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If you’ve made it to the CFA Level 3 exam, first off, congratulations! You’re in the final lap of one of the most rigorous financial certification journeys out there.
With the 2025 curriculum update, the CFA Institute added an extra twist: the introduction of specialized pathways.
While that may sound like a bold curriculum shake-up (and it is), it also gives you something that CFA exams haven’t always been famous for; choice. This time, you’re not just studying to pass; you’re choosing a direction for your career. So how do you navigate this new CFA Level 3 landscape and pick the pathway that best matches your professional goals?
Let’s break it all down.
The CFA Level 3 2025 curriculum now offers three distinct CFA pathways:
Each pathway includes a shared core curriculum, then veers off into focused content specific to your selected path. You’ll need to choose your CFA pathway during registration and once you’ve made your choice, you’re locked in for that exam cycle.
Although each CFA pathway leads to the same CFA Charter, the road to get there now feels much more personalized. And that’s a good thing, if you know where you’re headed professionally.
For years, the CFA Level 3 curriculum primarily targeted professionals in traditional portfolio management roles. But as more charterholders found careers in Private Wealth and Private Markets, gaps in the curriculum began to show. CFA Institute recognized that not every candidate works in institutional asset management anymore. From boutique wealth advisory firms to private equity and infrastructure investing, today’s finance professionals need role-specific knowledge to thrive.
This led to the creation of three CFA Level 3 pathways designed to reflect real-world investment workflows, not just textbook theory. Whether you’re managing billion-dollar pension funds, advising ultra-high-net-worth individuals or orchestrating leveraged buyouts, there’s a CFA pathway tailored to your reality.
Let’s explore each CFA Level 3 pathway in detail, along with their specific modules, use cases and industry alignment.
1. CFA Portfolio Management Pathway
This is the classic CFA Level 3 route, and it continues to focus on managing traditional public market portfolios; think equities, fixed income and derivatives. This pathway is still the go-to for aspiring portfolio managers, research analysts and institutional investors.
Key Modules Include:
If you’re working at a pension fund, asset manager or insurance firm, or planning to, this CFA pathway offers the most relevant preparation. Plus, it has the deepest set of study materials, mock exams and third-party resources available.
2. CFA Private Wealth Pathway
Designed for professionals serving high-net-worth clients, this CFA pathway blends finance with behavioural understanding and legacy planning. It doesn’t just teach you how to build a portfolio; it teaches you how to manage the wealth of clients with unique, complex needs.
Key Modules Include:
Private wealth advisors, relationship managers and even family office consultants will find this CFA pathway aligned with their day-to-day client needs. It’s not just about numbers, it’s about all the necessary details.
3. CFA Private Markets Pathway
This is where things get niche and incredibly exciting for those involved in non-public asset classes. From private equity and venture capital to infrastructure and private credit, this CFA pathway caters to professionals navigating the opaque world of private finance.
Key Modules Include:
If you work in investment banking, M&A, private funds or alternative asset management, this CFA pathway will provide technical depth and workflow relevance that the traditional track simply doesn’t.
Regardless of the CFA pathway you choose, approximately 65–75% of the CFA Level 3 exam will be drawn from the common core curriculum. These are the foundational skills every investment professional must master, regardless of specialization.
Topics Covered Include:
This ensures all CFA charterholders maintain a uniform standard of professional knowledge, ethics and practical skills.
Here’s where it gets personal. Not sure which CFA pathway to choose? Let’s compare them based on professional focus:
Still unsure? Think about your day-to-day role and the client profiles you engage with. Do you work with institutions or individuals? Public or private assets? Liquid or illiquid investments? Your answers will guide your CFA Level 3 pathway selection.
Let’s be candid. Each CFA pathway has its strengths and potential hurdles.
Portfolio Management
Private Wealth
Private Markets
For retakers or those wanting predictability, the Portfolio Management CFA pathway might offer more comfort. But for career-changers or specialists, Private Wealth and Private Markets might bring more long-term value.
The overall CFA Level 3 topic weights are now split between core (65–75%) and pathway-specific content (25–35%). Each pathway has its nuances.
Portfolio Management Candidates
Private Wealth Candidates
Private Markets Candidates
And for everyone, ethics remains a non-negotiable. Don’t neglect it.
Long-Term Relevance
The CFA Level 3 2025 pathways aren’t just an academic update; they’re a signal. The investment industry is evolving rapidly, and CFA Institute is reshaping its curriculum to match these changes.
By offering specialized pathways, the Institute recognizes that the modern investment landscape requires diverse skills. A private banker advising entrepreneurs has very different needs than a PE analyst structuring LBOs. These new CFA pathways are designed to reflect that reality.
Whether you choose to manage traditional portfolios or navigate private deal flows, the skills you gain will remain relevant, applicable and industry-recognized for years to come.
Let’s address the elephant in the room: study material disparity.
No matter the CFA pathway, you’ll need a solid study plan. Mock exams, video tutorials, and focused topic reviews are your best friends. For Private Markets and Private Wealth, joining candidate groups and discussions may also help fill in the resource gap.
Let’s wrap up with some frequently asked questions from candidates weighing their CFA Level 3 options:
Will my CFA pathway be printed on my charter? No. All candidates receive the same CFA Charter regardless of the pathway they choose.
Can I switch pathways after registration? No. Once you’ve selected a pathway, you cannot change it for that exam cycle.
Do employers care about the pathway I choose? Yes and no. The charter remains the same, but employers may value pathway-relevant knowledge, especially in roles that align with Private Markets or Private Wealth.
Which CFA pathway is easier? It depends on your background. Portfolio Management has more materials but a broad scope. Private Markets and Private Wealth are newer but may align more closely with your job role, making them easier to relate to.
Choosing your CFA Level 3 pathway is a strategic career decision. While all three paths lead to the CFA Charter, the content, skills and case studies you’ll encounter can shape your professional focus.
So ask yourself: Where do I see my finance career going? What kind of clients do I serve? What excites me about investment management?
Answering those questions will help you pick the CFA pathway that not only gets you the Charter but also prepares you to thrive in your chosen field. And whatever path you pick, make sure you back it up with a rock-solid CFA Level 3 study plan that includes practice questions, mock exams and review sessions.
Your future in finance doesn’t just start after the exam; it starts with the CFA pathway you choose.
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