CFA Syllabus 2025: Everything that You Need to Know

The Chartered Financial Analyst or the CFA course, conducted by the CFA Institute, was established in 1947 and provides credentials to aspiring professionals in the field of Financial & Investment Management. This exam is counted among the toughest exams in the world. The syllabus of the CFA program is very vast and evaluates your knowledge on various fronts like Accounting, Economics, Corporate Finance, Equity Investments, etc. Moreover, the difficulty level increases with the increase in the level. So, here is a blog that will familiarise you with the topics included in the CFA syllabus. 

Exam Name	Chartered Financial Analyst (CFA)
Eligibility	Bachelor’s degree in a relevant discipline or experience of four years
Exam Frequency	Level 1: Conducted  Twice in a year [June & December] Level 2 & 3: Conducted only once (June)
Conducting Authority	CFA Institute
Duration	1.5 – 4 years
Examination Mode	Computer-Based

CFA Exam Pattern

To obtain the CFA certification, you have to clear all three levels or phases of the examination conducted by the CFA Institute. Though the number of questions varies as per the level, all the phases are of 6 hours. Furthermore, there is a specific weightage assigned to every subject at various levels of the course. Tabulated below are the important attributes of the CFA exam, number of questions, duration, and time.

Exam	Level I
Morning Session	120 Questions
Afternoon Session	120 Questions
Duration	3 hours for each session
Question type	Multiple Choice Questions (MCQ)

Exam	Level II
Morning Session	60 Questions in 10 case studies
Afternoon Session	60 Questions in 10 case studies
Duration	3 hours for each session
Question type	MCQ’s based on caselets

Exam	Level III
Morning Session	Essay type
Afternoon Session	60 Qs in 10 Case studies
Duration	3 Hours for each session
Question type	Essay + MCQ

What does the CFA Exam assess?

The CFA syllabus is designed to impart skills in benchmark subjects like Economics, Accounting, Security Analysis, Money Management, etc, through three levels, namely, Level 1, Level 2, and Level 3. The CFA syllabus of Level 1 lays emphasis on ethical standards, professional ethics, and investment tools. However, when it comes to Level 2, your ability to apply the principles of asset valuation is assessed. For CFA Level 3, concepts related to Portfolio Management will be focused on. The topics are listed from which questions will be framed in the CFA exam.

• Equity Investments
• Quantitative Methods
• Ethical and Professional Standards
• Fixed Income
• Economics and Derivatives
• Financial Reporting and Analysis
• Alternative Investments
• Corporate Finance
• Portfolio Management and Wealth Planning

Also Reads: CFA Level 1 Exam

CFA Syllabus Level 1

The very first stage of the CFA exam is considered a foundation for the rest of the two levels. The CFA syllabus of Level 1 encompasses the basic aspects of investment analysis and financial analysis. It comprises a total of ten topics, whose weightage is given in the table below. 

Topic Area	Level I
Equity Investments	11%
Ethical and Professional Standards	15%
Quantitative Methods	10%
Fixed Income	11%
Economics	10%
Derivatives	6%
Financial Reporting and Analysis	15%
Alternative Investments	6%
Corporate Finance	10%
Portfolio Management and Wealth Planning	6%

CFA Syllabus Level 2

Upon qualifying the first level, you will be eligible to apply for the level 2 exam. With topics more or less the same, the difficulty level increases in the 2nd level. Below is the topic-wise weightage for the CFA syllabus level 2. 

Topic Area	Level II
Equity Investments	10%-15%
Ethical and Professional Standards	10% to 15%
Quantitative Methods	5% to 10%
Fixed Income	10% to 15%
Economics	5% to 10%
Derivatives	5% to 10%
Financial Reporting and Analysis	15% to 20%
Alternative Investments	5% to 10%
Corporate Finance	5% to 10%
Portfolio Management and Wealth Planning	10% to 15%

CFA Syllabus Level 3

The CFA syllabus for Level 3, this certification includes the concepts related to the field of Portfolio Management and Wealth Planning, and associated analytical methods. We have mentioned the topic-wise weightage for this level in the table below. 

Topic Area	Level III
Equity Investments	10%-15%
Ethical and Professional Standards	10% to 15%
Quantitative Methods	–
Fixed Income	15% to 20%
Economics	5%to 10%
Derivatives	5% to 10%
Financial Reporting and Analysis	–
Alternative Investments	5% to 10%
Corporate Finance	–
Portfolio Management and Wealth Planning	35% to 40%
Total	100

Also Reads: CFA Level 2 Guide

Tips to Ace the CFA Exam 2025

Passing the Chartered Financial Analyst (CFA) exam is a tough nut to crack and needs rigorous practice and preparation to gain mastery over the topics. Here are the tips to successfully pass the CFA exam 2025:

• Focus your efforts on the CFA Institute’s curriculum
• Identify your strengths and weaknesses and formulate a timetable accordingly.
• Keep up-to-date with the CFA syllabus.
• Understand the format.
• Plan the logistics of the exam day.
• Time management is key.

FAQs

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As seen, the CFA syllabus is very vast. Dedication and hard work are what will help you sail through this exam! Exploring Finance courses abroad? Not sure about how to get started with it? Then reach out to our experts at Leverage Edu who will help you pick the most suitable university and will also provide guidance throughout the admission process!