CFA Syllabus 2025: Level 1, 2, 3, Topic Wise Weightage, Books

CFA syllabus 2025 mostly concentrates on the concepts of Finance and Investment. The topics included in the CFA syllabus PDF for all three levels (Level I, II and III) are almost the same and are available on the official website. However, the weightage of the questions and degree of difficulty vary and get advanced with each level. 

The CFA exam curriculum assesses the candidates on a varied range of concepts, such as Financial, Accounting-related or Mathematical, which aid in the development of portfolio management and investment analysis skills. The CFA course syllabus also focuses on adopting contemporary financial practices to prepare students for the dynamic economic climate. Candidates must cover the CFA all levels syllabus to pass the CFA levels and get certified.

Also Read: CFA Vs CA

Read More: CFA Vs MBA

CFA Syllabus 2025: Important Facts

The important facts related to the CFA syllabus 2025 are listed below.

• The CFA course is intended to certify professionals in the field of financial analysis. it is not a set semester course. Organizations all across the world recognize the course and trust charter holders with their financial planning expertise. If candidates pass all three levels of the CFA test on their first try, they can become charter holders in about 1.5 years.
• The core objective of the CFA curriculum is to provide fundamental and important knowledge of investment analysis and portfolio management. The general public will need the ability to financial planning as the economy expands. In the upcoming years, wealth management companies are anticipated to see tremendous growth with the aid of CFA professionals.
• Three levels of the CFA course are available through the CFA Institute. To advance to the second level of the CFA course, candidates must pass the first level. The level 3 exam is also open to CFA level 2 qualifiers.
• To enrol in a CFA course, candidates must have a bachelor's degree in an area that is relevant. Candidates who are in their final year of study have the option of taking the Level 1 exam, but they won't be permitted to take the Level 2 exam until they have earned their degree. Alternatively, the applicant qualifies for a CFA course if they have 4000+ hours of relevant job experience.

CFA Core Subjects 2025

A CFA, or Chartered Financial Analyst, is a person who has successfully completed all three levels of the CFA test. Students are taught in up to 10 core CFA subjects, following the course syllabus. There are no elective subjects offered in the CFA program. Candidates must study all of the below-mentioned core subjects, regardless of their course level.

Following are the core subjects of the CFA exam syllabus 2025.

• Economics
• Derivatives
• Ethical and Professional Standards
• Fixed Income
• Corporate Issuers
• Alternative Investments
• Quantitative Methods
• Portfolio Management and Wealth Planning
• Financial Statement Analysis
• Equity Investments

CFA Level 1 Syllabus

Students can download the CFA level 1 syllabus pdf from the official website. They can also refer to the table below for the topics covered in the CFA L1 syllabus.

Topics	Weightage (in percentage)	Sub Topics
Ethical and Professional Standards	15-20	Global investment performance standards, Standard of Professional Conduct
Economics	6-9	Firm and Market Scheme, Demand and Supply Analysis, Aggregate Output, Prices, Economic Growth
Financial Reporting and Analysis	11-14	Income statement, Drafting Balance Sheet, Financial Reporting Mechanics and Standards
Quantitative Methods	6-9	Discounted Cash Flow Applications, Time, Value and Money, Statistical Concepts and Market Returns
Corporate Issuers	6-9	Cost of Capital, Capital Budgeting, Corporate Ownership Structures, Business Models
Alternative Investments	7-10	Mutual Funds and Real Estate
Derivatives	5-8	Derivative Markets and Instruments
Equity Investments	11-14	Market Efficiency, Security Market Indices, Market Organization and Structure
Fixed Income	11-14	Fixed Income Markets, Fixed Income Securities, Introduction to Fixed Income Valuation
Portfolio Management	8-12	Basics of Portfolio Planning and Construction

CFA Level 2 Syllabus

Candidates must not skip any topics listed below in the syllabus for CFA Level 2.

Topics	Weightage (in percentage)
Financial Reporting and Analysis	15
Economics	10
Quantitative Methods	15
Ethical and Professional Standards	15
Corporate Finance	10
Portfolio Management	10
Fixed Income	15
Equity Investments	15
Derivatives	5
Alternative Investments	5

CFA Level 3 Syllabus

The CFA Level 3 syllabus is outlined below. Students must cover all the topics listed in the table below.

SL No.	CFA Level 3
1	Behavioral Finance
2	Capital Market Expectations
3	Asset Allocation & Related Decisions in Portfolio Management
4	Derivatives & Currency Management
5	Fixed-Income Portfolio Management
6	Equity Portfolio Management
7	Alternative Investments for PM
8	Private Wealth Management
9	PM- Institutional Trading, Performance Evaluation, and Manager Selection
10	Cases in Portfolio Management and Risk Management
11	Ethics and Related Topics

CFA Best Books

When applying to a difficult course like the CFA course, students should always make sure they spend money on the best CFA books. They can learn more about the tests and the course by rfering to reference books and preparation books. The following is a list of beneficial CFA books

Books	Authors
Fundamentals of Accounting	D.G Sharma
CPT Grewal’s Accountancy	M.P Gupta & B.M Aggarwal
General Economics	S.K.Agarwal
Quantitative Aptitude	Dr T.Padma and K.C.P Rao

CFA Study Material & Books

The books for each course level are provided by the CFA Institute. The applicants get access to a number of study resources and tools as soon as they sign up for the CFA program. CFA books aid applicants in getting ready for the test.

Candidates have immediate access to the following CFA registration.

• Official program syllabus
• Personalized study schedules created particularly for you
• Each level's study sessions
• Curriculum-wide practice questions 
• Tips and study resources
• Mock exam, replicating the atmosphere of the test day