If you are a student or working professional in India and want a strong, global finance credential, the CFA syllabus is one of the most powerful options. The CFA program does not just teach theory; it trains you to read financial statements, value stocks and bonds, manage portfolios, and act with ethics.
When you understand the structure of the CFA syllabus, you can see which topics carry more weight. This helps you focus on the right parts and avoid spending time on less important areas.
This guide breaks down the complete CFA syllabus across all levels. You will find topic weights, exam patterns, study hour requirements, and salary data. Whether you plan to attempt Level 1 or advance to Level 3, this resource provides the facts you need to plan your CFA journey.
Comprehensive Summary Â
- CFA Course Syllabus: curriculum of 2026covers 10 core areas including Ethics, Economics, and Portfolio Management across three distinct levels
- CFA Exam Structure: Level 1 tests basic tools; Level 2 focuses on asset valuation; Level 3 centers on portfolio and wealth management decisions.
- CFA Subject Weightage: Ethics remains a top priority, carrying a 15–20% weight in Level 1 and roughly 10–15% in the later levels.
- Study time to pass CFA: Candidates usually spend 2–4 years to finish the program, dedicating about 300 hours of study to each level.
- Pass Rate Trends for CFA exams: Recent data shows pass rates of 43% for Level 1, 42% for Level 2, and 50% for Level 3, with first-time candidates often performing better.
- CFA Salary Growth: New analysts in India earn ₹4–7 Lakh initially, while experienced professionals with the charter often earn ₹10–30 Lakh+.
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Overview of the CFA Curriculum
The CFA course syllabus covers ten core topic areas across three distinct levels. Each level increases in difficulty and shifts its focus from basic knowledge to practical application and portfolio construction.
Every year, the CFA Institute updates the CFA course syllabus to reflect real‑world financial needs. Charterholders then hold knowledge that matches what employers expect. The exam evaluates your command over investment tools, asset classes, and wealth management. You need to pass each level before you can attempt the following one.
CFA Level 1 Curriculum
The Level I CFA syllabus builds the foundation for your finance career. It introduces the ten topic areas and tests your knowledge of basic investment tools.
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Ethics and Professional Conduct
This section covers the Code of Ethics and Standards of Professional Conduct. You learn how to handle conflicts of interest, preserve client confidentiality, and maintain integrity in capital markets. The CFA Institute places high value on this topic, and it appears in all three levels.
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Quantitative Techniques
You learn the math behind finance here. This includes the time value of money, probability theory, and descriptive statistics. You also study linear regression and how to use data to make investment decisions.
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Economics Fundamentals
This part covers microeconomics and macroeconomics. You study supply and demand, market structures, and how government policy affects the economy. It also looks at exchange rates and international trade.
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Financial Reporting and Analysis
Many students find this the most demanding part of the CFA course syllabus. You study balance sheets, income statements, and cash flow statements. You learn how to spot accounting red flags and compare companies using different reporting standards like IFRS and US GAAP.
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Corporate Issuers
This topic looks at how companies manage their capital. You study corporate governance, capital budgeting, and working capital management. It explains how firms decide which projects to fund.
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Equity Investments
You gain knowledge of stock markets and how to value companies here. The content includes market indices, equity security characteristics, and basic techniques to estimate a stock’s intrinsic value.
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Fixed Income Securities
Fixed income involves bonds and other debt securities. You learn how to price these assets. You use duration and convexity to gauge risk. The syllabus details the features of government and corporate debt.
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Derivatives Basics
This section breaks down how forwards, futures, options, and swaps actually function. You will learn the mechanics behind each contract and see how traders use them to protect against losses or bet on where the market goes next.
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Alternative Investment Assets
You move past the stock market to study real estate, hedge funds, private equity, and commodities. The course lists the risks and rewards for these investments.
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Portfolio Management and Wealth Planning
This topic introduces the basics of managing a group of assets. You study the risk-return trade-off and the Markowitz portfolio theory. It sets the stage for the more advanced portfolio topics in Level III.
CFA Level 2 Curriculum
The Level II CFA course syllabus shifts from basic tools to asset valuation. You apply the concepts from Level I to value specific companies and assets.
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In-Depth Financial Reporting and Analysis
Level 2 shifts from basic rules to complex accounting. You tackle how companies handle employee pay, stake-holding in other firms, and global business units. This stage teaches you to modify financial data so it shows a company’s actual wealth and performance.
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Equity Valuation and Fixed Income Analysis
Equity valuation covers Discounted Cash Flow (DCF) models and relative valuation. Fixed income analysis moves into credit analysis models and term structure of interest rates. You learn to price complex bonds with embedded options.
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Derivatives and Alternative Investments
You learn to price and value derivative contracts using Black-Scholes and binomial models. In alternative investments, you look at private equity valuation and the nuances of real estate investment trusts (REITs).
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Portfolio Management Principles
This section focuses on the Fundamental Law of Active Management. You study how to build portfolios that beat the market and how to measure performance. It also covers the use of multifactor models.
