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CFA® Program

2026 CFA exam price changes

Registration fees will change for all 2026 exams, beginning with the February 2026 CFA Program exam. See details here.

CFA Program curriculum

The official CFA Program curriculum gives you the solid foundation of knowledge that investment firms expect from finance professionals. Equipped with critical advanced investment analysis and portfolio management skills, you'll be able to meet today’s challenges in investment management head on.

Find out more about the CFA Program curriculum across the different exam levels, what topics are covered, and how the curriculum has been expanded to include Practical Skills Modules (PSMs).

How is the CFA Program curriculum structured across the CFA exam?

The CFA Program is a series of three exams: Levels I, II, and III. Each level of the curriculum builds on the prior level and becomes increasingly complex. Find out how the CFA exam levels compare so you can prepare for success at every stage.

Level I: Learn and describe

Multiple choice questions will test your knowledge of key terms, concepts, and formulas that are the foundation of the investment industry.

CFA Program Level I exam outline

Level II: Analyze and evaluate

Exam vignettes with multiple choice questions will test how you analyze situations and provide solutions using the knowledge you have accumulated.

CFA Program Level II exam outline

Level III: Integrate and apply

A mix of item set questions and constructed response questions will reveal how you integrate concepts and apply knowledge to real-world scenario.

CFA Program Level III exam outline

What topics are covered in the CFA Program curriculum?

We update the CFA Program curriculum regularly to reflect modern financial practices, guided by our ongoing practice analysis that ensures it stays aligned with the latest industry trends. This means you’ll learn precisely what’s needed to thrive in today’s investment industry and confidently apply your CFA Program knowledge to real-world scenarios. 

    By level
      Level I

      Topic

      Exam weight

      Ethical and Professional Standards

      15-20%

      Quantitative Methods

      6-9%

      Economics

      6-9%

      Financial Statement Analysis

      11-14%

      Corporate Issuers

      6-9%

      Equity Investments

      11-14%

      Fixed Income

      11-14%

      Derivatives

      5–8%

      Alternative Investments

      7-10%

      Portfolio Management

      8-12%
      Level II

      Topic

      Exam weight

      Ethical and Professional Standards

      10–15%

      Quantitative Methods

      5-10%

      Economics

      5-10%

      Financial Statement Analysis

      10-15%

      Corporate Issuers

      5-10%

      Equity Investments

      10-15%

      Fixed Income

      10-15%

      Derivatives

      5-10%

      Alternative Investments

      5-10%

      Portfolio Management and Wealth Planning

      10-15%
      Level III

      Topic

      Exam weight

      Asset Allocation

      15–20%

      Portfolio Construction

      15–20%

      Performance Measurement

      5–10%

      Derivatives and Risk Management

      10–15%

      Ethical and Professional Standards

      10–15%

      Pathways (Portfolio Management or Private Markets or Private Wealth)

      30–35%
      By topic
        Alternative Investments

        This topic defines and explores alternative investments, including hedge funds, private equity, real estate, commodities, and infrastructure. You’ll learn about the characteristics they have in common and the use of alternative investments for diversification and higher returns. 

        Exam topic area weight across levels:

        Level I

        Level II

        Level III

        7-10%

        5–10%

        5–10%
        Corporate Issuers

        In this topic, you’ll be introduced to corporate governance as well as investing and financing decisions. Gain an overview of corporate governance along with a framework for understanding and analyzing corporate governance and stakeholder management. This topic also highlights the growing impact of environmental and social considerations in investing. We cover how companies make use of leverage and manage their working capital to meet short-term operational needs. 

        Exam topic area weight across levels:

        Level I

        Level II

        Level III

        6-9%

        5–10%

        0%
        Derivatives

        In this part of the curriculum, you’ll build the conceptual framework for understanding the basic derivatives and derivative markets. You’ll then be introduced to essential features and valuation concepts for forward commitments such as forwards, futures, swaps, and contingent claims. Finally, you’ll look at arbitrage, a critical concept that links derivative pricing to the price of the underlying asset.

        Exam topic area weight across levels:

        Level I

        Level II

        Level III

        5-8%

        5-10%

        5–10%
        Economics

        Learn about the analysis of fundamental concepts of supply and demand for individual consumers and firms. This topic also covers the various market structures that firms operate in as well as macroeconomic concepts and principles, including aggregate output and income measurement, aggregate demand and supply analysis, and analysis of economic growth factors. This section of the curriculum concludes with coverage of the business cycle and its effect on economic activity. 

