CFA 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 1, Level 2, and Level 3, must be passed as one of the requirements for earning a CFA® charter.
CFA Level 1 is composed of multiple-choice questions and is offered in June & December.
CFA Level 2 is composed of item-set questions and is offered in June only.
CFA Level 3 is composed of item-set and essay questions and is offered in June only.
CFA LEVEL 1
CFA Level 1 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:
- Financial markets and other financial instruments
- Corporate finance
- Analysis of financial statement
- Quantitative methods of investment analysis
CFA LEVEL 2
CFA Level 2 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 :
- Analyzing equity and fixed-income securities and other financial investments
- Evaluating alternative investment choices
- Making investment proposals
- Estimating expected investment return on investment and risks
CFA LEVEL 3
CFA Level 3 curriculum will develop students knowledge of portfolio management in greater depth. Candidates must apply the knowledge and skills learned in Levels 1 and 2 to the portfolio management process from estimating and analyzing objectives, investor constraints, and capital-market expectations to making asset-allocation decisions. The curriculum covers:
- Corporate finance
- Financial statements analysis
- Ethical and professional standards
- Quantitative methods
- Economics
- Analysis of financial instruments
- Analysis of alternative investments
- Portfolio management
| Topic Area Weights for the CFA Exam | |||
| Topic Area | Level 1 | Level 2 | Level 3 |
| 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 |
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