CFA® Syllabus 2025–2026 (Levels I–III): Topics, Weights & Curriculum Changes

Q: Can I use my 2024 CFA materials for the 2025–2026 exams?

For all three levels, high-quality 2024 materials remain largely valid for 2025–2026, provided they incorporate the known Level II changes and any Ethics updates. Candidates should confirm that their resources reflect the current learning outcomes and learning modules.

Q: Is there an official CFA syllabus PDF that I can download for free?

The full CFA Program Curriculum is made available by CFA Institute through its Learning Ecosystem and optional printed books. FinQuiz cannot redistribute those materials, but provides free syllabus checklist PDFs summarizing topics, weights, and learning modules for each level.

Q: How should I use Battle-Ready Summaries™ with the official curriculum?

Candidates should first use the official readings to build conceptual understanding and then use Battle-Ready Summaries™ to compress and organize that knowledge into exam-oriented flow charts and bullet points, especially during final revision.

CFA Syllabus 2025–2026: Subjects and Exam Structure

The CFA Program syllabus is organized around ten core topic areas at each exam level: Ethical and Professional Standards, Quantitative Methods, Economics, Financial Statement Analysis, Corporate Issuers, Equity, Fixed Income, Derivatives, Alternative Investments, and Portfolio Management / Wealth Planning.

For the 2024, 2025, and 2026 exams, the overall structure and topic weights remain broadly consistent. The most notable content changes are:

Minor wording updates to Ethics cases and guidance across levels.
Removal of the Economics of Regulation and Financial Statement Modeling learning modules from Level II, and major updates to the Level II real estate reading.
Refinement of Level III pathways content, but unchanged weight ranges for the major topic groups.

Implication for candidates: If you began preparing with recent 2024 materials, you can continue to use them for the 2025–2026 exams. You should, however, verify any Ethics updates and ensure your resources reflect the latest Level II and Level III changes.

CFA Level I Syllabus 2025–2026: Topics, Weights and Curriculum

The CFA Level I syllabus 2025–2026 introduces the core tools and concepts that underpin Levels II and III. The subject weightage emphasizes Financial Statement Analysis, Equity Investments, Fixed Income, and Ethics, with foundational coverage of Quantitative Methods, Economics, Corporate Issuers, Derivatives, Alternative Investments, and Portfolio Management.

CFA Level I Topic Weights 2025–2026

Use the official exam weight ranges below to guide your study time allocation. Higher‑weight topics deserve more hours and more practice questions.

Table 1 – CFA Level I Topic Weights (2025–2026)
Topic	Exam Weight
Ethical and Professional Standards	15–20%
Quantitative Methods	6–9%
Economics	6–9%
Financial Statement Analysis	11–14%
Corporate Issuers	6–9%
Equity Investments	11–14%
Fixed Income	11–14%
Derivatives	5–8%
Alternative Investments	7–10%
Portfolio Management and Wealth Planning	8–12%

CFA Level I Curriculum Topics and Learning Modules 2025

The Level I curriculum organizes readings into learning modules within each topic area. Candidates often ask “how many learning modules are in CFA Level I?” and “what are the detailed modules?”. The full 2025 module list is provided below.

Show full Level I learning modules list (2025 curriculum)

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
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 (MINOR UPDATES)	MINOR UPDATES
Module 4: Introduction to the Global Investment Performance Standards (GIPS)	No Change
Module 5: Ethics Application (MINOR UPDATES)	MINOR UPDATES

CFA Level I 2025–2026 Curriculum Changes vs 2024

Compared with the 2024 curriculum, the Level I 2025–2026 syllabus features:

No changes to Quantitative Methods, Economics, Financial Statement Analysis, Corporate Issuers, Equity, Fixed Income, Derivatives, Alternative Investments, or Portfolio Management learning modules.
Minor updates to Ethics guidance and case studies, focused on clarifications rather than new standards.

