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CFA® Program Study Sessions

Study Session Outlines

The curriculum is organized into study sessions and each study session contains readings. There are learning outcome statements at the beginning of each reading.

Below you’ll find current study session outlines by level. Each study session includes learning outcome statements (LOS) and source references for the readings.

For each level, you can also view the full curriculum readings for Study Session 1, and all study sessions combined.

2020 Level I Study Sessions

2020 Level I Study Sessions combined

Topic	Exam Weight	Sessions
Ethical and Professional Standards	15-20%	Study Session 1 Readings 1-5
Quantitative Methods	8-12%	Study Session 2 Study Session 3
Economics	8-12%	Study Session 4 Study Session 5
Financial Reporting and Analysis	13-17%	Study Session 6 Study Session 7 Study Session 8 Study Session 9
Corporate Finance	8-12%	Study Session 10 Study Session 11
Equity Investments	10-12%	Study Session 12 Study Session 13
Fixed Income	10-12%	Study Session 14 Study Session 15
Derivatives	5-8%	Study Session 16
Alternative Investments	5-8%	Study Session 17
Portfolio Management	5-8%	Study Session 18 Study Session 19

2020 Level II Study Sessions

2020 Level II Study Sessions combined

Topic	Exam Weight	Sessions
Ethical and Professional Standards	10–15%	Study Session 1 Readings 1-3
Quantitative Methods	5–10%	Study Session 2 Study Session 3
Economics	5–10%	Study Session 4
Financial Reporting and Analysis	10–15%	Study Session 5 Study Session 6
Corporate Finance	5–10%	Study Session 7 Study Session 8
Equity Valuation	10–15%	Study Session 9 Study Session 10 Study Session 11
Fixed Income	10–15%	Study Session 12 Study Session 13
Derivatives	5–10%	Study Session 14
Alternative Investments	5–10%	Study Session 15
Portfolio Management	10–15%	Study Session 16 Study Session 17

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