Your Guide to CFA Level III Pathways

As the CFA Institute updates its curriculum, you'll notice some changes if you're preparing for the Level III exam in 2025. This time around, you get to choose your own adventure with three specialized pathways, each designed to focus on different areas of the investment industry.

• Portfolio Management
• Private Markets
• Private Wealth

In the article below, we'll dive into each of these pathways, helping you figure out which one suits you best and why Salt Solutions is the top choice for your CFA Level III prep!

This time around, you get to choose your own adventure with three specialized pathways.

Specialized Pathways Include Unique Content

Starting with the February 2025 exam, the CFA Level III curriculum will be divided into two main components: the Core Curriculum and Specialized Pathways.

Core Curriculum (65–75%)

This portion remains consistent across all pathways and covers common essential topics for Level III of the CFA exam:

• Asset Allocation
• Portfolio Construction
• Performance Measurement
• Derivatives & Risk Management
• Ethics

Specialized Pathways (25–35%)

This portion focuses on more specific areas of expertise depending on your selected pathway:

• Portfolio Management: Concentrates on institutional portfolio management with topics including index-based equity strategies, active equity investing, and liability-driven fixed income approaches.
• Private Markets: Emphasizes private equity, private debt, and alternative investments, with a focus on investment structures and processes.
• Private Wealth: Targets high-net-worth clients by covering wealth planning, advising affluent clients, and wealth transfer strategies.

Even though these specialized pathways bring new content to the exam, they won't change the presentation of your CFA charter. No matter which path you choose, your final charter will be the same as everyone else's, ensuring that all CFA charterholders are recognized equally, regardless of their chosen specialization.

No matter which path you choose, your final charter will be the same as everyone else's.

What to Consider When Selecting Your Pathway

Your pathway choice should align with your career goals, interests, and strengths. Here’s a brief overview of the key benefits of each pathway.

Portfolio Management

If you're looking to build a career in traditional or institutional investing, this pathway is a solid choice. It covers strategies that have been a core part of the Level III curriculum for years, making it a popular option. Plus, if you're unsure about which path to take, this one has the most resources and practice materials available, thanks to its long-standing presence.

Private Markets

If you're drawn to alternative investments and private equity, this pathway is for you. It goes deep into niche markets and puts a special focus on non-public assets. The topics you'll cover are key for anyone managing private funds, venture capital, or infrastructure investments.

Private Wealth

If you’re aiming to work closely with high-net-worth individuals and families, the Private Wealth pathway is for you. It offers insights into wealth planning, preservation, and advisory services, making it especially valuable if you’re headed into private banking or wealth management roles.

Our learning materials, mock exams, and resources are tailored specifically to each Level III pathway.

How Does Salt Solutions Help You Succeed?

Choosing the right pathway can be daunting, especially when this decision impacts the direction of your career. Our product is designed to alleviate that pressure.

Access All Level 3 Pathways

When you purchase our Level III product, you gain access to all three pathways. This flexibility allows you to explore the content before committing to a final choice. Whether or not you’ve selected your pathway with the CFA Institute, you can purchase our product and explore each track in depth.

Pathway-Specific CFA Prep

We treat each pathway as a unique exam experience. Our learning materials, mock exams, and resources are tailored specifically to the individual needs of each pathway. This focus ensures that you receive the most targeted and comprehensive support possible, no matter which path you select.

Choose Your Pathway with Salt Solutions

The new format of multiple CFA Level III pathways provides tailored options to align your studies with your career goals. With our comprehensive support across all pathways, you can confidently choose the path that best suits your ambitions, knowing you have the resources needed to succeed. Reach out to our team if you have questions.