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CFA Level 3 Syllabus 2025: Subjects-wise Topic, Curriculum - Download PDF
Edited By Mirza Farhan Baig | Updated on Jan 15, 2025 04:36 PM IST | #CFA Exam
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Institute of Chartered Financial Analyst has prescribed the latest syllabus for CFA exam level 3. Aspirants can access the CFA level 3 syllabus 2025 from the official website - cfainstitute.org. Candidates eligible to appear in CFA level 3 exam are advised to go through the exam pattern, important topics and the weight given to each topic. There are multiple changes made in the syllabus of CFA Level 3. Check the entire article to know the latest syllabus and topics.
This Story also Contains
- CFA Level 3 Exam Pattern 2025
- CFA Level 3 Syllabus 2025
- CFA Level 3 Preparation Tips
- CFA Level 3 Study Material
The CFA Level 3 exam is conducted twice a year, in the months of February and August. It is the final level in the CFA exam and some of the subjects present in the earlier levels are absent from the CFA Level 3 syllabus due to zero weight. Read the full article to know more about the CFA Level III syllabus, pattern, topics and more.
CFA Level 3 Exam Pattern 2025
The CFA institute officially prescribes the CFA level 3 exam pattern such as exam duration, type of questions asked, exam language, and marking scheme. The CFA level III exam consists of item sets consisting of vignettes with accompanying multiple-choice items and constructed response (essay) questions.
Exam pattern of CFA level 3
Particulars | Details |
Medium of exam | English |
type of questions | Vignette-supported
|
Duration of exam | 4 hours and 24 minutes |
Marking scheme |
|
Mode of exam | Computer-based |
CFA Level 3 Syllabus 2025
The CFA Institute provides syllabus of CFA level III exam and the list of important topics on its official website. The official curriculum of CFA level 3 covers complete details related to the CFA Level 3 topics, sub-topics covered as well as the weightage carried by each topic.
CFA Level 3 Subject Weightage (New)
| CFA level 3 topics | Weightage |
| Asset Allocation | 15-20% |
| Portfolio Construction | 15-20% |
| Performance Measurement | 5-10% |
| Derivatives and Risk Management | 10-15% |
| Ethical and Professional Standards | 10-15% |
| Pathways (Portfolio Management or Private Market or Private Wealth) | 30-35% |
Detailed CFA Level 3 Syllabus
Candidates must go through the entire syllabus of CFA level 3 before starting the preparation. Following listed are the topics covered under each subject of CFA level 3:
1. Asset Allocation
- Capital Market Expectations, Part 1: Framework and Macro Considerations
- Capital Market Expectations, Part 2: Forecasting Asset Class Returns
- Overview of Asset Allocation
- Asset Allocation with Real-World Constraints
2. Portfolio Construction
- Overview of Equity Portfolio Management
- Overview of Fixed-Income Portfolio Management (Minor Updates)
- Asset Allocation to Alternative Investments
- An Overview of Private Wealth Management (New)
- Portfolio Management for Institutional Investors
- Trading Costs and Electronic Markets (New)
- Case Study in Portfolio Management: Institutional (SWF)
3. Performance Measurement
- Portfolio Performance Evaluation
- Investment Manager Selection (Minor Updates)
- Overview of the Global Investment Performance Standards
4. Derivatives and Risk Management
- Option Stratergies
- Swaps, Forwards, and Futures Strategies
- Currency Management: An Introduction
5. Ethical and Professional Standards
- Code of Ethics and Standards of Professional Conduct
- Guidance for Standards I–VII
- Application of the Code and Standards: Level III
6. (A) Portfolio Management Pathway
- Index-Based Equity Strategies (New)
- Active Equity Investing: Strategies
- Active Equity Investing: Portfolio Construction
- Liability Driven and Index-Based Strategies
- Fixed-Income Active Management: Yield Curve Strategies
- Fixed-Income Active Management: Trade Strategy and Execution
- Case Study in Portfolio Management: Institutional
- Trade Strategy and Execution
(B) Private Wealth Pathway
- The Private Wealth Management Industry
- Working with the Wealthy
- Wealth Planning
- Investment Planning
- Preserving the Wealth
- Advising the Wealthy
- Transferring the Wealth
(C) Private Market Pathway
- Private Investments and Structures
- GP and LP Perspectives and the Investment Process
- Private Equity
- Private Debt
- Private Special Situations
- Private Real Estate
- Infrastructure
CFA Level 3 Exam Question Format
According to CFA Level 3 paper pattern, item sets and constructed response (essay) sets will be mixed within each of the two exam sessions, so each session will have either 6 item sets and 5 essay sets or 5 item sets and 6 essay sets.
