CFA® Syllabus 2020 - Topics, Level wise distribution, Exam Pattern
Chartered Financial Analyst Institute is the responsible body for conducting CFA® exams. Registered candidates can check and download CFA® syllabus 2020 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. Candidates preparing for the exam must refer to the syllabus 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 2020 for all the 3 levels.

CFA® Level I Syllabus
The CFA® Level I syllabus focuses on introducing various concepts of the finance and investment world to the candidate. The topics covered in Level I are as follows:
Topic | Sub-topic |
Financial reporting analysis | Financial reporting mechanics & Standards |
Understanding income statements | |
Understanding balance sheet | |
Ethics | Standards of professional conduct |
Global Investment Performance standard | |
Quantitative analysis | Time value of money |
Discounted cash flow applications | |
Statistical concepts and market returns | |
Fixed income analysis | Fixed income securities |
Fixed income markets | |
Introduction to fixed income valuation | |
Equity Investment | Market organization and structure |
Security market indices | |
Market efficiency | |
Economics | Demand & supply analysis |
The Firm & market structures | |
Aggregate output, Prices, Economic growth | |
Corporate finance | Capital budgeting |
Cost of capital | |
Portfolio management and wealth planning | Portfolio management |
Basics of portfolio planning and construction | |
Derivatives | Derivatives market and instruments |
Basics of derivative pricing and valuation | |
Alternative investment | Mutual funds |
Real Estate |
CFA® Level II syllabus
Ethical and Professional Standards
Quantitative Methods
Economics
Financial Reporting and Analysis
Corporate finance
Equity Investments
Fixed Income
Derivatives
Alternative Investments
Portfolio Management
CFA® Level III syllabus
The focus of the exam is on portfolio management and wealth planning, but it also covers seven topics that are grouped into two other areas, namely, Ethical and Professional Standards and Asset Classes. The syllabus is given below:
Ethical and Professional Standards
Investment Tools
Asset Classes
Portfolio Management and Wealth Planning
CFA® Exam Pattern 2020
Candidates along with the CFA® 2020 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 2020
Mode of exam | Offline |
Medium of exam | English |
Type of questions | Objective |
Number of questions | 240 (120 in each session) |
Marking scheme | No negative marking |
CFA® Level 2 Exam Pattern 2020
Mode of exam | Pen and paper based |
Medium of exam | English |
Duration of Exam | 6 hours altogether Morning session- 3 hours Afternoon session- 3 hours |
Type of questions | Multiple Choice ‘Items’ |
Number of questions | 120 (60 in each session) |
Maximum Marks | 360 |
Marking scheme | +3 for every correct answer No negative marking |
CFA® Level 3 Exam Pattern
Exam Level | Postgraduate |
Frequency of exam | Once a year |
Mode of exam | Pen and paper based |
Medium of exam | English |
Sessions | Morning session - 9 am to 12 noon Afternoon session - 2 pm to 5 pm |
Time Duration | Three hours for each session |
Type of questions | Multiple choice ‘item-sets’ and constructed response questions |
Number of questions | 120 (60 in each session) |
Total Marks | 180 in each session |
Marking scheme |
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