The CFA syllabus is one investment curriculum taught in three steps: Level I checks that you know the tools across ten topics, Level II asks you to apply them to case vignettes, and Level III tests portfolio decisions through item sets and written answers, with a specialist pathway you choose. Each exam runs about 4.5 hours in two sessions, and you also finish a short practical skills module at every level before your result is released.
CFA Institute writes and grades the programme for every country, so the syllabus of CFA is identical whether you sit in Mumbai, Delhi or abroad. This guide sets out how each level is built, the weight of each topic, how the emphasis shifts as you move up, and how a working Indian candidate can plan the roughly 300 hours each level usually takes.
Exam at a glance
Conducted by
CFA Institute, a global body of investment professionalsLevels
Three, taken in order: Level I, Level II, Level IIILevel I format
180 multiple choice questions in two sessions of 2 hours 15 minutesLevel II format
22 vignette item sets, 88 questions, two sessions of 2 hours 12 minutesLevel III format
11 item sets plus 11 constructed response sets, two sessions of 2 hours 12 minutesExtra requirement
At least one Practical Skills Module per level, about 10 to 20 hours eachLanguage and mode
English only, computer based at approved test centresNegative marking
None in the multiple choice items
How the CFA syllabus is split across three levels
Think of the curriculum as the same set of subjects viewed three times, each time from a higher floor.
- Level I, knowledge: definitions, formulas and basic analysis in all ten topics. Every question stands alone.
- Level II, application: valuation and analysis. Each question hangs off a vignette, a page or two of facts about a company, bond or portfolio, so you read before you answer.
- Level III, synthesis: asset allocation, portfolio construction and wealth or institutional decisions. Part of the paper is typed answers where you justify a recommendation.
You must clear the levels in order, and a degree is needed before you can register for Level II. Alongside each exam you complete a Practical Skills Module (videos, guided practice and cases on topics such as financial modelling or Python). Your exam result is held back until one module is done, so start it early rather than in the last fortnight.
Exam format at each level
| Level | Question style | Count | Time |
|---|---|---|---|
| Level I | Standalone multiple choice, three options | 180 questions (90 per session) | Two sessions of 2 h 15 min |
| Level II | Vignette item sets, four multiple choice questions each | 22 sets, 88 questions (11 sets per session) | Two sessions of 2 h 12 min |
| Level III | Item sets (4 questions each) and constructed response essay sets | 11 item sets and 11 essay sets | Two sessions of 2 h 12 min |
At Level III each session holds either six item sets and five essay sets or the other way round, and one item set plus one essay set are unscored trial material, so 20 sets count. Level II similarly carries two unscored trial sets. You cannot tell which ones are trials, so treat every set as live. An optional break separates the sessions at all levels.
Topic weights: Level I and Level II
| Topic | Level I | Level II |
|---|---|---|
| Ethical and Professional Standards | 10 to 15% | 10 to 15% |
| Quantitative Methods | 11 to 14% | 5 to 10% |
| Economics | 6 to 9% | 5 to 10% |
| Financial Statement Analysis | 11 to 14% | 10 to 15% |
| Corporate Finance | 6 to 9% | 5 to 10% |
| Equities | 11 to 14% | 10 to 15% |
| Fixed Income | 11 to 14% | 10 to 15% |
| Derivatives and Risk Management | 6 to 9% | 5 to 10% |
| Alternative Investments | 6 to 9% | 5 to 10% |
| Portfolio Construction | 8 to 12% | 10 to 15% |
For the detailed module list at the first step, see our CFA level 1 syllabus page.
Level III weights and the three pathways
Level III drops quantitative methods, financial statement analysis and corporate finance as standalone areas. The core is about portfolio management for real clients.
| Area | Weight |
|---|---|
| Asset Allocation | 15 to 20% |
| Portfolio Construction | 15 to 20% |
| Performance Measurement | 5 to 10% |
| Derivatives and Risk Management | 10 to 15% |
| Ethical and Professional Standards | 10 to 15% |
| Chosen pathway | 30 to 35% |
You pick one pathway when you register: Portfolio Management (institutional and fund management), Private Wealth (individual and family clients, tax and estate issues) or Private Markets (private equity, private debt and real assets). All three lead to the same charter. Choose the one closest to the job you do or want, because a third of the paper comes from it.
What each topic covers
Ethics
The Code of Ethics, the Standards of Professional Conduct and the Global Investment Performance Standards, tested through short scenarios at every level.
Quantitative methods and economics
Time value of money, statistics, hypothesis testing and regression at Level I; multiple regression, time series and machine learning ideas at Level II. Economics moves from demand, supply and trade to currency exchange rates and growth models.
Financial statement analysis and corporate finance
Reading the three statements, inventories, long lived assets, taxes and quality of earnings, then intercorporate investments and multinational reporting at Level II. Corporate finance covers governance, capital structure and capital budgeting.
Asset classes
Equities (industry analysis, then discounted cash flow and multiples), fixed income (yield, duration, credit, then term structure and credit models), derivatives (forwards, futures, options, swaps) and alternatives (real estate, private capital, hedge funds, commodities).
Portfolio construction
Risk and return, the investment policy statement and behavioural finance at Level I, growing into asset allocation, liability driven investing and performance evaluation at Level III.
How the emphasis shifts and where to focus
At Level I the six heavy topics (ethics, quant, financial statement analysis, equities, fixed income and portfolio construction) together carry most of the paper, so a weak area there hurts more than a weak area in alternatives.
At Level II the weights are more even, and the challenge becomes reading speed. You get roughly three minutes per question including the vignette, so practise reading the questions first and then scanning the case for the numbers you need.
At Level III, writing is the skill most Indian candidates underrate. Essay answers are marked on the key points, not on length. Practise short, direct justifications: state the recommendation, then give one or two reasons linked to the client facts.
A study plan for each CFA level
CFA Institute suggests around 300 hours per level. If you work full time, that usually means five to six months at 12 to 15 hours a week.
- First half: read the official curriculum in your candidate account, one topic at a time, doing the end of module questions.
- Next stretch: topic tests on the learning platform, keeping one running list of formulas and errors.
- Last six to eight weeks: full mock exams in two timed sessions, then review every wrong answer against the curriculum.
- Throughout: 20 minutes of ethics reading every few days, and your Practical Skills Module finished well before the exam.
The official curriculum and mock exams from CFA Institute are the only sources you need to define what is examinable. Your calculator must be one of the two models CFA Institute approves.
Frequently asked questions
How many levels are in the CFA syllabus?
There are three levels, taken in order. Level I tests knowledge, Level II tests application through vignettes, and Level III tests portfolio management with item sets and written answers.
At Level III, which area has the biggest share?
Your chosen pathway carries 30 to 35% of the exam, more than any single core area. Asset allocation and portfolio construction follow at 15 to 20% each.
Will a wrong CFA answer reduce my score?
No. A wrong multiple choice answer simply scores zero, so you should answer every item. Essay answers at Level III are marked on the key points you make.
Do I need a commerce background for the CFA syllabus?
No. Engineers and science graduates pass regularly. Commerce students find financial statement analysis easier, while engineers often find quant and fixed income quicker, so each group has some catching up to do.
What are Practical Skills Modules?
They are short online modules, about 10 to 20 hours each, that build hands on skills. You must complete at least one per level before CFA Institute releases your exam result.
Has the Level I syllabus changed recently?
Yes. The newest Level I outline lowers ethics to 10 to 15% and raises quantitative methods to 11 to 14%, and renames some topics. Confirm which outline covers your window in your candidate account.