CFA Level 3 Pathways

“For 2025 Level III exams, we will introduce specialized pathways – two new versions of Level III in Private Wealth and Private Markets – while also keeping our traditional Portfolio Management path. Candidates will be able to select a path that teaches content more directly related to their interests and aspirations. The three versions will have a ‘common core’ of curriculum at Level III, supplemented by specialized content for each pathway.” — CFA Institute

CFA Level 3 Common Core

  1. CME Part I & II
  2. Overview Asset Allocation
  3. Principles of Asset Allocation
  4. Asset Allocation with Real World Constraints
  5. Option Strategies
  6. Swaps, Forwards & Futures Strategies
  7. Currency Management
  8. Overview of Equity Portfolio Mgt.
  9. Overview of Fixed Income Mgt.
  10. Asset Allocation to Alternatives
  11. Overview of Private Wealth Mgt.
  12. Portfolio Mgt for Institutions
  13. Trading Costs & Electronic Markets
  14. Institutional Case Study
  15. Portfolio Performance Evaluation
  16. Investment Manager Selection
  17. Overview GIPS
  18. Ethics Code, Standards, Applications & Cases

Choose Your Pathway:

Portfolio Management

  1. Index Based Equity Strategies
  2. Active Equity Investing: Strategies
  3. Active Equity Investing: Portfolio Construction
  4. Liability Driven & Index Based Strategies
  5. Yield Curve Strategies
  6. Fixed Income Credit Strategies
  7. Trade Strategy & Execution
  8. Case Study Institutional – Quinco

Private Wealth

  1. The Private Wealth Management Industry
  2. Working with the Wealthy
  3. Wealth Planning
  4. Investment Planning
  5. Preserving the Wealth
  6. Advising the Wealthy
  7. Transferring the Wealth

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Private Markets

  1. Private Investments & Structures
  2. General Partner & Investor Perspectives & the Investment Process
  3. Private Equity
  4. Private Debt
  5. Private Special Situations
  6. Private Real Estate Investments
  7. Infrastructure

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