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CFA Exam Topic Area Weights
Topic Area Level I Level II Level III
Ethical and Professional Standards (total) 15 10 10
Investment Tools (total) 50 30-60 0
Corporate Finance 8 5-15 0
Economics* 10 5-10 0
Financial Reporting and Analysis 20 15-25 0
Quantitative Methods 12 5-10 0
Asset Classes (total) 30 35-75 35-45
Alternative Investments 3 5-15 5-15
Derivatives 5 5-15 5-15
Equity Investments 10 20-30 5-15
Fixed Income 12 5-15 10-20
Portfolio Management and Wealth Planning (total) 5 5-15 45-55
Total 100 100 100
*Economics is part of Portfolio Management at Level III.
Note: These weights are intended to guide the curriculum and exam development processes. Actual exam weights may vary slightly from year to year. Please note that some topics are combined for testing purposes.