CFA Level III Previous Year Question PapersWith solutions

Asset Allocation (15-20%): Capital market expectations & Overview of asset allocation

Capital market expectations, Overview of asset allocation, Principles of asset allocation, Asset allocation with real-world constraints

Portfolio Construction (15-20%): Portfolio management for institutional investors & Equity portfolio management

Portfolio management for institutional investors, Equity portfolio management, Fixed-income portfolio management and yield curve strategies, Credit strategies, Alternative investments in a portfolio

Performance Measurement (5-10%): Portfolio performance evaluation and attribution & Investment manager selection

Portfolio performance evaluation and attribution, Investment manager selection, Benchmarks and appraisal measures

Derivatives and Risk Management (10-15%)

Options strategies, Swaps, forwards and futures strategies, Currency management, Hedging and risk management of portfolios

Ethical and Professional Standards (10-15%)

Code of Ethics and Standards of Professional Conduct, Application of the Code and Standards, Asset Manager Code of Professional Conduct

Pathway: Portfolio Management (30-35%, if chosen)

Index-based equity strategies, Active equity investing and portfolio construction, Liability-driven and index-based fixed-income strategies, Trading costs and electronic markets, Case studies in portfolio management and risk management

Pathway: Private Markets (30-35%, if chosen)

Private equity and private credit investments, Real estate and infrastructure, Private investment structures and due diligence, Valuation and performance of private investments, Private markets in a total portfolio

Pathway: Private Wealth (30-35%, if chosen)

The private wealth management industry and client relationships, Investment planning for individuals, Taxes and private wealth management, Estate planning, wealth transfer and philanthropy, Family governance and the family enterprise