CFA® Syllabus and the Examination structure
The CFA® Programme is continuously updated by practitioners to ensure that what you learn remains relevant in today’s finance industry.
The main topic areas and exam weights are:
|
|
Topic Area
|
Level I
|
Level II
|
Level III
|
|
|
Ethical and Professional Standards
|
15%
|
10%
|
10%
|
|
|
Quantitative Methods
|
12%
|
5-10%
|
0%
|
|
|
Economics
|
10%
|
5-10%
|
0%
|
|
|
Financial Reporting and Analysis
|
20%
|
15-25%
|
0%
|
|
|
Corporate Finance
|
8%
|
5-15%
|
0%
|
|
|
Total: Investment Tools
|
50%
|
30-60%
|
0%
|
|
|
Equity Investments
|
10%
|
20-30%
|
5-15%
|
|
|
Fixed Income
|
12%
|
5-15%
|
10-20%
|
|
|
Derivatives
|
5%
|
5-15%
|
5-15%
|
|
|
Alternative Investments
|
3%
|
5-15%
|
5-15%
|
|
|
Total: Asset Classes
|
30%
|
35-75%
|
35-45%
|
|
|
Portfolio Management
|
5%
|
5-15%
|
45-55%
|
|
|
Total
|
100%
|
100%
|
100%
|
|
|
Source CFA Institute
|
|
|
Exam process
The CFA® examination process requires that you sit and pass three consecutive levels of exam. Level I exams are held in June and December each year with levels II and III only in June.
Each of the exams is a six hour exam though the format changes from level to level.
Level I–Both of the three hour exams will cover all of the level I syllabus areas. In total there are 240 multiple choice questions, each based around the level I Learning Outcome Statements and each offering three choices.
Level II–The level II exam is in ‘item-set’ form, a different style of multiple choice tests. You will be given 10 ‘vignettes’ – mini case studies – and then have to answer six questions based on that vignette.
Level III–The morning exam at level III is a constructed response test where you have to provide written answers, for example calculating an appropriate asset allocation strategy for a given portfolio and explaining your recommendation. The afternoon paper is in the same format as level II.
