Level 3 Study Sessions

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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