CFA Level 1 Topic Weights (vs. Previous Year)
| Topics / Weight | 2018 | 2019 | 2020 | 2021 |
|---|---|---|---|---|
| Ethics | 15% | 15% | 15% | 15-20% |
| Quant Methods | 12% | 10% | 10% | 8-12% |
| Economics | 10% | 10% | 10% | 8-12% |
| FRA | 20% | 15% | 15% | 13-17% |
| Corp Fin | 7% | 10% | 10% | 8-12% |
| Equity | 10% | 11% | 11% | 10-12% |
| Fixed Income | 10% | 11% | 11% | 10-12% |
| Derivatives | 5% | 6% | 6% | 5-8% |
| Alt. Investments | 4% | 6% | 6% | 5-8% |
| Portfolio Mgmt. | 7% | 6% | 6% | 5-8% |
CFA Level 1 Curriculum Changes
In short, there has been lots of small updates throughout the Level 1 curriculum, but nothing major overall.
There are 60 readings in 2022’s Level 1 Curriculum (vs. 57 in 2020/2021):
- 5 readings from 2020/2021 were removed:
- Reading 5 – Global Investment Performance Standards
- Reading 7 – Statistical Concepts & Market Returns
- Reading 32 – Capital Budgeting
- Reading 33 – Cost of Capital
- Reading 35 – Working Capital Management
- 8 new readings were added (mostly in Quant Methods and Corporate Issuers):
- Reading 2 – Organizing, Visualizing, and Describing Data
- Reading 7 – Introduction to Linear Regression
- Reading 28 – Uses of Capital
- Reading 29 – Sources of Capital
- Reading 30 – Cost of Capital – Foundational Topics
- Reading 31 – Capital Structure
- Reading 52 – The Behavioral Biases of Individuals
- Reading 60 – Ethics Application
- 15 readings were updated: mostly minor changes, except Alternative Investments.
(source: 300 hours)
CFA Level 1 Resource 2020
CFA Program Curriculum 2020 Level 1 volumes 1 – 6
CFA Level 1 Schweser Notes 2020 book 1 -5