Level 1, 2 and 3 Curriculum Changes

2022 Level 2 and Level 3 CFA Program Changes  

 

FinQuiz Summaries

- are ideal for reviewing the entire curriculum in the least amount of time. 

- are packed with flow charts, formula highlights and the key concepts you will  almost certainly need for the exams.


Ready to Download - PDF Files

 

Learn more  

 
updated-curriculum-material-covered-2022 

CFA Curriculum Changes 2022 by CFA Institute

for CFA Program Exams Level I- Level II- Level III 

 

CFA Level 1 Curriculum Changes 

9 New Readings | 5 Dropped Readings | 7 Readings with Major Changes


CFA Level 1 Topic Weights 2022

Topics Weights
Quantitative Methods 8-12%
Economics 8-12%
Financial Reporting and Analysis 13-17%
Corporate Issuers 8-12%
Equity Investments 10-12%
Fixed Income 10-12%
Derivatives 5-8%
Alternative Investments 5-8%
Portfolio Management 5-8%
Ethics  15-20%

Topic weights are same in 2022 as 2021 and 2020. Further, there are no curriculum changes for 2021 as CFA Institute froze the curriculum in 2020.

refresher-readings-ethics-code-level-1-exam-curriculum-changes-2022

CFA Level 1 2022 Changes

Topic areas with major content revisions include:

  • Alternative Investments
  • Portfolio Management
  • Ethics, Global Investment Reporting standards
  • Quantitative Methods (statistical concepts deleted, linear regressions added).
  • Corporate Finance (New name Corporate Issuers) - Three readings dropped (Capital Budgeting, Cost of Capital, Working Capital Management). Four new readings added. Changes in Corporate Governance and ESG Considerations.

Download complete detail information of all the CFA Level 1 2022 changes.

Download PDF

CFA Level 2 Curriculum Changes

1 New Reading | 1 Renamed Reading | 2 Dropped Readings | 5 Readings with Major Changes

refresher-readings-ethics-code-level-1-exam-curriculum-changes-2022

CFA Level 2 2022 Changes

Topic areas with major content revisions include:

  • Quantitative Methods (Linear regression added, Probabilistic approaches removed)
  • Corporate Issuers
  • Derivatives
  • Alternative Investments

In Portfolio management a new reading 'Backtesting and Simulation' added.

Download complete details of all the CFA Level 2 2022 changes.

Download PDF

CFA Level 2 Topic Weights 2022

Topics Weights
Quantitative Methods 5–10%
Economics 5–10%
Financial Reporting and Analysis 10–15%
Corporate Issuers 5–10%
Equity Valuation 10–15%
Fixed Income 10-15%
Derivatives 5–10%
Alternative Investments 5–10%
Portfolio Management 10–15%
Ethics (Ethical and Professional Standards) 10–15%

Topic weights are same in 2022 as 2021 and 2020. Further, there are no curriculum changes for 2021 as CFA Institute froze the curriculum in 2020.

CFA Level 3 Curriculum Changes

2 New Readings | 5 Dropped Readings | 4 Readings with Major Changes


CFA Level 3 Topic Weights 2022

Topics Weights
Economics 5–10%
Derivatives 5–10%
Fixed Income 15–20%
Equity Investments 10–15%
Alternative Investments 5–10%
Portfolio Management 35–40%
Ethical and Professional Standards 10–15%

Topic weights are same in 2022 as 2021 and 2020. Further, there are no curriculum changes for 2021 as CFA Institute froze the curriculum in 2020.

refresher-readings-ethics-code-level-1-exam-curriculum-changes-2022

CFA Level 3 2022 Changes

Five dropped readings are from:

  • Behavioral Finance Perspective
  • Private Wealth Management (Taxes, Estate Planning, Concentrated Single Asset Position)
  • Professionalism in Investment Management
  •  

    Two new readings added in:

  • Risk Management Institutional
  • Private Wealth Management

Major changes are in Fixed Income and GIPS

Download complete details of all the CFA Level 3 2022 changes.

Download PDF


  Testimonials

"The Premium package is cheaper and the answers are clear and explained. The question bank contains a variety of examinable questions of the entire syllabus drawn from. Thank You so much for helping me with the exam. " Jose Gary

"FinQuiz is an easy way to increase your chances to crack the CFA test on your first attempt. A valuable option for self study candidates. The packages are cheaper than Kaplan Schweser."  James B