The CFA Institute has introduced one of the most transformative updates to its curriculum in 2025, particularly at the Level III stage. For the first time, candidates can choose from three specialized pathways—Private Wealth, Private Markets, and Portfolio Management.

This change reflects the evolving demands of the investment industry. The exam now features a common core, which makes up around 65–70% of the exam content. This portion includes key topics such as Asset Allocation, Portfolio Construction, Performance Measurement, Derivatives & Risk Management, and Ethics. The remaining 30–35% focuses on the pathway selected by the candidate.

For example, those interested in private wealth will study modules on client management and personalized investment strategies, while private markets aspirants will tackle content on private equity and venture capital. The traditional portfolio management pathway continues to emphasize institutional investing.

Assessment will remain a mix of item set and essay-style questions, but with questions tailored to the candidate’s chosen specialization.

This overhaul allows candidates to shape their CFA journey more closely to their career ambitions—whether advising high-net-worth individuals, working in private equity, or managing institutional portfolios. It also makes the CFA designation more practically aligned with modern investment roles, enhancing its global relevance.

The CFA Program has always been known for its rigor, and with this curriculum redesign, it now provides not just technical depth but also career-focused learning pathways that will equip future charterholders with specialized expertise.