Topic Area Weights for the CFA Exam
 

Topic Area	Level I	Level II	Level III
Ethical and Professional Standards (total)	15	10	10
Quantitative Methods	12	5-10	0
Economics	10	5-10	0
Financial Reporting and Analysis	20	15-25	0
Corporate Finance	8	5-15	0
Investment Tools (total)	50	30-60	0
Equity Investments	10	20-30	5-15
Fixed Income	12	5-15	10-20
Derivatives	5	5-15	5-15
Alternative Investments	3	5-15	5-15
Asset Classes (total)	30	35-75	35-45
Portfolio Management and Wealth Planning (total)	5	5-15	45-55
Total	100	100	100

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.