Updated: August 29, 2023

CFA exam / Curriculum

2023 CFA Curriculum Changes

  1. CFA Program Curriculum: Rich Source of Knowledge
  2. How Many Books for Level 1 CFA Exam?
  3. CFA Exam Learning Modules (aka. Readings)
  4. Level 2 CFA Exam Books
  5. Digital vs Print CFA Exam Curriculum
  6. 2023 Changes to CFA Exam Curriculum
  7. CFA Exam Topic Weights
  8. Summary


CFA Program Curriculum: Rich Source of Knowledge

CFA Program curriculum is a rich source of knowledge. There’s a separate curriculum for each of the 3 levels of the CFA exam.

The curriculum is aimed at developing the key skills and abilities that investment professionals need to possess. Every level of the exam focuses on different skills and abilities and covers different areas of essential knowledge:

  • level 1 CFA exam knowledge of investment tools (comprehension)
  • level 2 CFA exam asset classes, their analysis & valuation (application)
  • level 3 CFA exam wealth planning and portfolio management (synthesis/evaluation)

2023 CFA Program Curriculum in Numbers

books

topics

modules

LEVEL 1

6

10

73

LEVEL 2

6

10

49

LEVEL 3

6

7

33

LEVEL 1

6 volumes

10 topics

73 modules


LEVEL 2

6 volumes

10 topics

49 modules


LEVEL 3

6 volumes

7 topics

33 modules



ALL LEVELS


Read on for more detailed info about level 1 & level 2 CFA exam books . Level 3 candidate? See our post about the level 3 CFA exam .


How Many Books for
Level 1 CFA Exam?

There are 6 level 1 CFA exam books. The reason why the CFA Program curriculum is divided into books is its length. Each level 1 CFA exam book is from almost 600 to over 700 pages long, which makes it more than 3000 pages total.

Each book includes 1 to 4 topics. There are 10 level 1 topics. The way that the topics are divided across the books is not too student-friendly, namely more than one topic is covered in two different books.

The first level 1 CFA exam book includes Quantitative Methods (QM). The next book is Economics and Financial Statement Analysis (FSA). In the third book, FSA continues and Corporate Issuers (CI) begins. The fourth book is Corporate Issuers, Equity, and Fixed Income (FI). The fifth book is Fixed Income, Derivatives, Alternative Investments, and Portfolio Management (PM). The last sixth volume covers PM and Ethics.


Level 1 & Level 2 CFA Exam Books & Topic Order

Volume 1

Volume 2

Volume 3

Volume 4

Volume 5

Volume 6

LEVEL 1 Curriculum

Quantitative Methods

Economics + Financial Statement Analysis

Financial Statement Analysis + Corporate Issuers

Corporate Issuers + Equity + Fixed Income

Fixed Income + Derivatives + Alternative Investments + Portfolio Management

Portfolio Management + Ethical and Professional Standards

LEVEL 2 Curriculum

Quantitative Methods + Economics

Financial Statement Analysis

Corporate Issuers + Equity

Equity + Fixed Income

Derivatives + Alternative Investments + Portfolio Management

Portfolio Management + Ethical and Professional Standards

LEVEL 1 Curriculum

Volume 1: Quantitative Methods

Volume 2: Economics + Financial Statement Analysis

Volume 3: Financial Statement Analysis + Corporate Issuers

Volume 4: Corporate Issuers + Equity + Fixed Income

Volume 5: Fixed Income + Derivatives + Alternative Investments + Portfolio Management

Volume 6: Portfolio Management + Ethical and Professional Standards


LEVEL 2 Curriculum

Volume 1: Quantitative Methods + Economics

Volume 2: Financial Statement Analysis

Volume 3: Corporate Issuers + Equity

Volume 4: Equity + Fixed Income

Volume 5: Derivatives + Alternative Investments + Portfolio Management

Volume 6: Portfolio Management + Ethical and Professional Standards



See 2024 level 1 CFA exam topic order


Level 1 CFA exam books are divided into topics as shown in the table. Then, the topics are further divided into smaller portions called learning modules (aka. readings):

books (volumes) topics modules (readings)


CFA Exam Learning Modules
(aka. Readings)

A learning module is a new name for what used to be called reading. So, the 2023 CFA exam curriculum has a number of learning modules specified for each topic. The idea is for the learning modules to form digestive lessons that can be studied over one sitting. For now, mainly level 1 Derivatives and Alternative Investments are so adjusted but you can find learning modules divided into nice and concise study lessons inside our Study Planner for all level 1 topics!


