CFA, or Chartered Financial Analyst, is a globally-recognised qualification, with the 2025 CFA curriculum changes adding more practical skills like data analysis and Python. The programme prepares aspirants for roles such as Financial Managers, Portfolio Managers, and Research Analysts.
The United States-based CFA Institute offers this certification all over the globe. Getting CFA certified can help people get jobs in insurance companies, investment firms, and financial advisor firms. A high-paying career in finance awaits the people who pursue a CFA certification. The CFA course is divided into three levels.
Read about the Things You Need to Know Before Your CFA Exam to avoid any last-minute confusion.
Why Curriculum Changes and Topic Weights Matter
It often introduces the CFA curriculum changes according to the market standards. The changes boost the curriculum’s learning design to enhance the learner’s knowledge and skills. One of the major changes is that in the entire curriculum, the reading manual has been changed to bite-sized modules that include visuals and spreadsheets for easy and faster learning.
CFA Level 1 Topic Weights
Here are the CFA Level 1 topic weights:
- Ethical and Professional Standards – 15%-20%
- Quantitative Methods – 8%-12%
- Economics – 8%-12%
- Financial Statement Analysis – 13%-17%
- Corporate Finance – 8%-12%
- Equity Investments – 10%-12%
- Fixed Income – 10%-12%
- Derivatives – 5%-8%
- Alternative Investments – 5%-8%
- Portfolio Management and Wealth Planning – 5%-8%
CFA Level 1 Curriculum Changes 2025
The Fintech in Investment Management now includes DeFi and blockchain content. The new curriculum has increased modules, and now there are 72 modules from 60 modules.
The three new learning manuals of the Economics and Corporate Issues are:
LM28 – Corporate Structures of Ownership
LM13 – Introduction to Geopolitics
LM30 – Business Models
There are ten new learning modules under the Derivatives section:
- Pricing and valuation of futures contracts
- Derivative instruments and derivative market features
- Interest rate pricing and valuation
- Pricing derivatives arbitrage, replication, and cost
- Derivative valuation through binomial model
- Forwarding contracts pricing and valuation
- Derivative benefits and risks
- Option’s pricing and valuation
- Option replication
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CFA Level 2 Topics Weights
Here are the CFA Level 2 topics weights:
- Ethical and Professional Standards – 10%-15%
- Quantitative Methods – 5%-10%
- Economics – 5%-10%
- Financial Statement Analysis – 10%-15%
- Corporate Finance – 5%-10%
- Equity Investments – 10%-15%
- Fixed Income – 10%-15%
- Derivatives – 5%-10%
- Alternative Investments – 5%-10%
- Portfolio Management and Wealth Planning – 10%-15%
CFA Level 2 Curriculum Changes 2025
The topic of Corporate Restructuring has replaced the topic of Mergers and Acquisitions under the section Corporate Issuers.
Financial Statement Modelling has replaced Industry and Company Analysis under Financial Statement Analysis.
A new topic on Cost of Capital is added in the curriculum.
There are four readings added:
Reading 1 – Introduction to Linear Regression
Reading 15 – Capital Structure
Reading 19 – Capital Budgeting
Reading 21 – Return Concepts
There are some major changes in the modules of Real Estate Investment, Corporate Restructuring, and Multiple Regression.
CFA Level 3 Topic Weights
Here are the CFA Level 3 topics weights
- Ethical and Professional Standards – 10%-15%
- Quantitative Methods – 0%
- Economics – 5%-10%
- Financial Statement Analysis – 0%
- Corporate Finance – 0%
- Equity Investments – 10%-15%
- Fixed Income – 15%-20%
- Derivatives – 5%-10%
- Alternative Investments – 5%-10%
- Portfolio Management and Wealth Planning – 35%-40%
CFA Level 3 Curriculum Changes 2025
The Level 3 curriculum includes LIBOR and market reference rates.
Topics of Institutional Investors, Private Wealth Management, and Performance Evaluation are revised.
5 readings are removed from the curriculum while these 2 readings are added:
Reading 30 – Risk Management Institutional Case Study
Reading 22 – Private Wealth Management
CFA is one of the most reputed and difficult courses in finance and accounting. CFA is considered difficult because of its rigorous training and the fact that every year’s curriculum changes. If you plan to register for CFA exam dates, you should know about the curriculum breakdown and its changes.
