{"id":11439,"date":"2024-05-21T08:24:22","date_gmt":"2024-05-21T08:24:22","guid":{"rendered":"https:\/\/analystprep.com\/blog\/?p=11439"},"modified":"2026-02-25T17:06:16","modified_gmt":"2026-02-25T17:06:16","slug":"2025-cfa-level-ii-curriculum-what-you-need-to-know","status":"publish","type":"post","link":"https:\/\/analystprep.com\/blog\/2025-cfa-level-ii-curriculum-what-you-need-to-know\/","title":{"rendered":"2025 CFA Level II Curriculum: What\u2019s Changed and What Hasn\u2019t"},"content":{"rendered":"\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"FAQPage\",\n  \"mainEntity\": [\n    {\n      \"@type\": \"Question\",\n      \"name\": \"What are the changes in the 2025 CFA Level II curriculum?\",\n      \"acceptedAnswer\": {\n        \"@type\": \"Answer\",\n        \"text\": \"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.\"\n      }\n    },\n    {\n      \"@type\": \"Question\",\n      \"name\": \"Has the CFA Level II syllabus changed for 2025?\",\n      \"acceptedAnswer\": {\n        \"@type\": \"Answer\",\n        \"text\": \"Only slightly. The syllabus content is identical to 2024 across all areas except for a few wording and example updates in Ethics.\"\n      }\n    },\n    {\n      \"@type\": \"Question\",\n      \"name\": \"Should I still use 2024 materials to study for the 2025 CFA Level II exam?\",\n      \"acceptedAnswer\": {\n        \"@type\": \"Answer\",\n        \"text\": \"Yes, since the curriculum is largely unchanged, 2024 materials remain relevant. For Ethics, it's recommended to review the updated 2025 content.\"\n      }\n    },\n    {\n      \"@type\": \"Question\",\n      \"name\": \"How do CFA Level II curriculum changes affect exam prep?\",\n      \"acceptedAnswer\": {\n        \"@type\": \"Answer\",\n        \"text\": \"With minimal changes, the 2025 exam allows candidates to focus on mastering existing content without needing to adapt to major syllabus revisions.\"\n      }\n    },\n    {\n      \"@type\": \"Question\",\n      \"name\": \"Where can I find updated CFA Level II study materials for 2025?\",\n      \"acceptedAnswer\": {\n        \"@type\": \"Answer\",\n        \"text\": \"You can find updated study notes, video lessons, and question banks aligned with the 2025 curriculum at AnalystPrep's CFA Level II program.\"\n      }\n    }\n  ]\n}\n<\/script>\n\n\n\n<p>If you&#8217;re planning to sit for the CFA Level II exam in 2025, you&#8217;re probably wondering: <em>What changed in the curriculum this year?<\/em> The good news is\u2014very little. The 2025 CFA Level II curriculum continues the stability introduced in 2024, with just <strong>one minor update<\/strong> in the <strong>Ethics<\/strong> topic area.<\/p>\n\n\n\n<p>In this quick summary, we\u2019ll walk you through exactly what\u2019s changed, what hasn\u2019t, and how that impacts your study strategy. Whether you\u2019re starting your prep now or transitioning from the 2024 materials, this guide will help you stay on track and avoid surprises on exam day.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_80 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/analystprep.com\/blog\/2025-cfa-level-ii-curriculum-what-you-need-to-know\/#Overview_of_2024_Curriculum_Changes\" >Overview of 2024 Curriculum Changes<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/analystprep.com\/blog\/2025-cfa-level-ii-curriculum-what-you-need-to-know\/#Continuation_into_2025\" >Continuation into 2025<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/analystprep.com\/blog\/2025-cfa-level-ii-curriculum-what-you-need-to-know\/#Minor_Changes_in_Ethics\" >Minor Changes in Ethics<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/analystprep.com\/blog\/2025-cfa-level-ii-curriculum-what-you-need-to-know\/#Conclusion\" >Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/analystprep.com\/blog\/2025-cfa-level-ii-curriculum-what-you-need-to-know\/#Frequently_Asked_Questions\" >Frequently Asked Questions<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/analystprep.com\/blog\/2025-cfa-level-ii-curriculum-what-you-need-to-know\/#1_What_are_the_changes_in_the_2025_CFA_Level_II_curriculum\" >1. What are the changes in the 2025 CFA Level II curriculum?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/analystprep.com\/blog\/2025-cfa-level-ii-curriculum-what-you-need-to-know\/#2_Has_the_CFA_Level_II_syllabus_changed_for_2025\" >2. Has the CFA Level II syllabus changed for 2025?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/analystprep.com\/blog\/2025-cfa-level-ii-curriculum-what-you-need-to-know\/#3_Should_I_still_use_2024_materials_to_study_for_the_2025_CFA_Level_II_exam\" >3. Should I still use 2024 materials to study for the 2025 CFA Level II exam?