cfa exam / syllabus
2022 CFA Exam Curriculum Changes
The syllabus for the 2022 cfa exams changes, which is nothing extraordinary. As a general rule, the CFA program syllabus changes every year for all levels of the exam. updates are usually small to moderate. sometimes some larger parts of selected themes change.
You are reading: How many books for cfa level 1
The 2022 changes to the CFA exam curriculum should be compared to the 2020 curriculum. That’s because there were no changes to the CFA program curriculum in 2021 due to the covid-pandemic. 19 and the frequent postponements of exams.
The most recent curriculum changes include some minor changes within the readings, but also some additions and deletions of readings (details below). Also, Ethics has finally been moved from the first to the last book for all 3 levels. plus two level 1 & renamed level 2 topics. fra is now known as financial statement analysis, or fsa for short, and corporate finance as corporate issuers.
CFA Program Curriculum: Richly Detailed Source of Knowledge
the cfa program curriculum is a rich source of knowledge detail. There is a separate syllabus for each of the 3 levels of the CFA exam.
The curriculum aims to develop the key skills and abilities that investment professionals should possess. Each level of the exam focuses on different skills and abilities and covers different essential knowledge areas:
- level 1 cfa exam knowledge of investment tools (comprehension)
- level 2 cfa exam asset classes, their analysis & Valuation (Application)
- CFA Level 3 Exam Wealth Planning and Portfolio Management (Summary/Assessment)
cfa 2022 program curriculum in numbers
Keep reading for more detailed information on Tier 1 & cfa level 2 exam books. level 3 candidate? Perhaps you would like to see our post on the CFA Level 3 Exam.
digital vs print cfa exam syllabus
A digital version of your CFA exam syllabus will be available to you after you register for the exam you are about to take (all levels). You can also purchase a printed version of the syllabus. then, for an additional payment (ie, in addition to the exam registration fee), you’ll get a package of traditional books. Naturally, the digital curriculum is also divided into books (volumes).
Please note that if you want a paper version of your CFA exam syllabus, you can order it online, but the price is quite high. the printed curriculum is even $299 + shipping. access to the digital resume is included in the exam registration fee.
how many books for the cfa level 1 exam?
There are 6 CFA level 1 exam books. The reason why the CFA program syllabus is divided into books is its length. Each cfa level 1 exam book is almost 600 to over 700 pages long, making it over 3000 pages in total.
each book includes 1 to 4 topics. there are 10 level 1 topics. the way the topics are divided in the books is not too student friendly i.e. more than one topic is covered in two different books.
the first level 1 cfa exam book includes quantitative methods (qm). The next book is economics and financial statement analysis (fsa). In the third book, FSA continues and Corporate Issuers (CI) begins. the fourth book is corporate issuers, equities and fixed income (fi). the fifth book is fixed income, derivatives, alternative investments and portfolio management (pm). the last sixth volume covers pm and ethics.
See Also: Vaseem Khan – Book Series In Order
Please note that Financial Reporting and Analysis, fra for short, changes its name to Financial Statement Analysis and Corporate Finance to Corporate Issuers.
level 1 & level 2 cfa exam books & topics
cfa level 2 exam books
For level 2, there are also 6 books and 10 topics. level 2 topics are the same as level 1 topics and their order is identical. however, they are divided into books differently, as shown in the table above. each level 2 book covers 1-3 topics. note that ethic level 2 no longer includes gypsies.
both level 1 and level 1; the cfa level 2 exam books are divided into smaller portions:
books (volumes) topics study sessions readings
2022 studio sessions & cfa exam readings
study sessions
Each level 1 and level 2 topic has its study sessions that are divided into readings.
In your syllabus, you will find the study sessions listed before beginning each topic. there, you will also see the so-called topic-level learning outcome which, in general terms, describes what you should know after reading and studying each topic.
cfa exam readings
For each CFA exam reading, there is also a more detailed list of things you should be able to do when you are done with the reading. these are the so-called learning outcomes (los): note the command words used to define the skills and abilities you need to acquire, eg describe, explain or identify.
