- 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
- 2024 Changes to CFA Exam Curriculum
- CFA Exam Topic Weights
- Summary
CFA Program Curriculum: Rich Source of Knowledge
The CFA Program curriculum is a rich source of knowledge. There’s a separate syllabus for each of the 3 levels of the CFA exam.
The syllabus 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)
2025 CFA Program Syllabus 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 10 level 1 CFA exam books, one book per topic. The reason why the CFA Program curriculum is divided into books is its length. All level 1 CFA exam books count around 3000 pages of study material altogether.
The first level 1 CFA exam book includes Quantitative Methods (QM). Then, there's Economics. The next book is Corporate Issuers (CI) and then Financial Statement Analysis (FSA). The fifth book is Equity and the sixth one is Fixed Income (FI). Then, come Derivatives and Alternative Investments, each in a separate book. The ninth volume covers Portfolio Management (PM) and the last book is devoted to Ethics.
Level 1 & Level 2 CFA Exam Books & 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 2024 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. As of 2024, all of the level 1 topics in your CFA exam curriculum have been divided into a number of learning modules. Also, you can find learning modules divided into nice and concise study lessons inside our Study Planner for all level 1 topics.
2025 LEVEL 1 CFA EXAM READINGS LIST:
| Quantitative Methods | Economics | Corporate Issuers | Financial Statement Analysis | 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 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 10 books and 10 topics. Level 2 topics are the same as level 1 topics but their order is a bit different, namely FSA is switched with Corporate Issuers. Note that level 2 Ethics no longer include the GIPSes.
2025 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 Syllabus
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.
After the 2024 transition to learning modules for all level 1 topics and some quite big changes then, the 2025 changes to the CFA exam syllabus are rather cosmetic and mostly include a new standard added to Ethics and two revised a bit (which is in fact a change for all levels).
For level 2, the changes are minor throughout the curriculum with a new chapter in Alternative Investments and updates in Ethics. Also, two learning modules have been removed, one from Economics and one from FSA.
2025 CHANGES TO LEVEL 1 CFA EXAM READING LIST
The 2025 level 1 CFA exam curriculum hardly changes compared to the 2024 curriculum. There are still 93 modules in 2025 level 1 CFA exam curriculum. No readings have been removed from the new 2025 CFA exam curriculum. A new standard in Ethics is the greatest addition. It's called Standard I(E): Competence. Also, two Ethical standards have been slightly revised.
Level 1: 2025 vs 2024 Learning Modules
- no readings removed
- 1 new Ethical standard
- 2 Ethical standards slightly revised
2025 CHANGES TO LEVEL 2 CFA EXAM READING LIST
The 2025 level 2 CFA exam curriculum is very similar to the 2024 curriculum.
There are 45 modules in 2025 level 2 CFA exam curriculum (vs 47 readings in 2024). Two readings have been removed (1 from Economics and 1 from Financial Statement Analysis) and one reading has been revised (in Alternative Investments). Also, a new standard in Ethics has been added, i.e., Standard I(E): Competence. Plus, two Ethical standards have been slightly revised.
Level 2: 2025 vs 2024 Learning Modules
- 2 old readings removed
- LM 10: Economics of Regulations
- LM 17: Financial Statement Modeling
- 1 new Standard added
- Standard I(E): Competence
- 3 chapters slightly revised
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:
2025 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 Ethics and Financial Statement Analysis (FSA). These are the most important level 1 topics. Also, Equity and Fixed Income are given high weights in the level 1 exam. Moreover, Fixed Income, Derivatives, and FSA 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 was reduced back 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 remember 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 a 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 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 in progress) 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:
Review:
- CORPORATE FINANCE blog posts
- ETHICS blog posts
- QUANTITATIVE METHODS blog posts
- FIXED INCOME blog posts
- Level 1 CFA Exam Study Materials