This guide is built for busy working professionals, first-time Level 1 candidates, self-studiers, and retakers who need clear direction on the latest CFA® curriculum changes, topic weights, and study expectations.
The CFA syllabus is updated regularly to reflect financial industry best practices. Levels 1 and 2 emphasize foundational and analytical concepts, while Level 3 applies those skills in portfolio management and introduces specialized pathways.
Staying Oriented to CFA® Curriculum Structure
Understanding how the CFA syllabus is organized helps you prepare more effectively for each exam level. This is especially important if you are:
- Starting your study plan early
- Transitioning from older or second-hand materials
- Returning after a previous exam attempt
The CFA Institute refines readings, examples, learning modules, and emphasis areas to reflect real-world applications. Staying aligned with the current curriculum ensures your study time focuses on the concepts that matter most.
These updates matter most if you are a retaker, using older CFA study materials, or a working professional balancing limited study time. Current curriculum alignment helps you prioritize high-weighted topics and avoid outdated content.
How CFA Program Curriculum Evolves
The CFA Institute periodically updates curriculum readings to strengthen professional competence and ensure the program reflects current investment practices. The most consistent updates occur in Ethical and Professional Standards, including refreshed examples, revised guidance, and updated applications of the Code and Standards.
These refinements help candidates:
- Understand expectations for professional competence
- Communicate transparently and effectively with clients
- Identify and appropriately disclose conflicts of interest
Ethics updates apply across all 3 levels of the exam and set the foundation for sound judgment in investment decision-making.
Explore Related CFA Resources
- Review the CFA Level 1 curriculum.
- Understand CFA Level 2 curriculum.
- Learn about CFA Level 3 curriculum pathways.
- See complete CFA exam requirements.
- Strengthen your prep with CFA study materials.
Topic Weights
Although content evolves, topic weight ranges remain within expected bands. Levels 1 and 2 follow the same 10-topic structure, while Level 3 adds specialized pathways and additional stand-alone subjects.
The table below displays core CFA curriculum topics and the expected weight ranges on the exam. While Levels 1 and 2 remain stable, Level 3 shifts its focus to pathways and portfolio-focused areas.
| Topic Weight Comparison Across Levels 1, 2, and 3, Including Pathways | |||
|---|---|---|---|
| Topic | Level 1 | Level 2 | Level 3 |
| Ethical and Professional Standards | 15-20% | 10-15% | 10-15% |
| Quantitative Methods | 6-9% | 5-10% | |
| Economics | 6-9% | 5-10% | |
| Financial Statement Analysis | 11-14% | 10-15% | |
| Corporate Issuers | 6-9% | 5-10% | |
| Equity Investments | 11-14% | 10-15% | |
| Fixed Income | 11-14% | 10-15% | |
| Derivatives (I/II) / Derivatives and Risk Management (III) | 5-8% | 5-10% | 10-15% |
| Alternative Investments | 7-10% | 5-10% | |
| Portfolio Management (I/II)/ Portfolio Construction (III) | 8-12% | 10-15% | 15-20% |
| Asset Allocation | 15-20% | ||
| Performance Measurement | 5-10% | ||
| Level 3 Pathway Weighting | |||
| Pathway A: Portfolio Management | 30-35% | ||
| Pathway B: Private Wealth | 30-35% | ||
| Pathway C: Private Markets | 30-35% | ||
If you are a retaker, note that the weights for Levels 1 and 2 rarely change, while the selection of the Level 3 pathway significantly affects the exam emphasis.
Level 1 Curriculum Overview
The CFA Level 1 curriculum provides a foundation in investment tools, economics, financial reporting, ethics, and portfolio management concepts.
Topic Weights Overview
CFA Institute maintains a consistent emphasis on Financial Statement Analysis, Equity, Fixed Income, and Ethics, which collectively form the foundation for advanced levels.
Curriculum Focus
Level 1 focuses on understanding and describing concepts used widely across the investment profession. While examples and modules evolve, the topic structure remains consistent.
