CFA Exam Topics And Topic Weights For Levels 1, 2 And 3

Why Topic Weights Are Important

Since each level of the CFA exam is going to take about 300 hours of study time, knowing how each topic is weighted for each exam level will allow you to budget and allocate your study time more effectively. This will help you study more efficiently based on your own strengths and weaknesses.

One of the major changes to the Level 1 scoring weight system is that the weights are given in ranges. This means that the testing candidates will no longer be able to figure out exactly how many questions will be asked per topic ahead of the testing date.

CFA Level 1 Topics And Topic Weights

The CFA Level 1 topic weights are bracketed as follows:

• Ethics: 15% to 20%

• Quantitative Methods: 6% to 9%

• Economics: 6% to 9%

• Financial Statement Analysis: 11% to 14%

• Corporate Issuers: 6% to 9%

• Equity Investments: 11% to 14%

• Fixed Income: 11% to 14%

• Derivatives: 5% to 8%

• Alternative Investments: 7% to 10%

• Portfolio Management: 8% to 12%

As you can see from these weight ranges, the most important topics to do well on are the Ethics, Financial Statement Analysis, Equity Investments and Fixed Income components. These four topics, which we call the Core Four, should anchor your study plan. Most candidates benefit from spending roughly 50 to 60% of their total study time here before filling in the remaining topics around them.

Ethics carries an additional weight beyond its question count. If your overall score lands near the Minimum Passing Score, the CFA Institute reviews your Ethics performance as part of the final pass/fail determination. Strong Ethics can tip a borderline candidate into passing. In other words, Ethics is worth more than its weight on paper.

While the exact number of questions cannot be known ahead of time, there are some fairly accurate assumptions that can be made based on the weight percentage breakdowns. Under the current 180-question format (90 questions per session), you can expect the following likely distribution (approximation):

• Ethics: 33 questions

• Financial Statement Analysis: 25 questions

• Fixed Income / Equity: 20 questions each

• Portfolio Management: 14 questions

• Alternative Investments: 13 questions

• Corporate Issuers / QM / Economics: 12 to 16 questions each

• Derivatives: 11 questions

Note: one logistical requirement many candidates overlook – completing a Practical Skills Module is mandatory before you can receive your exam results.

CFA Level 2 Topics And Topic Weights

The second level of the Chartered Financial Analyst exam has the following weight brackets. The exam is shorter than in previous years, consisting of 88 total multiple-choice questions across 22 item sets (11 per session). Level 2 has fewer questions than Level 1, but it does come with substantially more reading. The test is broken into item sets or mini-cases, each with four or six multiple-choice questions.

• Ethics: 10% to 15%

• Financial Statement Analysis: 10% to 15%

• Equity Investments: 10% to 15%

• Fixed Income: 10% to 15%

• Portfolio Management: 10% to 15%

• All Other Topics (QM, Econ, Corporate Issuers, Alts, Derivatives): 5% to 10% each

• Note: Two of the 22 item sets are typically unscored “trial” questions used for future research.

Based on the above data, you can see that the most important topics in the second level of the CFA exams are Equity Investments, Financial Statement Analysis, Fixed Income, Portfolio Management and Ethics.

It is recommended that you spend around 60% of your study time focused on these five areas. With a suggested study time of 300 hours per testing level, you should be spending 180 hours on these five subjects alone.

Keep in mind that if there is an area that you are struggling with, extra study time is never a bad idea. We’ve reviewed the top CFA prep courses out there to help you pass your exam. Also, check out the study guides that are available on the CFA Institute’s website. They have the most valuable study materials available, as there is nothing in the guides that won’t appear on the tests.

CFA Level 3 Topics And Topic Weights

The most significant Level 3 change for 2026 is the Specialized Pathway system. Candidates choose one of three paths: Portfolio Management, Private Markets, or Private Wealth. The exam is split into Common Core (65-70%) and Pathway-specific content (30-35%). The Common Core topic weights for Level 3 are:

• Asset Allocation: 15% to 20%

• Portfolio Construction: 15% to 20%

• Derivatives and Risk Management: 10% to 15%

• Ethics: 10% to 15%

• Performance Measurement: 5% to 10%

Specialized Pathway (30% – 35%): You will be tested on advanced modules specific to your chosen field, such as Advising the Wealthy (Private Wealth) or GP/LP Perspectives (Private Markets).

As you can see, the scoring for Asset Allocation and Portfolio Construction can account for up to 40% of your total score, so that should be reflected in your study time and preparation. For example, if you are spending 300 hours preparing and studying for the Level 3 exam, then you should be spending a minimum of 120 hours between those two topics alone.

Note: Regardless of which level you are sitting for, each CFA exam consists of approximately 4.5 hours of total testing time. Specifically, Level 1 consists of two equal sessions of 135 minutes (2 hours and 15 minutes) each. For Level 2 and Level 3, the sessions are slightly shorter at 132 minutes (2 hours and 12 minutes) each. In all three levels, you have the option to take a 30-minute break between the first and second sessions to recharge before finishing the exam.

👉 Check out our CFA Strategy Center for more exam strategies