If you are sitting CFA Level III, the exam you prepare for is not the one candidates sat a couple of years ago. CFA Institute now splits Level III into three specialised pathways, and the pathway you pick is worth 30–35% of the whole exam – the single largest block on the paper.
The three Level III pathways
You choose one when you register. All three lead to the same charter; they differ in what the biggest chunk of the exam asks you about:
- Portfolio Management – the traditional route, and the default if you are unsure.
- Private Markets – private equity, private debt, real assets and infrastructure.
- Private Wealth – individual and family wealth, tax-aware planning, behavioural finance.
Level III topic weights
| Topic area | Weight |
|---|---|
| Your chosen pathway (Portfolio Management / Private Markets / Private Wealth) | 30–35% |
| Asset Allocation | 15–20% |
| Portfolio Construction | 15–20% |
| Derivatives and Risk Management | 10–15% |
| Ethical and Professional Standards | 10–15% |
| Performance Measurement | 5–10% |
Ethics stays heavily weighted at every level, and it is still the tie-breaker if you land near the minimum passing score. Do not treat it as the topic you revise last.
What this means for Level I and Level II candidates
The pathway choice only applies at Level III, but the earlier levels have their own current weights worth planning around:
| Topic area | Level I | Level II |
|---|---|---|
| Ethical and Professional Standards | 10–15% | 10–15% |
| Quantitative Methods | 11–14% | 5–10% |
| Economics | 6–9% | 5–10% |
| Financial Statement Analysis | 11–14% | 10–15% |
| Corporate Finance / Issuers | 6–9% | 5–10% |
| Equity Investments | 11–14% | 10–15% |
| Fixed Income | 11–14% | 10–15% |
| Derivatives and Risk Management | 6–9% | 5–10% |
| Alternative Investments | 6–9% | 5–10% |
| Portfolio Construction | 8–12% | 10–15% |
Note how Portfolio Construction grows from Level I to Level II and then, through the pathway, dominates Level III. The programme funnels you steadily from valuing single instruments towards managing whole portfolios.
Level III exam dates and deadlines
Level III runs in only two sittings a year – February and August. It is not offered in May or November, which catches people out.
| Sitting | Exam dates | Registration closes |
|---|---|---|
| February 2027 | 18–21 February 2027 | 5 November 2026 |
| August 2027 | 11–14 August 2027 | 29 April 2027 |
Level III also costs more than the earlier levels: USD 1,240 early or USD 1,590 standard, before local taxes. For the August 2027 sitting the early deadline is 20 January 2027 – registering by it saves USD 350.
How to choose your pathway
Pick the one that matches the job you want, not the one that looks easiest. All three are marked to the same standard, and the pathway appears nowhere on your charter. If you work in or want to move into private equity or private credit, Private Markets is the obvious fit. If you advise individuals and families, Private Wealth is. If you are early in your career or still deciding, Portfolio Management keeps the most doors open.
You can practise the shared Level III material free on Professional Career Club – no signup needed to attempt questions.
Source: CFA Institute – CFA Program curriculum and exam dates and fees, cfainstitute.org. Verified 3 September 2026. Always confirm dates and fees with CFA Institute before you pay.
Related News
