2025 CFA Level II Curriculum: What’s Changed and What Hasn’t

If you’re planning to sit for the CFA Level II exam in 2025, you’re probably wondering: What changed in the curriculum this year? The good news is—very little. The 2025 CFA Level II curriculum continues the stability introduced in 2024, with just one minor update in the Ethics topic area.

In this quick summary, we’ll walk you through exactly what’s changed, what hasn’t, and how that impacts your study strategy. Whether you’re starting your prep now or transitioning from the 2024 materials, this guide will help you stay on track and avoid surprises on exam day.

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.

Frequently Asked Questions

1. What are the changes in the 2025 CFA Level II curriculum?

The 2025 CFA Level II curriculum introduces only a minor update to the Ethics topic. All other topic areas remain unchanged from the 2024 curriculum, continuing the path of stability that began last year.

2. Has the CFA Level II syllabus changed for 2025?

Only slightly. The syllabus content is identical to 2024 across all areas except for a few wording and example updates in Ethics. No new readings or topic additions have been introduced.

3. Should I still use 2024 materials to study for the 2025 CFA Level II exam?

Yes, in most cases. Since the curriculum is largely unchanged, 2024 materials are still very relevant. However, for Ethics, it’s recommended to review the 2025 updates directly from CFA Institute or an updated prep provider like AnalystPrep.

4. How do CFA Level II curriculum changes affect exam prep?

With minimal changes, the 2025 exam allows candidates to focus on mastering existing content. This is a great opportunity to go deeper into difficult areas like Quant Methods, Equity, and Portfolio Management without having to relearn new materials.

5. Where can I find updated CFA Level II study materials for 2025?

You can access updated notes, video lessons, and question banks for the 2025 curriculum through AnalystPrep’s CFA Level II program, which reflects the latest Ethics updates and follows CFA Institute guidelines.