CFA Level 3 Syllabus 2025: Subjects-wise Topic, Curriculum - Download PDF

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

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)

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