CFA Level III shifts from valuing single assets to managing whole portfolios and planning client wealth. Its format combines constructed-response (essay) questions with item sets, and from 2025 candidates choose a specialised pathway. This is a plain-English summary; exact weights and structure are set by CFA Institute, so confirm them with the official curriculum.
| Area | Note at Level III |
|---|---|
| Portfolio management (core) | The IPS, asset allocation, rebalancing — the heart of Level III |
| Risk management | Managing portfolio risk, including with derivatives |
| Fixed-income portfolio management | Managing bonds within the whole portfolio |
| Equity portfolio management | Active and passive equity approaches |
| Behavioural finance | Biases affecting investor and adviser decisions |
| Performance evaluation | Measuring results against a benchmark |
| Private wealth / institutional | Planning for individuals and institutions |
| Ethical and Professional Standards | Applied to advisory and portfolio situations |
The 2025 pathways
On top of a common core (which still includes portfolio management and ethics), candidates choose one specialised pathway: Portfolio Management, Private Markets or Private Wealth. Pick the pathway that matches your career direction. Confirm the current structure and weights with CFA Institute, as the program is periodically updated.