Specialized pathways are curriculum tracks CFA candidates can select from when registering for the CFA Level III exam. Each path was developed to give you more options to learn content directly related to your career goals. In this article, we will help you understand each specialized pathway and help you figure out which one will work for you best.
CFA Level III Path in Private Wealth
The specialized pathway in private wealth will be available for you to select starting with the February 2025 exam window for Level III. CFAI has not released the entire curriculum for the private wealth pathway yet but it will include specialized content for private wealth management topics.
Some common topics already present in the Level III curriculum that relate to private wealth management include:
- The private wealth management industry
- Client relationship management
- Financial planning
- Investment policy statement development
- Portfolio construction
- Risk management
- Tax planning
- Estate planning
So if you are already working in private wealth management and pursuing the CFA charter as a way to demonstrate your expertise and commitment, this specialized pathway will be a good choice for you. For the same reasons, it will also be a good option for you if you intend to specialize in this area of financial planning.
CFA Level III Path in Private Markets
The specialized pathway in private markets will also be available to select starting with the February 2025 exam window for Level III. The entire curriculum for this specialized pathway is not available yet but if you decide to pursue this specialization, expect to dig deeper into curriculum topics such as:
- Private Equity
- Venture capital
- Infrastructure
- Real assets
- Private debt
The private markets pathway will be a good fit for you if you already manage investments in this area of investment management or you intend to switch to or specialize in a private markets-focused role.
If you are planning to use this specialized pathway as a way to move into a new role, consider these common roles in private markets.
- Asset manager
- Portfolio manager
- Research analyst
CFA Level III Path in Portfolio Management
The specialized pathway in portfolio management is currently available for Level III candidates. It’s considered the legacy path and has been available for many years, covering a wide range of topics related to portfolio management such as:
- Asset allocation
- Portfolio construction
- Risk management
- Performance evaluation
- Behavioral finance
The portfolio management pathway is a good option if you know you want to pursue a career specializing in this area of investment management or if you want to demonstrate your dedication to this specialization.
Common roles that specialize in portfolio management can be:
- Hedge fund manager
- Portfolio manager
- Investment manager
How to Decide Which Specialized Pathway is Best For You
The best way to decide which specialized pathway is best for you is to take a look at where you currently are in your career and think about where you want to be in the future. Specialized pathways are a great way to differentiate yourself from other CFA charterholders.
If you see yourself as a specialist you may want to consider one of the specialized pathways. If you know you are going to be a generalist or just starting your career as a financial analyst, you may want to stick with the legacy path which is portfolio management.
.
Can You Choose More Than One Pathway to Pursue?
During your pursuit of earning the CFA charter, you will only be able to choose one pathway so take the time to reflect on your career goals before making a decision. After you become a charterholder, you will be able to upskill with an additional specialization if you desire to. CFAI has plans to package the specialized pathway content into continuing education materials which get offered to CFA charterholders as part of their professional learning offerings.
If you are interested in joining hands with a leading CFA tuition provider to help make your CFA journey easier, then Kaplan Professional Middle East is here to offer you the expertise of having helped students to successfully ace their CFA exams for several years with the industry’s leading trainers, world-class support, CFA’s most trusted study materials – Kaplan Schweser, and digital solutions. If you are looking for CFA training, join us as a student to kickstart your CFA exam preparation. Contact us at 04-554-6184 or email us at info@kaplanme.com.