LEVEL 1 CFA EXAM READINGS LIST:

Quantitative Methods Economics Financial Statement Analysis Corporate Issuers Equity Fixed Income Derivatives Alternative Investments Portfolio Management Ethics
  1. Time Value of Money
  2. Statistics – Basics
  3. Probability – Basics
  4. Probability Distributions
  5. Statistics – Sampling & Estimation
  6. Statistics – Hypothesis Testing
  7. Linear Regression
  1. Intro to Microeconomics
  2. Firm & Market Structures
  3. Intro to Macroeconomics
  4. Business Cycles
  5. Monetary & Fiscal Policy
  6. Geopolitics
  7. International Trade & Capital Flows
  8. Currency Exchange Rates
  1. Introduction to Financial Statement Analysis
  2. IFRS & U.S. GAAP
  3. Income Statement
  4. Balance Sheet
  5. Cash Flow Statement
  6. Financial Statement Analysis – Basics
  7. Inventories
  8. Long-lived Assets
  9. Income Taxes
  10. Long-term Liabilities
  11. Financial Reporting Quality
  12. Financial Statement Analysis – Advanced
  1. Corporate Structures & Ownership
  2. Corporate Governance & ESG
  3. Business Models
  4. Capital Investments
  5. Working Capital
  6. Cost of Capital
  7. Capital Structure
  8. Leverage & Breakeven Point
  1. Market Organization
  2. Market Indices
  3. Market Efficiency
  4. Intro to Equity Securities
  5. Industry & Company Analysis
  6. Equity Securities – Valuation
  1. Intro to Fixed Income Investments
  2. Bond Markets
  3. Bond Valuation
  4. Asset-backed Securities
  5. Risks Associated with Bonds
  6. Credit Analysis
  1. Intro to Derivatives
  2. Forward Commitments vs Contingent Claims
  3. Derivatives – Benefits & Risks
  4. Arbitrage, Replication & Cost of Carry
  5. Forward Contracts – Pricing & Valuation
  6. Futures Contracts – Pricing & Valuation
  7. Swaps – Pricing & Valuation
  8. Options – Pricing & Valuation
  9. Put-Call Parity
  10. Binomial Valuation Model
  1. Intro to Alternative Investments
  2. Performance Calculation
  3. Categories of Alternative Investments
  1. Intro to Portfolio Management
  2. Risk & Return
  3. Modern Portfolio Theory
  4. Investment Policy Statement
  5. Behavioral Biases
  6. Risk Management
  7. Technical Analysis
  8. Fintech
  1. Ethics & Trust
  2. The Big Picture
  3. Standards I-VII
  4. GIPS Standards
  5. Ethics Application

For every CFA exam module, there is also a more detailed list of things you should be able to do when you’re through with the module. These are the so-called learning outcomes (LOS) – note the command words used to define the skills and abilities you should acquire, e.g., describe, calculate, or identify.

All throughout the modules, you will find many bolded words and phrases. These are the words and phrases that have been defined for you in the glossary (available at the end of every volume for your convenience). There are also numerous examples, tables, figures, exhibits, and formulas. Their role is to illustrate and better describe the concepts and situations explained in the curriculum.

Each module closes up with a bulleted summary followed by practice problems (questions at the end of each module) with solutions.


Note that all the examples, tables, figures, exhibits, formulas, and practice problems are part of the curriculum and they form the required segments. Take this to your heart because exam questions are often based on the examples in the curriculum or the end-of-module questions. Exam questions are also based on one or more LOS.


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Level 2 CFA Exam Books

For level 2, there are also 6 books and 10 topics. Level 2 topics are the same as level 1 topics and their order is identical. However, they are divided into books differenty as shown in the table above. Each level 2 book covers 1 to 3 topics. Note that level 2 Ethics no longer include the GIPSes.