Throughout the readings, you’ll find many words and phrases in bold. these are the words and phrases that have been defined for you in the glossary (available at the end of each volume for your convenience). there are also numerous examples, tables, figures, exhibits, and formulas. its function is to better illustrate and describe the concepts and situations that are explained in the curriculum.
each reading closes with a bulleted summary followed by practice problems (end-of-reading questions) with solutions.
CFA 2022 exam reading list changes
There are 60 readings in the 2022 cfa level 1 exam syllabus (vs 57 in 2020/2021). five readings were removed and eight readings were added. furthermore, 16 readings include minor changes. corporate issuers include the most new readings and the alternative investments reading is the most important update (we’re putting together some notes for you on these important updates!)
2022 vs 2020/2021 Tier 1 Reading List
- Old Reading 5 Removed
- Reading 5 (Ethics) – Global Investment Performance Standards
- Reading 7 (Quantitative Methods) – Statistical Concepts & market return
- reading 32 (corporate finance) – capital budgeting
- reading 33 (corporate finance) – cost of capital
- reading 35 (corporate finance) – capital management operation
- reading 2 (quantitative methods): organization, visualization and description of data
- reading 7 (quantitative methods): introduction to linear regression
- reading 28 (issuers corporate) ) – uses of capital
- reading 29 (corporate issuers) – sources of capital
- reading 30 (corporate issuers) – cost of capital – fundamental issues
- reading 31 (corporate issuers) – capital structure
- reading 52 (portfolio management) – behavioral biases of individuals
- reading 60 (ethics) – application of ethics
there are 47 readings in the 2022 cfa level 2 exam syllabus (vs 48 in 2020/2021). three readings were removed and two readings were added. in addition, 14 readings include minor updates, except for a reading on derivatives on prices & valuation of term commitments and a reading of corporate issuers on mergers and acquisitions.
See Also: Heidi McLaughlin – Book Series In Order
2022 vs 2020/2021 Tier 2 Reading List
- 3 old readings deleted
- reading 9 (quantitative methods) – excerpt from probabilistic approaches
- reading 22 (corporate finance) – corporate governance & other esg considerations in investment analysis
- read 40 (alternative investments) – publicly traded real estate securities
- Reading 17 (Corporate Issuers): Environmental, Social and Governance (ESG) Considerations in Investment Analysis
- Reading 41 (Portfolio Management): Back Testing and Simulation
cfa exam topic weights
Topics are given different weights in the exams if you compare level 1 and level 2 cfa exams. it means that you will get a different number of questions for a particular topic depending on whether you are a level 1 or level 2 candidate ( see the estimated number of level 1 questions here and level 2 questions here).
CFA exam topic weights for level 1 and level 2 are given in ranges in the following table:
cfa 2022 exam weights
then, depending on the level of the exam, the focus is on different topics:
When studying your CFA program syllabus, you will do so wisely if in the back of your mind you also remember the form and focus of your exam. both aspects should determine how you prepare:
also, get used to the form of the exam: test your knowledge as often as possible using exam-like questions to optimize your chances of passing the exam.
You can find exam type questions within our cfa exam study planner:
CFA Program Curriculum: Summary
let’s say it explicitly: to pass your cfa exam, you need to know your syllabus well. so, if you don’t have enough time to read it from cover to cover (or from the first to the last electronic page), you should at least skim (or scroll) it from time to time and study the parts in bold or analyze different examples, practice problems or displays.
many cfa exam candidates find it easier to absorb their curriculum if they can get help. That’s what we’re here for: to provide you with compact yet comprehensive study materials that can make your study easier.
our printable notes for cfa exam readings and short videos:
- they give you a solid foundation for your more detailed study of the curriculum,
- they are easy to digest because they are based on central themes and are illustrated with numerous examples,
- are great for review time.
you can find notes & videos inside our cfa exam study planner:
read also:
See Also: 7 Must-Read Books About Artificial Intelligence
- cfa level 1 exam study materials
- free cfa exam study materials for level 1 and level 2
- blog posts from corporate issuers
- ethics blog posts
- blog posts on quantitative methods
- blog posts on fixed income
- blog posts on asset management portfolio
- blog posts on financial statement analysis
- cfa level 1 exam study materials
- free cfa exam study materials
- blog posts from corporate issuers
- posts ethics blog posts
- blog posts on quantitative methods
- blog posts on fixed income
- blog posts on portfolio management
- blog posts about fra