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 

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Ready to take the next step in your CFA journey? Download 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 No Change
Module 3: Guidance for Standards I–VII No Change
Module 4: Introduction to the Global Investment Performance Standards (GIPS) No Change
Module 5: Ethics Application No Change

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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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BATTLE-READY SUMMARIES™

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