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CFA® Program Topic Outlines

Topic Outlines

The curriculum is organized into topics, and each topic contains learning modules. There are learning outcome statements at the beginning of each learning module.

Below you'll find current outlines by level. Each outline includes learning outcome statements (LOS) and source references for the learning module.

2024 Level I Topic Outlines

2024 Level II Topic Outlines

2024 Level III Topic Outlines

2023 Level I Topic Outlines

2023 Level II Topic Outlines

2023 Level III Study Sessions

2023 Level III Study Sessions combined
Topic Exam Weight
Economics 5–10% Study Session 2

Derivatives 5–10% Study Session 4
Fixed Income 15–20% Study Session 5 
Study Session 6

Equity Investments 10–15% Study Session 7
Study Session 8
Alternative Investments 5–10% Study Session 9
Portfolio Management 35–40% Study Session 1
Study Session 3
Study Session 10 
Study Session 11 
Study Session 12 
Study Session 13 
Study Session 14

Ethical and Professional Standards 10–15% Study Session 15
Study Session 16
Readings 31-33
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