CFA Exam Curriculum Changes 2025

What's New in 2025

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.

CFA Curriculum Changes 2025 for

Level I Level II Level III 

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Ready to take the next step in your CFA journey? Explore the detailed syllabus for each level and start planning your study schedule today.

CFA Level I STANLEY NOTES™

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.

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CFA Level I 2025 Topic weights

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%

CFA Level I 2025 Learning modules (2025 vs. 2024)

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
Module 7: Business Models 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 Minor Changes
Module 3: Guidance for Standards I–VII Minor Changes
Module 4: Introduction to the Global Investment Performance Standards (GIPS) No Change
Module 5: Ethics Application Minor Changes

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BATTLE-READY SUMMARIES™

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Your Path to CFA Level 2 Success Starts Here

CFA Level II STANLEY NOTES™

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

Upcoming Changes to CFA Level II Exam for 2025

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.

Stay Tuned for the Latest Updates

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

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CFA Level III
Get Started Now

Ready to take the next step in your CFA journey? Explore the detailed syllabus for Level III and start planning your study schedule today.

CFA Level III STANLEY NOTES™

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CFA Level III 2025 Topic weights

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

CFA Level III 2025 Learning modules (2025 vs. 2024)

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

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