest Syllabus, Study Material PDF for Level I, II & III Exam
Chartered Financial Analyst Exam 2025 ( CFA Exam )
Registration - 29 Apr '25 - 29 Oct '25
CFA syllabus consists of the concepts of the academic disciplines of Finance and Investment. The CFA syllabus for all three levels, i.e. Level I, II and III is the same (more or less); however, the weightage of the questions differs at each level. It assesses the candidates on a varied range of concepts, such as Financial, Accounting-related or Mathematical. The core areas in the CFA study material include Ethical and Professional Standards, Quantitative Methods, Corporate Finance, Equity Investments, Portfolio Management, Fixed Income, Derivatives, etc. Shiksha brings you a is a comprehensive blog that details the CFA syllabus and weightage of the questions, important topics and subtopics, etc. Read below to know the detailed CFA syllabus 2025 and study materials.
Also Read: When is the CFA exam 2025-26?
The CFA syllabus is considered the toughest amongst all the finance professional courses. CFA Level 1 syllabus is also considered tough, but it is not the toughest among the three levels of the CFA exam. Candidates must dedicate at least 300-400 hours to cover and prepare for the CFA Level 1 exam syllabus.
Mentioned below are the ways to obtain the study material
- CFA Institute provides an official curriculum for each exam level of CFA program. The curriculum covers all the required topics and is considered the primary source of the study material for the CFA exam. Students are given the option to purchase the curriculum directly from the institute's website.
- Many third-party vendors also offer study materials for the CFA exam which is specifically designed to help the aspirants prepare for the exam. These materials often include study guides, practice questions, mock tests, online course and/or video lectures.
- There are various online sources as well. Websites, forums and online communities dedicated to CFA exam preparation provide free or low-cost study materials, practice papers, and other helpful preparation tips.
- CFA Level 1 Syllabus 2025
- CFA Level 2 Syllabus 2025
- CFA Level 3 Syllabus 2025
- CFA Level 3 Specialised Pathways
- FAQs Related to CFA Syllabus
CFA Level 1 Syllabus 2025
CFA Exam Syllabus Breakdown (Level 1):
Check out the table below to know the CFA syllabus Level 1 with topic weightage and sub topics:
| Topic | Weightage (in Percentage) | Sub-Topics |
|---|---|---|
| Ethical and Professional Standards |
15-20 | Global investment performance standards, Standard of Professional Conduct |
| Quantitative Methods |
6-9 | Discounted Cash Flow Applications, Time, Value and Money, Statistical Concepts and Market Returns |
| Economics |
6-9 | Firm and Market Scheme, Demand and Supply Analysis, Aggregate Output, Prices, Economic Growth |
| Financial Statement Analysis |
11-14 | Income statement, Drafting Balance Sheet, Financial Reporting Mechanics and Standards |
| Corporate Issuers |
6-9 | Cost of Capital, Capital Budgeting, Corporate Ownership Structures, Business Models |
| Portfolio Management |
8-12 | Basics of Portfolio Planning and Construction |
| Equity Investments |
11-14 | Market Efficiency, Security Market Indices, Market Organization and Structure |
| Fixed Income |
11-14 | Fixed Income Markets, Fixed Income Securities, Introduction to Fixed Income Valuation |
| Derivatives |
5-8 | Derivative Markets and Instruments |
| Alternative Investments |
7-10 | Mutual Funds and Real Estate |
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 |
Commonly asked questions
The CFA Level I exam comprises a total of 180 multiple-choice questions to be answered in two sessions of 135 minutes each. There are 90 MCQ questions for each session. The first session includes topics such as professional standards, financial reporting, and quantitative methods, while the second session includes questions about corporate finance, fixed income, derivatives, alternative investments, and portfolio management. This exam is given twice a year, once in June and once in December.
The CFA Level I exam covers a broad range of topics. Here are the major subject areas included in the Level I syllabus:
Ethical and Professional Standards: This section emphasizes the ethical and professional responsibilities of investment professionals, including the CFA Institute's Code of Ethics and Standards of Professional Conduct.
Quantitative Methods: This area focuses on quantitative techniques and methods used in investment analysis, including statistical concepts, probability theory, time value of money, and basic regression analysis.
Economics: The economics section covers microeconomics and macroeconomics, including supply and demand analysis, market structures, monetary and fiscal policy, and international trade.
Financial Reporting and Analysis: This section explores the principles and analysis of financial reporting, including the interpretation of financial statements, financial ratio analysis, and understanding key accounting concepts.
Corporate Finance: This area covers topics related to corporate finance, including capital budgeting, cost of capital, capital structure, dividend policy, and corporate governance.
Equity Investments: The equity investments section focuses on equity markets, equity valuation models, industry and company analysis, and equity portfolio management.
Fixed Income: This section delves into fixed income securities, bond valuation, yield measures, fixed income markets, and fixed income portfolio management.
Derivatives: This area covers derivatives instruments, including options, futures, forwards, and swaps, along with their valuation and strategies for their use.
Alternative Investments: This section introduces alternative investment types, such as real estate, private equity, hedge funds, and commodities, along with their characteristics and valuation.
Portfolio Management and Wealth Planning: This final section addresses portfolio management concepts, including portfolio theory, risk management, performance evaluation, and wealth planning strategies.