Therefore, high‑quality 2024 study materials remain valid for Level I 2025–2026, provided they incorporate the Ethics adjustments.

Study Strategy for CFA Level I Based on These Weights

Target at least 300 hours of preparation, with more time allocated to Financial Statement Analysis, Equity, Fixed Income, and Ethics.
Use the topic weights to build a weekly study plan and track progress against the learning outcomes for each module.
In the final 4–6 weeks, shift from reading to active recall—summaries, formula drills, and topic‑weighted practice questions.

FinQuiz Study Tools for CFA Level I 2025–2026

Because the Level I syllabus is stable, your competitive edge comes from retention and exam‑style practice, not from chasing minor updates. FinQuiz tools are designed precisely for this.

Level I

Battle‑Ready Summaries™

High‑yield, visually structured summaries for every Level I topic area. Flow charts and compact bullets focus on the most testable concepts and formulas, aligned with the latest CFA curriculum learning outcomes.

Get Level I Summaries

View free Level I summary sample

Level I

Stanley Notes™

Comprehensive yet concise notes that cover every Level I reading. Ideal for your first full pass through the curriculum and as a reference when you work through question banks and mocks.

View Level I Notes

Download notes sample

Level I

Formula Sheet & Question Practice

A curated Level I formula sheet plus high‑quality practice questions and mocks that mirror the CFA exam style and difficulty, helping you test understanding under exam conditions.

Explore Formula Sheet

CFA Level II Curriculum 2025–2026: Topic Weights and Key Changes

The CFA Level II curriculum 2025–2026 deepens valuation, financial statement analysis, and portfolio management tools using item set (vignette) questions. The headline curriculum changes versus earlier years include:

Economics of Regulation learning module removed from Economics.
Financial Statement Modeling learning module removed from Financial Statement Analysis.
Real estate reading significantly updated (Overview of Types of Real Estate Investment).
Minor changes to Ethics examples and wording.

CFA Level II Topic Weights 2025–2026

Table 2 – CFA Level II Topic Weights (2025–2026)
Topic	Exam Weight
Ethical and Professional Standards	10–15%
Quantitative Methods	5–10%
Economics	5–10%
Financial Statement Analysis	10–15%
Corporate Issuers	5–10%
Equity Investments	10–15%
Fixed Income	10–15%
Derivatives	5–10%
Alternative Investments	5–10%
Portfolio Management and Wealth Planning	10–15%

Level II Learning Modules 2025 and Detailed Changes

Many candidates search specifically for “Level II 2025 curriculum changes vs 2024, 2023, 2022” and for confirmation that certain readings have been removed. The expandable section below summarizes the complete 2025 learning module list and highlights all additions, deletions, and major updates.

