2025 CFA Level II Curriculum: Continuing the Path of Stability with a Minor Update in Ethics

The CFA Institute has made significant strides in ensuring the stability and consistency of the CFA Level II curriculum. As we transition from 2024 to 2025, candidates can expect to see a largely unchanged curriculum, reflecting the Institute’s commitment to a steady learning structure. This article outlines the changes introduced in the 2024 curriculum and confirms their retention in the 2025 curriculum, with only minor updates in the Ethics section.

Overview of 2024 Curriculum Changes

In 2024, the CFA Level II curriculum experienced a notable transition, focusing on a stable and predictable examination structure. This move was in alignment with the CFA Institute’s historical trends, which prioritize minimizing variability in weight distribution across the 10 subjects.

• Uniform Topic Weights: The 2024 curriculum maintained consistent topic weights from 2023, adhering to a maximum range difference of 5% per topic. This decision was aimed at curbing fluctuations and ensuring a balanced approach to the examination process.
• Discouraging Overemphasis: By maintaining steady topic weights, the CFA Institute sought to discourage candidates from overemphasizing high-weighted topics such as Financial Statement Analysis (FSA), Corporate Finance, Equity Investments, Fixed Income, and Derivatives. This approach promotes a more comprehensive and equitable assessment.
• Balanced Assessment: The 2024 topic weighting allowed for the possibility of each of the ten subjects being tested at a 10% weighting. This change aimed to create a more balanced evaluation, ensuring candidates possess a well-rounded understanding across all subjects.

Continuation into 2025

As we look forward to the 2025 CFA Level II curriculum, it is clear that the CFA Institute has decided to retain all the changes introduced in 2024. This means that candidates can expect the same structure and content, providing a stable and predictable framework for their studies. The commitment to stability ensures that candidates are well-prepared to tackle the complexities of the financial industry.

Minor Changes in Ethics

The only notable change in the 2025 curriculum will be in the Ethics section. While the specifics of these changes are minimal, they reflect the CFA Institute’s ongoing effort to stay current with evolving ethical standards in the finance industry. These minor updates are designed to enhance candidates’ understanding and application of ethical principles in real-world scenarios.

Conclusion

The 2025 CFA Level II curriculum continues the path of stability established in 2024, with the CFA Institute retaining all the changes except for minor updates in the Ethics section. This commitment to consistency provides candidates with a reliable and predictable framework, fostering a comprehensive understanding of the financial landscape. As candidates prepare for their examinations, they can be assured that they are engaging with a curriculum designed to meet the rigorous demands of the financial industry while upholding the highest ethical standards.