CFA^® Level III Exam

An exploration of setting capital market expectations and the major tools of economic analysis. We first review the framework for developing expectations, then focus on macroeconomic analysis. We conclude with expectation setting for specific asset classes.

An illustration of how to use derivatives in investment decisions. We start by examining option strategies, then review swaps, forwards, and futures strategies. The topic concludes with an exploration of managing currency exposures.

An overview of fixed-income portfolio management. We examine liability-driven and index-based strategies in greater detail, then cover yield curve and credit strategies for fixed-income portfolios.

An overview of equity portfolio management leads into a discussion of two approaches for managing equity portfolio. Both passive and active equity strategies are included.

An exploration of hedge fund strategies, followed by a discussion of asset allocation to alternative investments. Learn why alternative investments present risk and return characteristics unique from traditional investments.

An overview of private wealth management and a deeper exploration of the topic. We explore risk management for individuals and portfolio management for institutional investors.

An overview of asset allocation and its principles. We discuss how real-world constraints impact asset allocation decisions. We conclude by covering various trade strategies and executions, performance evaluation, and investment manager selection.

An exploration of ethics in the investment profession. Through case studies, we illustrate practical application of the Code of Ethics and Standards of Professional Conduct. We conclude with two real-world violations with resulting regulatory actions.

This module focuses on forecasting market returns and building effective asset allocations. It addresses economic data challenges, strategic asset allocation, and advanced techniques like the Black-Litterman model. Real-world considerations such as liquidity, taxes, and behavioral biases are also explored, providing a well-rounded approach to asset allocation strategies.

This module covers the roles of equities and fixed-income in portfolios, including capital appreciation, income, diversification, and cost management. It addresses active vs. passive strategies, segmentation, liquidity, and leveraging techniques. Advanced asset allocation methods and practical considerations like taxes, fees, and behavioral biases are also explored.

This module covers key techniques for evaluating portfolio performance and selecting investment managers. Topics include return and risk attribution, benchmarking, and distinguishing skill from luck. The module also explores investment manager selection frameworks, considering both qualitative and quantitative factors, and concludes with an overview of Global Investment Performance Standards (GIPS) compliance.

This module explores key strategies for managing portfolios using options, swaps, futures, and forwards. It covers position equivalencies, spread strategies, managing interest rate and currency risks, and the role of derivatives in asset allocation. The module also introduces currency management, including hedging techniques, active currency strategies, and considerations for emerging markets.

This module explores the topic of ethics in the investment profession. Practical applications of the Code of Ethics and Standards of Professional Conduct are illustrated through case studies. The module concludes with two real-world violations and their resulting regulatory actions.

(If this is not your selected specialized pathway, you may change your exam in Manage Account.)

This module covers index-based strategies, including portfolio construction, tracking error, and investor activism. It also examines active equity strategies such as factor-based, top-down, and bottom-up approaches, alongside portfolio construction techniques. Additionally, it addresses fixed-income strategies, yield curve dynamics, credit risk management, and practical trade execution and liquidity management.

This module focuses on forecasting market returns and building effective asset allocations. It addresses economic data challenges, strategic asset allocation, and advanced techniques like the Black-Litterman model. Real-world considerations such as liquidity, taxes, and behavioral biases are also explored, providing a well-rounded approach to asset allocation strategies.

This module covers the roles of equities and fixed-income in portfolios, including capital appreciation, income, diversification, and cost management. It addresses active vs. passive strategies, segmentation, liquidity, and leveraging techniques. Advanced asset allocation methods and practical considerations like taxes, fees, and behavioral biases are also explored.

This module covers key techniques for evaluating portfolio performance and selecting investment managers. Topics include return and risk attribution, benchmarking, and distinguishing skill from luck. The module also explores investment manager selection frameworks, considering both qualitative and quantitative factors, and concludes with an overview of Global Investment Performance Standards (GIPS) compliance.

This module explores key strategies for managing portfolios using options, swaps, futures, and forwards. It covers position equivalencies, spread strategies, managing interest rate and currency risks, and the role of derivatives in asset allocation. The module also introduces currency management, including hedging techniques, active currency strategies, and considerations for emerging markets.

This module explores the topic of ethics in the investment profession. Practical applications of the Code of Ethics and Standards of Professional Conduct are illustrated through case studies. The module concludes with two real-world violations and their resulting regulatory actions.

(If this is not your selected specialized pathway, you may change your exam in Manage Account.)

This module explores key aspects of private investments, including structures, manager skills, liquidity, and performance metrics. It covers private equity strategies, debt options, special situations, and private real estate. The module also examines infrastructure investments, highlighting due diligence, valuation methods, and risk-return profiles across various private market asset classes.

This module focuses on forecasting market returns and building effective asset allocations. It addresses economic data challenges, strategic asset allocation, and advanced techniques like the Black-Litterman model. Real-world considerations such as liquidity, taxes, and behavioral biases are also explored, providing a well-rounded approach to asset allocation strategies.

This module covers the roles of equities and fixed-income in portfolios, including capital appreciation, income, diversification, and cost management. It addresses active vs. passive strategies, segmentation, liquidity, and leveraging techniques. Advanced asset allocation methods and practical considerations like taxes, fees, and behavioral biases are also explored.

This module covers key techniques for evaluating portfolio performance and selecting investment managers. Topics include return and risk attribution, benchmarking, and distinguishing skill from luck. The module also explores investment manager selection frameworks, considering both qualitative and quantitative factors, and concludes with an overview of Global Investment Performance Standards (GIPS) compliance.

This module explores key strategies for managing portfolios using options, swaps, futures, and forwards. It covers position equivalencies, spread strategies, managing interest rate and currency risks, and the role of derivatives in asset allocation. The module also introduces currency management, including hedging techniques, active currency strategies, and considerations for emerging markets.

This module explores the topic of ethics in the investment profession. Practical applications of the Code of Ethics and Standards of Professional Conduct are illustrated through case studies. The module concludes with two real-world violations and their resulting regulatory actions.

(If this is not your selected specialized pathway, you may change your exam in Manage Account.)

This module explores key elements of managing private wealth, including industry structure, client segmentation, fee models, and regulatory principles. It covers working with wealthy clients, family dynamics, estate and investment planning, and wealth preservation. Topics also include managing concentrated positions, advising multijurisdictional families, and strategies for wealth transfer, offering a comprehensive overview of private wealth management.