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/analystprep.com\/blog\/2025-cfa-level-ii-curriculum-what-you-need-to-know\/#4_How_do_CFA_Level_II_curriculum_changes_affect_exam_prep\" >4. How do CFA Level II curriculum changes affect exam prep?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/analystprep.com\/blog\/2025-cfa-level-ii-curriculum-what-you-need-to-know\/#5_Where_can_I_find_updated_CFA_Level_II_study_materials_for_2025\" >5. Where can I find updated CFA Level II study materials for 2025?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/analystprep.com\/blog\/2025-cfa-level-ii-curriculum-what-you-need-to-know\/#Get_Fully_Prepared_for_CFA_Level_II\" >Get Fully Prepared for CFA Level II<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Overview_of_2024_Curriculum_Changes\"><\/span><strong>Overview of 2024 Curriculum Changes<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>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&#8217;s historical trends, which prioritize minimizing variability in weight distribution across the 10 subjects.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Uniform Topic Weights<\/strong>: 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.<\/li>\n\n\n\n<li><strong>Discouraging Overemphasis<\/strong>: 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.<\/li>\n\n\n\n<li><strong>Balanced Assessment<\/strong>: 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.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>Topic<\/th><th>2024 Curriculum<\/th><th>2025 Curriculum<\/th><th>Notes<\/th><\/tr><\/thead><tbody><tr><td>Ethics<\/td><td>\u2714<\/td><td>\u2714 (Updated)<\/td><td>Minor changes to wording<\/td><\/tr><tr><td>Corporate Issuers<\/td><td>\u2714<\/td><td>\u2714<\/td><td>No changes<\/td><\/tr><tr><td>Quant Methods<\/td><td>\u2714<\/td><td>\u2714<\/td><td>No changes<\/td><\/tr><tr><td>Portfolio Mgmt<\/td><td>\u2714<\/td><td>\u2714<\/td><td>No changes<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<a href=\"https:\/\/analystprep.com\/free-trial\/\"\n   target=\"_blank\"\n   rel=\"noopener noreferrer\"\n   style=\"display:block;margin:20px 0 28px;padding:14px 18px;border:2px solid #2563eb;border-radius:12px;text-align:center;color:#2563eb;text-decoration:none;font-weight:500;font-size:15px;background-color:#ffffff;\">\n   Practice updated CFA Level II topics with CFA-style questions.\n<\/a>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Continuation_into_2025\"><\/span><strong>Continuation into 2025<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>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.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Minor_Changes_in_Ethics\"><\/span><strong>Minor Changes in Ethics<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>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\u2019s ongoing effort to stay current with evolving ethical standards in the finance industry. These minor updates are designed to enhance candidates&#8217; understanding and application of ethical principles in real-world scenarios.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>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.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions\"><\/span>Frequently Asked Questions<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"1_What_are_the_changes_in_the_2025_CFA_Level_II_curriculum\"><\/span><strong>1. What are the changes in the 2025 CFA Level II curriculum?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>The 2025 CFA Level II curriculum introduces only a minor update to the <strong>Ethics<\/strong> topic. All other topic areas remain unchanged from the 2024 curriculum, continuing the path of stability that began last year.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2_Has_the_CFA_Level_II_syllabus_changed_for_2025\"><\/span><strong>2. Has the CFA Level II syllabus changed for 2025?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Only slightly. The <strong>syllabus content is identical<\/strong> to 2024 across all areas except for a few <strong>wording and example updates in Ethics<\/strong>. No new readings or topic additions have been introduced.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"3_Should_I_still_use_2024_materials_to_study_for_the_2025_CFA_Level_II_exam\"><\/span><strong>3. Should I still use 2024 materials to study for the 2025 CFA Level II exam?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Yes, in most cases. Since the curriculum is largely unchanged, 2024 materials are still very relevant. However, for Ethics, it\u2019s recommended to review the 2025 updates directly from CFA Institute or an updated <a href=\"https:\/\/analystprep.com\/shop\/level-2-and-level-3-of-the-cfa-exam-complete-course-by-analystprep\/\">prep provider<\/a> like AnalystPrep.