CFA® Syllabus 2023 - Topics, Level wise distribution, Exam Pattern
CFA Syllabus 2023: Chartered Financial Analyst Institute is the responsible body for conducting CFA exams. Registered candidates can check and download the CFA syllabus from the official website of the institute. CFA Institute releases the syllabus separately for all the 3 levels - CFA Level 1, CFA Level 2 and CFA Level 3. The official CFA curriculum is available to all registered candidates free of charge and one can access the curriculum by logging to their CFA account. Candidates preparing for the exam must refer to the syllabus of CFA before starting their preparation as this will give them a deep insight into the topics and subtopics from where questions will be framed in the exam. Read the complete article to find CFA syllabus 2023 for all the 3 levels.
CFA Syllabus - Subjects and Topics
The CFA syllabus focuses on introducing various concepts of the finance and investment world to the candidate. The topics covered in the syllabus are same. However the different CFA levels provide different weights to different subjects. Some subjects such as quantitative methods, corporate issuers and financial statement analysis have zero weight in the CFA Level 3 syllabus. Given below in the table are the subjects and topics in the Chartered Financial Analyst syllabus.
CFA Exam Syllabus - Subjects and Topics
CFA Subjects | Topics | Aim of Study |
Ethical and Professional Standards |
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Financial Statement Analysis |
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Equity Investments |
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Fixed Income |
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Corporate Issuers/ Finance |
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Quantitative Methods |
| Exploring about quantitative concepts and techniques used in financial analysis; investment decision making |
Economics |
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Portfolio Management and Wealth Planning |
| Learn about the fundamentals of risk and portfolio management |
Derivatives |
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Alternative Investments |
| Know about edge funds, commodities, private equity, real estate, and infrastructure |
CFA Syllabus and Weightage
Different subjects are given different weights at different levels of CFA. Given below is the subjects and the weight allotted to them in the CFA exam for all three levels. The subjects and topics are common as outlined above.
CFA Level 1 Syllabus and Weightage
Syllabus of CFA level 1 | Weight % |
Ethical and Professional Standards | 15-20% |
Financial Reporting and Analysis | 13-17% |
Equity Investments | 10-12% |
Fixed Income | 10-12% |
Corporate Issuers/ Finance | 8-12% |
Quantitative Methods | 8-12% |
Economics | 8-12% |
Portfolio Management | 5-8% |
Derivatives | 5-8% |
Alternative Investments | 5-8% |
CFA Level 2 Syllabus and Weightage
Subjects in CFA Level 2 | Weight % |
Ethical and Professional Standards | 10–15% |
Financial Statement Analysis | 10-15% |
Equity Investments | 10-15% |
Fixed Income | 10-15% |
Corporate Issuers/ Finance | 5-10% |
Quantitative Methods | 5-10% |
Economics | 5-10% |
Portfolio Management and Wealth Planning | 10-15% |
Derivatives | 5-10% |
Alternative Investments | 5-10% |
CFA Level 3 syllabus and Weightage
| CFA level 3 topics | Weightage |
| 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% |
| Quantitative Methods | 0% |
| Financial Statement Analysis | 0% |
| Corporate Issuers /Finance | 0% |
CFA Exam Pattern
Candidates along with the CFA syllabus must also have good knowledge about the CFA exam pattern. The exam pattern comprises of important details regarding the exam like the mode of the exam, total duration, number of questions etc
CFA Level 1 Exam Pattern
Particulars | Details |
Frequency of the exam | Four times - February, May, August, and November |
Exam level | Post graduate |
CFA exam format | Multiple choice questions |
No. of questions asked | Total 180 MCQs
|
Time duration of CFA® Level 1 exam | Total 4.5 hours |
Sessions | Split into two sessions - each of 2 hours, 15 minutes |
Medium of exam | English |
Marking scheme | No negative markings |
CFA Level 2 Exam Pattern
Particulars | Details |
Frequency of the exam | Thrice -May, August and November |
Question format | Vignette-supported multiple choice questions |
No. of questions asked | 88 |
CFA Level 2 exam duration | 4 hours and 24 minutes (will be divided in two sessions) |
Sessions | 2 hours and 12 minutes (each) |
Medium of exam | English |
Marking scheme | Each question is worth 3 points |
CFA Level 3 Exam Pattern
Particulars | Details |
Frequency of the exam | Twice - February and August |
Question format |
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CFA® Level 3 exam duration | 4 hours and 24 minutes |
Sessions (2) | 2 hours and 12 minutes (each) |
Medium of exam | English |
Marking scheme | Each question is worth 3 points |
CFA Exam 2023 - Additional Preparation Resources
- Official Curriculum of CFA exams.
- Custom Study Plans
- CFA Institute learning ecosystem
- Practice Questions
- Mock exams
- Study resources and tips
- Practice Packs (Additional purchase required)
Frequently Asked Questions (FAQs)
CFA Institute publishes the syllabus of CFA on its official website - cfainstitute.org
The syllabus for each of the three levels provides different weights for different topics.
There are 10 subject areas in the CFA syllabus
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Operations Manager
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