The Chartered Financial Analyst (CFA) program is continuously evolving to align with the dynamic financial industry. As you prepare for your CFA exams in 2025, it's crucial to stay informed about the latest syllabus changes to maximize your preparation and performance.
Whether you're just starting with Level I or advancing through Levels II and III, here's everything you need to know about the changes and enhancements to the CFA program.
Ready to take the next step in your CFA journey? Explore the detailed syllabus for each level and start planning your study schedule today.
Dive deep into every topic of the CFA Level I syllabus with our concise, easy-to-understand study notes. Crafted by experts, our notes distill complex concepts into manageable insights.
view sample Learn more| Topic | Exam Weight |
|---|---|
| Quantitative Methods | 6-9% |
| Economics | 6-9% |
| Corporate Issuers | 6-9% |
| Financial Statement Analysis | 11-14% |
| Equity Investments | 11-14% |
| Fixed Income | 11-14% |
| Derivatives | 5-8% |
| Alternative Investments | 7-10% |
| Portfolio Management | 8-12% |
| Ethical and Professional Standards | 15-20% |
| Learning Modules 2024 | Learning Modules 2025 |
|---|---|
| 1. Quantitative Methods | |
| Module 1: Rates and Returns | No Change |
| Module 2: The Time Value of Money in Finance | No Change |
| Module 3: Statistical Measures of Asset Returns | No Change |
| Module 4: Probability Trees and Conditional Expectations | No Change |
| Module 5: Portfolio Mathematics | No Change |
| Module 6: Simulation Methods | No Change |
| Module 7: Estimation and Inference | No Change |
| Module 8: Hypothesis Testing | No Change |
| Module 9: Parametric and Non-Parametric Tests of Independence | No Change |
| Module 10: Simple Linear Regression | No Change |
| Module 11: Introduction to Big Data Techniques | No Change |
| 2. Economics | |
| Module 1: Firms and Market Structures | No Change |
| Module 2: Understanding Business Cycles | No Change |
| Module 3: Fiscal Policy | No Change |
| Module 4: Monetary Policy | No Change |
| Module 5: Introduction to Geopolitics | No Change |
| Module 6: International Trade | No Change |
| Module 7: Capital Flows and the FX Market | No Change |
| Module 8: Exchange Rate Calculations | No Change |
| 3. Corporate Issuers | |
| Module 1: Organizational Forms, Corporate Issuer Features, and Ownership | No Change |
| Module 2: Investors and Other Stakeholders | No Change |
| Module 3: Corporate Governance: Conflicts, Mechanisms, Risks, and Benefits | No Change |
| Module 4: Working Capital and Liquidity | No Change |
| Module 5: Capital Investments and Capital Allocations | No Change |
| Module 6: Capital Structure | No Change |
| Module 7: Business Models | No Change |
| 4. Financial Statement Analysis | |
| Module 1: Introduction to Financial Statement Analysis | No Change |
| Module 2: Analyzing Income Statements | No Change |
| Module 3: Analyzing Balance Sheets | No Change |
| Module 4: Analyzing Statements of Cash Flows I | No Change |
| Module 5: Analyzing Statements of Cash Flows II | No Change |
| Module 6: Analysis of Inventories | No Change |
| Module 7: Analysis of Long-Term Assets | No Change |
| Module 8: Topics in Long-Term Liabilities and Equity | No Change |
| Module 9: Analysis of Income Taxes | No Change |
| Module 10: Financial Reporting Quality | No Change |
| Module 11: Financial Analysis Techniques | No Change |
| Module 12: Introduction to Financial Statement Modeling | No Change |
| 5. Economics | |
| Module 1: Market Organization and Structure | No Change |
| Module 2: Security Market Indexes | No Change |
| Module 3: Market Efficiency | No Change |
| Module 4: Overview of Equity Securities | No Change |
| Module 5: Company Analysis: Past and Present | No Change |
| Module 6: Industry and Company Analysis | No Change |
