The Chartered Financial Analyst (CFA) program is continuously evolving to align with the dynamic financial industry. As you prepare for your CFA exams in 2025, it's crucial to stay informed about the latest syllabus changes to maximize your preparation and performance.
Whether you're just starting with Level I or advancing through Levels II and III, here's everything you need to know about the changes and enhancements to the CFA program.
Ready to take the next step in your CFA journey? Download the detailed syllabus for each level and start planning your study schedule today.
Dive deep into every topic of the CFA Level I syllabus with our concise, easy-to-understand study notes. Crafted by experts, our notes distill complex concepts into manageable insights.
view sample Learn moreTopic | Exam Weight |
---|---|
Quantitative Methods | 6-9% |
Economics | 6-9% |
Corporate Issuers | 6-9% |
Financial Statement Analysis | 11-14% |
Equity Investments | 11-14% |
Fixed Income | 11-14% |
Derivatives | 5-8% |
Alternative Investments | 7-10% |
Portfolio Management | 8-12% |
Ethical and Professional Standards | 15-20% |
Learning Modules 2024 | Learning Modules 2025 |
---|---|
1. Quantitative Methods | |
Module 1: Rates and Returns | No Change |
Module 2: The Time Value of Money in Finance | No Change |
Module 3: Statistical Measures of Asset Returns | No Change |
Module 4: Probability Trees and Conditional Expectations | No Change |
Module 5: Portfolio Mathematics | No Change |
Module 6: Simulation Methods | No Change |
Module 7: Estimation and Inference | No Change |
Module 8: Hypothesis Testing | No Change |
Module 9: Parametric and Non-Parametric Tests of Independence | No Change |
Module 10: Simple Linear Regression | No Change |
Module 11: Introduction to Big Data Techniques | No Change |
2. Economics | |
Module 1: Firms and Market Structures | No Change |
Module 2: Understanding Business Cycles | No Change |
Module 3: Fiscal Policy | No Change |
Module 4: Monetary Policy | No Change |
Module 5: Introduction to Geopolitics | No Change |
Module 6: International Trade | No Change |
Module 7: Capital Flows and the FX Market | No Change |
Module 8: Exchange Rate Calculations | No Change |
3. Corporate Issuers | |
Module 1: Organizational Forms, Corporate Issuer Features, and Ownership | No Change |
Module 2: Investors and Other Stakeholders | No Change |
Module 3: Corporate Governance: Conflicts, Mechanisms, Risks, and Benefits | No Change |
Module 4: Working Capital and Liquidity | No Change |
Module 5: Capital Investments and Capital Allocations | No Change |
Module 6: Capital Structure | No Change |
Module 7: Business Models | No Change |
4. Financial Statement Analysis | |
Module 1: Introduction to Financial Statement Analysis | No Change |
Module 2: Analyzing Income Statements | No Change |
Module 3: Analyzing Balance Sheets | No Change |
Module 4: Analyzing Statements of Cash Flows I | No Change |
Module 5: Analyzing Statements of Cash Flows II | No Change |
Module 6: Analysis of Inventories | No Change |
Module 7: Analysis of Long-Term Assets | No Change |
Module 8: Topics in Long-Term Liabilities and Equity | No Change |
Module 9: Analysis of Income Taxes | No Change |
Module 10: Financial Reporting Quality | No Change |
Module 11: Financial Analysis Techniques | No Change |
Module 12: Introduction to Financial Statement Modeling | No Change |
5. Economics | |
Module 1: Market Organization and Structure | No Change |
Module 2: Security Market Indexes | No Change |
Module 3: Market Efficiency | No Change |
Module 4: Overview of Equity Securities | No Change |
Module 5: Company Analysis: Past and Present | No Change |
Module 6: Industry and Company Analysis | No Change |
Module 7: Company Analysis: Forecasting | No Change |
Module 8: Equity Valuation: Concepts and Basic Tools | No Change |
Module 7: Business Models | No Change |
6. Fixed Income | |
Module 1: Fixed-Income Instrument Features | No Change |
Module 2: Fixed-Income Cash Flows and Types | No Change |
Module 3: Fixed Income Issuance and Trading | No Change |
Module 4: Fixed-Income Markets for Corporate Issuers | No Change |
Module 5: Fixed-Income Markets for Government Issuers | No Change |