Learn more about the CFA Level 1 curriculum.
What This Means for Your Study Plan
- Focus early on Financial Statement Analysis, Equity, and Fixed Income, since these carry significant weight.
- Build confidence through exam-style questions that reflect CFA item structure.
- If reusing materials, confirm examples and modules match current Learning Outcome Statements.
CFA Level 1 Curriculum Changes 2026
There are no changes between the CFA Level 1 curriculum for 2025 and 2026. The content, structure, and topic coverage remain identical.
The 2026 CFA Level 1 curriculum remains unchanged, with 93 learning modules, the same as in 2025. This consistency means that candidates preparing with the 2025 materials can confidently use them for the 2026 exam without missing any updates or revisions. The CFA Institute has maintained the same framework to provide stability and continuity for learners during this period.
Level 2 Curriculum Overview
The CFA Level 2 curriculum emphasizes application and analysis through vignette-style item sets.
Topic Weights
Weights remain balanced across ten core topic areas, with significant focus on valuation and financial reporting.
Curriculum Focus
Level 2 requires interpreting scenarios using analytical tools, valuation models, and applied reasoning. Module reorganization may occur, but structural coverage remains stable.
Learn more about the CFA Level 2 curriculum.
How to Approach Level 2 More Effectively
- Prioritize valuation, financial reporting, and portfolio tools.
- Practice with vignette-based item sets to strengthen applied reasoning.
- Retakers should check for reorganized modules that may alter topic connections.
CFA Level 2 Curriculum Changes 2026
The CFA Level 2 curriculum for 2026 remains essentially unchanged from the 2025 version, with only a minor update in the Quantitative Methods section. Specifically, the “Machine Learning” Learning Module (LM) had 1 Learning Outcome Statement (LOS) removed. This deleted LOS previously covered topics related to neural networks, deep learning models, and reinforcement learning.
Aside from this minor adjustment, the 2026 CFA Level 2 curriculum remains unchanged, with 45 Learning Modules identical to those in 2025.
In summary, the 2025 CFA Level 2 curriculum saw only a very minor revision: the removal of a single LOS in Quantitative Methods, making both years’ materials effectively interchangeable for candidates.
Level 3 Curriculum Overview
The CFA Level 3 curriculum applies analytical skills to portfolio construction, risk management, and investment decision-making. After completing core topics, candidates progress into 1 of 3 specialized pathways.
Topic Weights
Core topics account for 65-70% of the exam. Pathways account for 30-35% and determine specialized content depth.
Curriculum Focus
Level 3 emphasizes integration of investment tools, portfolio construction, risk assessment, performance measurement, and ethics.
Learn more about the CFA Level 3 curriculum.
Specialized Pathways
- Portfolio Management: Multi-asset strategies and institutional portfolio design
- Private Wealth: Tax-aware planning, long-term client goals, and risk constraints
- Private Markets: Private equity, private credit, infrastructure, and alternative investments
How Pathways Affect Preparation
- All candidates complete the same core curriculum.
- Pathways determine deeper conceptual focus and exam question type.
- Working professionals benefit from aligning pathway selection with career goals.
CFA Level 3 Curriculum Changes 2026
The CFA Level 3 curriculum for 2026 remains unchanged from 2025, bringing welcome consistency for candidates. There are no updates, additions, or removals to the Learning Modules or Learning Outcome Statements this year.
This means that the 2026 CFA Level 3 curriculum follows the same structure and content as the 2025 curriculum. In short, no changes have been made, allowing candidates to focus confidently on mastering the existing material without needing to adjust their study plans.
References
Read More About the CFA Exam
Stay on top of important exam dates and deadlines with this outline.
CFA Exam Pass RatesAccess the latest scoring data and pass rates to understand what it takes to succeed.
CFA Exam RequirementsEnsure you meet all the eligibility criteria with this comprehensive guide.
CFA Exam Cost & FeesSimplify your registration process with detailed information on costs and prerequisites.