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CFA® Level III syllabus, 2027

Every topic and learning outcome on the 2027 Level III curriculum, each with a plain-English note and its formulas.

Item sets and constructed-response (essay) questions. The exam is 11 item sets and 11 essay sets in 4 hours 24 minutes of testing. 300+ learning outcomes · 400 practice questions in the app · enough for 9 full-length mock papers before any question repeats.

Topics, by weight in the exam

Portfolio Management Pathway

30–35% of the exam · 64 learning outcomes

Private Markets Pathway

30–35% of the exam · 34 learning outcomes

Private Wealth Pathway

30–35% of the exam · 27 learning outcomes

Asset Allocation

15–20% of the exam · 48 learning outcomes

Portfolio Construction

15–20% of the exam · 51 learning outcomes

Derivatives and Risk Management

10–15% of the exam · 25 learning outcomes

Ethical and Professional Standards

10–15% of the exam · 22 learning outcomes

Performance Measurement

5–10% of the exam · 37 learning outcomes

Weights are CFA Institute’s published ranges for the 2027 exam. The learning outcomes are paraphrased; they are not CFA Institute’s wording.

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