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