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The official CFA Program curriculum gives you the solid foundation of knowledge that investment firms expect from finance professionals. Equipped with critical advanced investment analysis and portfolio management skills, you'll be able to meet today’s challenges in investment management head on.
Find out more about the CFA Program curriculum across the different exam levels, what topics are covered, and how the curriculum has been expanded to include Practical Skills Modules (PSMs).
How is the CFA Program curriculum structured across the CFA exam?
The CFA Program is a series of three exams: Levels I, II, and III. Each level of the curriculum builds on the prior level and becomes increasingly complex. Find out how the CFA exam levels compare so you can prepare for success at every stage.
Level I: Learn and describe
Multiple choice questions will test your knowledge of key terms, concepts, and formulas that are the foundation of the investment industry.
Level II: Analyze and evaluate
Exam vignettes with multiple choice questions will test how you analyze situations and provide solutions using the knowledge you have accumulated.
Level III: Integrate and apply
A mix of item set questions and constructed response questions will reveal how you integrate concepts and apply knowledge to real-world scenario.
What topics are covered in the CFA Program curriculum?
We update the CFA Program curriculum regularly to reflect modern financial practices, guided by our ongoing practice analysis that ensures it stays aligned with the latest industry trends. This means you’ll learn precisely what’s needed to thrive in today’s investment industry and confidently apply your CFA Program knowledge to real-world scenarios.
Real-life Practical Skills Modules (PSM)
The core of the CFA Program curriculum teaches you the fundamentals of investment tools, valuing assets, portfolio management, and wealth planning. But the best way to develop your knowledge is to put it to the test.
To ensure you thrive in your current or future role, the CFA Program curriculum has been expanded to include practical, relevant skills training. So you can apply what you are learning in the curriculum to real-world scenarios.
A Practical Skills Module (PSM) uses a combination of videos, multiple-choice questions, guided practice, and case studies to develop your practical skills. In order to receive your exam result, you will be required to complete at least one PSM at each level. You may begin your PSM topic at any time after registration. Each PSM takes 10-20 hours to complete.
Frequently asked questions
The curriculum is developed through an Education Advisory Committee that includes industry practitioners, security market regulators, university faculty, and policymakers. There is also a topic dedicated to ethical and professional standards, and the role they play in the investment industry.
Yes – the CFA Program curriculum is available as a set of six volumes. Registered candidates can purchase these by signing in to candidate resources and selecting the print curriculum option.
We continuously evolve the CFA Program curriculum through a process called practice analysis. This involves working with practicing investment management professionals, university faculty, and regulators to determine the critical knowledge, skills, and abilities that are needed in an investment role today. Learn more about practice analysis.
The curriculum continuously evolves as we gather direct feedback, insight, and perspective from industry practitioners through the process of practice analysis. Each year, we summarize what we have learnt and publish this in the Practice Analysis Annual Review.
- Credential - 3 levels / 3 exams
- Advanced level
- 300 hours per level
- Self-paced online learning
- Learning materials included
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