Changes to the CFA Level II exam in 2025 compared to 2024 include: Portfolio Management: Topics from Portfolio Parts 1 and 2 have been combined into a single Portfolio Management section to streamline the content. Content Updates: New case studies have been added, along with behavioral bias and Porter’s Five Forces. ESG Focus: Corporate Issuers now includes new ESG disclosure requirements, reflecting global trends. Topic Weights: These remain unchanged, ensuring consistency for candidates using 2024 materials.
