CFA Syllabus & Subjects List 2025: Download Semester-wise Syllabus PDF
Vidhi JainContent Writer
CFA Institute prescribes the CFA course syllabus for all three exam levels. The topics included in the CFA course curriculum for all three exam levels remain the same, with differences in the difficulty level and the weightage. The CFA course covers topics that help students develop investment analysis and portfolio management skills.
With a dynamic CFA syllabus, the institute focuses on adapting modern financial practices to equip students with the ever-changing economic environment. The CFA syllabus includes chapters such as Economics, Financial Statement Analysis, Equity Investments, Derivatives, Alternative Investments, Portfolio Management, Wealth Planning, and so on.
You have to pass all three levels of the CFA exam with the needed work experience to become a charter holder. Interested candidates can continue reading the article for more details on CFA Syllabus 2025.
Links relevant to CFA Syllabus:
Detailed CFA Syllabus
After passing the CFA exam for three course levels, one is designated a CFA or Chartered Financial Analyst. As per the CFA course curriculum, students are taught as many as 10 core CFA subjects.
Core Subjects in CFA Syllabus
The space below mentions the CFA core subjects in all three levels of the CFA course:
|
CFA Subjects |
CFA Subject Details |
|---|---|
|
Ethical and Professional Standards |
Under this CFA subject, students are taught financial ethics, challenges to ethical behaviour, and the importance of being a professional. Additionally, students are taught to stick to these ethics in the investment industry. |
|
Quantitative Methods |
It comprises quantitative techniques and applications of investment decision-making. Financial analysis is explored and tested with these quantitative techniques. This section also considers probability theory, its application in quantifying risk, and the characteristics of return distributions. |
|
Economics |
This CFA subject introduces the concepts related to demand and supply. Various existing market structures for firms, macroeconomic concepts, and principles such as aggregate output, aggregate demand, business cycles, and their effects in economic terms are also covered under this topic of the CFA curriculum. |
|
Financial Statement Analysis |
The standards governing and disclosing financial reporting as well as procedures of financial reporting, are effectively explained in this CFA subject. Techniques to examine primary financial statements are provided to conduct financial statement analysis. Additionally, students learn the basic financial statements, how alternative accounting methods affect these statements and how analysis is emphasised. |
|
Corporate Issuers |
This CFA subject comprises knowledge to make finance and investment decisions within corporate governance. Additionally, students get an overview of corporate governance, the impact that social and environmental considerations have on investing, using leverage, and managing working capital. |
|
Equity Investments |
In this CFA topic, students learn everything related to equity, including how basic equity models are used, equity securities, how to analyse industries and companies, characteristics of equity investments, security markets, and indexes. |
|
Fixed Income |
It describes securities categorised under fixed-income, yield measures, risk factors, drivers, and measurements of valuation. Calculating yields and values of fixed income securities, basic principles of credit analysis, fundamentals of bond risks and returns, and securitisation of assets are also covered. |
|
Derivatives |
Students learn about the derivative markets and basic derivatives in this section of the CFA syllabus. Students are introduced to valuation concepts and essential features for forward commitment. Additionally, students learn about arbitrage to understand the link between derivative pricing and the underlying asset price. |
|
Alternative Investments |
Several minute topics other than equity are covered under this subject of the CFA syllabus. Topics include hedge funds, real estate, infrastructure, debentures, commodities, and more. |
|
Portfolio Management and Wealth Planning |
This CFA subject focuses on the fundamentals of risk and portfolio, along with risk and return measurement. Students learn about managing and creating portfolios. The range of available investment solutions is taught, focusing on the institutional and individual investors. |
Note: The CFA course curriculum does not have any elective subjects. Candidates, irrespective of their course level, have to study all the core subjects mentioned above.
Links useful for the CFA Syllabus:
When is the CFA Exam 2025? Check Complete CFA Exam Dates and Events
Detailed CFA Syllabus
The CFA syllabus for Levels 1, 2, and 3 with the topic weightage in the exam is given below.
|
CFA Course Level |
CFA Subject |
Weightage in CFA Exam |
|---|---|---|
|
CFA Level I Syllabus |
Ethical and Professional Standards |
15-20% |
|
Quantitative Methods |
6-9% | |
|
Economics |
6-9% | |
|
Financial Statement Analysis |
11-14% | |
|
Corporate Issuers |
6-9% | |
|
Equity Investments |
11-14% | |
|
Fixed Income |
11-14% | |
|
Derivatives |
5–8% | |
|
Alternative Investments |
7-10% | |
|
Portfolio Management and Wealth Planning |
8-12% | |
|
CFA Level II Syllabus |
Ethical and Professional Standards |
10–15% |
|
Quantitative Methods |
5–10% | |
|
Economics |
5–10% | |
|
Financial Statement Analysis |
10–15% | |
|
Corporate Issuers |
5–10% | |
|
Equity Investments |
10–15% | |
|
Fixed Income |
10–15% | |
|
Derivatives |
5–10% | |
|
Alternative Investments |
5–10% | |
|
Portfolio Management and Wealth Planning |
10–15% | |
|
CFA Level III Syllabus |
Asset Allocation | 15–20% |
| Portfolio Construction | 15–20% | |
| Performance Measurement | 5–10% | |
| Derivatives and Risk Management | 10–15% | |
| Ethical and Professional Standards | 10–15% | |
| Pathways (Portfolio Management or Private Markets or Private Wealth) | 30–35% |
Note: The information is sourced from the official/counselling body of the institute/exam.
