Level 2 CFA® Exam Topic Weights Compared To Past Years

CFA EXAM: level 2 / Topics / Weights Changes



Last Updated: Feb 25, 2021


June 2019 CFA 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: Since 2019, new level 2 CFA exam topic weights have generally applied. 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 level 2 CFA exam topic weights.



2021 Level 2 CFA Exam Topic Weights Ordered

Considering the changes in level 2 topic weights that have applied since 2019, the 2021 level 2 CFA exam topics may be ordered 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 = 10%,
  • 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 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.

Equity is somehow special. Before June 2019, it was given the highest values of 15-25% and it is still very important. Financial Reporting and Analysis is also importantant because you'll be no longer tested on FRA in the level 3 exam. In 2019 & 2020, Portfolio Management was given the weights from 15% to 5%. However, somewhere in 2020 it was changed to 15-10%. 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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