CFA Level 3
Bring the core areas together into portfolio-level decisions, covering asset allocation and performance measurement, with a choice of Portfolio Management, Private Markets or Private Wealth.
Learning Objectives
5 objectivesCombine asset allocation and portfolio construction into coherent portfolio decisions.
Measure and evaluate the performance of a portfolio.
Use derivatives and risk management techniques within a portfolio.
Apply the ethical and professional standards to portfolio management situations.
Study one chosen pathway in depth
Portfolio Management, Private Markets or Private Wealth.
Programme Outline
6 topicsAsset Allocation
Forecasting capital market returns, then setting and implementing an asset allocation within governance, tax and other real-world constraints.
Portfolio Construction
Building equity, fixed income and alternatives portfolios for private and institutional investors, including trading costs, with a sovereign wealth fund case study.
Performance Measurement
Evaluating portfolio performance, selecting investment managers, and the Global Investment Performance Standards (GIPS).
Derivatives and Risk Management
Using options, swaps, forwards and futures to change a portfolio's risk and return, and managing currency exposure.
Ethical and Professional Standards
The Code and Standards applied to portfolio management, together with the Asset Manager Code of Professional Conduct.
Choose one pathway
- Portfolio Management - Index-based and active equity strategies, liability-driven and fixed income strategies, trade execution, and an endowment case study.
- Private Markets - Private equity, private debt, special situations, real estate and infrastructure, and how general partners and investors work together.
- Private Wealth - Working with wealthy families: goals-based wealth planning, investment planning, and preserving and transferring wealth.
Hands-On Resources
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