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CFA Syllabus 2026–2027: Complete Guide for All 3 Levels
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Updated May 2026 · By Deepak Goyal, CFA & FRM
CFA Syllabus 2026–2027: Complete Guide for All 3 Levels
Topic weights, exact exam dates, correct fees, preparation tips, career scope — written by a CFA & FRM Charterholder with 8+ years of coaching experience.
17,000+Students Coached
93%Pass Rate
25+Countries
350+Batches Done
⚠ 2027 Curriculum Update: Level 1 has major changes — Quantitative Methods, Equities, and Ethics restructured. Three topics renamed. LMs increase from 93 to 102. Topic weights unchanged.
What is the CFA Program?
The CFA designation is awarded by the CFA Institute — a global non-profit with 190,000+ active charterholders across 160+ countries. Three progressive levels: foundational knowledge at Level 1, application at Level 2, portfolio management at Level 3.
Level I
Foundations
- 180 MCQs — 2 sessions
- 10 topics | 93–102 LMs
- Feb, May, Aug, Nov 2026
Pass rate ~43%
Level II
Application
- 88 vignette-based MCQs
- 10 topics | 45 LMs
- May, Aug, Nov 2026
Pass rate ~42%
Level III
Portfolio Management
- Essay + Item sets
- 7 topics + Pathway
- Feb & Aug 2026
Pass rate ~50%
CFA Exam Fees 2026 — Official & Accurate
✓ From 2026, the USD 350 one-time enrolment fee has been permanently eliminated by CFA Institute. You now only pay registration fees per level.
Level 1
$1,140
Early Bird
$1,490
Standard
Level 2
$1,140
Early Bird
$1,490
Standard
Level 3
$1,240
Early Bird
$1,590
Standard
| Fee Type | Amount | Notes |
|---|---|---|
| Total all 3 levels (early bird) | USD 3,520 | If you pass each level first attempt |
| Total all 3 levels (standard) | USD 4,570 | If you pass each level first attempt |
| Enrolment Fee | USD 0 | Eliminated from 2026 |
| Rescheduling Fee | USD 250 | Change appointment within same window |
CFA Scholarships
| Scholarship | Fee | Who Can Apply |
|---|---|---|
| Access Scholarship | USD 350 | Candidates with financial need |
| Student Scholarship | USD 600 | Students at affiliated universities |
| Professor Scholarship | USD 600 | Full-time professors at qualifying institutions |
CFA Exam Dates 2026 — Exact Windows
Level 1 — Feb
February 2026
Feb 2–8
Level 1 — May
May 2026
May 12–18
Level 1 — Aug
August 2026
Aug 18–24
Level 1 — Nov
November 2026
Nov 11–17
Level 2 — May
May 2026
May 19–23
Level 2 — Aug
August 2026
Aug 25–29
Level 2 — Nov
November 2026
Nov 18–22
Level 3 — Feb
February 2026
Jan 29–Feb 1
Level 3 — Aug
August 2026
Aug 13–17
Level 1 & 3
Feb 2027
Reg. from May 5, 2026
CFA Level 1 Syllabus 2026–2027
Level 1 tests foundational knowledge across 10 topic areas using 180 MCQs in two sessions of 2h 15min. Enrol in CFA Level 1 coaching at RBei Classes →
Topic Weights 2026 vs 2027
| Topic | Weight | 2027 Change |
|---|---|---|
| Ethical & Professional Standards | 15–20% | Major — 7 Standards split |
| Quantitative Methods | 6–9% | Major — most LMs replaced |
| Economics | 6–9% | No change |
| Financial Statement Analysis | 11–14% | No change |
| Corporate Finance (was Corporate Issuers) | 6–9% | Renamed 2027 |
| Equities (was Equity Investments) | 11–14% | Major + renamed |
| Fixed Income | 11–14% | No change |
| Derivatives | 5–8% | No change |
| Alternative Investments | 7–10% | No change |
| Portfolio Construction (was Portfolio Mgmt) | 8–12% | Renamed 2027 |
All 10 Topics — Detailed Breakdown
Ethical & Professional Standards
15–20%- CFA Institute Code of Ethics — all 7 Standards
- Ethical decision-making — the Ethical Toolkit
- Integrity of capital markets — MNPI, manipulation
- Duties to clients — loyalty, prudence, fair dealing
- Duties to employers — loyalty, compensation
- Conflicts of interest — disclosure, referral fees
- Global Investment Performance Standards (GIPS)
Ethics Adjustment: strong ethics score can push borderline candidates above the pass mark.
Quantitative Methods
6–9%- Time value of money — PV, FV, annuities, NPV, IRR
- Statistics — mean, variance, skewness, kurtosis
- Probability distributions — normal, lognormal, binomial
- Hypothesis testing, p-values, confidence intervals
- Linear and multiple regression
- Time-series analysis
- Machine learning basics — classification trees
- Monte Carlo simulation, bootstrapping
2027: major restructuring. Verify study materials for 2027 windows.
