Choosing A Pathway

# CFA Level 3 — Choosing Your Pathway Exam: CFA Level 3 — All Pathways Last Updated: June 2026 --- ## Overview: The Three Pathways Exam weight (2026 curriculum): Pathways — 30–35% of the CFA Level III exam; common core (all other topics) — 65–70%. Source: CFA Institute Level III Exam page, fetched 2026-06-29. The exam format is two 132-minute sessions (4 hours 24 minutes total): 11 item sets + 11 essay sets; 20 scored + 2 trialed. Pathway content appears primarily in the essay (morning) session. The charter issued upon passing all three levels does not indicate which pathway was selected. Starting with the 2025 exam cycle, CFA Level 3 requires candidates to select one of three specialized pathways. Each pathway shapes a significant portion of the exam content, particularly the morning essay session. The choice is made during exam registration and affects which curriculum modules you study. | Pathway | Focus | Best For | |---|---|---| | Portfolio Management | Multi-asset portfolio construction, CME, LDI, derivatives, currency, GIPS | Asset managers, pension funds, endowments, multi-asset teams | | Private Wealth | Individual IPS, behavioral biases, tax, estate planning, concentrated positions | Wealth managers, financial planners, private bankers, RIAs | | Private Markets | PE, VC, private credit, real assets, co-investments, illiquid performance | PE/VC associates, allocators, sovereign wealth funds, family offices | --- ## How the Selection Works When you choose: Pathway selection occurs during Level 3 exam registration. CFA Institute requires you to select your pathway before the registration deadline for your exam window. What it changes:…