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.
2023 Level I Topic Outlines
| Topic | Exam Weight | ||
|---|---|---|---|
| Quantitative Methods |
8-12% | ||
| Economics |
8-12% | ||
| Financial Reporting and Analysis |
13-17% | ||
| Corporate Issuers |
8-12% | ||
| Equity Investments |
10-12% | ||
| Fixed Income |
10-12% | ||
| Derivatives |
5-8% | ||
| Alternative Investments |
5-8% | ||
| Portfolio Management |
5-8% | ||
| Ethical and Professional Standards |
15-20% |
2023 Level II Topic Outlines
| Topic | Exam Weight | ||
|---|---|---|---|
| Quantitative Methods |
5–10% | ||
| Economics |
5–10% | ||
| Financial Reporting and Analysis |
10–15% | ||
| Corporate Issuers |
5–10% | ||
| Equity Valuation |
10–15% | ||
| Fixed Income |
10–15% | ||
| Derivatives |
5–10% | ||
| Alternative Investments |
5–10% | ||
| Portfolio Management |
10–15% | ||
| Ethical and Professional Standards |
10–15% |
2023 Level III Study Sessions
| 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 |
2022 Level I Study Sessions
| 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
| Topic | Exam Weight | Sessions | |
|---|---|---|---|
| Quantitative Methods | 5–10% |
|
|
| 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
| 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 |