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.
2025 Level I Topic Outlines
| Topic | Exam Weight | ||
|---|---|---|---|
| Quantitative Methods |
6-9% | ||
| Economics |
6-9% | ||
| Corporate Issuers |
6-9% | ||
| Financial Statement Analysis |
11-14% | ||
| Equity Investments |
11-14% | ||
| Fixed Income |
11-14% | ||
| Derivatives |
5-8% | ||
| Alternative Investments |
7-10% | ||
| Portfolio Management |
8-12% | ||
| Ethical and Professional Standards |
15-20% |
2025 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% |
2025 Level III Topic Outlines
| Topic | Exam Weight | ||
|---|---|---|---|
| Asset Allocation | 15–20% | ||
| Portfolio Construction | 15–20% | ||
| Performance Measurement | 5–10% | ||
| Derivatives and Risk Management | 10–15% | ||
| Ethical and Professional Standards | 10–15% | ||
| Pathways | 30–35% | ||
| Portfolio Management Pathway | |||
| Private Markets Pathway | |||
| Private Wealth Pathway |
2024 Level I Topic Outlines
| Topic | Exam Weight | ||
|---|---|---|---|
| Quantitative Methods |
6-9% | ||
| Economics |
6-9% | ||
| Financial Statement Analysis |
11-14% | ||
| Corporate Issuers |
6-9% | ||
| Equity Investments |
11-14% | ||
| Fixed Income |
11-14% | ||
| Derivatives |
5-8% | ||
| Alternative Investments |
7-10% | ||
| Portfolio Management |
8-12% | ||
| Ethical and Professional Standards |
15-20% |
2024 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% |
2024 Level III Topic Outlines
| Topic | Exam Weight | ||
|---|---|---|---|
| Economics | 5–10% | ||
| Portfolio Management | 35–40% | ||
| Derivatives | 5–10% | ||
| Fixed Income | 15–20% |
|
|
| Equity Investments | 10–15% | ||
| Alternative Investments | 5–10% | ||
| Ethical and Professional Standards | 10–15% |