Show full Level II learning modules list and 2025 vs 2024 changes

Learning Modules 2024	Learning Modules 2025
1. Quantitative Methods
Module 1: Basics of Multiple Regression and Underlying Assumptions	No Change
Module 2: Evaluating Regression Model Fit and Interpreting Model Results	No Change
Module 3: Model Misspecification	No Change
Module 4: Extensions of Multiple Regression	No Change
Module 5: Time-Series Analysis	No Change
Module 6: Machine Learning	No Change
Module 7: Big Data Projects	No Change
2. Economics
Module 1: Currency Exchange Rates: Understanding Equilibrium Value	No Change
Module 2: Economic Growth	No Change
Module 3: Economics of Regulations (DELETED)
3. Financial Statement Analysis
Module 1: Intercorporate Investments	No Change
Module 2: Investors and Other Stakeholders	No Change
Module 3: Employee Compensation: Post Employment and Share-based	No Change
Module 4: Multinational Operations	No Change
Module 5: Analysis of Financial Institutions	No Change
Module 6: Integration of Financial Statement Analysis Techniques	No Change
Module 7: Financial Statement Modeling (DELETED)
4. Corporate Issuers
Module 1: Analysis of Dividends and Share Repurchases	No Change
Module 2: Environmental, Social, and Governance (ESG) Considerations in Investment Analysis	No Change
Module 3: Cost of Capital: Advanced Topics	No Change
Module 4: Corporate Restructuring	No Change
5. Equity
Module 1: Equity Valuation: Applications and Processes	No Change
Module 2: Discounted Dividend Valuation	No Change
Module 3: Free Cash Flow Valuation	No Change
Module 4: Market-Based Valuation: Price and Enterprise Value Multiples	No Change
Module 5: Residual Income Valuation	No Change
Module 6: Private Company Valuation	No Change
6. Fixed Income
Module 1: The Term Structure & Interest Rate Dynamics	No Change
Module 2: The Arbitrage Free Valuation Framework	No Change
Module 3: Valuation & Analysis of Bonds with Embedded Options	No Change
Module 4: Credit Analysis Models	No Change
Module 5: Credit Default Swaps	No Change
7. Derivative Investments
Module 1: Pricing & Valuation of Forward Commitments	No Change
Module 2: Valuation of Contingent Claims	No Change
8. Alternative Investments
Module 1: Introduction to Commodities & Commodity Derivatives	No Change
Module 2: Overview of Types of Real Estate Investment (MAJOR UPDATES)	MAJOR UPDATES
Module 3: Investments in Private Capital: Equity and Debt	No Change
Module 4: Hedge Fund Strategies	No Change
9. Portfolio Management
Module 1: Economics and Investment Markets	No Change
Module 2: Analysis of Active Portfolio Management	No Change
Module 3: Exchange-Traded Funds: Mechanics & Applications	No Change
Module 4: Using Multifactor Models	No Change
Module 5: Measuring & Managing Market Risk	No Change
Module 6: Backtesting and Simulation	No Change
10. Ethical and Professional Standards
Module 1: Code of Ethics & Standards of Professional Conduct	No Change
Module 2: Guidance for Standards I–VII (MINOR UPDATES)	MINOR UPDATES
Module 3: Application of the Code and Standards: Level II	No Change

Study Strategy for CFA Level II with the 2025 Curriculum

Even though several readings were removed, the difficulty of item sets remains high. Focus on depth of understanding, not just breadth.
Give disproportionate time to Financial Statement Analysis, Equity, and Fixed Income, which typically generate a large share of item sets.
Review each updated or removed learning module carefully so you do not waste time on obsolete content or skip new emphasis areas (for example, real estate).

FinQuiz Study Tools for CFA Level II

The FinQuiz Level II suite is designed around the current learning outcomes and topic weights, with explicit coverage of 2025 curriculum changes.

Level II

Battle‑Ready Summaries™

Visual, high‑yield summaries for each Level II reading, including updated real estate content. Complex valuation and derivatives strategies are broken into clear decision flows that are easy to recall in the exam.

Get Level II Summaries

View Level II summary sample

Level II

Stanley Notes™

Detailed notes that follow the Level II curriculum closely, ideal for your first full pass and as a concise reference during intensive question practice.

View Level II Notes

Download notes sample

Level II

Formula Sheet & Question Practice

A concentrated formula sheet plus item‑set style questions and mocks that replicate the exam experience and ensure that your understanding of each topic is at “exam‑ready” level.

Explore Level II Formula Sheet

CFA Level III Curriculum 2025–2026: Pathways, Topics and Weights

The CFA Level III curriculum 2025–2026 focuses on portfolio management and wealth planning, with content delivered through a combination of core topics and three specialized pathways: Portfolio Management, Private Wealth, and Private Markets. The exam continues to use both constructed‑response (essay) and item‑set formats.

