Level III now combines a common core with one selected official pathway. The pathway should not be mixed casually into the common-core reading flow. Candidates first need the shared portfolio logic, then the pathway-specific application layer that matches the exam they actually registered for.
As of April 23, 2026, the pathway map below follows the official 2026 CFA Institute Level III pathway model. The public guide keeps pathway hubs separate from common-core pages so candidates can study the right track without treating pathway material as universal Level III coverage.
Current Pathway Map
| Official pathway | Public hub | What it is for | Current status |
|---|
| Portfolio Management Pathway | Portfolio Management Pathway | Public-markets portfolio design, implementation, active/passive equity, fixed income, execution, and institutional case logic. | First lesson batch live |
| Private Markets Pathway | Private Markets Pathway | Illiquidity, due diligence, private asset structures, and private-market decision logic. | Hub live |
| Private Wealth Pathway | Private Wealth Pathway | Advice, constraints, taxes, concentrated wealth, and private-client portfolio logic. | Hub live |
Use the pathway hubs as structured coverage maps. Substantive pathway lessons will follow in later batches.
In this section
- Portfolio Management Pathway for CFA Level III
Level III pathway hub for portfolio-management-specific applications beyond the common core.
- Index-Based Equity Strategies
How the Level III Portfolio Management pathway tests index-based equity design, replication choices, factor indexes, and tracking-error control.
- Active Equity Strategy Selection
How the Level III Portfolio Management pathway tests active equity strategy types, process fit, style classification, and source-of-alpha discipline.
- Active Equity Portfolio Construction
How the Level III Portfolio Management pathway tests Active Share, active risk, risk budgeting, capacity, liquidity, turnover, and portfolio efficiency.
- LDI and Index-Based Fixed-Income Strategies
How the Level III Portfolio Management pathway tests liability-driven investing, passive bond exposure, bond-index choice, and fixed-income implementation risk.
- Yield Curve Strategies
How the Level III Portfolio Management pathway tests rate-level, slope, shape, volatility, key-rate duration, currency, and expected-return logic in active fixed income.
- Credit Strategies
How the Level III Portfolio Management pathway tests active credit strategy, OAS, spread views, liquidity, tail risk, CDS, international credit, and structured instruments.
- Trade Strategy and Execution
How the Level III Portfolio Management pathway tests trade motivation, execution strategy, benchmarks, algorithms, trade-cost measurement, and trading governance.
- Institutional Endowment Case
How the Level III Portfolio Management pathway integrates liquidity, illiquidity premium, allocation, manager-selection ethics, derivatives overlays, and ESG in an endowment-style case.
- Private Markets Pathway for CFA Level III
Level III pathway hub for private-market structures, illiquidity, and due-diligence judgment.
- Private Wealth Pathway for CFA Level III
Level III pathway hub for private-client constraints, taxes, and wealth-planning portfolio logic.