CFA Syllabus 2025: Level-wise Topics, Weights, Books & PDFs
Get the complete CFA syllabus for 2025 including level-wise topic breakdown for Level I, II & III, subject weightage, study materials, official CFA Institute PDFs, recommended books, and key updates on new curriculum changes and exam formats for all three levels.
The CFA (Chartered Financial Analyst) Program, offered by the CFA Institute, USA, is one of the most recognized finance certifications globally. This program equips professionals with in-depth knowledge in investment analysis, portfolio management, and ethical standards. It is ideal for careers in equity research, investment banking, portfolio management, and financial advisory.
CFA Exam Overview
| Exam Level | Focus Area | Duration | Exam Format | Passing Score (Approx.) |
|---|---|---|---|---|
| Level I | Investment Tools, Ethical Standards | 4.5 hours | MCQs (180 questions) | ~70% |
| Level II | Asset Valuation, Complex Analysis | 4.5 hours | Item Sets (Vignettes + MCQs) | ~65% |
| Level III | Portfolio Management, Wealth Planning | 4.5 hours | Essay + Item Sets | ~60% |
Eligibility: Bachelor’s Degree (or final year)
Exam Mode: Computer-Based Testing (CBT)
Frequency: Multiple times a year (varies by level)
CFA Syllabus 2025: Level-wise Subject Breakdown
The CFA curriculum is divided into 10 core subjects across all three levels. Here is the detailed level-wise breakdown:
CFA Level I Syllabus (2025)
Focus: Understanding fundamental investment tools and ethical practices.
| Subject Areas | Topics Included | Weight (%) |
|---|---|---|
| Ethics & Professional Standards | Code of Ethics, GIPS Standards | 15-20% |
| Quantitative Methods | Time Value of Money, Statistics, Hypothesis Testing | 8-12% |
| Economics | Micro & Macro Economics, Currency Exchange | 8-12% |
| Financial Reporting & Analysis | Income Statement, Balance Sheet, Ratios | 13-17% |
| Corporate Finance | Capital Budgeting, Cost of Capital | 8-12% |
| Equity Investments | Market Organization, Equity Valuation | 10-12% |
| Fixed Income | Bond Valuation, Yield Measures | 10-12% |
| Derivatives | Futures, Forwards, Options | 5-8% |
| Alternative Investments | Real Estate, Private Equity, Commodities | 5-8% |
| Portfolio Management | Risk Management, Diversification | 5-8% |
CFA Level II Syllabus (2025)
Focus: Application of investment tools in complex real-world scenarios using vignette-style questions.
| Subject Areas | Topics Included | Weight (%) |
|---|---|---|
| Ethics & Professional Standards | Research Objectivity, Soft Dollar Standards | 10-15% |
| Quantitative Methods | Regression, Time-Series Analysis | 5-10% |
| Economics | Currency Exchange Models, Economic Growth | 5-10% |
| Financial Reporting & Analysis | Earnings Quality, Multinational Operations | 10-15% |
| Corporate Finance | Capital Structure, M&A | 5-10% |
| Equity Investments | Industry & Company Analysis, Valuation Models | 10-15% |
| Fixed Income | Structured Products, Term Structure | 10-15% |
| Derivatives | Option Pricing, Swaps, Credit Derivatives | 5-10% |
| Alternative Investments | Private Equity, Real Assets | 5-10% |
| Portfolio Management | Multifactor Models, Risk Management | 10-15% |
CFA Level III Syllabus (2025)
Focus: Portfolio Management, Wealth Planning, Constructed Response (Essay-based) and Item Set questions.
| Subject Areas | Topics Included | Weight (%) |
|---|---|---|
| Ethics & Professional Standards | Asset Manager Code, Ethical Practices | 10-15% |
| Economics | Capital Markets, Exchange Rate Effects | 5-10% |
| Equity Investments | Portfolio Construction, Active Strategies | 10-15% |
| Fixed Income | LDI, Yield Curve Strategies | 15-20% |
| Derivatives | Risk Hedging, Swaps, Overlays | 5-10% |
| Alternative Investments | Private Wealth, Institutions | 5-10% |
| Portfolio Management | IPS, Asset Allocation, Rebalancing | 35-40% |
CFA Syllabus PDF Download (2025)
You can download the official syllabus PDFs from the CFA Institute website:
- Download CFA Level I Syllabus PDF
- Download CFA Level II Syllabus PDF
- Download CFA Level III Syllabus PDF
Recommended Books for CFA 2025
| Level | Book Title | Author / Publisher |
|---|---|---|
| Level I | CFA Curriculum (Vol I–VI) | CFA Institute |
| Schweser Notes Level I | Kaplan Schweser | |
| Wiley CFA Review | Wiley | |
| Level II | CFA Curriculum (Vol I–VI) | CFA Institute |
| Schweser Notes Level II | Kaplan Schweser | |
| Wiley CFA Review | Wiley | |
| Level III | CFA Curriculum (Vol I–VI) | CFA Institute |
| Schweser Notes Level III | Kaplan Schweser | |
| Wiley CFA Review | Wiley |
CFA Preparation Tips (Level-wise)
Level I
- Build conceptual clarity on basics
- Use flashcards, topic tests & mock exams
- Focus on Ethics, FRA, Quants
Level II
- Practice vignette-style case questions
- Master valuation models
- Take mock exams under timed conditions
Level III
- Practice essay (constructed response) questions
- Master portfolio management and IPS creation
- Time management is key in written sections
CFA Specialization & Career Options
| Specialization | Description | Job Roles |
|---|---|---|
| Portfolio Management | Managing investment portfolios | Portfolio Manager, Asset Manager |
| Equity Research | Company analysis & valuation | Equity Analyst, Research Associate |
| Risk Management | Assessing and mitigating risk | Risk Analyst, Credit Risk Officer |
| Wealth Management | Serving HNIs & retail clients | Wealth Manager, Private Banker |
| Investment Banking | M&A, IPOs, corporate financing | IB Analyst, Associate |
| Corporate Finance | Capital budgeting & financial planning | Finance Manager, Controller |
Conclusion
The CFA Syllabus 2025 is a rigorous, globally aligned framework that prepares candidates for elite careers in finance. From ethics to economics, and portfolio theory to wealth management, it provides a well-rounded foundation for any finance professional.
Success in the CFA program demands discipline, the right resources, and a focused strategy. Start early, stay consistent, and aim for conceptual mastery. The CFA charter is not just a credential — it’s a gateway to global finance leadership.
Need a study plan or have questions? Drop a comment or reach out — we’re here to help!
