For exams from 2008 onward, candidates are automatically provided the curriculum

readings from CFA Institute at the time of registration for the exam. The curri
culum is not provided separately in the absence of exam registration. If the stu
dent fails an exam and is being allowed to resit in the same year, the CFA Insti
tute offers a slight rebate and will not send the curriculum again (the curricul
um changes only on an annual basis). If the student resits in a year other than
the year of failure, he or she will receive the curriculum again, as it may have
been changed. Study materials for the CFA Exams are available from numerous com
mercial learning providers, although they are not officially endorsed.
Ethics[edit]
The Code of Ethics
Members of CFA Institute, including charterholders and candidates for the CFA de
signation, must:
Act with integrity, competence, diligence, respect, and in an ethical manner wit
h the public, clients, prospective clients, employers, employees, colleagues in
the investment profession, and other participants in the global capital markets.
Place the integrity of the investment profession and the interests of clients ab
ove their own personal interests.
Use reasonable care and exercise independent professional judgment when conducti
ng investment analysis, making investment recommendations, taking investment act
ions, and engaging in other professional activities.
Practice and encourage others to practice in a professional and ethical manner t
hat will reflect credit on ourselves and the profession.
Promote the integrity of, and uphold the rules governing, capital markets.
Maintain and improve their professional competence and strive to maintain and im
prove the competence of other investment professionals.
The ethics section is primarily concerned with compliance and reporting rules wh
en managing an investor's money or when issuing research reports. Some rules per
tain more generally to professional behavior (such as prohibitions against plagi
arism); others specifically relate to the proper use of the designation for char
terholders and candidates. These rules are delineated in the "Standards of Profe
ssional Conduct", within the context of an overarching "Code of Ethics"; see sid
ebar.
Quantitative methods[edit]
This topic area is dominated by statistics: the topics are fairly broad, coverin
g probability theory, hypothesis testing, (multi-variate) regression, and time-s
eries analysis. Other topics include time value of money incorporating basic valua
tion and yield and return calculations portfolio-related calculations, and technic
al analysis.
Economics[edit]
Both microeconomics and macroeconomics are covered, including international econ
omics (mainly related to currency conversions and how they are affected by inter
national interest rates and inflation). By Level III, the focus is on applying e
conomic analysis to portfolio management and asset allocation.
Corporate finance[edit]
The curriculum includes the more fundamental corporate finance topics capital inve
stment decisions, capital structure policy, and dividend policy as well as advance
d topics such as the analysis of mergers and acquisitions, corporate governance,
and business and financial risk.