CFA Program Study Sessions, LOS, and Errata

Curriculum Errata

Curriculum errata are updated periodically. All files below are in PDF format.

2016 errata for Level I as of 9 August

2017 errata for Level I  Level II  |  Level III as of 12 August

When you register for an exam you gain access to the curriculum materials for your exam level, including study session outlines, learning outcome statements (LOS), and source references for the readings.

Each level of the curriculum is organized into study sessions, with each study session containing a number of readings. There are learning outcome statements at the beginning of each reading.

What is a Learning Outcome Statement?
Learning Outcome Statements (LOS) are descriptions of specific knowledge, skills, and abilities that you should be able to apply after you complete a reading. The statements use command words such as “demonstrate,” “formulate,” or “evaluate” to indicate how much you should know about a given topic.

View the LOS command words (PDF)

Curriculum Corrections
We continually update the curriculum with errata — corrections we collect, verify, and publish for your review. See the latest errata (if any) above.

Study Session Outlines and LOS

Below you'll find current study session outlines, by level, which include:

  • Learning outcome statements (LOS) for the readings in each study session
  • Reading assignment source references

We have also provided, for each level:

  • Access to the curriculum content (readings) for Study Session 1
  • All study sessions combined (18 study sessions for Levels I and III, 17 study sessions for Level II)
  • An index for all the study sessions combined

2016 Level I Study Sessions

2016 Level I Study Sessions combined | 2016 Level I Study Sessions index

Ethical and Professional Standards
Exam Weight: 15%
Quantitative Methods
Exam Weight: 12%
Economics
Exam Weight: 10%
Financial Reporting and Analysis
Exam Weight: 20%
Corporate Finance
Exam Weight: 7%
Portfolio Management
Exam Weight: 7%
Equity Investments
Exam Weight: 10%
Fixed Income
Exam Weight: 10%
Derivatives
Exam Weight: 5%
Alternative Investments
Exam Weight: 4%

2017 Level I Study Sessions

2017 Level I Study Sessions index | 2017 Level I Study Sessions combined

Ethical and Professional Standards
Exam Weight: 15%
Quantitative Methods
Exam Weight: 12%
Economics
Exam Weight: 10%
Financial Reporting and Analysis
Exam Weight: 20%
Corporate Finance
Exam Weight: 7%
Portfolio Management
Exam Weight: 7%
Equity
Exam Weight: 10%
Fixed Income
Exam Weight: 10%
Derivatives
Exam Weight: 5%
Alternative Investments
Exam Weight: 4%

2017 Level II Study Sessions

2017 Level II Study Sessions index | 2017 Level II Study Sessions combined

Ethical and Professional Standards
Exam Weight: 10-15%
Quantitative Methods
Exam Weight: 5-10%
Economics
Exam Weight: 5-10%
Financial Reporting and Analysis
Exam Weight: 15-20%
Corporate Finance
Exam Weight: 5-15%
Equity Valuation
Exam Weight: 15-25%
Fixed Income
Exam Weight: 10-20%
Derivative Investment
Exam Weight: 5-15%
Alternative Investments
Exam Weight: 5-10%
Portfolio Management
Exam Weight: 5-10%

2017 Level III Study Sessions

2017 Level III Study Sessions index | 2017 Level III Study Sessions combined

Ethical and Professional Standards
Behavioral Finance, Individual Investors, and Institutional Investors
Capital Market Expectations
Asset Allocation
Fixed Income and Equity Portfolio Management
Alternative Investments, Risk Management, and the Application of Derivatives
Portfolio: Execution, Evaluation and Attribution, and Global Investment Performance Standards