Module 6: Fixed-Income Bond Valuation: Prices and Yields | No Change |
Module 7: Yield and Yield Spread Measures for Fixed-Rate Bonds | No Change |
Module 8: Yield and Yield Spread Measures for Floating-Rate Instruments | No Change |
Module 9: The Term Structure of Interest Rates: Spot, Par, and Forward Curves | No Change |
Module 10: Interest Rate Risk and Return | No Change |
Module 11: Yield-Based Bond Duration Measures and Properties | No Change |
Module 12: Yield-Based Bond Convexity and Portfolio Properties | No Change |
Module 13: Curve-Based and Empirical Fixed-Income Risk Measures | No Change |
Module 14: Credit Risk | No Change |
Module 15: Credit Analysis of Government Issuers | No Change |
Module 16: Credit Analysis for Corporate Issuers | No Change |
Module 15: Credit Analysis of Government Issuers | No Change |
Module 17: Fixed-Income Securitization | No Change |
Module 18: Asset-Backed Security (ABS) Instrument and Market Features | No Change |
Module 19: Mortgage-Backed Security (MBS) Instrument and Market Features | No Change |
7. Derivative Investments | |
Module 1: Derivative Instrument and Derivative Market Features | No Change |
Module 2: Forward Commitment and Contingent Claim Features and Instruments | No Change |
Module 3: Derivative Benefits, Risks, and Issuer and Investor Uses | No Change |
Module 4: Arbitrage, Replication, and the Cost of Carry in Pricing Derivatives | No Change |
Module 5: Pricing and Valuation of Forward Contracts and for an Underlying with Varying Maturities | No Change |
Module 6: Pricing and Valuation of Futures Contracts | No Change |
Module 7: Pricing and Valuation of Interest Rates and Other Swaps | No Change |
Module 8: Pricing and Valuation of Options | No Change |
Module 9: Option Replication Using Put–Call Parity | No Change |
Module 10: Valuing a Derivative Using a One-Period Binomial Model | No Change |
8. Alternative Investments | |
Module 1: Alternative Investment Features, Methods, and Structures | No Change |
Module 2: Alternative Investment Performance and Returns | No Change |
Module 3: Investments in Private Capital: Equity and Debt | No Change |
Module 4: Real Estate and Infrastructure | No Change |
Module 5: Natural Resources | No Change |
Module 6: Hedge Funds | No Change |
Module 7: Introduction to Digital Assets | No Change |
9. Portfolio Management | |
Module 1: Portfolio Risk and Return: Part I | No Change |
Module 2: Portfolio Risk and Return: Part II | No Change |
Module 3: Portfolio Management: An Overview | No Change |
Module 4: Basics of Portfolio Planning and Construction | No Change |
Module 5: The Behavioral Biases of Individuals | No Change |
Module 6: Introduction to Risk Management | No Change |
10. Ethical and Professional Standards | |
Module 1: Ethics & Trust in the Investment Profession | No Change |
Module 2: Code of Ethics & Standards of Professional Conduct | No Change |
Module 3: Guidance for Standards I–VII | No Change |
Module 4: Introduction to the Global Investment Performance Standards (GIPS) | No Change |
Module 5: Ethics Application | No Change |
Unlock your full potential with FinQuiz’s comprehensive CFA Level I study materials, meticulously designed to streamline your study process and boost your confidence for exam day.
Dive deep into every topic of the CFA Level I syllabus with our concise, easy-to-understand study notes. Crafted by experts, our notes distill complex concepts into manageable insights.
view sample learn moreEnhance your retention with flow charts that make learning complex topics simpler and more intuitive. Access our high-yield summaries that focus on the most testable material, ensuring you spend time reviewing what matters most.
VIEW SAMPLE learn moreElevate your exam preparation with our comprehensive Formula Sheet, a crucial tool for every CFA Level I candidate. This carefully curated resource compiles all the critical formulas, ratios, and rules from the entire Level I curriculum into a single, easy-to-navigate document.
VIEW SAMPLE learn moreKeep your momentum going with FinQuiz's curriculum notes and other key study tools. We give you comprehensive knowledge of core concepts, real-world examples, and expert advice. The prep that gets you ready to pass the Level I CFA Exam on your first try.