        Exam topic area weight across levels:

        Level I

        Level II

        Level III

        6-9%

        5-10%

        5-10%
        Equity Investments

        Here, you’ll explore the characteristics of equity investments, security markets, and indexes and explain how to analyze industries, companies, and equity securities. You’ll also learn about the use of basic equity valuation models and global equities, which are important for meeting longer-term growth and diversification objectives.

        Exam topic area weight across levels:

        Level I

        Level II

        Level III

        11-14%

        10-15%

        10-15%
        Ethical and Professional Standards

        The focus of this topic is ethics, related challenges to ethical behavior, and the role ethics and professionalism play in the investment industry. We’ll provide you with a framework to support ethical decision-making and examine CFA Institute Code of Ethics and Standards of Professional Conduct and Global Investment Performance Standards (GIPS®). 

        Exam topic area weight across levels:

        Level I

        Level II

        Level III

        15-10%

        10-15%

        10-15%
        Financial Statement Analysis

        Receive a thorough explanation of financial reporting procedures and the standards that govern financial reporting disclosures, with an emphasis on basic financial statements and how alternative accounting methods affect those statements and the analysis of them. You’ll also examine primary financial statements and be provided with a general framework for conducting financial statement analysis.

        Exam topic area weight across levels:

        Level I

        Level II

        Level III

        11-14%

        10-15%

        0%
        Fixed Income

        In this topic, you’ll learn how to describe fixed income securities and their markets, yield measures, risk factors, and valuation measurements and drivers. We’ll also cover calculating yields, values of fixed income securities, the securitization of assets, the fundamentals of bond returns and risks, and basic principles of credit analysis.

        Exam topic area weight across levels:

        Level I

        Level II

        Level III

        11-14%

        10-15%

        15-20%
        Quantitative Methods

        In this topic, you’ll explore quantitative concepts and techniques used in financial analysis and investment decision-making. We present descriptive statistics for conveying important data attributes, such as central tendency, location, and dispersion, and introduce characteristics of return distributions. This part of the curriculum also considers probability theory and its application in quantifying risk for investment decision-making. 

        Exam topic area weight across levels:

        Level I

        Level II

        Level III

        6-9%

        5-10%

        0%
        Portfolio Planning and Wealth Management

        In this topic, we explain the fundamentals of portfolio and risk management, including return and risk measurement and portfolio planning and construction. We examine the needs of individual and institutional investors along with the range of available investment solutions. The capital asset pricing model is used to identify optimal risk in portfolios.

        Exam topic area weight across levels:

        Level I

        Level II

        Level III

        8-12%

        10-15%

        35-40%

        Real-life Practical Skills Modules (PSM)

        The core of the CFA Program curriculum teaches you the fundamentals of investment tools, valuing assets, portfolio management, and wealth planning. But the best way to develop your knowledge is to put it to the test.

        To ensure you thrive in your current or future role, the CFA Program curriculum has been expanded to include practical, relevant skills training. So you can apply what you are learning in the curriculum to real-world scenarios.

        A Practical Skills Module (PSM) uses a combination of videos, multiple-choice questions, guided practice, and case studies to develop your practical skills. In order to receive your exam result, you will be required to complete at least one PSM at each level. You may begin your PSM topic at any time after registration. Each PSM takes 10-20 hours to complete. 

        Learn more about Practical Skills Modules

        Ready to take the next step?

        Start your CFA Program journey today.
        Enroll and register
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        Frequently asked questions

        Expand all
          How does the CFA Program curriculum integrate ethical and professional standards?

          The curriculum is developed through an Education Advisory Committee that includes industry practitioners, security market regulators, university faculty, and policymakers. There is also a topic dedicated to ethical and professional standards, and the role they play in the investment industry.

          Can I purchase a print version of the CFA curriculum?

          Yes – the CFA Program curriculum is available as a set of six volumes. Registered candidates can purchase these by signing in to candidate resources and selecting the print curriculum option.

          How does the CFA Institute ensure the curriculum remains relevant to the investment industry?

          We continuously evolve the CFA Program curriculum through a process called practice analysis. This involves working with practicing investment management professionals, university faculty, and regulators to determine the critical knowledge, skills, and abilities that are needed in an investment role today. Learn more about practice analysis.

          How often is the CFA Program curriculum updated? 

          The curriculum continuously evolves as we gather direct feedback, insight, and perspective from industry practitioners through the process of practice analysis. Each year, we summarize what we have learnt and publish this in the Practice Analysis Annual Review.

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          CFA® Program

          From USD 990
          /exam *
          *See dates & fees page for details.
          • Credential - 3 levels / 3 exams
          • Advanced level
          • 300 hours per level
          • Self-paced online learning
          • Learning materials included

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