CFA Syllabus 2026 (Available): Download Latest Syllabus for Level I, II and III Exam

The CFA syllabus 2026 is designed to test a candidate’s understanding of finance, investment analysis, and portfolio management. The CFA curriculum 2026 is structured across three levels – Level I, Level II, and Level III. While the subject areas remain broadly the same across all levels, the depth of learning and weightage of topics change as candidates move from Level I to Level III.

Candidates can download the official CFA syllabus PDF 2026 and CFA study material PDF after registering for the exam. These materials are updated every year by the CFA Institute.

CFA Level 1 Syllabus 2026

The CFA Level 1 syllabus 2026 focuses on building a strong foundation in investment tools and financial concepts. This level primarily tests knowledge and understanding of basic principles.

CFA Level 1 Topic-wise Weightage

The CFA Level 1 topic-wise weightage shows how much importance each subject carries in the exam. Knowing this distribution helps you plan study time wisely and focus on high-scoring areas. Check below for the complete subject-wise weightage details section clearly.

Important Topics in CFA Level 1

The Important Topics in CFA Level 1 highlight the key subjects that need extra focus for better scoring. Understanding these priority areas helps candidates build a strong foundation and prepare strategically for the exam. Check below for the complete list of important CFA Level 1 topics.

Ethical and Professional Standards

• Code of Ethics

• Standards of Professional Conduct

• Global Investment Performance Standards (GIPS)

Quantitative Methods

• Time Value of Money

• Discounted Cash Flow (DCF)

• Probability and Statistics

• Market Returns

Economics

• Demand and Supply Analysis

• Market Structures

• Aggregate Output

• Inflation and Economic Growth

Financial Statement Analysis

• Income Statement

• Balance Sheet

• Cash Flow Statement

• Financial Reporting Standards

Corporate Issuers

• Capital Budgeting

• Cost of Capital

• Business Models

• Corporate Ownership Structures

Portfolio Management

• Portfolio Planning

• Risk and Return

• Diversification

Equity Investments

• Market Efficiency

• Security Market Indices

• Market Organization and Structure

Changes in CFA Level 1 Syllabus

Certain basic topics such as:

• Time value of money
  
  

• Basic statistics
  
  

• Microeconomics
  
  

• Introduction to accounting

have been shifted to pre-read reference material.

These topics are no longer directly assessed but are provided as:

• Supporting study content
  
  

• Skill-building material
  
  

• Revision resources
  
  

This change allows:

• More focus on application-based questions
  
  

• Inclusion of practical skill modules
  
  

• Better alignment with real-world finance roles
  
  

Candidates who lack background in finance can use these pre-read materials to strengthen fundamentals.

CFA Syllabus 2026 for Level 2

The CFA Level 2 syllabus 2026 focuses on asset valuation and application of financial tools. This level emphasizes practical implementation of financial concepts.

CFA Level 2 Topic-wise Weightage

The CFA Level 2 topic-wise weightage explains how marks are distributed across subjects in the exam. Knowing this structure helps candidates prioritize high-weight topics and prepare more effectively. Check below for the detailed subject-wise weightage of CFA Level 2.

Key Areas in CFA Level 2

The Key Areas in CFA Level 2 focus on advanced concepts that test deeper analysis and application skills. Identifying these core areas helps candidates strengthen preparation and improve performance in the exam. Check below for the complete list of key CFA Level 2 topics.

Ethics

• Professional responsibilities

• Compliance and regulation

Quantitative Methods

• Hypothesis Testing

• Regression Analysis

• Time-Series Data

Economics

• Currency Exchange Rates

• International Trade

• Economic Indicators

Financial Reporting and Analysis

• Inter-corporate Investments

• Multinational Operations

• Pension Accounting

• Financial Statement Adjustments

Corporate Finance

• Mergers and Acquisitions

• Dividend Policy

• Corporate Governance

Equity Investments

• Equity Valuation Models

• Market-Based Valuation

• Private Company Valuation

Portfolio Management

• Portfolio Risk

• Investment Strategies

• Performance Attribution

CFA Exam Syllabus 2026 for Level 3

The CFA Level 3 syllabus 2026 concentrates on portfolio management, wealth planning, and risk management. It tests decision-making and strategic thinking.

Major Topics in Level 3

• Behavioral Finance

• Capital Market Expectations

• Asset Allocation

• Fixed-Income Portfolio Management

• Equity Portfolio Management

• Alternative Investments

• Private Wealth Management

• Risk Management

• Ethics and Professional Standards

This level includes:

• Case studies

• Portfolio construction problems

• Real-life investment scenarios

CFA Level 3 Specialised Pathways

For Level III, candidates must choose one of the following specialised pathways:

1. Portfolio Management (Traditional)

2. Private Wealth Pathway

3. Private Markets Pathway

The common core curriculum has:

• 65% to 75% weightage
  The specialised pathway carries:

• 25% to 35% weightage

Once selected, the pathway cannot be changed.

Common Core Curriculum (All Pathways)

The Common Core Curriculum (All Pathways) covers the fundamental subjects shared across every CFA Level 3 pathway. These core areas build a strong base in ethics, portfolio management, and wealth planning concepts. Check below for the complete Common Core Curriculum topics and details.

• Asset Allocation

• Capital Market Expectations

• Portfolio Construction

• Ethics and Professional Conduct

• Derivatives and Risk Management

• Trading Strategies

Private Wealth Pathway

This pathway focuses on managing wealth for high-net-worth individuals (HNIs).

Major Areas:

• Wealth Planning

• Investment Planning

• Risk Protection

• Retirement Planning

• Family Governance

• Tax and Estate Planning

• Philanthropy

It also covers:

• Psychology of wealthy clients

• Intergenerational wealth transfer

• Advisory relationships

Private Markets Pathway

This pathway focuses on private investments.

Major Areas:

• Private Equity

• Private Debt

• Venture Capital

• Real Estate

• Infrastructure

• Distressed Assets

• GP and LP Fund Structures

It includes modern case studies related to:

• Mergers and acquisitions

• Leveraged buyouts

• Debt restructuring

• Private market valuation

CFA Syllabus PDF 2026 & CFA Study Material PDF

Registered candidates can access:

• CFA syllabus PDF 2026

• CFA curriculum 2026

• CFA study material PDF

These materials are available through the candidate portal and are aligned with the latest exam structure.

Candidates should always rely on:

• Official curriculum

• Updated PDFs

• CFA Institute learning ecosystem