Why CFA Level III is Moving to Specialized Pathways in 2025



The CFA Institute is introducing significant changes to the CFA Level III exam starting in 2025. One of the most notable updates is the introduction of Specialized Pathways, which allows candidates to tailor their studies towards specific career goals. This strategic shift is designed to better align the CFA curriculum with the evolving demands of the finance industry. In this blog, we will explore the rationale behind this move, the benefits it offers, and what candidates can expect from these upcoming changes.

The Growth of Private Wealth Management

The financial landscape has witnessed a substantial shift towards private wealth management in recent years. With global wealth growing at an unprecedented rate and the ongoing Great Wealth Transfer expected to see $84 trillion in assets inherited by the next generation over the next two decades, the need for specialized knowledge in managing private wealth has become critical. The CFA Institute recognizes this trend and is adapting its curriculum to prepare future charterholders for these emerging opportunities.

Adapting the CFA Program to Changing Realities

The finance industry is not static; it evolves with market dynamics, regulatory changes, and technological advancements. Traditional roles in portfolio management and equity research are now complemented by burgeoning fields such as private equity, venture capital, and wealth management. The CFA Institute’s move to introduce Specialized Pathways is a proactive step to ensure that its curriculum remains relevant and comprehensive, equipping candidates with the specialized skills required in these diverse areas.

Specialized Pathways

Starting in 2025, CFA Level III candidates will choose from three Specialized Pathways:

  1. Portfolio Management: The traditional pathway, focusing on public market investments, portfolio construction, and performance measurement.
  2. Private Markets: Designed for those interested in private equity, venture capital, and other private market investments, covering deal sourcing, due diligence, and valuation.
  3. Private Wealth: Tailored for candidates targeting careers in wealth management and financial planning, focusing on client relationship management, wealth transfer, and investment planning for high net worth individuals.

Benefits of Opting for a Specialized Pathway

Choosing a Specialized Pathway offers several advantages:

  • Relevance: Tailored content ensures candidates acquire knowledge directly applicable to their career goals.
  • Depth of Knowledge: Focused studies allow for a deeper understanding of specific areas, making candidates more competent and competitive in their chosen field.
  • Career Advancement: Specialized skills are increasingly sought after by employers, enhancing job prospects and career progression.

Upcoming Changes

In addition to Specialized Pathways, the CFA Institute is introducing Practical Skills Modules (PSMs). These hands-on learning mini-courses, which must be completed before receiving exam results, cover topics like financial modeling, Python programming, and portfolio construction. PSMs are designed to provide candidates with practical skills that are immediately applicable in their professional roles.


The introduction of Specialized Pathways in the CFA Level III exam represents a significant and positive evolution of the CFA Program. By aligning the curriculum with industry trends and career needs, the CFA Institute ensures that its charterholders remain highly skilled and relevant in a rapidly changing financial landscape. For candidates, this means more focused, applicable, and rewarding learning experiences that better prepare them for their future careers.

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