LEVEL 2 CFA EXAM READINGS LIST:

Quantitative Methods Economics Financial Statement Analysis Corporate Issuers Equity Fixed Income Derivatives Alternative Investments Portfolio Management Ethics
  1. Multiple Regression – Basics
  2. Multiple Regression – Advanced
  3. Violations of Regression Assumptions
  4. Extensions of Multiple Regression
  5. Time-series Analysis
  6. Machine Learning
  7. Big Data Projects
  1. Currency Exchange Rates
  2. Economic Growth
  3. Economics of Regulations
  1. Intercorporate Investments
  2. Employee Compensations
  3. Multinational Operations
  4. Financial Institutions Analysis
  5. Quality of Financial Reports
  6. Financial Statement Analysis Techniques
  7. Financial Statement Modeling
  1. Dividends & Shares Repurchases
  2. ESG in Investment Analysis
  3. Cost of Capital
  4. Corporate Restructuring
  1. Equity Valuation - Basics
  2. Dividend Discount Models
  3. Free Cash Flow Models
  4. Multiplier Models
  5. Residual Income Models
  6. Valuation of Private Companies
  1. Term Structure of Interest Rates
  2. Arbitrage-free Valuation
  3. Valuation of Bonds with Embedded Options
  4. Credit Analysis Models
  5. Credit Default Swaps
  1. Forward Commitments
  2. Contingent Claims
  1. Real Estate Investments Types
  2. Private Real Estate Investments
  3. Public Real Estate Investments
  4. Private Equity Valuation
  5. Commodities
  1. ETF
  2. Multifactor Models
  3. Measuring & Managing Market Risk
  4. Backtesting & Simulation
  5. Economics & Investment Markets
  6. Active Portfolio Management
  7. Trading Costs & Electronic Markets
  1. The Big Picture
  2. Standards I-VII
  3. Ethics Application

Digital vs Print CFA Exam Curriculum

A digital version of your CFA exam curriculum will be available to you after you register for the exam you're about to take. You can also buy a print version of the curriculum. Then, for an additional payment (meaning in addition to your exam registration fee), you will get a pack of traditional books. Naturally, the digital curriculum is also divided into books (volumes).

Note that if you want a print version of your CFA exam curriculum, you can order it online but the price is rather high. The print curriculum costs even $299 + shipping fees. Access to the digital curriculum is included in the exam registration fee.


CFA Exam Curriculum Updates

Annual Changes to CFA Exam Curriculum

As a rule, the CFA Program curriculum changes every year for all levels of the exam. The updates are usually minor to moderate. Sometimes some more significant chunks of selected topics change.


See 2024+ CFA Program changes.


The 2023 changes to the CFA exam curriculum mostly include changes to level 1 Derivatives and Alternative Investments and level 2 Quantitative Methods and Alternative Investment, which have been divided into a number of smaller learning modules.

Basically, the most recent curriculum changes include some minor updates inside readings (modules), but also some modules additions and modules removals. Also, like in the previous 2022 curriculum, Ethics is now the last topic in the curriculum for all levels. Plus, remember that FRA is now known as Financial Statement Analysis, or FSA for short, and Corporate Finance as Corporate Issuers.


2023 CHANGES TO LEVEL 1 CFA EXAM READING LIST

There are 73 modules in 2023 level 1 CFA exam curriculum (vs 60 readings in 2022). No readings were removed compared to 2022 curriculum and three readings were added. Also, 6 readings in Corporate Issuers include updates. Generally, changes can be seen for Corporate Issuers, Economics, Alternative Investments, Derivatives and to a smaller extent Portfolio Management compared to 2022 curriculum.


2023 vs 2022 Level 1 Reading List


2023 CHANGES TO LEVEL 2 CFA EXAM READING LIST

There are 49 modules in 2023 level 2 CFA exam curriculum (vs 47 readings in 2022). One reading was removed and four readings were added. Also, 6 readings include updates, with Multiple Regression in Quantitative Methods, Corporate Restructuring in Corporate Issuers, and Real Estate Investments in Alternative Investments showing some significant changes.


2023 vs 2022 Level 2 Reading List

  • 4 old readings removed (mainly moved to level 1)
    • Reading 1: Introduction to Linear Regression
    • Reading 15: Capital Structure
    • Reading 19: Capital Budgeting
    • Reading 21: Return Concepts
  • 1 new reading (module) added
    • Learning Module 20: Cost of Capital: Advanced Topics
  • 6 readings updated

CFA Exam Topic Weights

Topics are given different exam weights if you compare level 1 and level 2 CFA exams. It means you will get a different number of questions for a particular topic depending on whether you’re a level 1 or a level 2 candidate (see estimated number of level 1 questions here and level 2 questions here).