| Module 7: Company Analysis: Forecasting | No Change |
| Module 8: Equity Valuation: Concepts and Basic Tools | No Change |
| 6. Fixed Income | |
| Module 1: Fixed-Income Instrument Features | No Change |
| Module 2: Fixed-Income Cash Flows and Types | No Change |
| Module 3: Fixed Income Issuance and Trading | No Change |
| Module 4: Fixed-Income Markets for Corporate Issuers | No Change |
| Module 5: Fixed-Income Markets for Government Issuers | No Change |
| Module 6: Fixed-Income Bond Valuation: Prices and Yields | No Change |
| Module 7: Yield and Yield Spread Measures for Fixed-Rate Bonds | No Change |
| Module 8: Yield and Yield Spread Measures for Floating-Rate Instruments | No Change |
| Module 9: The Term Structure of Interest Rates: Spot, Par, and Forward Curves | No Change |
| Module 10: Interest Rate Risk and Return | No Change |
| Module 11: Yield-Based Bond Duration Measures and Properties | No Change |
| Module 12: Yield-Based Bond Convexity and Portfolio Properties | No Change |
| Module 13: Curve-Based and Empirical Fixed-Income Risk Measures | No Change |
| Module 14: Credit Risk | No Change |
| Module 15: Credit Analysis of Government Issuers | No Change |
| Module 16: Credit Analysis for Corporate Issuers | No Change |
| Module 15: Credit Analysis of Government Issuers | No Change |
| Module 17: Fixed-Income Securitization | No Change |
| Module 18: Asset-Backed Security (ABS) Instrument and Market Features | No Change |
| Module 19: Mortgage-Backed Security (MBS) Instrument and Market Features | No Change |
| 7. Derivative Investments | |
| Module 1: Derivative Instrument and Derivative Market Features | No Change |
| Module 2: Forward Commitment and Contingent Claim Features and Instruments | No Change |
| Module 3: Derivative Benefits, Risks, and Issuer and Investor Uses | No Change |
| Module 4: Arbitrage, Replication, and the Cost of Carry in Pricing Derivatives | No Change |
| Module 5: Pricing and Valuation of Forward Contracts and for an Underlying with Varying Maturities | No Change |
| Module 6: Pricing and Valuation of Futures Contracts | No Change |
| Module 7: Pricing and Valuation of Interest Rates and Other Swaps | No Change |
| Module 8: Pricing and Valuation of Options | No Change |
| Module 9: Option Replication Using Put–Call Parity | No Change |
| Module 10: Valuing a Derivative Using a One-Period Binomial Model | No Change |
| 8. Alternative Investments | |
| Module 1: Alternative Investment Features, Methods, and Structures | No Change |
| Module 2: Alternative Investment Performance and Returns | No Change |
| Module 3: Investments in Private Capital: Equity and Debt | No Change |
| Module 4: Real Estate and Infrastructure | No Change |
| Module 5: Natural Resources | No Change |
| Module 6: Hedge Funds | No Change |
| Module 7: Introduction to Digital Assets | No Change |
| 9. Portfolio Management | |
| Module 1: Portfolio Risk and Return: Part I | No Change |
| Module 2: Portfolio Risk and Return: Part II | No Change |
| Module 3: Portfolio Management: An Overview | No Change |
| Module 4: Basics of Portfolio Planning and Construction | No Change |
| Module 5: The Behavioral Biases of Individuals | No Change |
| Module 6: Introduction to Risk Management | No Change |
| 10. Ethical and Professional Standards | |
| Module 1: Ethics & Trust in the Investment Profession | No Change |
| Module 2: Code of Ethics & Standards of Professional Conduct | No Change |
| Module 3: Guidance for Standards I–VII (MINOR UPDATES) | MINOR UPDATES |
| Module 4: Introduction to the Global Investment Performance Standards (GIPS) | No Change |
| Module 5: Ethics Application (MINOR UPDATES) | MINOR UPDATES |
Unlock your full potential with FinQuiz’s comprehensive CFA Level I study materials, meticulously designed to streamline your study process and boost your confidence for exam day.
