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CFA® Course Syllabus
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The CFA® programme consists of three levels. It takes around 2½ to
3 years to complete.
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CFA® Level I
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The Level I curriculum concentrates on tools and concepts relating to investment valuation and portfolio management. The course also covers securities laws and regulations, and the CFA® Institute Code of Ethics and Standards of Professional Conduct. The curriculum highlights an overview of asset valuation and portfolio management practices:
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Financial markets and other financial instruments
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Corporate finance
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Analysis of financial statement
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Quantitative methods of investment analysis
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CFA® Level II
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The Level II syllabus focuses on asset valuation, where candidates must employ concepts of quantitative techniques, economic analysis, accounting-in analysing and valuing investments. Students should have a thorough understanding of capital market theory and industry and company analysis, and of:
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Analysing equity and fixed-income securities and other financial investments
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Evaluating alternative investment choices
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Making investment proposals
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Estimating expected investment return on investment and risks
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CFA® Level III
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Level III will develop students’ knowledge of portfolio management in greater depth. Candidates must apply the knowledge and skills learned in Levels I and II to the portfolio management process – from estimating and analysing objectives, investor constraints, and capital-market expectations to making asset-allocation decisions. The curriculum covers:
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Corporate finance
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Financial statements analysis
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Ethical and professional standards
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Quantitative methods
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Economics
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Analysis of financial instruments
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Analysis of alternative investments
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Portfolio management
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