CFA Curriculum: What Is Covered in Level I, Level II and Level III?
As the investment industry becomes increasingly complex, the CFA Program provides a knowledge foundation that many investment firms expect from professional candidates: from investment tools, financial analysis and asset valuation to portfolio management and professional ethics.
Beyond foundational knowledge, the CFA curriculum is designed to help learners develop advanced investment-analysis skills and the ability to apply them to real-world situations in modern financial markets.
3 Levels • Progressive Learning
Each level in the CFA curriculum builds on the previous one and increases in depth, complexity and practical application.
Learning Progression
Build your knowledge over time
The CFA Program consists of three exams: Level I, Level II and Level III. Each level is designed as a step in professional capability development: from understanding and describing concepts, to analyzing and evaluating, and finally to integrating and applying knowledge in real investment contexts.
Level ILearning and description
Multiple-choice questions test knowledge of terminology, concepts and foundational formulas in the investment profession.
CFA Level I Exam Outline Level IIAnalysis and evaluation
Vignettes and accompanying multiple-choice questions assess your ability to analyze situations and apply accumulated knowledge to solve problems.
CFA Level II Exam Outline Level IIIIntegration and application
A combination of item sets and essay questions shows how you integrate concepts and apply knowledge to practical scenarios.
CFA Level III Exam Outline Topics & WeightingTopics in the CFA curriculum
The CFA curriculum is updated regularly to reflect modern financial practice. This helps learners not only master theory, but also apply knowledge to situations that closely resemble today’s investment environment.
CFA Level I Topics
| Topic | Exam Weight |
|---|---|
| Ethical and Professional Standards | 15–20% |
| 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% |
CFA Level II Topics
| Topic | Exam Weight |
|---|---|
| Ethical and Professional Standards | 10–15% |
| Quantitative Methods | 5–10% |
| Economics | 5–10% |
| Financial Statement Analysis | 10–15% |
| Corporate Issuers | 5–10% |
| Equity Investments | 10–15% |
| Fixed Income | 10–15% |
| Derivatives | 5–10% |
| Alternative Investments | 5–10% |
| Portfolio Management and Wealth Planning | 10–15% |
CFA Level III Topics
| 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: Portfolio Management, Private Markets or Private Wealth | 30–35% |
Practical Skills Modules (PSM)
At its core, the CFA curriculum teaches learners about investment tools, asset valuation, portfolio management and wealth planning. But to grow sustainably in the profession, this knowledge must be connected to practical application.
How do PSMs support CFA candidates?
The CFA Program has been expanded to include practical skills training, helping learners apply what they are studying to real workplace situations and modern investment environments.
Practical Skills Modules use a combination of videos, multiple-choice questions, guided exercises and case studies to develop more application-oriented skills.
Important things to remember about PSM
Required at each level To receive exam results, candidates must complete at least one PSM at each level. Can be started early You can begin PSM any time after completing your exam registration. Estimated duration Each PSM usually takes around 10–20 hours to complete. Practice-oriented PSM helps narrow the gap between curriculum knowledge and real workplace expectations.Build your CFA curriculum foundation with Clever Academy
If you want to understand the CFA curriculum not only as a list of subjects, but also as a logical progression across each level, Clever Academy can support you from orientation and knowledge structuring to a level-by-level preparation roadmap.