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CFA® Syllabus 2023 - Topics, Level wise distribution, Exam Pattern
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  • CFA® Syllabus 2023 - Topics, Level wise distribution, Exam Pattern

CFA® Syllabus 2023 - Topics, Level wise distribution, Exam Pattern

Team Careers360Updated on 17 Oct 2023, 02:01 PM IST

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.

This Story also Contains

  1. CFA Syllabus - Subjects and Topics
  2. CFA Syllabus and Weightage
  3. CFA Exam Pattern
CFA® Syllabus 2023 - Topics, Level wise distribution, Exam Pattern
CFA Exam Syllabus Image By vecstock

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


  • Professional Standards of Practice
  • Ethical Practices
  • Asset Manager Code of Professional Conduct
  • Presentation of Performance Results (GIPS)

  • To understand about the ethics and related challenges to ethical behavior.

  • Know the about the role that ethics and professionalism play in the investment industry

Financial Statement Analysis

  • Analysis of Financial Statements
  • Financial Reporting Quality
  • Analysis of Off-Balance-Sheet Assets and Liabilities
  • Analysis of Stock Compensation and Other Employee Benefits
  • Analysis of Intercorporate Investments and Business Combinations
  • Analysis of Global Operations
  • Building a Company Financial Model
  • Ratio and Financial Analysis
  • Financial Analysis of Banks and Insurance Companies
  • ESG considerations in Financial Statement Analysis

  • Aims to provide thorough explanation of financial reporting procedures

  • Understand the standards that govern the financial reporting disclosures

Equity Investments

  • Types of Equity Securities and Markets
  • Fundamental Equity Analysis
  • Valuation of Individual Equity Securities
  • Equity Market Valuation
  • Equity Portfolio Management
  • ESG considerations in Equity Investments

  • Understand the workings of equity investments, security markets, and indexes

  • Know how to analyze industries, companies, and equity securities as well as the use of basic equity valuation models

Fixed Income

  • Types of Fixed Income Securities and Markets
  • Fundamental Fixed Income
  • Term Structure Determination and Yield Spreads
  • Valuation of Individual Fixed Income Securities
  • Analysis of Interest Rate Risk
  • Analysis of Credit Risk
  • Valuing Bonds with Embedded Options
  • Structured Products
  • Fixed Income Portfolio Management Strategies
  • ESG considerations in Fixed Income

  • Learn about the fixed income securities and their yield measures, risk factors, markets, and valuation measurements.

  • Calculating yields, the securitization of assets, fixed income securities, bond returns and risks, credit analysis.

Corporate Issuers/ Finance

  • Corporate Structures and Strategies
  • Corporate Ownership and Governance
  • Risk Factors (including environmental and social)
  • Corporate Financing Decisions
  • Corporate Actions, Combinations, and Restructuring

  • Introduction to corporate governance

  • Know the growing impact of environmental and social considerations in investing

Quantitative Methods

  • Time Value of Money
  • Probability Distributions and Concepts
  • Sampling and Estimation
  • Regression Analysis
  • Artificial Intelligence/Machine Learning and Big Data Analysis and Applications
  • Time-Series Analysis
  • Back-testing, Simulation, and Scenario Analysis

Exploring about quantitative concepts and techniques used in financial analysis; investment decision making

Economics

  • Market Forces of Supply and Demand
  • The Firm and Industry Organization
  • Business Cycles
  • Inflation and Deflation
  • International Trade and Capital Flows
  • Currency Exchange Rates
  • Monetary System, Monetary and Fiscal Policy
  • Economic Growth and Development
  • Effects of Regulations
  • Economic Analysis and Setting Capital Market Expectations
  • Effects of Geopolitics on Economies and Investment Markets
  • Applications of Economic Factors in the Investment Process

  • To analyse the fundamental concepts of supply and demand

  • Understand various market structures, macroeconomic concepts and principles

Portfolio Management and Wealth Planning

  • The Investment Policy Statement
  • Modern Portfolio Management Concepts
  • Investment Vehicles (including ETFs and Mutual Funds)
  • Market Efficiency and Passive Investing
  • Market Indexes
  • Behavioral Finance
  • Environmental, Social, and Governance (ESG) Investing
  • Management of Individual/Family Investor Portfolios
  • Tax Impact of Investment Decisions
  • Management of Institutional Investor Portfolios
  • Investment Manager Selection
  • Asset Allocation
  • Portfolio Construction and Revision
  • Currency Management
  • Liability – Driven Investments (including Asset Liability Management and Goal-Based Investing)
  • Risk Management (including environmental risk)
  • Execution of Portfolio Decisions (including Trading and Market Microstructure)
  • Performance Attribution and Appraisal

Learn about the fundamentals of risk and portfolio management

Derivatives

  • Types of Derivative Instruments and Markets
  • Valuation of Forwards and Futures Contracts
  • Valuation of Option Contracts
  • Valuation of Swap Contracts
  • Uses of Derivatives in Portfolio Management

  • Valuation concepts such as swaps, forwards, futures, and contingent claims

  • Conceptual framework related to derivative markets and derivatives

Alternative Investments

  • Types of Alternative Investments
  • Real Estate
  • Real Assets (including Infrastructure, Timber and Farm Land)
  • Private Capital (including Private Equity, Private Credit and Venture Capital)
  • Hedge Funds
  • Commodities
  • Alternative Investments Portfolio Management
  • ESG considerations in 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 topicsWeightage
Economics5–10%
Portfolio Management35–40%
Derivatives5–10%
Fixed Income15–20%
Equity Investments10–15%
Alternative Investments5–10%
Ethical and Professional Standards10–15%
Quantitative Methods0%
Financial Statement Analysis0%
Corporate Issuers /Finance0%

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

  • Session 1 - 90 MCQs

  • Session 2 - 90 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

  • Vignette supported Essay questions

  • VIgnettes followed by MCQs

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)

Q: How many subject areas are there in the CFA syllabus?
A:

There are 10 subject areas in the CFA syllabus

Q: Is the CFA syllabus different for three levels?
A:

The syllabus for each of the three levels provides different weights for different topics.

Q: Where can i find the CFA Syllabus?
A:

CFA Institute publishes the syllabus of CFA on its official website - cfainstitute.org

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