How to Study for the CFA Level III
Your chosen pathway is the largest part of CFA Level III at 30 to 35%. Asset allocation and portfolio construction follow at 15 to 20% each, and the exam mixes item sets with constructed-response essays.
Start with the CFA Institute outline
About the CFA Level III exam
Work through each section
Asset Allocation15-20%
- Asset Allocation
Portfolio Construction15-20%
- Portfolio Construction
Performance Measurement5-10%
- Performance Measurement
Derivatives and Risk Management10-15%
- Derivatives and Risk Management
Ethical and Professional Standards10-15%
- Ethical and Professional Standards
Pathway30-35%
- Portfolio Management Pathway
- Private Markets Pathway
- Private Wealth Pathway
Practice by topic
Mix topics in one practice set
More study guides
Practice the CFA Level III
Sources
CFA Institute
- CFA Institute Level III exam topics and pathways ↗
- CFA Institute Standard III(C) (Suitability) ↗
- CFA Institute Standard II(B) (Market Manipulation) ↗
- CFA Institute Standard IV(C) (Responsibilities of Supervisors) ↗
- CFA Institute Standard IV(A) (Loyalty) ↗
- CFA Institute Standard VI(A) (Avoid or Disclose Conflicts) ↗
- CFA Institute Standard V(A) (Diligence and Reasonable Basis) ↗
- CFA Institute Standard I(B) (Independence and Objectivity) ↗
The official rules and outlines this exam's practice questions cite, last accessed October 2026.
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