CFA 2025 Level 1 2 3 with Specialized Pathways

For the 2025 Level III exams, we are introducing two new specialized pathways – Private Wealth and Private Markets, in addition to the current traditional Portfolio Management path. Candidates will have the opportunity to select the path most directly related to their interests and aspirations

Candidates will choose one of three “specialized pathway” options at registration. Upon registration, the study materials provided will relate to the selected Pathway. Pathways can not be changed once registration is completed.

65-70% of the Level III exam topic weight will relate to the “Common Core” while the remaining 30-35% will relate to the selected Pathway. Questions related to the selected pathway will be a mix of item-set and essay just as for the common core.