Chartered Financial Analyst Exam
CFA Program Curriculum
The CFA Program includes a series of three exams; Levels I, II, and III. As of 2021, exams are delivered via computer-based testing (CBT).
| CFA Curriculum | Level I CFA Exam | Level II CFA Exam | Level III CFA Exam |
|---|---|---|---|
| Learning Focus |
Introductory Knowledge and Comprehension (Generalist’s Exam). |
Application and Analysis (Analyst’s Exam). |
Synthesis and Evaluation (Portfolio Manager’s Exam). |
| Question Format |
180 stand-alone multiple choice questions(90 questions per each of the two sessions). |
88 vignette-supported multiple choice questions each worth 3 points (44 multiple choice items in each of the two sessions). |
8-11 vignette-supported constructed response questions (Essays) of varying points values and 44 vignette-supported multiple choice questions (Item Sets) of 3 points each. |
| Duration |
4.5 hours, split into two sessions (morning and afternoon) with an optional break in-between. |
4.5 hours, split into two sessions (morning and afternoon) with an optinal break in-between. |
4.5 hours, split into two sessions (morning and afternoon) with an optional break in-between. |
Source: https://www.cfainstitute.org/en/programs/cfa/curriculum
CFA Exam Topics & Weightings
| CFA Institute Core Curriculum Topics (10) |
Level I CFA Exam Weights* (100%) |
Level II CFA Exam Weights* (100%) |
Level III CFA Exam Weights* (100%) |
|---|---|---|---|
|
Ethical and Professional Standards (Ethics) |
15-20% |
10-15% |
10-15% |
|
Quantitative Methods |
8-12% |
5-6 % |
0% |
|
Economics / Capital Markets Expectations |
8-12% |
5-10% |
5-10% |
|
Financial Reporting and Analysis |
13-17% |
10-15% |
0% |
|
Corporate Finance |
8-12% |
5-10% |
0% |
|
Equity Investments |
10-12% |
10-15% |
10-15% |
|
Fixed Income |
10-12% |
10-15% |
15-20% |
|
Derivatives |
5-8% |
5-10% |
5-10% |
|
Alternative Investments |
5-8% |
5-10% |
5-10% |
|
Portfolio Management and Wealth Planning |
5-8% |
10-15% |
35-40% |
|
Total |
100% |
100% |
100% |
Weights are intended to guide the curriculum and exam development processes. Actual exam weights may vary slightly from year to year. Please note that some topics are combined for testing purposes. Source: https://www.cfainstitute.org/en/programs/cfa/curriculum.
Chartered Financial Analyst
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