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% | 10% |
| 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.
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