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Why Are CFA Topics by Weight Important to Know?
CFA topic weights are important to know because they are an essential building block for your study plan. Topic weights indicate a range for the percentage of available points represented by each topic on the exam. Contrary to popular opinion, however, the exam weight doesn’t directly relate to how much time a candidate should spend studying the topic.
Other factors, such as mastering the tools needed to understand the topic, prior familiarity with the topic itself, and personal difficulty learning the material, will ultimately shape the study plan. Clearly, however, candidates will want to make sure they sufficiently master the material in the most heavily weighted topics.
What Are the CFA Weights by Topic Level?
CFA program exams cover most of the topic areas across all three levels, although the focus for each level changes as the exams progress. By Level III, half the exam or more focuses on fixed income investments and portfolio management.
Here is the latest topic weighting for all three levels.
| 2022 Topic Areas (%) | Level I | Level II | Level III |
|---|---|---|---|
| Quantitative Methods | 8-12% | 5-10% | 0% |
| Economics | 8-12% | 5-10% | 5-10% |
| Financial Statement Analysis | 13-17% | 10-15% | 0% |
| Corporate Issuers | 8-12% | 5-10% | 0% |
| Equity Investments | 10-12% | 10-15% | 10-15% |
| Fixed Income | 10-12% | 10-15% | 15-20% |
| Derivatives | 5-8% | 5-10% | 5-10% |
| Alternative Investments | 5-8% | 5-10% | 5-10% |
| Portfolio Management & Wealth Planning | 5-8% | 10-15% | 35-40% |
| Ethical & Professional Standards | 15-20% | 10-15% | 10-15% |
CFA Level I Weight by Topic
CFA Level I weights have not changed significantly in the last couple years. However, since 2021, topics are now weighted within a range like Level II and Level III, when in previous years CFA Level 1 weights were presented as an absolute number.
Current CFA Level I Topic Weights
Here are the latest CFA topic areas and CFA topic weights for the Level I CFA exam.
| 2022 Topic Areas (%) | Level I |
|---|---|
| Quantitative Methods | 8-12% |
| Economics | 8-12% |
| Financial Statement Analysis | 13-17% |
| Corporate Issuers | 8-12% |
| Equity Investments | 10-12% |
| Fixed Income | 10-12% |
| Derivatives | 5-8% |
| Alternative Investments | 5-8% |
| Portfolio Management & Wealth Planning | 5-8% |
| Ethical & Professional Standards | 15-20% |
CFA Level II Weight by Topic
The most recent change to CFA Level II weights is the Portfolio Management weight range increasing from 5-10% to 10-15%. This change just means all topic areas have the possibility of being tested evenly on Level II.
Current CFA Level II Topic Weights
Here are the latest CFA exam topic areas and CFA topic weights for the Level II CFA exam.
| 2022 Topic Areas (%) | Level II |
|---|---|
| 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 & Wealth Planning | 10-15% |
| Ethical & Professional Standards | 10-15% |
CFA Level III Weight by Topic
There have not been any recent changes to weighting of the Level III CFA exam. Weighting was adjusted in 2019 to increase Equity and Fixed Income and reduce Derivatives, Alternative Investments, and Portfolio Management. But there have been no changes from 2020 – 2022.
Current CFA Level III Topic Weights
Here are the latest CFA topic areas and CFA topic weights for the Level III exam.
| 2022 Topic Areas (%) | Level III |
|---|---|
| Quantitative Methods | 0% |
| Economics | 5-10% |
| Financial Statement Analysis | 0% |
| Corporate Issuers | 0% |
| Equity Investments | 10-15% |
| Fixed Income | 15-20% |
| Derivatives | 5-10% |
| Alternative Investments | 5-10% |
| Portfolio Management & Wealth Planning | 35-40% |
| Ethical & Professional Standards | 10-15% |
CFA Exam Curriculum, Format, and Structure for Each Level
Now that you have an idea of how each level of the CFA exam is weighted by topic, let’s break down the curriculum focus, format, and structure for each exam.
CFA Level I
Main Curriculum Focus: quantitative analysis tools, ethical and professional standards, and financial reporting and analysis.
Computer-based Testing Exam Format
- 180 multiple-choice questions, equally weighted, with an option for a break between the two required sessions.
- First session: 90 multiple-choice questions (2 hours and 15 minutes)
- Second session: 90 multiple-choice questions (2 hours and 15 minutes)
CFA Level II
Main Curriculum Focus: financial reporting and analysis, equity investments, fixed income investments, and an expanded role for portfolio management and wealth planning.
Computer-based Testing Exam Format
- Each session consists of vignettes supporting multiple choice items with either 4 or 6 questions for a total of 44 questions, each worth 3 points
- First session: 2 hours and 12 minutes
- Second session: 2 hours and 12 minutes
CFA Level III
Main Curriculum Focus: portfolio management and wealth planning with an expanded role for fixed-income investments.
Computer-based Testing Exam Format
- Consists of two methods of testing:
- First session – 8 to 11 vignette-supported essay sets with three different possible types of response: essay, numerical entry, and multiple choice.
- Second session – vignettes supporting multiple-choice items with either 4 or 6 questions for a total of 44 questions, each worth 3 points.
- The computer-based test is 4 hours and 24 minutes total with an option for a break between the two required sessions.
- First session: 2 hours and 12 minutes
- Second session: 2 hours and 12 minutes
CFA Topic Weights in Summary
Knowing the CFA exam weights and how the different levels of the exam are structured can help you build your study plan to prepare for the exam; however, it can be overwhelming trying to plan your study time on your own. That’s why most CFA candidates enlist the help of a CFA Review Course to take the guess work out of exam prep.
With Wiley’s CFA Program Exam Review, you get a customized study plan, mock exams, and a full arsenal of study materials (including hints and tricks) to help you prepare. Plus, Wiley keeps up with CFA Institute updates that affect the exam, so you are always studying the most up-to-date information. Study with Wiley and get the support you need to become a CFA Charterholder.
