The CFA Program, administered by the CFA Institute, helps investment and financial professionals to build a strong foundation of advanced investment analysis and real-world portfolio management skills.

Complete the program and you’ve earned the Chartered Financial Analyst® (CFA) designation, one of the most respected and recognized investment designation in the world.

Topic Weights By CFA Exam Level

All three levels of the CFA Program exam cover nearly all the same topics but at different weightings and depths. Here is the latest breakdown of topic weighting for all three levels.

Topic AreaLevel ILevel IILevel III
Ethical & Professional Standards15-20%10-15%10-15%
Quantitative Methods8-12%5-10%0%
Financial Reporting & Analysis13-17%10-15%0%
Corporate Finance8-12%5-10%0%
Equity Investments10-12%10-15%10-15%
Fixed Income10-12%10-15%15-20%
Alternative Investments5-8%5-10%5-10%
Portfolio Management & Wealth Management5-8%5-10%35-40%

Exam Curriculum, Format, and Structure for Each Level

Level I

Main curriculum focus: ethics 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)


Level II

Main curriculum focus: financial reporting and analysis, equity investments, and fixed income

Computer-based Testing Exam Format

Multiple-choice Question sets accompanying a vignette
The computer-based test is 4 and a half hours.


Level III

Main curriculum focus: portfolio management and wealth planning

Computer-based Testing Exam Format

Consists of vignette-supported constructed response questions and vignette-supported multiple choice questions
The computer-based test is 4 and a half hours.

Practice with Wiley’s Free CFA®Practice Exam

Preparation is key to doing your best on the CFA® Program exam. Wiley’s Free CFA® Practice Exam covers every topic of the Level 1 exam to help you understand your strengths and where you can improve.