CFA Syllabus 2025: Download Level 1, 2 & 3 Syllabus PDF

To obtain the study material for the CFA course, there are the following options:

1. The CFA institute proivdes an official curriculum for each exam level. This curriculum covers all the required topics and is considered the rimary source of the study material for the CFA exam. Students are given the option to purchase the curriculum directly from the institute's website. 
2. Many third-party vendors also offer study materials for the CFA exam which is specifically designed to help the aspirants prepare for the exam. These materials often include study guides, practice questions, mock tests, online course and/or video lectures. 
3. There are various online sources available for obtaining the CFA study material. Websites, forums and online communities dedicated to CFA exam preparation provide free or low-cost study materials, practice papers, and other helpful preparation tips. 
4. Joining or forming a study group can be beneficial for sharing study materials and insights with fellow aspirants. It will help you discuss challenging topics, solve practice questions, and gain different prespectives on the exam content. 

It is important to find authentic study material which aligns with our learning style and preferences. Consider your buget, time constraints, and the level of support and guidance you need to prepare for the CFA exam. Additionally, always refer to the CFA curriculum provided by the CFA institute for accurate and up to date information. 

The CFA (Chartered Financial Analyst) exams are conducted in a computer-based testing (CBT) format. The transition from paper-based exams to computer-based exams was implemented by CFA Institute to provide a more efficient and secure testing experience for candidates.

Under the CBT format, candidates take the exams on a computer at designated testing centers. The exams are administered over multiple sessions, with each session focusing on specific topics. The CFA Level I exam consists of multiple-choice questions, while the Level II and Level III exams include item-set questions (also known as vignettes) and constructed response (essay) questions.

The CBT format offers several advantages, such as immediate exam results, standardized navigation tools, the ability to mark and review questions, and an enhanced exam security system. Additionally, candidates have the flexibility to choose their preferred exam date within the available testing window.

It's important to note that while the CFA exams are computer-based, they still maintain the same level of rigor and depth in assessing candidates' knowledge and skills in finance and investment management. 

The following changes have been made to the Level I CFA curriculum:

• A new chapter titled – “Introduction to Geopolitics” has been introduced under the Economics section
• Corporate Ownership and Structures and Business Models are the two new readings that have been added under Corporate Issuers section.
• Majour changes to the Capital Structure readings have been made.
• Minor changes to the Introduction to Corporate Governance & Other ESG Considerations reading has also been made. 

The CFA Level I exam covers a broad range of topics. Here are the major subject areas included in the Level I syllabus:

1. Ethical and Professional Standards: This section emphasizes the ethical and professional responsibilities of investment professionals, including the CFA Institute's Code of Ethics and Standards of Professional Conduct.

2. Quantitative Methods: This area focuses on quantitative techniques and methods used in investment analysis, including statistical concepts, probability theory, time value of money, and basic regression analysis.

3. Economics: The economics section covers microeconomics and macroeconomics, including supply and demand analysis, market structures, monetary and fiscal policy, and international trade.

4. Financial Reporting and Analysis: This section explores the principles and analysis of financial reporting, including the interpretation of financial statements, financial ratio analysis, and understanding key accounting concepts.

5. Corporate Finance: This area covers topics related to corporate finance, including capital budgeting, cost of capital, capital structure, dividend policy, and corporate governance.

6. Equity Investments: The equity investments section focuses on equity markets, equity valuation models, industry and company analysis, and equity portfolio management.

7. Fixed Income: This section delves into fixed income securities, bond valuation, yield measures, fixed income markets, and fixed income portfolio management.

8. Derivatives: This area covers derivatives instruments, including options, futures, forwards, and swaps, along with their valuation and strategies for their use.

9. Alternative Investments: This section introduces alternative investment types, such as real estate, private equity, hedge funds, and commodities, along with their characteristics and valuation.

10. Portfolio Management and Wealth Planning: This final section addresses portfolio management concepts, including portfolio theory, risk management, performance evaluation, and wealth planning strategies.

These topics provide a general overview of the major subject areas covered in the CFA Level I syllabus. Each subject area encompasses various subtopics, and the CFA Institute provides a detailed curriculum that outlines the specific learning outcomes for each level. It's essential to refer to the official CFA Institute curriculum and study materials for a comprehensive understanding of the exam content.

The CFA Level I exam comprises a total of 180 multiple-choice questions to be answered in two sessions of 135 minutes each. There are 90 MCQ questions for each session. The first session includes topics such as professional standards, financial reporting, and quantitative methods, while the second session includes questions about corporate finance, fixed income, derivatives, alternative investments, and portfolio management. This exam is given twice a year, once in June and once in December.