This adaptation to the renewed CFA curriculum requires some structured approach for effective preparation. Here are some essential strategies:
- Review Official Materials: The best place to start is with the CFA Institute’s Learning Ecosystem to understand the changes. Familiarize yourself with updated readings, topic weights, and Practical Skills Modules (PSMs).
- Focus on Weights: You must allocate your study time according to the weight each topic bears. Heavily weighted areas require closer attention, as they will be worth more when it comes to scoring.
- Practice Modules: Complete the new Practical Skills Modules for Levels 1, 2, and 3. These modules are designed to reinforce your understanding of critical concepts and provide immediate feedback on your progress.
- Seek Guidance: Consider enlisting in professional courses or coaching programs to ensure full preparation. Experts will guide you regarding CFA curriculum changes, hence optimizing your study plan accordingly.
By adopting these strategies, candidates can confidently tackle the updated curriculum and excel in their CFA journey.
How Can Zell Help You?
Zell Education provides solutions for CFA candidates. From expert faculty to curated study materials, Zell ensures you stay ahead of the curve. Their offerings include:
- Updated Resources: In line with the latest CFA syllabus.
- Flexible Learning: Classes can be attended online or offline, whichever suits one’s schedule.
- Mock Exams: Imitation of the new structure of the CFA exam.
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Conclusion
The CFA is an excellent course for people looking forward to a lucrative career in finance. The CFA exam changes listed on this page will be helpful for all the prospective candidates of 2025.
You can take the CFA course from Zell Education and get the globally-recognised finance certification. The course has an 80% passing rate and makes candidates job ready for the investment industry.
Future Trends and Insights
The CFA curriculum changes yearly to stay relevant to the latest market trends. Some anticipated future trends include:
- Greater emphasis on Fintech and AI-driven investment strategies.
- Expansion of ESG (Environmental, Social, and Governance) topics to meet growing demand for sustainable finance expertise.
- Increased integration of digital learning tools for an enhanced candidate experience.
- More focus on real-world applications with case-study-based learning modules.
Additional Resources
For candidates preparing for the CFA exams, here are some valuable resources:
- Official CFA Institute Website – Stay updated with curriculum changes and exam policies.
- Online Learning Platforms – Websites like Kaplan Schweser and Wiley CFA offer practice questions, mock tests, and study materials.
- CFA Candidate Forums – Engage with fellow candidates on platforms like AnalystForum to discuss strategies and share insights.
- Finance Blogs and Podcasts – Stay informed on industry trends and CFA-related updates by following finance experts.
FAQs on CFA Curriculum Changes 2025
What Are the Changes to the CFA in 2025?
This is because the revised 2025 CFA subjects have introduced several changes that range from Level I, II, and III topic name changes to Level III specialized pathways and the addition of a new Practical Skills Module.
What Is the CFA Level 3 Syllabus Change for 2025?
Level 3 introduces specialized pathways, such as portfolio management, private wealth, and private markets, along with practical skills modules that enhance learning.
What Is the Weighting for CFA Level 3 in 2025?
The weightage assigned to Level 3 topic areas are as follows: Asset Allocation, 15-20%; Portfolio Construction, 15-20%; Performance Measurement, 5-10%; Derivatives and Risk Management, 10-15%; Ethical and Professional Standards, 10-15%; Specialized Pathways, 30-35%.
Is CFA Level 3 Valuable?
Yes, CFA Level 3 is highly valuable since it concentrates on advanced portfolio management skills and prepares the candidate for leadership roles within investment management.
Who Makes Changes to the CFA Curriculum?
The CFA Institute is a global organization that works to advance the investment management profession; it updates the curriculum for the CFA examination every year.
What Are Practical Skills Modules (PSMs)?
PSMs are short, interactive quizzes introduced to test candidates’ understanding of key concepts at Levels 1, 2, and 3. They provide immediate feedback and enhance learning outcomes.
How Do Specialized Pathways Work in Level 3?
Specialized pathways offer the candidate pathways in which they can carry on with their studies in their highly desired career. They might be portfolio management, private wealth, and private markets, but they provide specific knowledge among many other choices.
