Modules and Structure 

The CFA Program includes a series of three sequential exams that are offered in test centers around the world. These three exams: Level I, Level II, and Level III, must be passed as one of the requirements for earning a CFA charter

  • Level I is composed of multiple-choice questions and is offered in June and December.
  • Level II is composed of item-set questions and is offered in June only.
  • Level III is composed of item-set and essay questions and is offered in June only.


The Level I curriculum concentrates on tools and concepts relating to investment valuation and portfolio management. The course also covers securities laws and regulations, and the CFA® Institute Code of Ethics and Standards of Professional Conduct. The curriculum highlights an overview of asset valuation and portfolio management practices:

1. Financial markets and other financial instruments
2. Corporate finance
3. Analysis of financial statement
4. Quantitative methods of investment analysis”


The Level II syllabus focuses on asset valuation, where candidates must employ concepts of quantitative techniques, economic analysis, accounting-in analysing and valuing investments. Students should have a thorough understanding of capital market theory and industry and company analysis, and of :

1. Analysing equity and fixed-income securities and other financial investments
2. Evaluating alternative investment choices
3. Making investment proposals
4. Estimating expected investment return on investment and risks


Level III will develop students’ knowledge of portfolio management in greater depth. Candidates must apply the knowledge and skills learned in Levels I and II to the portfolio management process – from estimating and analysing objectives, investor constraints, and capital-market expectations to making asset-allocation decisions. The curriculum covers:

1. corporate finance
2. Financial statement analysis
3. Ethical and professional standards
4. Quantitative methods
5. Economics
6. Analysis of financial instruments
7. Analysis of alternative investments
8. Portfolio management

Topic Area Weights for the CFA Exam
Topic Area Level I Level I I Level I II
Ethical and Professional 15 10 10
Standards (total) 12 5-10 0
Economics 10 5-10 0
Financial Reporting and Analysis 20 15-25 0
Corporate Finance 8 15-15 0
Investment Tools (total) 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
Asset Classes (total) 30 35-75 35-45
Portfolio Management and Wealth Planning (total) 5 5-15 45-55
Total 100 100 100