Dive deep into every topic of the CFA Level I syllabus with our concise, easy-to-understand study notes. Crafted by experts, our notes distill complex concepts into manageable insights.
view sample learn moreEnhance your retention with flow charts that make learning complex topics simpler and more intuitive. Access our high-yield summaries that focus on the most testable material, ensuring you spend time reviewing what matters most.
VIEW SAMPLE learn moreElevate your exam preparation with our comprehensive Formula Sheet, a crucial tool for every CFA Level I candidate. This carefully curated resource compiles all the critical formulas, ratios, and rules from the entire Level I curriculum into a single, easy-to-navigate document.
VIEW SAMPLE learn moreKeep your momentum going with FinQuiz's curriculum notes and other key study tools. We give you comprehensive knowledge of core concepts, real-world examples, and expert advice. The prep that gets you ready to pass the Level I CFA Exam on your first try.
Dive deep into every topic of the CFA Level II syllabus with our concise, easy-to-understand study notes. Crafted by experts, our notes distill complex concepts into manageable insights.
view sample Learn more| Topic | Exam Weight |
|---|---|
| Quantitative Methods | 5-10% |
| Economics | 5-10% |
| Financial Statement Analysis | 10-15% |
| Corporate Issuers | 5-10% |
| Equity Investments | 10-15% |
| Fixed Income | 10-15% |
| Derivatives | 5-10% |
| Alternative Investments | 5-10% |
| Portfolio Management | 10-15% |
| Ethical and Professional Standards | 10-15% |
| Learning Modules 2024 | Learning Modules 2025 |
|---|---|
| 1. Quantitative Methods | |
| Module 1: Basics of Multiple Regression and Underlying Assumptions | No Change |
| Module 2: Evaluating Regression Model Fit and Interpreting Model Results | No Change |
| Module 3: Model Misspecification | No Change |
| Module 4: Extensions of Multiple Regression | No Change |
| Module 5: Time-Series Analysis | No Change |
| Module 6: Machine Learning | No Change |
| Module 7: Big Data Projects | No Change |
| 2. Economics | |
| Module 1: Currency Exchange Rates: Understanding Equilibrium Value | No Change |
| Module 2: Economic Growth | No Change |
| Module 3: Economics of Regulations (DELETED) | |
| 3. Financial Statement Analysis | |
| Module 1: Intercorporate Investments | No Change |
| Module 2: Investors and Other Stakeholders | No Change |
| Module 3: Employee Compensation: Post Employment and Share-based | No Change |
| Module 4: Multinational Operations | No Change |
| Module 5: Analysis of Financial Institutions | No Change |
| Module 6: Integration of Financial Statement Analysis Techniques | No Change |
| Module 7: Financial Statement Modeling (DELETED) | |
| 4. Corporate Issuers | |
| Module 1: Analysis of Dividends and Share Repurchases | No Change |
| Module 2: Environmental, Social, and Governance (ESG) Considerations in Investment Analysis | No Change |
| Module 3: Cost of Capital: Advanced Topics | No Change |
| Module 4: Corporate Restructuring | No Change |
| 5. Equity | |
| Module 1: Equity Valuation: Applications and Processes | No Change |
| Module 2: Discounted Dividend Valuation | No Change |
| Module 3: Free Cash Flow Valuation | No Change |
| Module 4: Market-Based Valuation: Price and Enterprise Value Multiples | No Change |
| Module 5: Residual Income Valuation | No Change |
| Module 6: Private Company Valuation | No Change |
| 6. Fixed Income | |
| Module 1: The Term Structure & Interest Rate Dynamics | No Change |
