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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.

For each level, you can also view the full curriculum readings for Study Session 1, all study sessions combined, and an index for all the study sessions combined.

2018 Level I Study Sessions

2018 Level I Study Sessions index
2018 Level I Study Sessions combined

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

2018 Level II Study Sessions 

2018 Level II Study Sessions index
2018 Level II Study Sessions combined

Chapter Exam Weight Sessions
Ethical and Professional Standards 10–15% Study Session 1
Readings 1-3
Study Session 2
Quantitative Methods 5–10% Study Session 3
Economics 5–10% Study Session 4
Financial Reporting and Analysis 15–20% Study Session 5
Study Session 6
Corporate Finance 5–15% Study Session 7
Study Session 8
Equity Investments 15–25% Study Session 9
Study Session 10
Study Session 11
Fixed Income 10–20% Study Session 12
Study Session 13
Derivatives 5–15% Study Session 14
Alternative Investments
5–10% Study Session 15
Portfolio Management 5–10% Study Session 16
Study Session 17

2018 Level III Study Sessions

2018 Level III Study Sessions index
2018 Level III Study Sessions combined

Chapter Exam Weight Sessions
Ethical and Professional Standards 10–15% Study Session 1
Readings 1-2
Study Session 2
Economics 5–15% Study Session 7
Equity Investments 5–15% Study Session 12
Fixed Income 10–20% Study Session 10
Study Session 11
Derivatives 5–15% Study Session 15
Alternative Investments 5–15% Study Session 13
Portfolio Management & Wealth Planning 40–55% Study Session 3
Study Session 4
Study Session 5
Study Session 6
Study Session 8
Study Session 9
Study Session 14
Study Session 16
Study Session 17
Study Session 18

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