Economics
6–9%- Microeconomics — demand, supply, market structures
- Macroeconomics — GDP, business cycles
- Monetary policy — interest rates, inflation
- Fiscal policy — government spending, taxation
- International trade — comparative advantage
- Foreign exchange — PPP, interest rate parity
Financial Statement Analysis
11–14%- Income statement, balance sheet, cash flow analysis
- Financial reporting quality — earnings manipulation
- Ratio analysis — liquidity, solvency, profitability
- Inventory — FIFO, LIFO; IFRS vs US GAAP
- Long-lived assets — depreciation, impairment
- Income taxes — deferred tax assets/liabilities
- Pensions, share-based compensation
- Multinational operations — FX translation
Master FSA at Level 1 — it gets deeper at Level 2, worth 11–14% at both.
Corporate Finance
6–9%- Corporate governance — board, stakeholders, ESG
- Capital budgeting — NPV, IRR, payback period
- Cost of capital — WACC, cost of equity (CAPM)
- Capital structure — Modigliani-Miller
- Leverage — DOL, DFL, DTL
- Dividend policy — signalling, share repurchases
- Working capital — cash conversion cycle
Equities
11–14%- Market organisation — primary/secondary markets
- Security market indices — construction, weighting
- Market efficiency — weak, semi-strong, strong form
- Equity valuation — DDM, FCF, P/E, P/B, EV/EBITDA
- Industry analysis — Porter's Five Forces
- Global equity markets — developed vs emerging
2027: major content update. Download new LM list from cfainstitute.org.
Fixed Income
11–14%- Bond features — coupon, maturity, embedded options
- Yield measures — YTM, G-spread, Z-spread, OAS
- Duration and convexity — price-yield relationship
- Credit analysis — ratings, default risk, spreads
- Securitisation — MBS, ABS, CDOs
- Yield curves — expectations, liquidity preference
Derivatives
5–8%- Derivative markets — OTC vs exchange-traded
- Forwards — pricing, valuation, settlement
- Futures — marking to market, margin
- Options — calls, puts, payoff diagrams, put-call parity
- Swaps — interest rate, currency, equity
- Risk management applications
Alternative Investments
7–10%- Real estate — REITs, NOI, cap rates, DCF
- Private equity — VC, buyouts, LBO; IRR, TVPI
- Hedge funds — strategies, 2 and 20 fee structure
- Commodities — physical vs financial, roll return
- Infrastructure — risk-return characteristics
- Portfolio diversification role of alternatives
Portfolio Construction
8–12%- Portfolio theory — risk-return, diversification
- Modern Portfolio Theory — efficient frontier
- CAPM — beta, systematic risk, Security Market Line
- Investment policy statement (IPS)
- Behavioural finance — cognitive and emotional biases
- Risk management — VaR, stress testing
- Fintech — AI, big data, robo-advisors
CFA Level 2 Syllabus 2026
Level 2 applies the same 10 topics at greater depth using vignette-based item sets. Pass rate: ~42%. View our Level 2 coaching →
| Topic | Weight | Key Additions vs Level 1 |
|---|---|---|
| Ethics | 10–15% | Real-world case studies, Standards applied to complex scenarios |
| Quant Methods | 5–10% | Multiple regression, ARMA/ARCH time-series, machine learning |
| Economics | 5–10% | Economic growth theories, currency management, FX parity |
| FSA | 10–15% | Intercorporate investments, pension accounting, quality of earnings |
| Corporate Issuers | 5–10% | Capital structure analysis, M&A, ESG integration |
| Equity Investments | 10–15% | DCF (FCFF, FCFE), residual income, private company valuation |
| Fixed Income | 10–15% | Term structure models, reduced-form credit models, CDS |
| Derivatives | 5–10% | Binomial option pricing, Black-Scholes-Merton, Greeks |
| Alternatives | 5–10% | Advanced PE valuation, real estate DCF, hedge fund due diligence |
| Portfolio Mgmt | 10–15% | Multifactor models, APT, active management, risk budgeting |
CFA Level 3 Syllabus 2026
Level 3: essay questions in the morning, vignette item sets in the afternoon. Pass rate: ~50%. You must choose one Specialised Pathway.
| Topic | Weight |
|---|---|
| Portfolio Management & Wealth Planning | Up to 40% |
| Ethical and Professional Standards | 10–15% |
| Fixed Income | 15–20% |
| Equity Investments | 10–15% |
| Derivatives & Alternative Investments | 5–10% |
| GIPS | 5–10% |
| Specialised Pathway (your choice) | 30–35% of total |
Choose Your Pathway — From Day 1
30–35% of exam
Portfolio Management
Asset allocation, institutional portfolio management, liability-driven investing, factor strategies, active management
30–35% of exam
Private Wealth
Individual investor planning, tax-efficient investing, estate planning, concentrated positions, behavioural finance
30–35% of exam
Private Markets
Private equity, private credit, real assets, infrastructure, co-investments, fund structures and valuations
⚠ Choose your pathway from Day 1 — not the last month. It is 30–35% of your total score.
