What are CFA Level III Specialized Pathways?

Specialized pathways are curriculum tracks CFA^® candidates can select from when registering for the CFA Level III exam. Each path was developed to give you more options to learn content directly related to your career goals. In this article, we will help you understand each specialized pathway and help you figure out which one will work for you best.

Table of Contents

• Private Wealth Pathway

• Private Markets Pathway

• Portfolio Management Pathway

• Frequently Asked Questions

CFA Level III Path in Private Wealth

The specialized pathway in private wealth will be available for you to select starting with the February 2025 exam window for Level III. CFAI has not released the entire curriculum for the private wealth pathway yet but it will include specialized content for private wealth management topics.

Some common topics already present in the Level III curriculum that relate to private wealth management include:

• The private wealth management industry

• Client relationship management

• Financial planning

• Investment policy statement development

• Portfolio construction

• Risk management

• Tax planning

• Estate planning

So if you are already working in private wealth management and pursuing the CFA charter as a way to demonstrate your expertise and commitment, this specialized pathway will be a good choice for you. For the same reasons, it will also be a good option for you if you intend to specialize in this area of financial planning.

CFA Level III Path in Private Markets

The specialized pathway in private markets will also be available to select starting with the February 2025 exam window for Level III. The entire curriculum for this specialized pathway is not available yet but if you decide to pursue this specialization, expect to dig deeper into curriculum topics such as:

• Private equity

• Venture capital

• Infrastructure

• Real assets

• Private debt

The private markets pathway will be a good fit for you if you already manage investments in this area of investment management or you intend to switch to or specialize in a private markets-focused role.

If you are planning to use this specialized pathway as a way to move into a new role, consider learning more about these common roles in private markets.

• Asset manager

• Portfolio manager

• Research analyst

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CFA Level III Path in Portfolio Management

The specialized pathway in portfolio management is currently available for Level III candidates. It’s considered the legacy path and has been available for many years, covering a wide range of topics related to portfolio management such as:

• Asset allocation

• Portfolio construction

• Risk management

• Performance evaluation

• Behavioral finance

The portfolio management pathway is a good option if you know you want to pursue a career specializing in this area of investment management or if you want to demonstrate your dedication to this specialization.

Common roles that specialize in portfolio management can be:

• Hedge fund manager

• Portfolio manager

• Investment manager

CFA Level III Exam Quiz

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How to Decide Which Specialized Pathway is Best For You

The best way to decide which specialized pathway is best for you is to take a look at where you currently are in your career and think about where you want to be in the future. Specialized pathways are a great way to differentiate yourself from other CFA charterholders.

If you see yourself as a specialist you may want to consider one of the specialized pathways. If you know you are going to be a generalist or just starting your career as a financial analyst, you may want to stick with the legacy path which is portfolio management.

Which Specialized Pathway is the Easiest?

CFAI is adamant about the Level III exam being equally difficult no matter which path you choose. Each pathway will be rigorous and you will still need to dedicate many hours of preparation for the CFA Level III exam regardless of which specialized pathway you choose.

How Much of the Level III CFA Curriculum is the Same Across All Specialized Pathways?

According to CFAI, over 70% of the Level III curriculum will be the same across all three specialized pathways.

Can You Choose More Than One Pathway to Pursue?

During your pursuit of earning the CFA charter, you will only be able to choose one pathway so take the time to reflect on your career goals before making a decision. After you become a charterholder, you will be able to upskill with an additional specialization if you desire to. CFAI has plans to package the specialized pathway content into continuing education materials which get offered to CFA charterholders as part of their professional learning offerings.

Can You Reconsider Your Chosen Pathway After You’ve Already Selected One?

Yes, you will be able to reconsider your specialized pathway selection after you register for the Level III exam. If you need assistance in making a change, you should call the Global Call Center for assistance.

Will Your CFA Charter Show Your Specialized Pathway?

No, your CFA designation will not change based on your specialized pathway. If you want to communicate which specialized pathway you choose, you should add that information as a specific detail in your CV while still following the guidelines for showing your CFA designation on your resume.

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