If you're curious about the subjects covered in the 2026 CFA exam, we’ve prepared a detailed breakdown for you below. Feel free to save this information for future reference.
1. **2026 CFA Exam Fees**
(1) **One-time registration fee:** $350 in 2025 (waived for 2026).
(2) **Registration fees:**
- **Early Bird Pricing:**
- For 2025:
- Level I and II: $990
- Level III: $1,090
- For 2026:
- Level I and II: $1,140
- Level III: $1,240
- **Standard Pricing:**
- For 2025:
- Level I and II: $1,290
- Level III: $1,390
- For 2026:
- Level I and II: $1,490
- Level III: $1,590
(3) **Sales Tax:**
- New student tax: approximately $78
- Senior student tax: approximately $45
First-time applicants for the CFA Level I exam are considered new students and must pay the new student tax. Those applying for Levels II or III or retaking the exam should pay the senior student tax.
2. **Subjects Covered in Each CFA Level**
The CFA Level I and II exams cover similar subject areas, including: professional ethics, quantitative analysis, economics, financial statement analysis, corporate finance, portfolio management, equity investment, fixed income investment, derivatives investment, and alternative investments.
**Key Differences Between Level I and Level II:**
- **Level I** serves as an introductory exam, focusing on foundational knowledge of investment tools, financial statement analysis, and basic investment concepts.
- **Level II** emphasizes asset valuation, equity and fixed income valuation, derivatives, case studies on product pricing, and portfolio analysis.
**CFA Level III Subjects:**
Economics, derivatives investment, portfolio management, equity investment, fixed income investment, alternative investment, and professional ethics.
*Please note:* The above information is based on current policies and may be subject to change. For the most accurate updates, please refer to official announcements from the CFA Institute.
3. **2026 CFA Exam Time Allocation**
The exam will consist of two sessions, each lasting 2 hours and 12 minutes, for a total of 4 hours and 24 minutes.
- **First Session (2h12m):** 11 item sets, which may include either "5 multiple-choice questions + 6 essay-style case questions" or "6 multiple-choice questions + 5 essay-style case questions."
- **Second Session (2h12m):** Also 11 item sets with the same question formats as above.
Each item set will clearly indicate the subject being tested and its total score. Questions across different subjects will be randomly distributed between the two sessions.
4. **Exam Subjects and Weightings**
Here’s a breakdown of the subjects and their approximate weightings for each level:
**CFA Level I (10 subjects):**
- Professional Ethics (15–20%)
- Quantitative Analysis (6–9%)
- Economics (6–9%)
- Financial Statement Analysis (11–14%)
- Corporate Finance (6–9%)
- Equity Investment (11–14%)
- Fixed Income Investment (11–14%)
- Derivatives Investment (5–8%)
- Alternative Investments (7–10%)
- Portfolio Management (8–12%)
**CFA Level II (10 subjects with adjusted weights):**
- Professional Ethics (10–15%)
- Quantitative Analysis (5–8%)
- Economics (5–8%)
- Equity Investment (15–20%)
- Fixed Income Investment (15–20%)
- Derivatives Investment (15–20%)
- Alternative Investments (5–10%)
- Portfolio Management (10–15%)
- Corporate Finance (5–10%)
- Financial Statement Analysis (5–10%)
**CFA Level III (6 subjects with practical focus):**
- Asset Class Allocation (15–20%)
- Portfolio Construction (15–20%)
- Asset Performance Evaluation (5–10%)
- Derivatives & Risk Management (10–15%)
- Professional Ethics (10–15%)
- One of three specialized tracks: Portfolio Management, Private Equity Markets, or Private Wealth (30–35%)
*Note:* While the number of subjects decreases at Level III, the emphasis on portfolio management increases significantly. This level includes more complex case-based questions, making it the most challenging of the three levels.