- CFA Program Curriculum: Rich Source of Knowledge
- How Many Books for Level 1 CFA Exam?
- CFA Exam Learning Modules (aka. Readings)
- Level 2 CFA Exam Books
- Digital vs Print CFA Exam Curriculum
- 2023 Changes to CFA Exam Curriculum
- CFA Exam Topic Weights
- 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
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 & Topics
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 |
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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.
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 |
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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.
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.
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
- no old readings removed
- 3 new readings added
- Learning Module 13: Intro to Geopolitics
- Learning Module 28: Corporate Structures and Ownership
- Learning Module 30: Business Models
- 6 readings updated
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
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
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
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