Chartered Financial Analyst Exam Prep

2021, 2022 CFA Program Core Curriculum

The CFA Program includes a series of three exams; Levels I, II, and III. As of 2021, exams will be 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

2021, 2022 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

The gold standard designation in the financial services industry.

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Level I, II & III

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