Latest CFA Exam Curriculum Updates

To stay up to date with current topics and challenges professionals in the investment management industry face, CFA^® Institute updates the material covered in the CFA exam annually.

Understanding which information is being updated and identifying what you need to learn at every level is a crucial aspect of creating a successful study plan. This is particularly important when developing your next steps following an unsuccessful attempt at the CFA exam from a prior year.

Table of Contents

• 2025 CFA Level III Updates

• 2025 CFA Level II Updates

• 2025 CFA Level I Changes

• The CFA Program Candidate Body of Knowledge

• The Global Body Of Investment Knowledge

• Who Makes Changes To The CFA Curriculum?

• How To Prepare For CFA Curriculum Changes

Will the CFA Curriculum Change in 2026?

Yes, it's normal for the CFA curriculum to get updated each year. Relative to 2025, the 2026 CFA curriculum is expected to be changed minimally at each curriculum level of the CFA exam.

2025 CFA Level III Exam and Curriculum Changes

The Level III CFA curriculum was significantly changed in terms of it's content and taxonomy in 2025.

Those content and taxonomy changes are represented in a new core curriculum, the introduction of Practice Skills Modules (PSMs), and specialized pathways for Level III. The core curriculum for the Level III exam in the 2025 season has 6 topic areas:

• Asset Allocation: 15–20%

• Portfolio Construction: 15–20%

• Performance Measurement: 5–10%

• Derivatives and Risk Management: 10–15%

• Ethical and Professional Standards: 10–15%

• Pathways (Portfolio Management, Private Markets, or Private Wealth): 30–35%

Specialized Pathways for Level III

When registering for the Level III exam in 2025, you will need to choose a specialized path in:

1. Legacy path (Portfolio Management)

2. Private Wealth Management

3. Private Markets

All paths will result in earning the CFA charter, these will just be emphases of your candidacy within the CFA Program.

Portfolio Management

The Portfolio Management pathway will have the following additional topic areas:

• Equity Portfolio Management

• Fixed Income Portfolio Management

• Trading and Execution

• Case studies

• Ethics in Portfolio Management

Private Wealth Management

The Private Wealth pathway will have the following additional topic areas:

• Private Wealth Industry

• Client Management

• Wealth Structuring

• Investment Planning

• Ethics in Wealth Management

Private Markets

The Private Markets pathway will have the following additional topic areas:

• Structures and Investment Process

• Private Equity

• Private Debt

• Private Real Estate & Infrastructure

• Ethics in Private Markets

Try Today’s Level III CFA Practice Question

Level III Exam Day Changes

Level III candidates will be tested on Corporate Issuers topics in the first session instead of the second session on exam day in the 2025 CFA exam season.

CFA Exam Dates >>

Practical Skills Modules for Level III

In the 2025 exam season, the Level III CFA curriculum includes Practical Skills Modules. Practical Skills Modules are short quizzes that candidates can take to test their understanding of each learning module.

CFA Program Practical Skills Modules Guide >>

2025 CFA Level II Topic Changes

The 2025 CFA curriculum topics at Level II had their names changed slightly from what they were in 2024. Financial Statement Analysis had it's name changed to Financial Reporting Analysis. Equity Investments had it's name changed to Equity Valuation. Also Portfolio Management and Wealth Planning had it's name changed to "Portfolio Management".

The weights for each Level II topic did not change in 2025. Below is the CFA curriculum and associated weights for the Level II 2025 exam season.

• Quantitative Methods 5–10%

• Economics 5–10%

• Financial Reporting and Analysis 10–15%

• Corporate Issuers 5–10%

• Equity Valuation 10–15%

• Fixed Income 10–15%

• Derivatives 5–10%

• Alternative Investments 5–10%

• Portfolio Management 10–15%

• Ethical and Professional Standards 10–15%

2025 CFA Level I Topic Changes

The 2025 CFA curriculum topics at Level I are slightly different than in 2024. "Wealth Management" was dropped from the Portfolio Management curriculum topic name. Also the order in which topics are presented in the CFA Syllabus was slightly changed. Corporate Issuers and Financial Statement Analysis switched positions in the CFA curriculum.

The weights for each Level I topic did not change in 2025. Below is the new order of CFA curriculum topics:

• Quantitative Methods: 6-9%

• Economics: 6-9%

• Corporate Issuers: 6-9%

• Financial Statement Analysis: 11-14%

• Equity Investments: 11-14%

• Fixed Income: 11-14%

• Derivatives: 5-8%

• Alternative Investments: 7-10%

• Portfolio Management: 8-12%

• Ethical and Professional Standards: 15-20%

What Is The CFA Program Candidate Body of Knowledge?

The CFA Program Candidate Body of Knowledge (CBOK), is a document that represents the core competencies used by investment professionals. The CFA Institute released the 2023 Candidate Body of Knowledge, which contains the latest survey results from investment professionals around the world about what should be included in the CFA 2023 Program curriculum.

CFA Candidate Body of Knowledge Topic Areas

Below is each Candidate Body of Knowledge (CBOK) area in the CFA Program:

1. Ethical and Professional Standards

2. Quantitative Methods

3. Economics

4. Corporate Issuers

5. Financial Statement Analysis

6. Equity Investments

7. Fixed Income

8. Derivatives

9. Alternative Investments

10. Portfolio Management

What Is The Global Body Of Investment Knowledge?

The Global Body of Investment Knowledge® is an all-inclusive document about the knowledge needed for the investment profession. The concepts contained in the GBIK are for CFA charterholders to use as a source of inspiration for new concepts and lifelong learning opportunities throughout their careers.

The GBIK® is maintained by the CFA Education Advisory Committee, which is composed of individuals around the world from various backgrounds in the investment management industry.

Who Makes Changes To The CFA Curriculum?

The CFA Institute makes changes to the CFA syllabus through the practice analysis process and guidance from the CFA Institute Education Advisory Committee.

What Is The Practice Analysis Process?

The practice analysis process is a methodology for the CFA Institute to keep the CFA curriculum up to date with current skills and competencies for success in the investment management industry. The Practice Analysis Process contains multiple stages from which the Candidate Body of Knowledge ultimately gets updated.

How To Prepare For CFA Curriculum Changes

The most important way to prepare for curriculum changes is to keep your CFA prep materials up to date. If you do decide to use previous years’ materials, try to avoid outdated topics and trends and focus on what will be present on the exam. Another great option is to join the Kaplan Schweser Community where you can ask fellow candidates and industry experts questions about curriculum updates.