The amount of time needed to complete the Level II CFA syllabus can vary depending on factors such as your prior knowledge, study efficiency, and personal commitments. However, it is generally recommended to allocate a significant amount of time for Level II preparation due to the complexity of the material. Here are some considerations:

1. The CFA Institute suggests that candidates should aim to spend approximately 300 hours preparing for each level of the exam. This is a rough guideline, and some candidates may require more or less time depending on their individual circumstances.

2. Level II builds upon the foundational knowledge covered in Level I and delves deeper into complex topics such as financial statement analysis, equity and fixed income valuation, derivatives, and portfolio management. It requires a more comprehensive understanding and application of concepts compared to Level I.

3. Level II involves a significant amount of practice questions and item set exercises. It is essential to devote time to solve practice questions and thoroughly review the answers, as this helps reinforce your understanding and improve exam performance.

4. Creating a study plan is crucial to effectively manage your time. Break down the syllabus into smaller study sessions, allotting time for each topic and regularly assessing your progress. A well-structured study plan can help you stay organized, focused, and on track.

5. Identify your weaker areas and allocate more time to studying those topics. Level II requires a deeper understanding of certain subjects, so dedicating extra time to challenging areas can help improve your overall comprehension and exam readiness.

6. Taking mock exams and practicing under timed conditions is essential for Level II preparation. Allocate time for multiple mock exams to familiarize yourself with the exam format, manage time effectively, and identify areas that need further improvement.

Remember, everyone's study pace and learning style are different, so customize your study plan based on your strengths, weaknesses, and personal commitments. It's important to start early and maintain a consistent study routine to cover the entire syllabus thoroughly.

Yes, you can use third-party study materials to supplement the official CFA curriculum and enhance your CFA exam preparation. Many candidates find that using additional study resources from reputable providers can be highly beneficial. Third-party study materials often provide comprehensive coverage of the CFA exam curriculum. They condense and explain complex topics, making them easier to understand. Some third-party providers offer concise study notes that summarize key concepts and formulas. When using third-party study materials, it's essential to choose reputable providers with a track record of success. The CFA Institute provides a list of approved prep providers on its website, which can be a good starting point.

The CFA syllabus covers a wide range of topic areas related to investment management, financial analysis, ethics, and professional standards. These topic areas are divided into specific readings and Learning Outcome Statements (LOS) within each level of the CFA exam. The main topic areas covered in the CFA syllabus are:

1. Ethics and Professional Standards

2. Quantitative Methods:

3. Economics:

4. Financial Reporting and Analysis

5. Corporate Finance

6. Equity Investment

7. Fixed Income

8. Derivatives

9. Alternative Investments

10. Portfolio Management and Wealth Planning

These main topic areas are consistent across all three levels of the CFA exam, but the depth and complexity of coverage increase as candidates progress from Level I to Level III.

The CFA Level III syllabus can be considered tough, as it covers a wide range of advanced topics in finance and investment, and the exam format is challenging. The syllabus consists of 11 essay sets and 11 item sets, and candidates have to complete the exam in 4 hours and 24 minutes, which can be time-consuming and pressure-filled.

However, it's important to note that the difficulty level of the exam can vary based on the candidate's prior knowledge and experience. Candidates who have studied and prepared well for the exam may find it less challenging, while those who are new to the subject matter may find it more difficult. It's also worth mentioning that the pass rate for the CFA Level III exam is relatively low, which indicates that the exam is challenging and requires a high level of proficiency in finance and investment.

Yes, the CFA syllabus is updated regularly to reflect changes in the investment industry and to ensure that candidates are prepared for the latest industry practices and trends. The CFA Institute, the governing body for the CFA exam, reviews and updates the syllabus on a regular basis, typically every three to five years.

For example, the CFA Institute updated the Level I syllabus in 2020 to include new topics such as digital assets and sustainability, and to reflect changes in the investment industry. The Level II and Level III syllabi were also updated in 2020 to include new topics and to reflect changes in the industry.

This year, a new chapter titled – “Introduction to Geopolitics” has been introduced under the Economics section for the Level I CFA syllabus. Corporate Ownership and Structures and Business Models are the two new readings that have been added under Corporate Issuers section. Major changes to the Capital Structure readings have been made. Minor changes to the Introduction to Corporate Governance & Other ESG Considerations reading has also been made for the Level I CFA curriculum.

No pathway will be easier than the other. Each pathway is designed in a way that they are at par with each other. This does not mean that the CFA pass rate will be also be the same between each as many factors influence pass rate such as quality of the cohort, mix of the cohort, difficulty of the given set of questions in a given window, demographic factors, etc.

