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CFA® Program Study Sessions

Study Session Outlines

The curriculum is organized into study sessions and each study session contains readings. There are learning outcome statements at the beginning of each reading.

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


2020 Level I Study Sessions

2020 Level I Study Sessions combined


Topic Exam Weight Sessions
Ethical and Professional Standards 15-20% Study Session 1
Readings 1-5
Quantitative Methods 8-12% Study Session 2
Study Session 3
Economics 8-12% Study Session 4
Study Session 5
Financial Reporting and Analysis 13-17% Study Session 6
Study Session 7
Study Session 8
Study Session 9
Corporate Finance 8-12% Study Session 10
Study Session 11
Equity Investments 10-12% Study Session 12
Study Session 13
Fixed Income 10-12% Study Session 14
Study Session 15
Derivatives 5-8% Study Session 16
Alternative Investments 5-8% Study Session 17
Portfolio Management 5-8% Study Session 18
Study Session 19

2020 Level II Study Sessions

2020 Level II Study Sessions combined



Topic Exam Weight Sessions
Ethical and Professional Standards 10–15% Study Session 1
Readings 1-3
Quantitative Methods 5–10%

Study Session 2

Study Session 3

Economics 5–10% Study Session 4
Financial Reporting and Analysis 10–15% Study Session 5
Study Session 6
Corporate Finance 5–10% Study Session 7
Study Session 8
Equity Valuation 10–15% Study Session 9
Study Session 10
Study Session 11
Fixed Income 10–15% Study Session 12
Study Session 13
Derivatives 5–10% Study Session 14
Alternative Investments
5–10% Study Session 15
Portfolio Management 10–15% Study Session 16
Study Session 17

2020 Level III Study Sessions

2020 Level III Study Sessions combined



Topic Exam Weight Sessions
Ethical and Professional Standards 10–15% Study Session 1
Readings 1-3 
Study Session 2
Economics 5–10% Study Session 4
Equity Investments 10–15% Study Session 9
Study Session 10
Fixed Income 15–20% Study Session 7
Study Session 8 
Derivatives 5–10% Study Session 6
Alternative Investments 5–10% Study Session 11
Portfolio Management 35–40% Study Session 3
Study Session 5 
Study Session 12 
Study Session 13 
Study Session 14 
Study Session 15 
Study Session 16

2022 Level I Study Sessions

2022 Level I Study Sessions combined


Topic Exam Weight Sessions
Quantitative Methods 8-12% Study Session 1
Study Session 2

Economics 8-12% Study Session 3
Study Session 4

Financial Reporting and Analysis 13-17% Study Session 5
Study Session 6
Study Session 7
Study Session 8
Corporate Issuers
8-12% Study Session 9
Study Session 10
Equity Investments 10-12% Study Session 11
Study Session 12
Fixed Income 10-12% Study Session 13
Study Session 14
Derivatives 5-8% Study Session 15
Alternative Investments 5-8% Study Session 16
Portfolio Management 5-8% Study Session 17
Study Session 18
Ethical and Professional Standards 15-20% Study Session 19
Readings 56-60

2022 Level II Study Sessions

2022 Level II Study Sessions combined


Topic Exam Weight Sessions
Quantitative Methods 5–10%

Study Session 1

Study Session 2



Economics 5–10% Study Session 3
Financial Reporting and Analysis 10–15% Study Session 4
Study Session 5
Corporate Issuers
5–10% Study Session 6
Study Session 7
Equity Valuation 10–15% Study Session 8
Study Session 9
Study Session 10
Fixed Income 10–15% Study Session 11
Study Session 12
Derivatives 5–10% Study Session 13
Alternative Investments
5–10% Study Session 14

Portfolio Management 10–15% Study Session 15
Study Session 16
Ethical and Professional Standards 10–15% Study Session 17
Readings 45-47

2022 Level III Study Sessions

2022 Level III Study Sessions combined


Topic Exam Weight Sessions
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