CFA Syllabus Contents

The CFA® Program's curriculum reflects a body of knowledge that is grounded in practice and maintains current relevance through a regular, extensive survey of practicing CFA® charter holders. This Candidate Body of Knowledge consists of 10 general topic areas that provide a framework for making investment decisions.

QUANTITATIVE METHODS
  • Time Value of Money
  • Probability
  • Probability Distributions and
    Descriptive Statistics
  • Sampling and Estimation
  • Hypothesis Testing
  • Correlation Analysis and Regression
  • Time Series Analysis
  • Simulation Analysis
  • Technical Analysis
ETHICAL AND PROFESSIONAL STANDARDS
  • Professional Standards of Practice
  • Ethical Practices
ECONOMICS
  • Market Forces of Supply and Demand
  • The Firm and Industry Organization
  • Measuring National Income and Growth
  • Business Cycles
  • The Monetary System
  • Inflation
  • International Trade and Capital Flows
  • Currency Exchange Rates
  • Monetary and Fiscal Policy
  • Economic Growth and Development
  • Effects of Government Regulation
  • Impact of Economic Factors on
    Investment Markets
CORPORATE FINANCE
  • Corporate Governance
  • Dividend Policy
  • Capital Investment Decisions
  • Business and Financial Risk
  • Long-Term Financial Policy
  • Short-Term Financial Policy
  • Mergers and Acquisitions and
    Corporate Restructuring
EQUITY INVESTMENTS
  • Types of Equity Securities and
    Their Characteristics
  • Equity Markets: Characteristics,
    Institutions, and Benchmarks
    Fundamental Analysis (Sector, Industry, Company)
    and the Valuation of Individual Equity Securities
  • Equity Market Valuation and
    Return Analysis
  • Special Applications of
    Fundamental Analysis
  • Equity of Hybrid
    Investment Vehicles
ALTERNATIVE INVESTMENTS
  • Types of Alternative Investments
    and Their Characteristics
  • Real Estate
  • Private Equity/Venture Capital
  • Hedge Funds
  • Closely-Held Companies
    and Inactively Traded Securities
  • Distressed Securities/Bankruptcies
  • Commodities
  • Tangible Assets with Low Liquidity
PORTFOLIO MANAGEMENT
AND WEALTH PLANNING
  • Portfolio Concepts
  • Management of Individual/
    Family Investor Portfolios
  • Management of Institutional Investor Portfolios
  • Pension Plans, Employee Benefit Funds
  • Investment Manager Selection
  • Other Institutional Investors
  • Mutual Funds, Pooled Funds, and ETFs
  • Economic Analysis and Setting
    Capital Market Expectations
  • Tax Efficiency
  • Asset Allocation (including Currency Overlay)
  • Portfolio Construction and Revision
  • Equity Portfolio Management Strategies
  • Fixed Income Portfolio Management Strategies
  • Alternative Investment Management Strategies
  • Risk Management
  • Execution of Portfolio Decisions (Trading)
  • Performance Evaluation
  • Presentation of Performance Results
FINANCIAL REPORTING AND ANALYSIS
  • Financial Reporting System
    (IFRS and GAAP)
  • Principal Financial Statements
  • Financial Reporting Quality
  • Analysis of Inventories
  • Analysis of Long-Lived Assets
  • Analysis of Taxes
  • Analysis of Debt
  • Analysis of Off-Balance-Sheet
    Assets and Liabilities
  • Analysis of Pensions, Stock
    Compensation and Other
    Employee Benefits
  • Analysis of Inter-Corporate
    Investments
  • Analysis of Business Combinations
  • Analysis of Global Operations
  • Ratio and Financial Analysis
FIXED INCOME
  • Types of Fixed-Income Securities
    and Their Characteristics
  • Fixed-Income Markets: Characteristics,
    Institutions, and Benchmarks
  • Fixed-Income Valuation (Sector, Industry,
    Company) and Return Analysis
  • Term Structure Determination
    and Yield Spreads
  • Analysis of Interest Rate Risk
  • Analysis of Credit Risk
  • Valuing Bonds with Embedded Options
  • Structured Products
DERIVATIVES
  • Types of Derivative Instruments
    and Their Characteristics
  • Forward Markets and Instruments
  • Futures Markets and Instruments
  • Options Markets and Instruments
  • Swaps Markets and Instruments
  • Credit Derivatives Markets and Instruments
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