| Module 2: The Arbitrage Free Valuation Framework | No Change |
| Module 3: Valuation & Analysis of Bonds with Embedded Options | No Change |
| Module 4: Credit Analysis Models | No Change |
| Module 5: Credit Default Swaps | No Change |
| 7. Derivative Investments | |
| Module 1: Pricing & Valuation of Forward Commitments | No Change |
| Module 2: Valuation of Contingent Claims | No Change |
| 8. Alternative Investments | |
| Module 1: Introduction to Commodities & Commodity Derivatives | No Change |
| Module 2: Overview of Types of Real Estate Investment (MAJOR UPDATES) | MAJOR UPDATES |
| Module 3: Investments in Private Capital: Equity and Debt | No Change |
| Module 4: Hedge Fund Strategies | No Change |
| 9. Portfolio Management | |
| Module 1: Economics and Investment Markets | No Change |
| Module 2: Analysis of Active Portfolio Management | No Change |
| Module 3: Exchange-Traded Funds: Mechanics & Applications | No Change |
| Module 4: Using Multifactor Models | No Change |
| Module 5: Measuring & Managing Market Risk | No Change |
| Module 6: Backtesting and Simulation | No Change |
| 10. Ethical and Professional Standards | |
| Module 1: Code of Ethics & Standards of Professional Conduct | No Change |
| Module 2: Guidance for Standards I–VII (MINOR UPDATES) | MINOR UPDATES |
| Module 3: Application of the Code and Standards: Level II | No Change |
The CFA Institute is expected to announce updates to the Level 2 CFA Exam for 2025, but the details of the new syllabus have not yet been released.
Our goal is to keep you informed and prepared for the upcoming exam. Stay connected with us for the latest updates and detailed information as soon as the CFA Institute unveils the new syllabus. Prepare to elevate your CFA journey with the most current and relevant resources.
Stay Informed
Unlock your full potential with FinQuiz’s comprehensive CFA Level II study materials, meticulously designed to streamline your study process and boost your confidence for exam day.
Our meticulously crafted study notes simplify complex concepts and cover the entire CFA Level II syllabus. These notes are designed to help you grasp key topics efficiently, saving you valuable study time while ensuring a thorough understanding of the material.
view sample learn moreEnhance your retention with flow charts that make learning complex topics simpler and more intuitive. Access our high-yield summaries that focus on the most testable material, ensuring you spend time reviewing what matters most.
VIEW SAMPLE learn moreElevate your exam preparation with our comprehensive Formula Sheet, a crucial tool for every CFA Level II candidate. This carefully curated resource compiles all the critical formulas, ratios, and rules from the entire Level II curriculum into a single, easy-to-navigate document.
VIEW SAMPLE learn morePrepare for the CFA Level II Exam with FinQuiz’s comprehensive study materials designed to help you succeed. Our products include detailed study notes, practice questions, and mock exams that closely mirror the actual CFA exam format. With our adaptive learning platform, you can identify and focus on your weak areas, ensuring a well-rounded understanding of the syllabus.
Ready to take the next step in your CFA journey? Explore the detailed syllabus for Level III and start planning your study schedule today.
Dive deep into the complexities of portfolio management and wealth planning with FinQuiz's Level III study notes. Tailored for clarity and depth, our notes simplify advanced concepts and strategies, ensuring you grasp the nuances required to excel on exam day.
