The 2025 CFA Program curriculum changes mark the culmination of the program’s broader evolution that began in 2022. While Levels 1 and 2 remain largely unchanged, Level 3 introduces significant updates, including specialized pathways and revised topic weights.
Why You Should Care About CFA Program Curriculum Changes
New or revised readings, topic weights, and even minor tweaks can impact how you prepare for the CFA Exam. Staying up-to-date with curriculum changes is important if you are:
- Starting early and using older resources.
- Considering second-hand or prior-year study guides.
- Retaking the exam and reusing previous materials.
General 2025 CFA Program Curriculum Changes
CFA Institute (CFAI) updated its Standards of Professional Conduct in 2023, adding 1 new standard and revising 2 others. These changes are reflected in the 2025 CFA Program curriculum across all levels, with updated guidance and examples.
Key updates include:
- A new requirement for professionals to maintain necessary competence (Standard 1).
- Expanded disclosure requirements for client communication (Standard 5).
- A revision to address avoiding or disclosing conflicts of interest (Standard 6).
The following Ethics readings have been updated accordingly:
- Code of Ethics and Standards of Professional Conduct
- Guidance for Standards 1-7
- Ethics Applicants (Level 1); Application of the Code and Standards (Levels 2 and 3)
Topic Weights
Topic weights for Levels 1 and 2 remain the same, while Level 3’s have undergone significant redistribution, including a mix of core topics and specialized pathways.
| CFA Level 3 Exam Topic Weights 2025 | |||
|---|---|---|---|
| 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 | ||
| Choose a pathway at registration | |||
| Pathway A: Portfolio Management | 30-35 | ||
| Pathway B: Private Wealth | 30-35 | ||
| Pathway C: Private Markets | 30-35 | ||
Level 1
Aside from the general Ethics changes, the CFA Level 1 curriculum remains consistent with 2024.
- Topic Weights: Unchanged from 2024, maintaining a focus on practical areas such as Equity, Fixed Income, and Portfolio Management.
- Curriculum Updates: No changes to the 93 learning modules.
Level 2
The 2025 CFA Level 2 curriculum features minimal updates.
- Topic Weights: Unchanged, continuing with a balanced distribution across the 10 topics.
- Curriculum Updates: Reduced from 47 learning modules in 2024 to 45 in 2025.
- Economics of Regulations and Financial Statement Modeling modules removed.
- Overview of Types of Real Estate Investment updated to emphasize value drivers, investment characteristics, and valuation techniques.
Level 3
The CFA Level 3 curriculum has undergone significant updates, introducing specialized pathways and reorganizing core topics for better alignment with real-world practices.
- Topic Weights: Common core topics account for 65-70% of the exam, while specialized pathways account for 30-35%.
- Curriculum Updates: Core readings reduced from 33 in 2024 to 22 in 2025, focusing on Asset Allocation, Portfolio Construction, Performance Measurement, Derivatives, and Ethics.
- Revised topic structure to reflect updated priorities
- Realignment of readings within topic areas
- Adjustments to existing readings to ensure balanced coverage of core and specialized pathway content
- New content developed for private wealth and private markets, based on input from industry practitioners and CFA Institute members
- Specialized Pathways: Each pathway allows you to better align the CFA program curriculum with your career goals. You must select 1 of the following 3 pathways upon registration:
- Private Wealth: Personalized investment strategies and client-centric solutions to address unique financial objectives
- Private Markets: Alternative investments, including venture capital, private equity, and infrastructure
- Portfolio Management: Advanced strategies in institutional and global portfolio construction to optimize performance across diverse markets
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