CFA Level III Topic Weights 2025–2026

Table 3 – CFA Level III Topic Weights (2025–2026)
Topic	Exam Weight
Asset Allocation	15–20%
Portfolio Construction	15–20%
Performance Measurement	5–10%
Derivatives and Risk Management	10–15%
Ethical and Professional Standards	10–15%
Pathways (Portfolio Mgmt / Private Wealth / Private Markets)	30–35%

Level III 2025 Curriculum and Pathways Overview

Candidates can follow one of three pathways in addition to the common core:

Portfolio Management Pathway – index‑based and active equity, fixed‑income strategies, liability‑driven investing, and institutional case studies.
Private Wealth Pathway – the private wealth management industry, working with wealthy clients, investment and wealth planning, preserving and transferring wealth.
Private Markets Pathway – private equity, private debt, special situations, private real estate, and infrastructure.

Show full Level III 2025 learning modules list and pathway content

Learning Modules 2025	Learning Modules 2024
Common Core Topics
1. Asset Allocation
Capital Market Expectations, Part 1: Framework and Macro Considerations	No Change
Capital Market Expectations, Part 2: Forecasting Asset Class Returns	No Change
Overview of Asset Allocation	No Change
Principles of Asset Allocation	No Change
Asset Allocation with Real-World Constraints	No Change
2. Portfolio Construction
Overview of Equity Portfolio Management	No Change
Overview of Fixed-Income Portfolio Management (MINIMAL UPDATES)	-
Asset Allocation to Alternative Investments	No Change
An Overview of Private Wealth Management (NEW)	-
Portfolio Management for Institutional Investors	No Change
Trading Costs and Electronic Markets (NEW)	-
Case Study in Portfolio Management: Institutional (SWF)	No Change
3. Performance Measurement
Portfolio Performance Evaluation	No Change
Investment Manager Selection (MINIMAL UPDATES)	-
Overview of the Global Investment Performance Standards	No Change
4. Derivatives and Risk Management
Options Strategies	No Change
Swaps, Forwards, and Futures Strategies	No Change
Currency Management: An Introduction	No Change
5. Ethical and Professional Standards
Code of Ethics and Standards of Professional Conduct	No Change
Guidance for Standards I–VII	No Change
Application of the Code and Standards: Level III	No Change
Portfolio Management Pathway
Index-Based Equity Strategies (NEW)	-
Active Equity Investing: Strategies	No Change
Active Equity Investing: Portfolio Construction	No Change
Liability Driven and Index-Based Strategies	No Change
Fixed-Income Active Management: Yield Curve Strategies	No Change
Fixed-Income Active Management: Trade Strategy and Execution	No Change
Case Study in Portfolio Management: Institutional	No Change
Trade Strategy and Execution	No Change
Passive Equity Investing (DELETED)	-
Hedge Fund Strategies (DELETED)	-
Overview of Private Wealth Management (DELETED)	-
Topics in Private Wealth Management (DELETED)	-
Risk Management for Individuals (DELETED)	-
Case study in Risk Management: Private Wealth (DELETED)	-
Private Wealth Pathway
The Private Wealth Management Industry	N/A
Working with the Wealthy	N/A
Wealth Planning	N/A
Investment Planning	N/A
Preserving the Wealth	N/A
Advising the Wealthy	N/A
Transferring the Wealth	N/A
Private Markets Pathway
Private Investments and Structures	N/A
GP and LP Perspective and the Investment Process	N/A
Private Equity	N/A
Private Debt	N/A
Private Special Situations	N/A
Private Real Estate	N/A
Infrastructure	N/A

Level III 2025 Curriculum Changes and Formula Coverage

While Level III emphasizes application and written answers, candidates still need to master a dense set of formulas—especially in fixed‑income risk management, derivatives, performance attribution, and risk measures. The 2025 curriculum refines content but does not fundamentally change the formula set compared with recent years.

FinQuiz Study Tools for CFA Level III

The final challenge of the CFA Program requires both technical mastery and an exam‑ oriented way of expressing answers. FinQuiz Level III resources are built with this in mind.

Level III

Battle‑Ready Summaries™

High‑impact summaries and flow charts for both common core and pathway content, helping you recall frameworks and structures quickly in essay responses and item sets.