view sample Learn more| Topic | Exam Weight |
|---|---|
| Asset Allocation | 15-20% |
| Portfolio Construction | 15-20% |
| Performance Measurement | 5-10% |
| Derivatives and Risk Management | 10-15% |
| Ethical and Professional Standards | 10-15% |
| Pathways | 30-35% |
| Portfolio Management Pathway | |
| Private Markets Pathway | |
| Private Wealth Pathway | |
| Learning Modules 2025 | Learning Modules 2024 |
|---|---|
| Common Core Topics | |
| 1. Asset Allocation | |
| Capital Market Expectations, Part 1: Framework and Macro Considerations | No Change |
| Capital Market Expectations, Part 2: Forecasting Asset Class Returns | No Change |
| Overview of Asset Allocation | No Change |
| Principles of Asset Allocation | No Change |
| Asset Allocation with Real-World Constraints | No Change |
| 2. Portfolio Construction | |
| Overview of Equity Portfolio Management | No Change |
| Overview of Fixed-Income Portfolio Management (MINIMAL UPDATES) | - |
| Asset Allocation to Alternative Investments | No Change |
| An Overview of Private Wealth Management (NEW) | - |
| Portfolio Management for Institutional Investors | No Change |
| Trading Costs and Electronic Markets (NEW) | - |
| Case Study in Portfolio Management: Institutional (SWF) | No Change |
| 3. Performance Measurement | |
| Portfolio Performance Evaluation | No Change |
| Investment Manager Selection (MINIMAL UPDATES) | - |
| Overview of the Global Investment Performance Standards | No Change |
| 4. Derivatives and Risk Management | |
| Options Strategies | No Change |
| Swaps, Forwards, and Futures Strategies | No Change |
| Currency Management: An Introduction | No Change |
| 5. Ethical and Professional Standards | |
| Code of Ethics and Standards of Professional Conduct | No Change |
| Guidance for Standards I–VII | No Change |
| Application of the Code and Standards: Level III | No Change |
| Portfolio Management Pathway | |
| Index-Based Equity Strategies (NEW) | - |
| Active Equity Investing: Strategies | No Change |
| Active Equity Investing: Portfolio Construction | No Change |
| Liability Driven and Index-Based Strategies | No Change |
| Fixed-Income Active Management: Yield Curve Strategies | No Change |
| Fixed-Income Active Management: Trade Strategy and Execution | No Change |
| Case Study in Portfolio Management: Institutional | No Change |
| Trade Strategy and Execution | No Change |
| Passive Equity Investing (DELETED) | - |
| Hedge Fund Strategies (DELETED) | - |
| Overview of Private Wealth Management (DELETED) | - |
| Topics in Private Wealth Management (DELETED) | - |
| Risk Management for Individuals (DELETED) | - |
| Case study in Risk Management: Private Wealth (DELETED) | - |
| Private Wealth Pathway | |
| The Private Wealth Management Industry | N/A |
| Working with the Wealthy | N/A |
| Wealth Planning | N/A |
| Investment Planning | N/A |
| Preserving the Wealth | N/A |
| Advising the Wealthy | N/A |
| Transferring the Wealth | N/A |
| Private Markets Pathway | |
| Private Investments and Structures | N/A |
| GP and LP Perspective and the Investment Process | N/A |
| Private Equity | N/A |
| Private Debt | N/A |
| Private Special Situations | N/A |
| Private Real Estate | N/A |
| Infrastructure | N/A |
Unlock your full potential with FinQuiz’s comprehensive CFA Level II study materials, meticulously designed to streamline your study process and boost your confidence for exam day.
Our meticulously crafted study notes simplify complex concepts and cover the entire CFA Level III syllabus. These notes are designed to help you grasp key topics efficiently, saving you valuable study time while ensuring a thorough understanding of the material.
view sample learn moreEnhance your retention with flow charts that make learning complex topics simpler and more intuitive. Access our high-yield summaries that focus on the most testable material, ensuring you spend time reviewing what matters most.
VIEW SAMPLE learn moreElevate your exam preparation with our comprehensive Formula Sheet, a crucial tool for every CFA Level III candidate. This carefully curated resource compiles all the critical formulas, ratios, and rules from the entire Level III curriculum into a single, easy-to-navigate document.
VIEW SAMPLE learn moreAt FinQuiz, we understand the unique challenges and rigorous demands of the CFA Level III exam. That’s why we offer a comprehensive suite of preparation materials tailored specifically for Level III candidates. Our commitment to quality and precision in exam preparation makes FinQuiz an invaluable partner as you approach the final hurdle on your journey to becoming a CFA charterholder.
