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March 9, 2026
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Specialized pathways are curriculum tracks CFA® candidates can select from when registering for the CFA Level III exam. Each pathway 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.
Learn about CFA Level III Pathways and which one will fit best for your career.
The specialized pathway in portfolio management is considered the legacy pathway and covers more advanced, public market focused portfolio management content of the preexisting CFA Program.
Topics unique the to the Portfolio Management pathway include:
Index-based equity strategies
Active equity investing: strategies
Active equity investing: portfolio construction
Liability driven and index based fixed income strategies
Fixed-income active management: yield curve strategies
Fixed-income active management: credit strategies
Case study in portfolio management: institutional
Trade strategy and execution
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:
Answer these five questions to test your readiness for the Level III Exam
The specialized pathway in private markets is designed to help candidates become experts in private market investing from the General Partner's (GP) point of view. This curriculum enhances the key valuation and other competencies from all four asset class domains within the CFA Program. It includes current and engaging examples from the private markets and private credit boom, such as Elon Musk's acquisition of Twitter, Facebook's acquisition of WhatsApp, Blackstone REIT, events at Silicon Valley Bank, Gabon’s debt-for-nature swap, and high-profile Leveraged Buyouts (LBOs) like Thyssen elevators in 2020.
The topics unique to the Private Markets pathway include:
Private investments and structures
GP and LP perspective and the investment process
Private equity
Private debt
Private special situations
Private real estate
Infrastructure
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 learning more about these common roles in private markets.
The specialized pathway in private wealth focuses on professionals who serve High Net Worth clients. It is structured to cover the complete client lifecycle, from initial wealth generation by a young adult, through management by a private wealth manager, to the final wealth transfer. The content builds on former CFA Program versions, moving beyond basic investment management and financial planning to incorporate new areas like family management, philanthropy, and advising star athletes.
The topics unique to the Private Wealth pathway include:
The private wealth management industry
Working with the wealthy
Wealth planning
Investment planning
Preserving the wealth
Advising the wealth
Transferring the wealth
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.
The 3 pathways for the CFA Program are specific to Level III candidates and are named “Portfolio Management, Private Markets, and Private Wealth. Level III candidates must select one when they register for Level III of the CFA Program.
The CFA Institute introduced Specialized Pathways for Level III to offer curriculum content more directly aligned with candidates' career interests and aspirations. This change addresses the evolution of the buy-side beyond traditional public markets and discretionary portfolio managers. It specifically responds to the booming alternatives market in private markets, which is forecast to grow significantly and create high-demand, transaction-focused roles.
Furthermore, the substantial growth and rising prominence of the private wealth industry, which projects a doubling of global wealth management industry revenues by 2030, is resulting in a hiring boom and making it a major focus in finance.
No, your CFA designation will not change based on your specialized pathway. If you want to communicate which specialized pathway you choose, you should add that information as a specific detail in your CV while still following the guidelines for showing your CFA designation on your resume.
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.
It is recommended that you review the content in each Pathway so you make an informed decision about which specialized pathway is best for you.
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 pathway which is portfolio management.
CFAI is adamant about the Level III exam being equally difficult no matter which pathway you choose. Each pathway will be rigorous and you will still need to dedicate many hours of preparation for the CFA Level III exam regardless of which specialized pathway you choose.
According to CFAI, over 65-70% of the Level III Core Readings will be the same across all three specialized pathways.
Yes, you will be able to reconsider your specialized pathway selection after you register for the Level III exam. If you need assistance in making a change, you should call the Global Call Center for assistance.
Written by Kaplan Schweser experts, reviewed by David McMeekin, CFA, FRM, ERP, SCR, RAI, PRM, CAIA. David is a Director of Product management at Kaplan Schweser and an experienced CFA and FRM Instructor, and content creator. David gained his CFA Charter in 2003, the FRM in 2004, and has been teaching/designing prep materials for both programs ever since.
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