2020 Curriculum Changes for the Level I, II, and III CFA® Program Exams

Are you taking the CFA Program exam in 2020? Understanding the curriculum is critical to success, particularly if you are re-taking the exam, as you’ll want to optimize your study time and ensure you pay particular attention to new or amended study sessions. Be sure to note the substantially modified 2020 CFA topic weightings. To help, Wiley has put together a handy cheat sheet of the 2020 CFA curriculum changes for Level I, II, and III.

TOPIC AREA LEVEL I (2019) LEVEL I (2020) LEVEL II LEVEL III
Ethics & Professional Standards 15% 15% 10–15% 10–15%
Quantitative Methods 12% 2018
10% 2019
10%  
5–10%
 
0%
Economics 10% 10% 5–10% 5–10%
Financial Reporting & Analysis 20% 2018
15% 2019
15%  
10–15%
 
0%
Corporate Finance 7% 2018
10% 2019
10%  
5–10%
 
0%
Equity Investments 10% 2018
11% 2019
11%  
10–15%
 
10–15%
Fixed Income 10% 2018
11% 2019
11%  
10–15%
 
15–20%
Derivative Investments 5% 2018
6% 2019
11%  
5–10%
 
5–10%
Alternative Investments 4% 2018
6% 2019
6%  
5–10%
 
5–10%
Portfolio Management & Wealth Management 7% 2018
6% 2019
6%  
5–15%
 
35-40%
TOTAL 100% 100% 100% 100%

See the Official CFA Institute Curriculum Overview here.

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