No, candidates cannot change their pathway in the middle of the CFA registration process. If the candidate is taking the CFA Level 3 exam for the second time, then they have the option of changing their specialised pathway. The content for all the three pathways are available online for CFA preparation. 

The CFA institute has introduced the specialised pathways because:

• Career discovery
• Mastering a specific field 
• Choosing which field aligns best with interests and aspirations of the students
• Credentialing. Passing a challenging exam for the role will benefit the candidates by benefiting their clients and their employers.

Yes, of course you can self-study for the CFA exam. Many students prefer to choose this option for preparation because of the flexibility it offers. The CFA insitute provides an official curriculum for each level of the exam. It serves as a comprehensive guide and primary source of study material. You can follow the curriculum independently and study at your own pace. 

Besides the CFA Institute curriculum, there are number of other resources available for the CFA study material. These may include guides, sample papers, video lectures, tutorials, etc. You can utilize these resources to supplement your self study efforts and reinforce your understanding of the important topics of the CFA syllabus. 

Create an effective study plan that outlines your study schedule, goals and progress. This will help you stay organised and improve time management. You can also engage with online forums and communities and various social media groups dedicated to CFA preparation. These platforms provide the opportunity to connect with fellow candidates, seek clarification, share insights and access additional study resources. 

While self-studying is a viable option, keep in mind that the CFA exams are rigorous and the material can be complex. Ensure that you allocate sufficient time, maintain discipline and monitor your progress regularly. 

Preparing for the CFA (Chartered Financial Analyst) exam requires a systematic and disciplined approach. Here are some steps to help you with your preparation:

1. Familiarize yourself with the exam structure, including the number of levels, topic areas, and the weightage assigned to each topic. 

2. Develop a comprehensive study plan that covers all the topics and allows for sufficient time for review and practice. Set realistic goals and create a schedule that works for you, taking into account your other commitments.

3. The CFA Institute provides official curriculum materials that cover all the exam topics in detail. Make sure to study from these materials as they are comprehensive and aligned with the exam content.

4. Practice is crucial for success in the CFA exam. Solve mock exams and practice questions to get familiar with the exam format and to assess your understanding of the topics. Review your performance and identify areas that require further study.

5. Engage with other CFA candidates through study groups or online communities. Discussing and exchanging ideas can enhance your understanding of complex topics and provide additional support during your preparation journey.

6. The CFA exam is concept-driven, so it's essential to develop a strong understanding of the underlying principles and theories. Avoid rote memorization and strive for a deeper comprehension of the material.

7. Regularly review the topics you have studied to reinforce your knowledge. Create concise notes or flashcards to summarize key concepts, formulas, and important details.

8. The CFA curriculum undergoes periodic updates. Stay informed about any changes or updates to the syllabus and adjust your study plan accordingly.

Remember, the CFA exam requires dedicated effort and perseverance. It is essential to stay disciplined, motivated, and consistent in your study routine. Good luck with your CFA preparation!

Chartered financial analyst designation is a professional credential that is offered by the CFA institute to the financial and investment professionals. The designation of the Chartered Financial Analyst or CFA Charter is the most recognized and respected credential in the field of investment banking. It is a globally recognized credential. There are three levels in CFA Program that students will have to go through. Based on the historical data, pass rate for the CFA examination is about 40 percent.

There is a wide range of topics related to investment management, stocks, derivatives, financial analysis which give you great understanding of everything you need in order to become a better Financial Analyst/Investment banker.

CFA Level I Exam: This is the first examination that students will have to go through. In level one, students will have to focus on the concepts and tools that are applied to investment management and valuation. The CFA Level 1 exam is conducted in two sessions, each 3 hours long. It consists of 240 multiple-choice questions in two sessions of 120 questions each. The questions are designed based on the topic weightages given in the CFA Level 1 Exam Syllabus, with very slight deviation.

CFA Level II Exam: This is the second examination that students will have to go through after passing the CFA level I Exam. In Level II, students will have to deal with the assets valuation. Students must have the ability to apply the concepts and tools that they have learned in level I. There are total 20 item set questions, split in two sessions. The morning and evening sessions have 10 item set questions each. The total number of questions in the CFA Level II exam is 120. The duration of the exam is 360 minutes. Some of the CFA level II topics are covered only in the morning session and other topics are covered only in the evening session.

CFA Level III Exam: This is the last CFA exam that students will have to pass to become a CFA charterholder. In the level 3 examination, students will have to go through portfolio management in depth. CFA Level I and CFA Level II revolved around basic financial knowledge, investment valuation comprehension and the application of both. CFA Level III exam focuses on portfolio management and wealth planning. All the best.