CFA Syllabus
Modules and Structure
The CFA Program includes a series of three sequential exams that are offered in test centers around the world. These three exams: Level I, Level II, and Level III, must be passed as one of the requirements for earning a CFA charter
- Level I is composed of multiple-choice questions and is offered in June and December.
- Level II is composed of item-set questions and is offered in June only.
- Level III is composed of item-set and essay questions and is offered in June only.
CFA LEVEL I
The Level I curriculum concentrates on tools and concepts relating to investment valuation and portfolio management. The course also covers securities laws and regulations, and the CFA® Institute Code of Ethics and Standards of Professional Conduct. The curriculum highlights an overview of asset valuation and portfolio management practices:
1. Financial markets and other financial instruments
2. Corporate finance
3. Analysis of financial statement
4. Quantitative methods of investment analysis"
1. Financial markets and other financial instruments
2. Corporate finance
3. Analysis of financial statement
4. Quantitative methods of investment analysis"
CFA LEVEL II
The Level II syllabus focuses on asset valuation, where candidates must employ concepts of quantitative techniques, economic analysis, accounting-in analysing and valuing investments. Students should have a thorough understanding of capital market theory and industry and company analysis, and of :
1. Analysing equity and fixed-income securities and other financial investments
2. Evaluating alternative investment choices
3. Making investment proposals
4. Estimating expected investment return on investment and risks
1. Analysing equity and fixed-income securities and other financial investments
2. Evaluating alternative investment choices
3. Making investment proposals
4. Estimating expected investment return on investment and risks
CFA LEVEL III
Level III will develop students’ knowledge of portfolio management in greater depth. Candidates must apply the knowledge and skills learned in Levels I and II to the portfolio management process – from estimating and analysing objectives, investor constraints, and capital-market expectations to making asset-allocation decisions. The curriculum covers:
1. Corporate finance
2. Financial statements analysis
3. Ethical and professional standards
4. Quantitative methods
5. Economics
6. Analysis of financial instruments
7. Analysis of alternative investments
8. Portfolio management
1. Corporate finance
2. Financial statements analysis
3. Ethical and professional standards
4. Quantitative methods
5. Economics
6. Analysis of financial instruments
7. Analysis of alternative investments
8. Portfolio management
| Topic Area Weights for the CFA Exam | |||
| Topic Area | Level I | Level I I | Level I II |
| Ethical and Professional | 15 | 10 | 10 |
| Standards (total) | 12 | 5-10 | 0 |
| Economics | 10 | 5-10 | 0 |
| Financial Reporting and Analysis | 20 | 15-25 | 0 |
| Corporate Finance | 8 | 15-15 | 0 |
| Investment Tools (total) | 50 | 30-60 | 0 |
| Equity Investments | 10 | 20-30 | 5-15 |
| Fixed Income | 12 | 5-15 | 10-20 |
| Derivatives | 5 | 5-15 | 5-15 |
| Alternative Investments | 3 | 5-15 | 5-15 |
| Asset Classes (total) | 30 | 35-75 | 35-45 |
| Portfolio Management and Wealth Planning (total) | 5 | 5-15 | 45-55 |
| Total | 100 | 100 | 100 |