How to Prepare — From Deepak Goyal Sir
After coaching 17,000+ students across 25+ countries, the difference between passing and failing is almost never intelligence — it is preparation strategy.
5 Non-Negotiable Rules
Start 5–6 months before your exam
300 hours over 6 months = 90 minutes daily on weekdays + 4 hours on weekends. Starting late is the single most common reason candidates fail.
Never skip Ethics — not even once
Ethics is 15–20% of Level 1. The Ethics Adjustment means strong ethics performance can push borderline candidates above the pass mark. Spend minimum 40–50 hours on Ethics at Level 1.
Solve practice questions from Week 1, not Week 10
The biggest mistake: reading for 4 months, practising for 2 weeks. Flip this. Solve 30 questions every day from Week 1. At Level 2, do full vignettes from Month 2 onwards.
Do at least 3 full-length mocks under strict conditions
No notes. No pausing. Time yourself. Mocks build exam stamina and identify weak areas. Review every wrong answer — understand why you got it wrong.
Master your BA II Plus calculator
Practice TVM, NPV, IRR until automatic. At Level 2, read the question first then the vignette — saves 2–3 minutes per item set.
6-Month Study Plan — Level 1
Month
Topics
Weekly Target
Month 1
Ethics (full), Quantitative Methods
12–15 hrs + 30 Qs/day
Month 2
Financial Statement Analysis (full)
12–15 hrs + 30 Qs/day
Month 3
Economics, Corporate Finance, Equities
12 hrs + 40 Qs/day
Month 4
Fixed Income, Derivatives, Alternatives, Portfolio
12 hrs + 40 Qs/day
Month 5
Full revision — all 10 topics, formula sheets
15 hrs + chapter mocks
Month 6
3 full mocks + deep review of wrong answers
20 hrs — exam mode
Career Scope After CFA
CFA charter recognised by 200+ top employers globally. In India, SEBI recognises CFA for Portfolio Management Service licences. See our alumni placements →
Portfolio Manager
22% of charterholders
₹15–40 LPA
Financial Reporting Analyst
12% of charterholders
₹6–14 LPA
Investment Banking Analyst
10% of charterholders
₹12–30 LPA
Equity Research Analyst
10% of charterholders
₹8–20 LPA
Risk Manager
6% of charterholders
₹10–25 LPA
Wealth Manager
6% of charterholders
₹8–18 LPA
Why Students Choose RBei Classes for CFA
Founded and taught by Deepak Goyal, CFA & FRM Charterholder — every session, since 2018
17,000+Students
93%Pass Rate
350+Batches
4.9/5Rating
95%Placed
25+Countries
Frequently Asked Questions
What is the CFA exam fee in 2026?
From 2026, the USD 350 enrolment fee is permanently eliminated. Registration fees: USD 1,140 early bird or USD 1,490 standard for Level 1 and Level 2; USD 1,240 early or USD 1,590 standard for Level 3. Total for all three levels: USD 3,520–4,570.
Has the CFA syllabus changed for 2027?
Yes. Level 1 has major changes: Quantitative Methods and Equities substantially restructured; Ethics Standards split into 7 individual learning modules; three topic names changed. Total LMs increase from 93 to 102. Level 3 has minor Ethics updates only. Topic weights remain unchanged.
Which CFA level is the hardest?
Level 2 is widely considered the hardest due to its vignette format requiring application of concepts to unfamiliar scenarios. Level 3 essay questions also surprise many candidates.
How many hours of study are needed for CFA?
CFA Institute recommends 300+ hours per level. We recommend 350 hours for Level 1 and 400 for Level 2. Over 6 months: 90 minutes on weekdays and 4 hours on weekends.
Is CFA worth it in India in 2026?
Absolutely. SEBI recognises CFA for PMS licences. BlackRock, Goldman Sachs, and JP Morgan actively recruit CFA charterholders in India. Salaries range from ₹12 LPA entry level to ₹40+ LPA for senior portfolio managers.
Can I prepare for CFA while working full-time?
Yes. RBei Classes offers live weekend batches with full recording access. The key is 90 minutes of consistent daily study.
What is the highest weighted topic in CFA Level 1?
Ethical and Professional Standards at 15–20%. The Ethics Adjustment can push borderline candidates above the pass mark. FSA and Equities each carry 11–14%.
What are the three Level 3 Specialised Pathways?
Portfolio Management, Private Wealth, or Private Markets. The pathway accounts for 30–35% of your total Level 3 score. Choose from Day 1 of preparation.