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2023 Level III Curriculum Overview

Extensive work through practice analysis and curriculum development means that the CFA® Program curriculum is continually evaluated to ensure it will equip candidates with the knowledge and skills that reflect current investment management practice.

For the 2023 exam cycle, content at Level III will remain frozen from the 2022 curriculum. Refer to the tables below to see the topic areas and readings that will appear in the 2023 curriculum. Please note that when you register for your CFA Program exam, you receive the curriculum aligned with the exam you will take. Exam questions will be based solely on the current curriculum year readings.

Interested to see how the Level III curriculum has evolved in recent years? Visit Level III Curriculum: What Changed for 2022.

The Behavioral Biases of Individuals
Behavioral Finance and Investment Processes
Capital Market Expectations, Part I: Framework and Macro Considerations
Capital Market Expectations, Part II: Forecasting Asset Class Returns
Overview of Asset Allocation
Principles of Asset Allocation
Asset Allocation with Real-World Constraints
Options Strategies
Swaps, Forwards, and Futures Strategies
Currency Management: An Introduction
Overview of Fixed-Income Portfolio Management
Liability-Driven and Index-Based Strategies
Yield Curve Strategies
Fixed-Income Active Management: Credit Strategies
Overview of Equity Portfolio Management
Passive Equity Investing
Active Equity Investing: Strategies
Active Equity Investing: Portfolio Construction
Hedge Fund Strategies
Asset Allocation to Alternative Investments
Overview of Private Wealth Management
Topics in Private Wealth Management
Risk Management for Individuals
Portfolio Management for Institutional Investors
Trade Strategy and Execution
Portfolio Performance Evaluation
Investment Manager Selection
Case Study in Portfolio Management: Institutional
Case Study in Risk Management: Private Wealth
Integrated Cases in Risk Management: Institutional
Code of Ethics and Standards of Professional Conduct
Guidance for Standards I–VII
Application of the Code and Standards: Level III
Asset Manager Code of Professional Conduct
Overview of the Global Investment Performance Standards

See all readings and exam topics in the Level III Study Sessions (candidate login required)