CFA exam topic weights for both level 1 and level 2 are given in ranges in the table below:


2023 CFA Exam Weights

Quantitative Methods

Economics

Financial Statement Analysis

Corporate Issuers

Equity

Fixed Income

Derivatives

Alternative Investments

Portfolio Management

Ethics

LEVEL 1 Weights

8-12%

8-12%

13-17%

8-12%

10-12%

10-12%

5-8%

5-8%

5-8%

15-20%

LEVEL 2 Weights

5-10%

5-10%

10-15%

5-10%

10-15%

10-15%

5-10%

5-10%

10-15%

10-15%

LEVEL 1 vs LEVEL 2
WEIGHTS

8-12% vs 5-10%

8-12% vs 5-10%

13-17% vs 10-15%

8-12% vs 5-10%

10-12% vs 10-15%

10-12% vs 10-15%

5-8% vs 5-10%

5-8% vs 5-10%

5-8% vs 10-15%

15-20% vs 10-15%


So, depending on the exam level, the focus is on different topics:

as a level 1 candidate, you should particularly focus on Financial Statement Analysis (FSA) and Ethics. These are the most important level 1 topics. Also, Quantitative Methods, Equity, and Fixed Income are given high weights in the level 1 exam. Moreover, Fixed Income, Derivatives, and FRA are considered to be the 3 most difficult level 1 topics.

as a level 2 candidate, you should put effort into Equity, Financial Statement Analysis (FSA), Fixed Income, and Derivatives. Equity has always been important in the level 2 exam (though its weight got reduced in 2019) and the last 3 topics are the most challenging when their difficulty is taken into account. Also, never ignore Ethics and pay attention to Portfolio Management, which gets particularly significant in the level 3 exam!


Form and Focus of the Exam

most important topics

most difficult topics

focus of the exam

form of the exam

LEVEL 1 CFA Exam

FSA, Ethics, QM, Eq, FI

FI, DER, FSA

investment tools (comprehension)

multiple choice questions

LEVEL 2 CFA Exam

Eq, FSA, FI, Ethics, PM

FI, DER, FSA

asset valuation (analysis)

item sets (vignettes)

LEVEL 1 CFA Exam

most important topics: FSA, Ethics, QM, Eq, FI

most difficult topics: FI, DER, FSA

focus of the exam: investment tools (comprehension)

form of the exam: multiple choice questions


LEVEL 2 CFA Exam

most important topics: Eq, FSA, FI, Ethics, PM

most difficult topics: FI, DER, FSA

focus of the exam: asset valuation (analysis)

form of the exam: item sets (vignettes)


When studying your CFA Program curriculum, you will do wisely if at the back of your mind you will remember also about the form and focus of your exam. Both of these aspects should determine the way you prepare:

if you’re a level 1 candidate, be sure you develop the general understanding of investment tools.

if you’re a level 2 candidate, focus on asset valuation and practice your analytical skills.

Also, get accustomed to the form of the exam – test your knowledge as often as possible using exam-type questions to optimize your chances of passing the exam.


Find exam-type QUESTIONS inside our CFA Exam Study Planner:


LEVEL 1 & LEVEL 2


CFA Program Curriculum – Summing Up

Let’s state it explicitly: To pass your CFA exam, you must know your curriculum well. So, if you don’t have enough time to read it from cover to cover (or from the first to last e-page), you should at least flick (or scroll) through it every now and then and study the bolded bits or analyze different examples, practice problems or exhibits.

Many CFA exam candidates find it easier to absorb their curriculum if they can get some help. That's what we're for – to give you compact but comprehensive study materials that can facilitate your studying.

Now – if you use our Study Planner – you can access written study lessons for all level 1 modules (level 2 to come) plus use printable notes and bite-sized videos available for many level 1 and level 2 readings.

Our succinct study lessons and materials:

  • give you a solid background for your further detailed study of the curriculum,
  • are easy to digest because they are based on core issues and illustrated with numerous examples,
  • are great for revision time.

Find STUDY LESSONS inside our
CFA Exam Study Planner:

LEVEL 1 & LEVEL 2






About Soleadea:

Our CFA Exam Study Planner is available to candidates of all levels at groundbreaking Pay-What-You-Can prices. You decide how much you want to pay for our services. After you activate your account, you get unlimited access to our Study Planner 4.0 with study lessons inside, various level 1/level 2 study materials & tools, regular review sessions, and a holistic growth approach to your preparation. Join


Read Also:

Level 1 CFA Exam Topics
Level 2 CFA Exam Topics
2024+ CFA Program Changes


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