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Exam Information
Official specifications published by CFA Institute
Exam Format
Professional
Registration
$1095 USD
Pearson VUE, Prometric
Validity
Lifetime
No recertification required for the CFA charter; Annual CFA Institute membership dues required to maintain charter; Continuing education encouraged through CFA Institute programs
CFA-LEVEL-3 Exam Topics and Domains
CFA-LEVEL-3 is organized into 6 weighted domains. Expect to work with GIPS compliance software, Optimization software, Performance reporting systems, Risk management systems.
1
Asset Allocation
17.5%
Capital Market Expectations
Economic Models and AnalysisAsset Class Forecasting
- Demonstrate the application of economic models in forecasting
- Analyze challenges and limitations in economic forecasting
- Develop capital market expectations across asset classes
Strategic and Tactical Asset Allocation
Asset Allocation MethodologiesPortfolio Optimization
- Compare and contrast asset allocation approaches
- Apply portfolio optimization methodologies
- Evaluate optimization results and limitations
2
Portfolio Construction
17.5%
Equity Portfolio Management
Equity Integration and SegmentationOwnership Costs and Engagement
- Evaluate equity portfolio management approaches
- Analyze ownership costs and their impact
- Implement shareholder engagement strategies
Fixed-Income Portfolio Management
Fixed-Income Risk and ReturnLiquidity, Leverage, and Tax Strategies
- Analyze fixed-income portfolio risk measures
- Evaluate leverage and liquidity effects
- Implement tax-efficient fixed-income strategies
3
Performance Measurement
7.5%
Portfolio Performance Evaluation
Performance MeasurementAttribution Analysis
- Calculate and interpret portfolio performance measures
- Apply attribution analysis methodologies
- Evaluate performance against benchmarks
Benchmark Selection and GIPS
Benchmark Quality and SpecificationGlobal Investment Performance Standards (GIPS)
- Evaluate benchmark quality and appropriateness
- Demonstrate understanding of GIPS standards
- Construct compliant performance presentations
4
Derivatives and Risk Management
12.5%
Option Strategies
Basic Option StrategiesSpread and Combination StrategiesSynthetic Positions
- Implement option strategies for portfolio management
- Analyze payoff profiles of option combinations
- Create synthetic positions using derivatives
Swaps, Forwards, and Futures
Interest Rate Risk ManagementCurrency and Equity Risk Management
- Apply derivative strategies to manage portfolio risks
- Evaluate hedging effectiveness
- Implement currency and equity risk management
5
Ethical and Professional Standards
12.5%
Code of Ethics and Standards of Professional Conduct
Application of the Code and Standards
- Apply the Code of Ethics to practice scenarios
- Identify violations of Standards of Professional Conduct
- Recommend actions to maintain ethical standards
Asset Manager Code and GIPS
Asset Manager Code of Professional Conduct
- Apply the Asset Manager Code to practice
- Evaluate asset management practices for compliance
- Implement best practices in portfolio management
6
Specialized Pathways (Choose One)
32.5%
How do I earn this certification?
Passing CFA-LEVEL-3 earns the CFA Charter certification. It sits in the Investment Management track.
Alternative Paths
- cipm - Certificate in Investment Performance Measurement (CIPM)Specialized credential in investment performance and risk measurement
- caia-level-1 - Chartered Alternative Investment Analyst (CAIA) Complementary credential focusing on alternative investments
- frm-part-1 - Financial Risk Manager (FRM) Complementary credential in financial risk management
- cfp - Certified Financial Planner For those pursuing private wealth pathway, CFP provides complementary financial planning expertise
Practice with Precision
The PlanetCert Simulator mirrors the real exam environment with authentic questions and timed pressure.
How to study for this exam?
The most effective way to prepare for CFA-LEVEL-3 is by using the PlanetCert Simulator to practice questions and review detailed explanations.
What's changed on this exam?
Current Status
- ACTIVE
- Announcement date: 2024-08-15
Updates
- ESG Integration in Portfolio Management 2025 Enhanced Content Increased emphasis on sustainable investing across all pathways • Release date: 2025-01-01
- AI and Machine Learning in Investment Management 2025 New Content New learning outcomes on AI applications in portfolio management • Release date: 2025-01-01
- Digital Assets and Cryptocurrencies 2025 Updated Content Expanded coverage in alternative investments and private markets pathway • Release date: 2025-01-01
Who should take this exam?
This exam is typically taken by Investment analysts and Portfolio managers.
Type: exam; Name: CFA Level II; Exam Code: cfa-level-2; Description: Must pass CFA Level II before registering for Level III
- Four years of professional investment experience
- Strong understanding of portfolio management concepts
- Proficiency with financial calculators
- Essay writing skills