CFA Level 3 Curriculum
The Level III CFA all levels syllabus focuses on wealth planning and portfolio management. It asks you to act like a portfolio manager for individuals and institutions.
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Focus on Portfolio and Wealth Management
You learn how to create an Investment Policy Statement (IPS). This document outlines a client’s goals, risk tolerance, and constraints. You study how to allocate assets across different classes to meet these goals.
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Advanced Ethics and Professional Standards
You use the Asset Manager Code and GIPS to build trust through accurate reporting. The curriculum shows you exactly how to disclose investment results so they meet global fairness standards. This section prepares you to handle the complex reporting duties of a fund manager.
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Institutional and Private Wealth Management
You study the specific needs of pension funds, endowments, and insurance companies. It also covers taxes and estate planning for high-net-worth individuals.
CFA Subject Weightage by Level
The weight of each topic changes as you progress through the CFA levels. You should align your study time with these weights to maximize your score.
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Topic Weight Distribution in Level 1
Topic | Weightage (%) |
Ethics and Professional Standards | 15-20% |
Quantitative Methods | 6-9% |
Economics | 6-9% |
Financial Statement Analysis | 11-14% |
Corporate Issuers | 6-9% |
Equity Investments | 11-14% |
Fixed Income | 11-14% |
Derivatives | 5-8% |
Alternative Investments | 7-10% |
Portfolio Management | 8-12% |
Topic Weight Distribution across Level 2
 The CFA Course syllabus for Level 2 shifts the focus from “learning” to “analyzing.” Here, you apply your foundational knowledge to value assets and companies. The exam consists of 88 vignette-supported multiple-choice questions. In Level 2, the weights are more balanced across the core 10 topics compared to Level 1.
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Subject | 2026 Weightage (%) |
Ethical and Professional Standards | 10–15% |
Financial Statement Analysis | 10–15% |
Equity Investments | 10–15% |
Fixed Income | 10–15% |
Portfolio Management | 10–15% |
Quantitative Methods | 5–10% |
Economics | 5–10% |
Corporate Issuers | 5–10% |
Derivatives | 5–10% |
Alternative Investments | 5–10% |
CFA Level III Topic Weight DistributionÂ
The final level is all about “Synthesis and Evaluation.” The CFA subjects are integrated to test your ability to manage wealth and portfolios for both individual and institutional clients. A major change introduced in recent years is the “Specialized Pathways”, candidates choose one of three paths (Portfolio Management, Private Wealth, or Private Markets), which accounts for 30–35% of the exam.
Subject Area | 2026 Weightage (%) |
Specialized Pathway (PM / Wealth / Markets) | 30–35% |
Asset Allocation | 15–20% |
Portfolio Construction | 15–20% |
Ethical and Professional Standards | 10–15% |
Derivatives and Risk Management | 10–15% |
Performance Measurement | 5–10% |
Updates and Changes in the CFA Syllabus
The CFA Institute revises the curriculum annually to keep it relevant. For 2025 and 2026, they introduced several “focused” changes to the CFA exam syllabus.
Latest Curriculum Revisions
The Institute removed some introductory material from Level I to make room for more advanced topics. They also updated the Economics section to include more on central bank policy and digital assets.
Practical Skills Modules and Newly Added Topics
Candidates must now complete Practical Skills Modules (PSMs). These do not count toward your exam score but you must finish them to get your results. Level I candidates can choose between Financial Modeling or Python Programming.
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How to Study the CFA Syllabus Effectively
Plan your study schedule early to clear the CFA exams. The massive amount of content makes cramming at the end impossible. Success depends on daily practice over several months.
Study Plan and Time Commitment
Create a schedule that spans four to six months. Dedicate 15-20 hours a week to reading and practice. Use the first three months for reading and the final month for mock exams.
Recommended Books and Study Resources
The CFA Institute provides the official curriculum. Many students also use prep providers like Amquest Education for condensed notes and video lectures. These resources help you grasp difficult concepts faster.
How Long Does It Take to Finish the CFA Program?
Most candidates take three to four years to clear all three levels. The minimum time is about 18 months if you pass every exam on the first try. However, the average candidate fails at least one level during their journey.
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CFA Syllabus Compared with Other Finance Courses
CFA vs FRM, ACCA, CMA and IFRS
| Feature | CFA | ACCAÂ Â | FRMÂ Â | CMAÂ Â | IFRSÂ Â |
| Focus | Investment & Portfolio Mgmt | Accounting, Audit & Tax | Risk Management & Analysis | Management & Cost Accounting | Financial Reporting Standards |
| Exam Structure | 3 Levels | 13 Papers (Across 3 Levels) | 2 Parts | 2 Parts | 1 Exam |
| Duration | 2 – 4 Years | 2 – 3 Years | 1 – 1.5 Years | 6 – 12 Months | 3 – 6 Months |
| Global Body | CFA Institute (USA) | ACCA (UK) | GARP (USA) | IMA (USA) | ACCA/ICAI |
| Avg. Start Salary (India) | ₹8 – ₹15 LPA | ₹6 – ₹10 LPA | ₹7 – ₹12 LPA | ₹6 – ₹10 LPA | ₹5 – ₹8 LPA |
| Top Career Roles | Portfolio Manager, Equity Analyst | Auditor, Tax Consultant, CFO | Risk Manager, Credit Analyst | Cost Accountant, Finance Manager | Reporting Specialist, Auditor |
CFA vs MBA in Finance
| Feature | CFA Program | MBA (Finance) |
| Cost | Much Lower | Much Higher |
| Learning Style | Self-Study | Classroom-Based |
| Network | Global Charterholders | University Alumni |
| Focus | Technical Finance | Management & Strategy |
How Many Study Hours Are Required for CFA?
