Level 3 Study Sessions
Level 3 is split into Study Sessions or known as LOS (Learning objectives). For the 2020 exam, there are 16 study sessions with 38 total readings.
List of Study Sessions[edit]
Study Session 1 - Ethical and Professional Standards (1)
Study Session 2 - Ethical and Professional Standards (2)
Study Session 3 - Behavioral Finance
Study Session 4 - Capital Market Expectations
Study Session 5 - Asset Allocation and Related Decisions in Portfolio Management
Study Session 6 - Derivatives and Currency Management
Study Session 7 - Fixed Income Portfolio Management (1)
Study Session 8 - Fixed Income Portfolio Management (2)
Study Session 9 - Equity Portfolio Management (1)
Study Session 10 - Equity Portfolio Management (2)
Study Session 11 - Alternative Investments for Portfolio Management
Study Session 12 - Private Wealth Management (1)
Study Session 13 - Private Wealth Management (2)
Study Session 14 - Portfolio Management for Institutional Investors
Study Session 15 - Trading, Performance Evaluation, and Manager Selection
Study Session 16 - Cases in Portfolio Management and Risk Management
Changes to Study Sessions from Previous Years[edit]
2020 from 2019
| Study Session Affected | Affecting Readings | Changes |
|---|---|---|
| Study Session 1 | Reading 3: Application of the Code and Standards | New reading |
| Study Session 3 | Reading 5: Overview of the Asset Management Industry | Removed |
| Reading 7: The Behavioral Finance Perspective, 9: Behavioral Finance and Investment Process | End-of-Reading practice problems added | |
| Study Session 4 | Reading 10: Framework and Macro Considerations, 11: Forecasting Asset Class Returns | New readings |
| Reading 10: Framework and Macro Considerations, 11: Forecasting Asset Class Returns | End-of-Reading practice problems added | |
| Study Session 5 | Reading 10: Managing Individual Investor Portfolios | Removed |
| Reading 12: Overview of Asset Allocation, 14: Asset Allocation with Real-World Constraints | LOS or significant content change | |
| Reading 13: Principles of Asset Allocation | End-of-Reading practice problems added | |
| Study Session 6 | Reading 15: Options Strategies, 16: Swaps, Forwards and Futures Strategies | New Readings |
| Reading 15: Options Strategies, 16: Swaps, Forwards and Futures Strategies | End-of-Reading practice problems added | |
| Reading 17: Currency Management | LOS or significant content change | |
| Study Session 7 | Reading 15: Managing Institutional Investor Portfolios | Removed |
| Reading 19: Liability-Driven and Index-Based Strategies | End-of-Reading practice problems added | |
| Study Session 8 | Reading 16: Capital Market Expectations, 17: Equity Market Valuation | Removed |
| Reading 20: Yield Curve Strategies | End-of-Reading practice problems added | |
| Study Session 10 | Reading 24: Active Equity Investing: Strategies | End-of-Reading practice problems added |
| Study Session 11 | Reading 26: Hedge Fund Strategies, 27: Asset Allocation to Alternative Investments | New Readings |
| Reading 26: Hedge Fund Strategies, 27: Asset Allocation to Alternative Investments | End-of-Reading practice problems added | |
| Study Session 12 | Reading 28: Overview of Private Wealth Management | New Reading |
| Reading 28: Overview of Private Wealth Management | End-of-Reading practice problems added | |
| Study Session 14 | Reading 33: Portfolio Management for Institutional Investors | New Reading |
| Reading 33: Portfolio Management for Institutional Investors | End-of-Reading practice problems added | |
| Study Session 15 | Reading 30: Alternative Investments Portfolio Management | Removed |
| Reading 34: Trade Execution and Strategy, 35: Portfolio Performance Evaluation, 36: Investment Manager Selection | New Readings | |
| Reading 34: Trade Execution and Strategy, 35: Portfolio Performance Evaluation, 36: Investment Manager Selection | End-of-Reading practice problems added | |
| Study Session 16 | Reading 31: Risk Management | Removed |
| Reading 37: Case Study in Portfolio Management, 38: Case Stufy in Risk Management | New Readings | |
| Study Session 17 | Readings 32, 33, 34: Risk Management Application of Forward and Futures, Options, and Swap Strategies | Entire study session removed |
