CFA Exam Topic Area Weights

Topic Area Level I Level II Level III
Ethical and Professional Standards (total)151010
Investment Tools (total)5030-600
Corporate Finance85-150
Economics*105-100
Financial Reporting and Analysis2015-250
Quantitative Methods125-100
Asset Classes (total)3035-7535-45
Alternative Investments35-155-15
Derivatives55-155-15
Equity Investments1020-305-15
Fixed Income125-1510-20
Portfolio Management and Wealth Planning (total)55-1545-55
Total 100 100 100

*Economics is part of Portfolio Management at Level III.

Note: These 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.