Surveys show that candidates spend 303 hours on average for Level I, 328 hours for Level II, and 344 hours for Level III. These numbers come directly from the CFA Institute’s candidate surveys.
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Proven Study Tips for CFA Levels I, II, and III
- Practice Questions: Solve at least 2,000 questions per level.
- Mock Exams: Take 4-6 full-length mocks to build stamina.
- Focus on Weights: Don’t spend too much time on low-weight topics if you haven’t mastered Ethics or FSA.
- Active Recall: Test yourself frequently rather than just re-reading notes.
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CFA Exam Day Preparation Guide
The exam day is intense and requires mental preparation. Knowing what to expect reduces stress and helps you perform better.
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What to Expect on the Exam Day
The exam day features two distinct sessions, each running for 2 hours and 15 minutes. You get an optional 30-minute break in the middle to recharge. Proctors maintain a tight grip on the room, so follow all rules regarding your gear and behavior to avoid trouble.
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Important Things to Carry
- Valid International Passport: This is the only ID they accept.
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- Approved Calculator: Use only the Texas Instruments BA II Plus or the Hewlett Packard 12C.
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- Calculated Spares: Bring extra batteries or a second calculator.
Last-Minute Revision Techniques
Review your “formula sheet” and Ethics summaries. Do not try to learn new topics the night before the exam. Proper rest helps your brain function for the four-hour exam window.
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Why Choose Amquest Education for the CFA Program?
At Amquest Education, we guide students through every stage of the CFA program in India, from enrolling for the exam to writing the final paper. Our timetable divides the CFA certification into weekly targets, so you study each subject in a logical sequence instead of jumping randomly between topics. We also share topic‑wise notes, concept sheets, and formula books that match the latest CFA curriculum.
Our trainers are experienced finance professionals who use real company examples, market data, and live case studies to explain difficult concepts. You also get access to a large collection of practice questions, chapter‑wise tests, and full‑length mock exams that follow the same format and time limits as the actual CFA exam.Â
Final Thoughts
Deciding to pursue the CFA charter requires a massive commitment of time and energy. You must weigh the long-term career benefits against the short-term sacrifice of your personal life. The program provides a deep understanding of finance that few other certifications can match. If you want a career in high-level investment roles, the effort is worth the reward.
Success depends on your ability to stay disciplined over several years. Many people start the journey, but only those with a clear plan and strong work ethic reach the end. Evaluate your career goals and current schedule before you sign up. If you can commit to 300+ hours of study per level, the CFA program will transform your professional standing.
Frequently Asked Questions on the CFA Syllabus
Is CFA harder than CA?
The two have different focuses. CA focuses on auditing, law, and taxation in India, while CFA focuses on global investment management and valuation. Both require hundreds of hours of study and have low pass rates.
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Can Indian students manage the CFA syllabus?
Yes, thousands of Indian students pass the CFA exams every year. Many students find that their undergraduate commerce or finance background helps them grasp the concepts quickly.
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What are the prerequisites for the CFA program?
You need a bachelor’s degree or be in the final year of your degree. Alternatively, you can have 4,000 hours of professional work experience or a mix of college and work experience.
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How many hours do I need to study the CFA syllabus?
Plan for at least 300 hours per level. This translates to roughly 12-15 hours a week if you start six months before the exam date.
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Which CFA subjects require extra study hours to master?
A large number of candidates rate Financial Statement Analysis and Fixed Income as the toughest sections. Level II Equity and Level III Portfolio Management are similarly challenging.
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What is the average salary for CFA Level I in India?
Starting your career with a Level I pass often leads to pay scales from ₹4 Lakh to ₹8 Lakh. Your earnings climb as you clear more CFA levels and build your professional track record.
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What are the pass rates for CFA exams?
Historically, Level I pass rates range from 35% to 40%. Level II and Level III pass rates are usually higher, ranging between 45% and 55% as the pool of candidates becomes more dedicated.
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How many attempts do people take to clear CFA?
Many candidates pass each level on their first or second try. The CFA Institute allows a maximum of six attempts per level.
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How long does the CFA qualification stay valid?
The CFA charter does not expire. Once you earn it, you keep it for life as long as you pay your annual dues and follow the Code of Ethics.