Get Level III Summaries

View Level III summary sample

Level III

Stanley Notes™

Structured notes that translate dense portfolio management text into exam‑oriented outlines, enabling you to practice writing concise, marks‑earning responses.

View Level III Notes

Download notes sample

Level III

Formula Sheet & Essay Practice

A concise formula sheet for all Level III quantitative content plus practice essay questions and item sets that reflect the latest pathways structure and exam style.

Explore Level III Formula Sheet

Free CFA Syllabus Checklist PDFs (Levels I, II and III)

Many candidates search for “CFA syllabus PDF” or “CFA curriculum 2025 PDF download”. While the official CFA Program Curriculum is available only through CFA Institute, FinQuiz provides free syllabus checklist PDFs for each level:

Topic list and official weight ranges for your exam year.
Learning module checklist to track study progress.
A simple 12‑week or 16‑week study plan template.
Sample pages from FinQuiz Battle‑Ready Summaries™ and formula sheets.

Download Your Syllabus Checklists

Enter your email address and choose your CFA level. We will email you the corresponding FinQuiz syllabus checklist PDF and occasional exam‑focused tips.

These checklists are created by FinQuiz based on the latest CFA Program Curriculum. They are not official CFA Institute materials.

FinQuiz Battle‑Ready Study Packages for All CFA Levels

Once you understand the syllabus and curriculum changes, the next step is to build a topic‑weighted, time‑efficient study plan. FinQuiz packages combine notes, summaries, formula sheets, and practice to help you convert syllabus knowledge into exam‑day performance.

FinQuiz Premium Package

Complete preparation for your chosen level, including Stanley Notes™, Battle‑Ready Summaries™, question bank, mocks, and formula sheet—all mapped to the current CFA curriculum.

Level I Premium – $339

Visit FinQuiz Home, for Level II and Level III.

Practice Plus Package

Focused on high‑yield practice: item‑weighted question bank, mocks, and analytics to identify weak areas by topic and reading.

Level I Practice Plus – $169

Battle‑Ready Summaries™ Only

Ideal for candidates who already have access to the full curriculum but want a powerful revision and retention tool aligned with the 2025–2026 syllabi.

Browse by Level

FAQ – CFA Syllabus, Topic Weights and Curriculum Changes

Has the CFA Level I syllabus changed for 2025 or 2026?

No major content changes have been introduced for Level I between 2024 and 2026. The topic structure and weight ranges are unchanged. Only minor updates have been made to Ethics guidance and examples.

Can I use my 2024 CFA materials for the 2025–2026 exams?

For all three levels, high‑quality 2024 materials remain largely valid for 2025–2026, provided they incorporate the known Level II changes (removed and updated readings) and any Ethics errata. Always confirm with your provider that your resources reflect the current learning outcomes and modules.

Where can I see the official CFA topic weights for 2025?

The official topic weight ranges are published by CFA Institute and are reflected in the tables on this page for Levels I, II, and III. Use these ranges to guide how you allocate your study time across topics.

What are the main CFA Level II curriculum changes in 2025?

The 2025 Level II curriculum removes the Economics of Regulation and Financial Statement Modeling learning modules and significantly updates the real estate reading. These changes streamline the syllabus but maintain the overall difficulty of the exam.

Is there an official CFA syllabus PDF that I can download for free?

The full CFA Program Curriculum is provided by CFA Institute through the Learning Ecosystem and as optional printed books. FinQuiz cannot redistribute those materials, but we offer free syllabus checklist PDFs that summarize topics, weights, and learning modules for each level.

How should I use Battle‑Ready Summaries™ with the official curriculum?

Use the official readings to build conceptual understanding, then rely on Battle‑Ready Summaries™ to compress and organize that knowledge into exam‑oriented flow charts and bullet points. In the final month, the summaries, formula sheets, and question bank should dominate your daily study routine.