CFA Level III – Study Plan 2026

• Refresh Standards I–VII with essay-style prompts—write short memos defending or rejecting analyst behaviour.
• Document each behavioural bias, observable clues, and IPS implications for risk tolerance or return expectations.
• Practice turning qualitative situations into recommendation statements that earn full marks.

• Create templates for IPS structure (return requirement, risk tolerance, liquidity, taxes, legal, unique).
• Solve at least three historical morning-session questions, time-boxed to 18 minutes each.
• Summarise how life-cycle stages change portfolio recommendations and cite supporting numerical evidence.

• Map out the risk/return/duration profile for pensions, endowments, banks, and insurers. Highlight how spending needs affect the mandate.
• Connect capital market expectation frameworks to IPS updates—run through Singer-Terhaar, macro forecasts, and regime-switching commentary.
• Write a two-page capital market outlook that justifies every assumption with data.

• Practice corner portfolios, resampled frontiers, and Black-Litterman inputs to support recommendation-grade answers.
• Tackle liability-driven investing and cash-flow matching for both individual and institutional mandates.
• Run calculation drills for duration management, futures overlays, and rebalancing corridors.

• Deep dive active fixed income, credit hedging, and curve strategies; summarise when each technique adds value.
• Review equity portfolio management (active vs. passive, smart beta, concentrated portfolios) and alternatives (PE, RE, commodities).
• Translate strategy decisions into essay-ready justifications that cite risk constraints.

• Link VAR, CVaR, stress testing, and scenario analysis to policy decisions; show how metrics differ for funds vs. banks.
• Build cheat sheets for swaps, options, and currency overlays tied to hedging the IPS objectives.
• Practice writing recommendations that explain hedge rationale, cost, and monitoring rules.

• Master rebalancing strategies (calendar vs. tolerance bands vs. CPPI) and trade evaluation metrics.
• Summarise performance evaluation components (return attribution, appraisal ratios) and the GIPS requirements for multi-asset firms.
• Complete essay sets that require tracking error or performance commentary in less than 15 minutes.

• Run two full mock exams per week: one morning essay, one afternoon item-set.
• After every mock, grade against official rubrics, mark every skipped command word, and rewrite answers within 24 hours.
• Finalize exam-day plan: IPS templates, formula sheet, calculator keystrokes, and rest schedule.

Mock Review Playbook

See how we score essay responses, annotate command words, and rebuild weak answers into responses that earn all available points.

Finance Background for CFA

Understand how professional judgement is tested across wealth management, risk, and asset allocation readings.

Sell-side vs. Buy-side Careers

Use real career paths to prioritise case studies, client communications, and IPS applications that mirror practice.