Below you will find the 2025 Level III CFA Program Changes compared to the 2024 curriculum.
Note: A blank in the changes/comments box means there are no changes.
If you have a question or you find an error, please contact the IFT team
| Volume # | Learning Module # | Name | Changes/Comments |
| Volume 1 - Asset Allocation | 1 | Capital Market Expectations, Part 1: Framework and Macro Considerations | |
| 2 | Capital Market Expectations, Part 2: Forecasting Asset Class Returns | ||
| 3 | Overview of Asset Allocation | ||
| 4 | Principles of Asset Allocation | ||
| 5 | Asset Allocation with Real-World Constraints | ||
| Volume 2 - Portfolio Construction | 1 | Overview of Equity Portfolio Management | Minor updates |
| 2 | Overview of Fixed-Income Portfolio Management | Minor updates | |
| 3 | Asset Allocation to Alternative Investments | ||
| 4 | An Overview of Private Wealth Management | Major updates | |
| 5 | Portfolio Management for Institutional Investors | ||
| 6 | Trading Costs and Electronic Markets | New Learning Module (moved from 2023 LII) | |
| 7 | Case Study in Portfolio Management: Institutional (SWF) | ||
| Volume 3 - Performance Measurement | 1 | Portfolio Performance Evaluation | |
| 2 | Investment Manager Selection | Minor updates | |
| 3 | Overview of the Global Investment Performance Standards | ||
| Volume 4 - Derivatives and Risk Management | 1 | Options Strategies | |
| 2 | Swaps, Forwards, and Futures Strategies | ||
| 3 | Currency Management: An Introduction | ||
| Volume 5 - Ethical and Professional Standards | 1 | Code of Ethics and Standards of Professional Conduct | Minor updates |
| 2 | Guidance for Standards I–VII | Minor updates | |
| 3 | Application of the Code and Standards: Level III | ||
| 4 | Asset Manager Code of Professional Conduct | ||
| Portfolio Management Pathway | 1 | Index-Based Equity Strategies | Minor updates |
| 2 | Active Equity Investing: Strategies | ||
| 3 | Active Equity Investing: Portfolio Construction | ||
| 4 | Liability-Driven and Index-Based Strategies | Minor updates | |
| 5 | Yield Curve Strategies | ||
| 6 | Fixed-Income Active Management: Credit Strategies | ||
| 7 | Trade Strategy and Execution | ||
| 8 | Case Study in Portfolio Management: Institutional | Minor updates | |
| Private Markets Pathway | 1 | Private Investments and Structures | New |
| 2 | General Partner and Investor Perspectives and the Investment Process | New | |
| 3 | Private Equity | New | |
| 4 | Private Debt | New | |
| 5 | Private Special Situations | New | |
| 6 | Private Real Estate Investments | New | |
| 7 | Infrastructure | New | |
| Private Wealth Pathway | 1 | The Private Wealth Management Industry | New |
| 2 | Working With the Wealthy | New | |
| 3 | Wealth Planning | New | |
| 4 | Investment Planning | New | |
| 5 | Preserving the Wealth | New | |
| 6 | Advising the Wealthy | New | |
| 7 | Transferring the Wealth | New |