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"4_How_do_CFA_Level_II_curriculum_changes_affect_exam_prep\"><\/span><strong>4. How do CFA Level II curriculum changes affect exam prep?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>With minimal changes, the 2025 exam allows candidates to <strong>focus on mastering existing content<\/strong>. This is a great opportunity to go deeper into difficult areas like Quant Methods, Equity, and Portfolio Management without having to relearn new materials.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"5_Where_can_I_find_updated_CFA_Level_II_study_materials_for_2025\"><\/span><strong>5. Where can I find updated CFA Level II study materials for 2025?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>You can access updated notes, video lessons, and question banks for the 2025 curriculum through <a href=\"https:\/\/analystprep.com\/cfa-level-2\/\">AnalystPrep\u2019s CFA Level II program<\/a>, which reflects the latest Ethics updates and follows CFA Institute guidelines.<\/p>\n\n\n\n<div style=\"border: 2px solid #0073e6; background-color: #f0f8ff; padding: 20px; border-radius: 8px; margin: 40px 0;\">\n  <h3 style=\"margin-top: 0; color: #0073e6;\"><span class=\"ez-toc-section\" id=\"Get_Fully_Prepared_for_CFA_Level_II\"><\/span>Get Fully Prepared for CFA Level II<span class=\"ez-toc-section-end\"><\/span><\/h3>\n  <p style=\"margin: 10px 0;\">\n    Studying for the 2025 CFA Level II exam? AnalystPrep\u2019s <strong>Level II &#038; III Complete Course<\/strong> includes updated video lessons, formula sheets, question banks, and printable notes\u2014all tailored to the current curriculum.\n  <\/p>\n  <a href=\"https:\/\/analystprep.com\/shop\/level-2-and-level-3-of-the-cfa-exam-complete-course-by-analystprep\/\" target=\"_blank\" rel=\"noopener\" style=\"display: inline-block; background-color: #0073e6; color: #fff; padding: 12px 24px; border-radius: 5px; text-decoration: none; font-weight: bold;\">\n     Explore the Complete Course Now\n  <\/a>\n<\/div>\n\n\n\n<div style=\"text-align:center; margin:42px 0 10px;\">\n\n  <a href=\"https:\/\/analystprep.com\/free-trial\/\"\n     target=\"_blank\"\n     rel=\"noopener noreferrer\"\n     style=\"\n        display:inline-block;\n        padding:14px 34px;\n        background-color:#3f78d7;\n        color:#ffffff;\n        text-decoration:none;\n        font-weight:600;\n        font-size:18px;\n        border-radius:40px;\n        line-height:1.1;\n     \">\n     Start Free Trial\n  <\/a>\n\n  <p style=\"\n        margin-top:14px;\n        max-width:640px;\n        margin-left:auto;\n        margin-right:auto;\n        font-size:16px;\n        line-height:1.5;\n     \">\n     Access curriculum-aligned CFA Level II practice questions and prepare confidently for 2025.\n  <\/p>\n\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>If you&#8217;re planning to sit for the CFA Level II exam in 2025, you&#8217;re probably wondering: What changed in the curriculum this year? The good news is\u2014very little. The 2025 CFA Level II curriculum continues the stability introduced in 2024,&#8230;<\/p>\n","protected":false},"author":11,"featured_media":11436,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[70],"tags":[78,280,290,230],"class_list":["post-11439","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cfa","tag-cfa","tag-cfa-exam","tag-cfa-level-2","tag-cfa-level-ii","blog-post","animate"],"acf":[],"post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/analystprep.com\/blog\/wp-json\/wp\/v2\/posts\/11439","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/analystprep.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/analystprep.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/analystprep.com\/blog\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/analystprep.com\/blog\/wp-json\/wp\/v2\/comments?post=11439"}],"version-history":[{"count":5,"href":"https:\/\/analystprep.com\/blog\/wp-json\/wp\/v2\/posts\/11439\/revisions"}],"predecessor-version":[{"id":14104,"href":"https:\/\/analystprep.com\/blog\/wp-json\/wp\/v2\/posts\/11439\/revisions\/14104"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/analystprep.com\/blog\/wp-json\/wp\/v2\/media\/11436"}],"wp:attachment":[{"href":"https:\/\/analystprep.com\/blog\/wp-json\/wp\/v2\/media?parent=11439"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/analystprep.com\/blog\/wp-json\/wp\/v2\/categories?post=11439"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/analystprep.com\/blog\/wp-json\/wp\/v2\/tags?post=11439"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}