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CFA learn topics
45 structured study articles across every CFA sitting — weights, traps, stem patterns, and practice loops.
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45
Sittings
3
Per sitting
15
Format
Structured blocks
Level I(15 topics)
Tools and ethics foundation. Two sessions of 135 minutes each; 180 stand-alone multiple-choice questions.
- Ethical and Professional StandardsEthical and Professional Standards has a published allocation of 10–15% in Level I: treat it as a decision rule plus timed practice, not vocabulary alone. Tools and ethics foundation. Two sessions of 135 minutes each; 180 stand-alone multiple-choice questions.
- Quantitative MethodsQuantitative Methods has a published allocation of 11–14% in Level I: treat it as a decision rule plus timed practice, not vocabulary alone. Tools and ethics foundation. Two sessions of 135 minutes each; 180 stand-alone multiple-choice questions.
- EconomicsEconomics has a published allocation of 6–9% in Level I: treat it as a decision rule plus timed practice, not vocabulary alone. Tools and ethics foundation. Two sessions of 135 minutes each; 180 stand-alone multiple-choice questions.
- Financial Statement AnalysisFinancial Statement Analysis has a published allocation of 11–14% in Level I: treat it as a decision rule plus timed practice, not vocabulary alone. Tools and ethics foundation. Two sessions of 135 minutes each; 180 stand-alone multiple-choice questions.
- Corporate FinanceCorporate Finance has a published allocation of 6–9% in Level I: treat it as a decision rule plus timed practice, not vocabulary alone. Tools and ethics foundation. Two sessions of 135 minutes each; 180 stand-alone multiple-choice questions.
- EquitiesEquities has a published allocation of 11–14% in Level I: treat it as a decision rule plus timed practice, not vocabulary alone. Tools and ethics foundation. Two sessions of 135 minutes each; 180 stand-alone multiple-choice questions.
- Fixed IncomeFixed Income has a published allocation of 11–14% in Level I: treat it as a decision rule plus timed practice, not vocabulary alone. Tools and ethics foundation. Two sessions of 135 minutes each; 180 stand-alone multiple-choice questions.
- Derivatives and Risk ManagementDerivatives and Risk Management has a published allocation of 6–9% in Level I: treat it as a decision rule plus timed practice, not vocabulary alone. Tools and ethics foundation. Two sessions of 135 minutes each; 180 stand-alone multiple-choice questions.
- Alternative InvestmentsAlternative Investments has a published allocation of 6–9% in Level I: treat it as a decision rule plus timed practice, not vocabulary alone. Tools and ethics foundation. Two sessions of 135 minutes each; 180 stand-alone multiple-choice questions.
- Portfolio ConstructionPortfolio Construction has a published allocation of 8–12% in Level I: treat it as a decision rule plus timed practice, not vocabulary alone. Tools and ethics foundation. Two sessions of 135 minutes each; 180 stand-alone multiple-choice questions.
- Time Value of Money ApplicationsLevel I Quant drills that force TVM setups under time pressure — identify cash-flow timing before computing.
- Hypothesis Testing and Regression BasicsSignificance, Type I/II errors, and simple regression interpretation that Level I mixes with Quant stems.
- Financial Reporting Quality Red FlagsEarnings quality cues inside FSA — Level I rewards spotting aggressive recognition before ratio math.
- Fixed Income Valuation Building BlocksPrice-yield relationships, duration intuition, and spot vs forward concepts for Level I fixed income.
- Portfolio Risk and Return MeasuresStandard deviation, covariance, and Sharpe-style comparisons that Level I Portfolio Management tests early.
Level II(15 topics)
Asset valuation through item sets. 22 item sets / 88 questions across two 132-minute sessions.
- Ethical and Professional StandardsEthical and Professional Standards has a published allocation of 10–15% in Level II: treat it as a decision rule plus timed practice, not vocabulary alone. Asset valuation through item sets. 22 item sets / 88 questions across two 132-minute sessions.
- Quantitative MethodsQuantitative Methods has a published allocation of 5–10% in Level II: treat it as a decision rule plus timed practice, not vocabulary alone. Asset valuation through item sets. 22 item sets / 88 questions across two 132-minute sessions.
- EconomicsEconomics has a published allocation of 5–10% in Level II: treat it as a decision rule plus timed practice, not vocabulary alone. Asset valuation through item sets. 22 item sets / 88 questions across two 132-minute sessions.
- Financial Statement AnalysisFinancial Statement Analysis has a published allocation of 10–15% in Level II: treat it as a decision rule plus timed practice, not vocabulary alone. Asset valuation through item sets. 22 item sets / 88 questions across two 132-minute sessions.
- Corporate FinanceCorporate Finance has a published allocation of 5–10% in Level II: treat it as a decision rule plus timed practice, not vocabulary alone. Asset valuation through item sets. 22 item sets / 88 questions across two 132-minute sessions.
- EquitiesEquities has a published allocation of 10–15% in Level II: treat it as a decision rule plus timed practice, not vocabulary alone. Asset valuation through item sets. 22 item sets / 88 questions across two 132-minute sessions.
