CFA Syllabus & Subjects List 2026: Download Semester-wise Syllabus PDF
Parul ThapaAssistant Manager
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:
Practical Skills Module: When and How To Approach the CFA Program’s PSM
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:
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Popular CFA (Chartered Financial Analyst) Level 1,2 & 3 Colleges in India
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News & Updates
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Student Forum
Anything you would want to ask experts?Answered 2 days ago
A candidate who has scored really well could have a high confidence interval. They will have grey line with the confidence interval box above MPS.
A candidate who has scored poorly can have a high confidence interval, they would not have passed under any circumstances and would need to study more in
S
Contributor-Level 6
Answered 2 days ago
The light blue box around or over and above the MPS is the confidence interval in CFA result card.
N
Contributor-Level 6
Answered 2 days ago
CFA result cum scorecard includes a purple dashed line, which indicates 90th percentile. This means that 10 per cent of students scored higher than this.
R
Contributor-Level 6
Answered 2 days ago
CFA result has thick black dotted line in the scorecard. It shows the 10th percentile score, i.e. 10% of candidates who took the exam scored lesser than this.
A
Contributor-Level 6
Answered 2 days ago
Check the table below to know the level wise average pass rate in India:
| Level | Average Pass Rate in India |
|---|---|
| Level 1 | 35% to 45% |
| Level 2 | 40% to 50% |
| Level 3 | 45% to 55% |
M
Contributor-Level 6
Answered 2 days ago
The average pass rate in India is 35% to 45%. Check the table below to know the CFA pass rate in India for Level 1:
| Year | Pass Rate in India |
|---|---|
| 2019 | 32% |
| 2020 | 46% |
| 2021 | 19% |
| 2022 | 33% |
| 2023 | 35% |
| 2024 | 43% |
| 2025 | 46% |
S
Contributor-Level 6
Answered 2 days ago
CFA level 1 and 2 results are released within 5 to 7 weeks. Level 3 results are released within 8 weeks.
V
Contributor-Level 6
Answered 2 days ago
CFA level 1 February result will be released on March 19, 2026. CFA level 3 2026 result for the February session will be released on April 7, 2026. The results will be announced online.
R
Contributor-Level 6
Answered a month ago
Angoff Method is used by subject matter experts to decide probability of a student answering each question correctly in CFA exam. These probabilities range from 0 to 100 and are then averaged for each question. Then the averages are added to find the final cutoff or minimum passing score in CFA exam
R
Contributor-Level 6
Answered a month ago
Name of Books | Authors |
|---|---|
Investment Banking: Valuation, Leveraged Buyouts, and Mergers & Acquisitions | Pearl and Rosenbaum |
2021 CFA Level I | Kaplan Schweser |
Strategic Value Investing: Practical Techniques of Leading Value Investors | Stephen M. Horan, Robert R. Johnson and Thomas R. Robinson |
When Genius Failed: The Rise and Fall of Long-Term Capital Management | Roger Lowenstein |
The Cartoon Guide to Statistics | Larry Gonick and Woollcott Smith |
CFA Level I | Bhupesh Ananad |
The Handbook of Fixed Income Securities | Frank J. Fabozzi |
Contributor-Level 10
Answered a month ago
The MBA in Financial Preparation and CFA Preparation fees is INR 6 Lacs at Parul University. This fees is a combination of the tuition fees and university fees for the aforementioned MBA course.
This MBA course has the highest fees of all MBA courses at Parul University. The fees for the MBA courses
S
Contributor-Level 10
Answered a month ago
CFA programme is a rigorous one. Students should have a good preparation plan to clear CFA Level 2 exam. Students should devote at least 300 hours on an average for each level of the CFA exam
R
Contributor-Level 6
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How can I use confidence interval to know how I did in the CFA exam?