CFA Level III

Capital market expectations: framework and macro considerations · Capital market expectations: forecasting asset class returns · Overview of asset allocation (economic balance sheet, asset-only, liability-relative, goals-based) · Principles of asset allocation (mean–variance, risk budgets, liability-relative, goals-based) · Asset allocation with real-world constraints (size, liquidity, horizon, taxes, behavioral biases)

Overview of equity portfolio management · Overview of fixed-income portfolio management · Asset allocation to alternative investments · Overview of private wealth management · Portfolio management for institutional investors · Trading costs and electronic markets · Case study: institutional (sovereign wealth fund)

Portfolio performance evaluation (attribution, benchmarks, appraisal measures) · Investment manager selection · Overview of the Global Investment Performance Standards (GIPS)

Options strategies · Swaps, forwards, and futures strategies · Currency management

Code of Ethics and Standards of Professional Conduct · Guidance for Standards I–VII · Application of the Code and Standards: Level III · Asset Manager Code of Professional Conduct

Portfolio Management pathway: index-based and active equity, liability-driven and index-based fixed income, yield curve strategies, credit strategies, trade strategy and execution, endowment case study · Private Markets pathway: private investments and structures, GP and LP perspectives, private equity, private debt, private special situations, private real estate, infrastructure · Private Wealth pathway: the private wealth management industry, working with the wealthy, wealth planning, investment planning, preserving the wealth, advising the wealthy, transferring the wealth