We’re using cookies, but you can turn them off in Privacy Settings.  Otherwise, you are agreeing to our use of cookies.  Accepting cookies does not mean that we are collecting personal data. Learn more in our Privacy Policy.

Level III Topic Outlines

  • Have you tried the Learning Ecosystem yet? Improve your knowledge retention with flash cards, personalized study plans, mock exams and more! Access the Learning Ecosystem online or download the app by searching for "CFA Institute Learning" in the Apple App Store or Google Play store.

    Log in Now

The curriculum is organized into topics, and each topic contains learning modules. There are learning outcome statements at the beginning of each learning module.

Below you'll find current outlines by level. Each outline includes learning outcome statements (LOS) and source references for the learning modules.

2024 Level III Topic Outlines

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
Share on Facebook Share on Weibo Share on Twitter Share on LinkedIn