The CFA program is recognised globally for its gruelling curriculum and thus serves as a gateway to a successful career in investment management. The ‘CFA Program’ consists of three levels, each having progressively advanced topics. The CFA Level 3 exam is the final and most application-orientated level, with a heavy emphasis on portfolio management and wealth planning.
To ace this level, one needs a strong understanding of the CFA syllabus, a clear understanding of the CFA weightage, and a well-structured study plan. This blog will walk you through the CFA levels and subjects, weights, topics, curriculum, and strategies on how to effectively prepare for the CFA Level 3 exam.
Why Are CFA Topics by Weight Important to Know?
It is very important to understand the CFA exam structure and CFA weightage for making a proper strategy for studies. Each single topic might have some weightage, indicating the importance of that particular area in the exam.
For example, portfolio management and wealth planning have the highest weightage in CFA Level 3 and thus are foregrounded, while areas such as derivatives and alternative investments have lower weights. A clear understanding of the weights helps candidates target high-impact topics without completely ignoring low-weighted areas.
What Are the CFA Weights by Topic Level?
The CFA program has three separate CFA total levels, each with different focus areas and weight distributions. A more particular view into topic weights for each of the three CFA course levels follows.
| Topic Areas (%) | Level I | Level II | Level III |
| Quantitative Methods | 8–12% | 5–10% | 0% |
| Economics | 8–12% | 5–10% | 5–10% |
| Financial Statement Analysis | 13–17% | 10–15% | 0% |
| Corporate Issuers | 8–12% | 5–10% | 0% |
| Equity Investments | 10–12% | 10–15% | 10–15% |
| Fixed Income | 10–12% | 10–15% | 15–20% |
| Derivatives | 5–8% | 5–10% | 5–10% |
| Alternative Investments | 5–8% | 5–10% | 5–10% |
| Portfolio Management & Wealth | 5–8% | 10–15% | 35–40% |
| Ethical & Professional Standards | 15–20% | 10–15% | 10–15% |
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How Is the Weightage Distributed Across CFA Levels?
Weightage for CFA Level I
CFA I syllabus introduces the foundational concepts in investment management. It emphasises quantitative tools, ethics, and financial reporting.
| Topic Areas (%) | Level I |
| Quantitative Methods | 8–12% |
| Economics | 8–12% |
| Financial Statement Analysis | 13–17% |
| Corporate Issuers | 8–12% |
| Equity Investments | 10–12% |
| Fixed Income | 10–12% |
| Derivatives | 5–8% |
| Alternative Investments | 5–8% |
| Portfolio Management & Wealth | 5–8% |
| Ethical & Professional Standards | 15–20% |
CFA Level II WeightageÂ
The CFA Level II subjects deepens one’s understanding in financial analysis with its concentration on valuation and equity. The CFA Level 2 included case studies that tested for application skills.
| Topic Areas (%) | Level II |
| Quantitative Methods | 5–10% |
| Economics | 5–10% |
| Financial Statement Analysis | 10–15% |
| Corporate Issuers | 5–10% |
| Equity Investments | 10–15% |
| Fixed Income | 10–15% |
| Derivatives | 5–10% |
| Alternative Investments | 5–10% |
| Portfolio Management & Wealth | 10–15% |
| Ethical & Professional Standards | 10–15% |
What Is the Weightage for CFA Level III?
CFA Level III is heavy on application, with a focus on portfolio management and real-world investment strategies. It requires candidates to demonstrate mastery of financial tools in portfolio construction.
| Topic Areas (%) | Level III |
| Quantitative Methods | 0% |
| Economics | 5–10% |
| Financial Statement Analysis | 0% |
| Corporate Issuers | 0% |
| Equity Investments | 10–15% |
| Fixed Income | 15–20% |
| Derivatives | 5–10% |
| Alternative Investments | 5–10% |
| Portfolio Management & Wealth | 35–40% |
| Ethical & Professional Standards | 10–15% |
What Is the Curriculum, Format, and Structure of Each CFA Level?
CFA Level I Format
- Focus: Quantitative tools, ethics, financial reporting.
- Exam Format: 180 multiple-choice questions divided into two sessions, each containing 90 questions.
CFA Level II Format
- Focus: Advanced financial statement analysis, valuation, and portfolio management.
- Exam Format: Vignettes followed by multiple-choice questions, a total of 44 questions per session.
CFA Level III Format
- Focus: Application-based questions about portfolio management.
- Exam Format:
- Session 1: Essay-based questions (8–11 sets).
- Session 2: Vignettes with multiple-choice questions.
How Can You Ace the CFA Level 3 Exam?
Key Strategies for Success
- Understand the Topic Weightage: Focus on portfolio management and fixed income as they carry the highest weightage.
- Master Moral and Ethical Standards: Ethics does not change with level, but in Level III the application questions will be more sophisticated.
- Practice Essay Questions: This is the most daunting section; practice broadly to enhance clarity and precision.
- Leverage Study Materials: Utilise updated CFA materials and enrol in review CFA courses if needed.
- Practice mock exams: These include time management practice and identification of weak areas.
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Conclusion
Success in the CFA program requires discipline, strategic planning, and proper understanding of the CFA level 1 curriculum and CFA level 2 curriculum. Success depends upon familiarisation with the CFA levels and subjects, CFA weightages, and format of the CFA exam. Each level poses its challenge, but CFA Level III, being the most comprehensive and rewarding of the three levels, demands that candidates apply their knowledge in real-world scenarios.
Be it CFA Level 1 topics or the essay-heavy CFA Level 3 subjects, a structured approach will guide one toward success.
FAQs on CFA Weight by Topic
What is the topic weighting for CFA Level 2?
Level 2 topic weights range from 5–15%. The heaviest areas of weighting are in equity, fixed income, and portfolio management.
How many topics are on CFA Level 2?
Similar to Levels 1 and 3, there are 10 topics in CFA Level 2, but the emphasis is stronger on valuation and analysis.
What are the weights for the CFA 2025?
The weights for 2025 will likely be similar to what the weights have been over the last few years. You can check on the CFA Institute’s official website
What is the salary of CFA Level 2 in India?
The CFA Level 2 candidates in India can receive ₹6–12 lakh annually depending upon the role and experience.
Is CFA harder than CA?
Both are challenging, yet different in their own ways. The CFA has more to do with investment management and portfolio strategies, while the CA is more about accounts and taxation.
