CFA Level 2 Topic Weights 2019 & 2020 Compared To Past Years

CFA level 2 / Topics / Weights 2019 & 2020



CFA June 2019 exam was the first exam with the new topic weights. On the graph below you can see how the weights changed for each level 2 topic:


Changes in Maximum Weights of Level 2 Topics

Click here to see changes

Important: In 2019 & 2020, CFA level 2 topic weights differ from topic weights applied in previous years. Remember that the weights for level 2 topics are given in ranges. The graph presents the changes in maximum weights for each topic. Click above to see exact changes.

Also note that because we’re giving the maximum weights in the graph, the values won’t sum up to 100%. See here, for more details about CFA level 2 topic weights.



CFA June 2019 & 2020 Level 2 Topic Weights Ordered

The new hierarchical order of CFA level 2 2019 & 2020 topic weights is as follows:

  • Financial Reporting and Analysis (FRA): Max = 15%, Min = 10%
  • Ethical and Professional Standards (Ethics): Max = 15%, Min = 10%,
  • Fixed Income (FI): Max = 15%, Min = 10%,
  • Equity Investments (EI): Max = 15%, Min = 10%,
  • Portfolio Management (PM): Max = 15%, Min = 5%,
  • Quantitative Methods (QM): Max = 10%, Min = 5%,
  • Corporate Finance (CF): Max = 10%, Min = 5%,
  • Economics (ECO): Max = 10%, Min = 5%,
  • Derivative Investments (DI): Max = 10%, Min = 5%,
  • Alternative Investments (AI): Max = 10%, Min = 5%.

See what else you need to know about CFA level 2 topics


The most important level 2 topics include:

  • Equity Investments (EI),
  • Financial Reporting and Analysis (FRA),
  • Fixed Income (FI), and
  • Ethical and Professional Standards (Eth).

You should devote even up to 60% of your study time to these 4 topics.

Portfolio Management (PM) is somehow special. It can be given the greatest (15%) or the lowest (5%) weight in your exam (though most often the actual weight in the exam will be somewhere in between). The remaining 5 topics will each make from 10% to 5% of all exam questions.


Learn about the predicted number of exam questions for each level 2 topic


Note: The topic weights on your exam may slightly differ from the benchmark topic weights given by CFA Institute.

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