AAFM-CPM Exam Information and Outline
Chartered Portfolio Manager
Syllabus Update Checked on: November 3, 2026
AAFM-CPM Exam Syllabus & Study Guide
Before you start practicing with our exam simulator, it is essential to understand the
official AAFM-CPM exam objectives. This course outline serves as your roadmap.
The information below reflects the 2026 syllabus defined by
AAFM.
Below are complete topics detail with latest syllabus and course outline, that will help you good knowledge about exam objectives and topics that you have to prepare. These contents are covered in questions and answers pool of exam.
- Exam Format
- Online, multiple-choice examination
- Passing score: 50% (no negative marking)
- Investment Environment and Financial Markets
- Financial markets and instruments
- Market organization, trading and market efficiency
- Portfolio Theory
- Risk and return measurement
- Modern portfolio theory, efficient frontier and diversification
- Capital Asset Pricing Model (CAPM) and Arbitrage Pricing Theory
- Multi-factor models
- Asset Allocation and Portfolio Construction
- Investment policy statement and client objectives/constraints
- Strategic and tactical asset allocation
- Rebalancing strategies
- Equity Portfolio Management
- Equity valuation and security analysis
- Active vs. passive management; style investing
- Technical analysis fundamentals
- Fixed Income Portfolio Management
- Bond valuation, duration and convexity
- Immunization and yield curve strategies
- Derivatives and Alternative Investments in Portfolios
- Hedging with futures, options and swaps
- Hedge funds, private equity, real estate, commodities
- Behavioral Finance
- Investor biases and their impact on portfolio decisions
- Performance Measurement and Attribution
- Sharpe, Treynor, Jensens alpha, information ratio
- Performance attribution and GIPS standards
- Risk Management
- Value at Risk (VaR) and stress testing
- Ethics and Professional Standards