- Fixed IncomeFixed Income has a published allocation of 10–15% in Level II: treat it as a decision rule plus timed practice, not vocabulary alone. Asset valuation through item sets. 22 item sets / 88 questions across two 132-minute sessions.
- Derivatives and Risk ManagementDerivatives and Risk Management has a published allocation of 5–10% in Level II: treat it as a decision rule plus timed practice, not vocabulary alone. Asset valuation through item sets. 22 item sets / 88 questions across two 132-minute sessions.
- Alternative InvestmentsAlternative Investments has a published allocation of 5–10% in Level II: treat it as a decision rule plus timed practice, not vocabulary alone. Asset valuation through item sets. 22 item sets / 88 questions across two 132-minute sessions.
- Portfolio ConstructionPortfolio Construction has a published allocation of 10–15% in Level II: treat it as a decision rule plus timed practice, not vocabulary alone. Asset valuation through item sets. 22 item sets / 88 questions across two 132-minute sessions.
- Vignette Fact Isolation DrillLevel II item-set skill: locate the facts that change each question instead of answering from vignette memory.
- Equity Valuation Model SelectionWhen DDM, FCF, and residual-income models apply — Level II stems punish model mismatch more than arithmetic.
- Credit Analysis Within Fixed Income Item SetsSpread components, covenants, and credit-risk cues embedded in Level II fixed-income vignettes.
- Derivatives Pricing SensitivitiesGreeks and payoff diagrams under Level II item sets — match the risk measure to the question ask.
- Intercorporate Investments Accounting EffectsConsolidation vs equity method impacts on ratios — a frequent Level II FSA trap across item sets.
Level III(15 topics)
Portfolio construction and wealth or private-markets application. Eleven item sets plus eleven constructed-response sets across two sessions; specialised pathway is 30–35% of the exam.
- Ethical and Professional StandardsEthical and Professional Standards has a published allocation of 10–15% in Level III: treat it as a decision rule plus timed practice, not vocabulary alone. Portfolio construction and wealth or private-markets application. Eleven item sets plus eleven constructed-response sets across two sessions; specialised pathway is 30–35% of the exam.
- Specialised Pathway (Portfolio Management, Private Markets, or Private Wealth)Specialised Pathway (Portfolio Management, Private Markets, or Private Wealth) has a published allocation of 30–35% in Level III: treat it as a decision rule plus timed practice, not vocabulary alone. Portfolio construction and wealth or private-markets application. Eleven item sets plus eleven constructed-response sets across two sessions; specialised pathway is 30–35% of the exam.
- Asset AllocationAsset Allocation has a published allocation of 15–20% in Level III: treat it as a decision rule plus timed practice, not vocabulary alone. Portfolio construction and wealth or private-markets application. Eleven item sets plus eleven constructed-response sets across two sessions; specialised pathway is 30–35% of the exam.
- Portfolio ConstructionPortfolio Construction has a published allocation of 15–20% in Level III: treat it as a decision rule plus timed practice, not vocabulary alone. Portfolio construction and wealth or private-markets application. Eleven item sets plus eleven constructed-response sets across two sessions; specialised pathway is 30–35% of the exam.
- Performance MeasurementPerformance Measurement has a published allocation of 5–10% in Level III: treat it as a decision rule plus timed practice, not vocabulary alone. Portfolio construction and wealth or private-markets application. Eleven item sets plus eleven constructed-response sets across two sessions; specialised pathway is 30–35% of the exam.
- Derivatives and Risk ManagementDerivatives and Risk Management has a published allocation of 10–15% in Level III: treat it as a decision rule plus timed practice, not vocabulary alone. Portfolio construction and wealth or private-markets application. Eleven item sets plus eleven constructed-response sets across two sessions; specialised pathway is 30–35% of the exam.
- IPS Constraints and Objectives WritingLevel III constructed-response skill: answer the command word with client-specific constraints, not generic theory.
- Strategic vs Tactical Asset AllocationSAA/TAA distinctions and rebalancing bands that Level III mixes across pathway and common topics.
- Private Wealth Tax and Estate OverlaysHow tax location and estate constraints change portfolio construction answers in the private-wealth pathway.
- Institutional Portfolio Construction CasesPension, endowment, and foundation constraints that Level III institutional cases expect in structured answers.
- GIPS and Performance AttributionPerformance measurement presentations and attribution narratives that Level III graders score for structure.
- Currency Hedging Decision FrameworkWhen to hedge, overlay, or leave FX exposure open — Level III risk-management stems reward a clear decision path.
- Private Markets Pathway Due DiligenceManager selection and liquidity terms for the private-markets specialised pathway weight band.
- Constructed Response Command Word DrillPractice answering “calculate,” “determine,” and “justify” with grader-ready structure under timed sets.
- Behavioural Biases in Portfolio DecisionsHow Level III stems embed behavioural errors into IPS and portfolio-construction recommendations.
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The CFA charter is a leading professional designation in investment management. Three sequential levels move from tools and ethics, through asset valuation, to portfolio construction and wealth planning.
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