These topics provide a general overview of the major subject areas covered in the CFA Level I syllabus. Each subject area encompasses various subtopics, and the CFA Institute provides a detailed curriculum that outlines the specific learning outcomes for each level. It's essential to refer to the official CFA Institute curriculum and study materials for a comprehensive understanding of the exam content.
CFA Level 2 Syllabus 2025
Refer to the table below to know the CFA syllabus for the Level II exam:
| Topic | Weightage |
|---|---|
| Ethical and Professional Standards |
15 |
| Quantitative Methods |
15 |
| Economics |
10 |
| Financial Reporting and Analysis |
15 |
| Corporate Finance |
10 |
| Portfolio Management |
10 |
| Equity Investments |
15 |
| Fixed Income |
15 |
| Derivatives |
5 |
| Alternative Investments |
5 |
Commonly asked questions
The CFA syllabus covers topic areas related to investment management, financial analysis, ethics, and professional standards. Main topics are:
1. Ethics and Professional Standards
2. Quantitative Methods:
3. Economics:
4. Financial Reporting and Analysis
5. Corporate Finance
6. Fixed Income
7. Equity Investment
8. Derivatives
9. Alternative Investments
10. Portfolio Management and Wealth Planning
These main topic areas are present across all three levels of the CFA exam. The complexity increases with each passing level.
CFA Institute provides the official CFA curriculum but students can always use third-party study material to enhance their CFA exam preparation. Students should opt for study resources from reputable sources. Look for CFA books and study material which explains complex topics and concepts. The CFA Institute provides a list of approved prep providers on its website, which can be a good starting point.
CFA Level 3 Syllabus 2025
Refer to the table below to know the CFA syllabus for the Level III exam:
| CFA Syllabus 2025 Level III | |
|---|---|
| Behavioral Finance |
Capital Market Expectations |
| Asset Allocation & Related Decisions in Portfolio Management |
Derivatives & Currency Management |
| Fixed-Income Portfolio Management |
Equity Portfolio Management |
| Alternative Investments for PM |
Private Wealth Management |
| PM- Institutional Trading, Performance Evaluation, and Manager Selection |
Cases in Portfolio Management and Risk Management |
| Ethics and Related Topics |
|
Commonly asked questions
Yes, the CFA syllabus is updated regularly to reflect changes in the investment industry and to ensure that candidates are prepared for the latest industry practices and trends. The CFA Institute, the governing body for the CFA exam, reviews and updates the syllabus on a regular basis, typically every three to five years.
For example, the CFA Institute updated the Level I syllabus in 2020 to include new topics such as digital assets and sustainability, and to reflect changes in the investment industry. The Level II and Level III syllabi were also updated in 2020 to include new topics and to reflect changes in the industry.
This year, a new chapter titled – “Introduction to Geopolitics” has been introduced under the Economics section for the Level I CFA syllabus. Corporate Ownership and Structures and Business Models are the two new readings that have been added under Corporate Issuers section. Major changes to the Capital Structure readings have been made. Minor changes to the Introduction to Corporate Governance & Other ESG Considerations reading has also been made for the Level I CFA curriculum.
CFA Level 3 Specialised Pathways
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:
Commonly asked questions
No pathway will be easier than the other. Each pathway is designed in a way that they are at par with each other. This does not mean that the CFA pass rate will be also be the same between each as many factors influence pass rate such as quality of the cohort, mix of the cohort, difficulty of the given set of questions in a given window, demographic factors, etc.
No, candidates cannot change their pathway in the middle of the CFA registration process. If the candidate is taking the CFA Level 3 exam for the second time, then they have the option of changing their specialised pathway. The content for all the three pathways are available online for CFA preparation.
The CFA institute has introduced the specialised pathways because:
- Career discovery
- Mastering a specific field
- Choosing which field aligns best with interests and aspirations of the students
- Credentialing. Passing a challenging exam for the role will benefit the candidates by benefiting their clients and their employers.
FAQs Related to CFA Syllabus
Check some of the Frequently Asked Questions (FAQs) on CFA syllabus:
Commonly asked questions
Yes, one can do self-study for the CFA exam. It offers flexibility and students usually use the official CFA curriculum to prepare for the CFA exam levels. There are other resources as well, online and offline, which provide CFA study materials. Students can opt for Youtube tutorial, study groups or third-party study materials for CFA exam such as sample papers and books. Students can learn the concepts of the CFA syllabus and create a study plan to prepare for the exam.
While self-studying is a good option, the CFA exams are rigorous and the material can be complex. Students should hence think before opting for self-study.
Cracking the CFA exam is not a cakewalk, and it is not easy to grab one of the most prestigious financial recognitions, the CFA Charter. Students need to have a really strong strategy to crack this exam. Be versed with the CFA syllabus. Knowing the syllabus for the entrance exam is the first step towards CFA exam preparation.
It is important to divide the study time so that the students can cover the complete CFA syllabus. Therefore, the students can analyse the area of their strength and then allocate the time required for each section.
Understand the exam pattern. Going through the previous year's question papers and sample papers will help the students figure out the exam pattern. Once they become familiar with the type of questions, they will take less time to solve questions.
Time management: The CFA exam is time-bound and is known for its challenging nature and it is a time-consuming one. Therefore, knowing the exam pattern adds to the skill of solving the exam faster.
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