Exam topics

Not all topics are given equal weight at each level of the CFA exams. Although variations exist in weightings from year to year, and the categorization of multifaceted problems are open to some interpretation, an approximate breakdown of the relative importance of the different topic areas for the Level II exam is as follows:

Ethical and Professional Standards, 10 percent
Quantitative Analysis/Methods, 5-10 percent
Economics, 5-10 percent
Financial Reporting and Analysis, 15-25 percent
Corporate Finance, 5-15 percent
Equity Investments, 20-30 percent
Fixed Income, 5-15 percent
Derivatives, 5-15 percent
Alternative Investments, 3-15 percent
Portfolio Management and Wealth Management, 5-15 percent
The Level II exam emphasizes Financial Statement Analysis (which includes Corporate Finance) and Equity Valuation (50 percent of the exam). Generally, the Level II exam focuses on Asset Valuation.