Recommended links for CFA Syllabus:
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CFA Books & Study Material
CFA Institute provides the books for each course level. Soon after the candidates register for the CFA program, they gain access to several study tools and resources. CFA books help candidates prepare for the exam.
Soon after the CFA registration, candidates gain access to the following:
- Official program curriculum
- Custom study plans designed just for you
- Study sessions for each level
- Practice questions throughout the curriculum
- Study resources and tips
- Mock exam, mimicking the exam-day experience
CFA Institute facilitates access to its learning ecosystem and community to help students on their path to becoming CFA charter holders.
Suggested Links for CFA Syllabus:
CFA Exam 2025: Cost, Curriculum and Difficulty Level
CFA Syllabus FAQs
Q. What does a CFA do?
A. The job roles of a CFA charter holder revolve around investment banking, portfolio management, asset and wealth management, research, consulting, risk analysis and management, etc.
Q. How difficult is CFA?
A. It is as difficult as you make it. Suppose you are interested in finance and understand it well. In that case, you can clear it by putting in the best efforts, making a proper study plan, accessing all the resources, i.e. study materials, mock tests, and practice questions, and utilizing them well.
Q. What is the CFA certification?
A. Chartered Financial Analyst, abbreviated as CFA, is one of the most sought-after certifications in finance and is conducted at three levels wherein candidates are tested upon fundamentals of investment tools, valuing assets, portfolio management, and wealth planning.
Q. What types of topics are included in the CFA syllabus?
A. CFA syllabus is designed to include topics related to investment, finance and accounting.
Q. What is the eligibility for CFA Level I exam?
A. If you have completed graduation, are in the last year of graduation or have four years of acceptable work experience, you can take up the CFA Level I exam.
Q. Are CFAs in demand?
A. Yes, over the years, the popularity of the course has considerably increased, making it one of the best and most sought-after certifications in the field of finance because of its relevant syllabus as per the market. It has started to be on par with CA or MBA in finance.
Q. What careers are the best after pursuing CFA?
A. Most people who pursue CFA make a career in portfolio management, investment banking, and research analysis, but with the type of knowledge and expertise this programme provides, there is a lot more that can be explored.
Q. Can I study CFA on my own?
A. CFA brings along a lot of new concepts that you might not be familiar with already, and understanding them on your own can be tiresome and frustrating. Hence, you must look out for all resources possible, which can help you in the preparation.
Q. What is the CFA course duration?
A. Candidates can complete the CFA course in less than two years. After taking the CFA Level I exam, candidates can appear for the level II exam in six months. Similarly, after taking the level II exam, candidates can appear for the level III exam in six months. However, students can also take a gap of more than six months to prepare well for the CFA exam.
Q. Is there any age limit to apply for the course?
A. No, the CFA exam doesn't have a maximum age limit to apply for the course, so you must not worry about that.
Q. Can I go abroad after CFA?
A. Yes. The CFA programme is globally recognised and would be a great certification if you wish to pursue a global career.
Q. Does CFA help you pursue a career in stock markets?
A. Definitely yes. It is highly preferred and paid in the stock markets with various career options and positions such as Fund Manager, Research Analyst, etc.
Q. How many times can you take the exam?
A. A maximum of two times per calendar year is permitted but not in consecutive windows or in windows that do not have a gap of more than 6 months in between. For each level, you have a maximum of six attempts.
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News & Updates
Oct 14, 2025
Student Forum
Anything you would want to ask experts?Answered 2 months ago
The passing rate for CFA exams helps you set realistic goals and track progress. As per the official website of the CFA Institute, the pass rate of the CFA Level I exam is between 43 and 45%; for CFA Level II exams, the passing rate usually fluctuates between 39 and 54%; and the CFA Level III exam p
V
Contributor-Level 10
Answered 2 months ago
The general CFA course duration is 3 years to 4 years, which includes the completion of all 3 levels with a recommended study time of 300 hours per level. It is important for you to note that if you wish to use the CFA Charterholder designation, you should have a minimum of 4,000 hours of relevant w
V
Contributor-Level 10
Answered 2 months ago
Yes. You need a valid international travel passport to register for the CFA exam. The passport needs to be original, without any scope for falsification, make sure it is not expired, and your credentials should match with those in your CFA Institute account.
V
Contributor-Level 10
Answered 2 months ago
Work experience is a mandatory requirement for obtaining the CFA charter. You need to have at least 4,000 hours of work experience and/or higher education that was acquired over a minimum of three years. If you plan to combine both to achieve the minimum hours and years, it is assumed that higher ed
V
Contributor-Level 10
Answered 2 months ago
The average CFA salary in India differs based on the experience and the certification level obtained by you. I guess that the estimated CFA level I salary is around INR 4 LPA to 6 LPA, and if you complete CFA level II your salary will increase to around INR 7 LPA to 12 LPA. The highest CFA level III
V
Contributor-Level 10
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