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Level III Study Sessions

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The curriculum is organized into study sessions and each study session contains readings. There are learning outcome statements at the beginning of each reading.

Below you'll find current Level III study session outlines. Each study session includes learning outcome statements (LOS) and source references for the readings.

2023 Level III Exam Topic and Study Session Outlines

2023 Level III Topics combined
Topic Exam Weight
Economics 5–10% Study Session 2

Derivatives 5–10% Study Session 4
Fixed Income 15–20% Study Session 5 
Study Session 6

Equity Investments 10–15% Study Session 7
Study Session 8
Alternative Investments 5–10% Study Session 9
Portfolio Management 35–40% Study Session 1
Study Session 3
Study Session 10 
Study Session 11 
Study Session 12 
Study Session 13 
Study Session 14


Ethical and Professional Standards 10–15% Study Session 15
Study Session 16
Readings 31-33

2022 Level III Exam Topics and Study Session Outlines

2022 Level III Study Sessions combined


Topic Exam Weight Sessions
Economics 5–10% Study Session 2
Derivatives 5–10% Study Session 4
Fixed Income 15–20% Study Session 5 
Study Session 6
Equity Investments 10–15% Study Session 7
Study Session 8
Alternative Investments 5–10% Study Session 9
Portfolio Management 35–40% Study Session 1
Study Session 3
Study Session 10 
Study Session 11 
Study Session 12 
Study Session 13 
Study Session 14

Ethical and Professional Standards 10–15% Study Session 15
Study Session 16
Readings 31-33