Constructed response (essay) format
The first session will be vignette-supported essay sets that have items with three different methods of entering a response: essay, numerical entry, multiple choice. Each essay set will have a variable number of items, and each one is worth a variable-number points. There may be multiple questions within one essay item.
Item set format
The second session of the CFA Level 3 exam consists of 44 multiple choice items, each worth 3 points. Each item set on the CFA exam consists of a vignette followed by 4 multiple-choice questions.
Example Level 3 Exam Questions - Level 3 item set questions (PDF)
CFA Level 3 Preparation Tips
For the preparatory purpose, candidates should refer to the level 3 past question papers of CFA level 3 exam, attempt some CFA level 3 sample papers and mock tests to get a grasp on the topics covered. CFA level 3 question paper also has essay questions, hence knowledge on how to solve the essay questions is equally important along with solving MCQs.
CFA Level 3 exam tips
Exam questions referring to Financial Statement Analysis are based on International Financial Reporting Standards (IFRS) unless otherwise specified. When a question is based on US GAAP, it will be stated in the question.
Be comfortable with your calculator. Make sure you know how to use the calculator features needed to address the learning outcome statements (LOS).
Answer all questions. There is no penalty for incorrect answers.
Dress comfortably. There is no dress code, but dress in layers for comfort.
Take a mock exam to practice answering exam questions. This experience is designed to mimic the actual exam-day.
Learn how hardware/software at the test centres may impact your exam-day experience.
Review the CFA exam calendar for key dates and to meet pre-exam deadlines.
CFA Level 3 Study Material
The CFA Institute also releases study material for CFA Level 3 so that candidates can prepare for the exams in a bettern manner. Students preparing for the exam must thoroughly go through the CFA Level 3 official curriculum given by the CFA institute. The CFA institute has released the 2025 exam curriculum of CFA Level 3 too. Apart from the curriculum, candidates can refer to the CFA Level 3 Learning Ecosystem to access study resources. Students can also take help of CFA practice questions, mock exams, practice packs and more for their CFA Level 3 preparation. Here is a list of CFA Level 3 study resources available for preparation:
- CFA mock exams
- CFA practice questions
- CFA official curriculum
- CFA Practice Pack (additional purchase required)
- CFA approved prep providers
- CFA learning ecosystem
Frequently Asked Questions (FAQs)
1. Is 4 Months enough for CFA Level 3?
Aspirants must start preparing for the CFA level 3 exam well in advance as the exam is tougher than the CFA level 2.
2. Is CFA Level 3 MCQ based?
In CFA level 3 exam, item sets and constructed response (essay) sets will be mixed within each of the two exam sessions, so each session will have either 6 item sets and 5 essay sets or 5 item sets and 6 essay sets.
3. What is CFA Level 3 passing rate?
The overall CFA level 3 pass rate is 52% since the last ten years.
4. Is CFA level 3 easier than level 2?
CFA level 3 is tougher than the CFA level 2 exam. Candidates must plan well in advance and stick to the study schedule to clear the exam.
5. How many questions in CFA Level 3?
The CFA Level 3 will have 8 to 10 vignette-supported essay sets in the morning session and 44 vignette-supported multiple-choice questions in the afternoon session.
6. What is the hardest topic in CFA Level 3?
Some of the hardest topics in CFA Level 3 are are Fixed Income, Ethics, Equity Investments, Alternative Investments and Derivatives.
7. What is the paper pattern of CFA Level 3?
The CFA Level 3 exam basically consists of a vignette followed by 4 multiple-choice questions.
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