CFA Level III
Level III
Synthesize portfolio management and wealth planning — the constructed-response capstone of the CFA program.
One-time payment · Lifetime access
- ✓27 video lessons
- ✓Downloadable study notes
- ✓Practice question bank
- ✓Progress tracking
- ✓Certificate of completion
- ✓Lifetime access & updates
Topics covered
Course Curriculum
1 section · 27 lessons
Curriculum
CFA Level III: What Makes It Different
Introduction to the CFA Level III exam: how it differs from Levels I and II, and what to focus on.
Focus on the Core 70%
How to prioritize the 70 percent of the Level III curriculum that matters most for passing.
Capital Market Expectations
Overview of the CME framework — the foundation of all asset allocation decisions at Level III.
Asset Allocation
Introduction to strategic asset allocation — the primary determinant of long-run portfolio performance.
Goal-Based Investing
Goal-based investing for private clients: aligning portfolios with specific financial goals.
Principles of Asset Allocation
Core principles: MVO, Monte Carlo, Black-Litterman, risk budgeting, and factor-based allocation.
Portfolio Construction Overview
Building portfolios: implementation choices, rebalancing, and cost management.
Asset Classes Covered
A tour of the asset classes covered at Level III: equities, fixed income, alternatives, and more.
Equities at Level III
Equity portfolio management: active vs. passive, factor investing, and benchmark selection.
Fixed Income Refresher
Fixed-income essentials refreshed for Level III: duration, convexity, and portfolio applications.
Alternatives Overview
Alternative investments: private equity, real estate, hedge funds, and commodities for Level III.
Private Wealth Management
Private wealth management: taxes, estate planning, and behavioral considerations.
Institutional Investors
Institutional clients: pension funds, endowments, sovereign wealth funds, and insurance companies.
Trading and Market Structure
Execution, trading costs, and market microstructure for portfolio managers.
Performance Measurement
Measuring portfolio performance: attribution, appraisal, and GIPS compliance.
Derivatives and Risk Management
Using derivatives for hedging and portfolio risk management at the institutional level.
Currency Reading
Currency management: hedging decisions, forecasting, and portfolio applications.
Ethics and Professional Standards
Ethics review for Level III: the Code and Standards applied to portfolio management scenarios.
Study Order Strategy
Recommended order to study Level III topics for maximum exam efficiency.
Trusts: Introduction
Introduction to trusts in private wealth management.
Trusts: Goal and Structure
The purpose of trusts and their basic structural components.
Trusts: Basic Concepts
Core trust concepts: grantor, trustee, beneficiary, and trust property.
Trusts: Protection from Grantor Side
How trusts protect assets from risks on the grantor side.
Trusts: Protection from Beneficiary Side
How trusts protect assets from risks on the beneficiary side.
Annuities: Geometric Sum (Infinite)
Geometric sum formulas for perpetual annuity calculations.
Annuities: Life Expectancy
Incorporating life expectancy into annuity calculations.
Annuities: Real After-Tax Return and Inflation
After-tax real return adjustments in annuity planning.