CFA® Program Level III · Portfolio Management pathway

The core curriculum and Portfolio Management, prepared together.

Concise notes with a Priority Map on every reading, exam-style questions, full mock exams and feedback from a CFA® charterholder on your written answers. Everything you need for the Portfolio Management pathway, without hours of video.

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Illustrative example · pathway reading
PASSTHEFINAL
PM PATHWAY
Fixed-income strategies
  • Liability-driven investing
  • Index-based strategies
  • Yield curve strategies
  • Credit strategies
  • Practice set · 10
PORTFOLIO MANAGEMENT · FIXED INCOME
Liability-driven investingMUST KNOW

Build the portfolio around what it has to pay. Match assets to known future liabilities by cash flow, by duration, or both.

CASH FLOW MATCHINGFund each payment with a bond cash flow
DURATION MATCHINGMatch money duration; rebalance as rates move
Exam tip. Tie your recommendation to the client's stated objective, not just the method.
CONSTRUCTED RESPONSE8 MIN

A pension plan must meet a long series of known payments. The trustees want the lowest-cost way to limit interest-rate risk and accept regular rebalancing. Recommend one strategy and justify it.

Duration matching, because it is cheaper than cash flow matching…
Question 2 of 10
What your exam covers

One exam, two parts. We cover both.

On the Portfolio Management pathway, the core curriculum makes up 65–70% of the exam and the pathway the remaining 30–35%. Every PassTheFinal plan prepares you for both parts.

Core curriculum

Sat by every Level III candidate
Included
Asset Allocation15–20%
Portfolio Construction15–20%
Derivatives and Risk Management10–15%
Ethical and Professional Standards10–15%
Performance Measurement5–10%

Topics are placed at random across the two exam sessions, so any of them can appear in either.

Portfolio Management pathway

30–35% of your exam
Included
Index-based equity strategies

Building and running passive equity portfolios

Active equity investing

Strategies and portfolio construction

Fixed-income strategies

Liability-driven, index-based, yield curve and credit

Trade strategy and execution

How trades are planned, executed and evaluated

Portfolio management case study

A closing case that draws the pathway together

Topic weights and pathway content as published by CFA Institute. Always check the official Level III page before you register. Explore CFA® Level III
What the pathway asks of you

Less about knowing a strategy. More about choosing one.

01

Choose the right strategy

Index-basedActiveLiability-driven

Much of the pathway asks you to pick an approach for a client or mandate, and to explain why it fits better than the alternatives.

02

Build it and put it into practice

ConstructionExecutionCosts

From sizing positions in an active portfolio to deciding how a trade is carried out, the detail of implementation is examinable too.

03

Bring it together in a case

Several readingsOne client

The pathway closes with a portfolio management case study, so you need to connect ideas from different readings in a single answer.

Each one rewards practice and feedback more than another read-through.

Built for the pathway

Every pathway reading ends in practice.

Pathway readings get the same treatment as the core. You see what matters first, learn it from short notes, then answer questions on it. When you write an answer, a CFA® charterholder can show you where it earned marks and where it lost them.

A Priority Map and concise notes on every readingDecision frameworks, worked examples and common errors, for the core and the pathway.

Item sets and constructed-response questionsWith model answers and an explanation of why each wrong answer is wrong.

Three full mock exams in the exam format11 item sets and 11 constructed-response sets, timed like the real exam.

Written feedback on your mocksIn Mock Grading and the Complete Programme, with a record of where your marks were lost.

See how it works

What feedback looks like

Constructed response · fixed-income strategies
Illustrative
THE QUESTION

The trustees want the lowest-cost way to limit interest-rate risk and accept regular rebalancing. Recommend one strategy and justify it.

YOUR ANSWERDuration matching, because it is cheaper than cash flow matching.
MARKED1 of 2 marks
EARNEDThe strategy is correct, and cost is a valid reason.
LOSTThe answer does not use the vignette: the trustees accept rebalancing, which duration matching requires.
NEXT TIMELink each reason to a fact the case gives you.
Illustrative example. Not an official CFA Institute question or marking scheme.
Plans for the Portfolio Management pathway

Three ways to prepare. One exam window.

Each plan covers the core curriculum and the Portfolio Management pathway for the August 2027 exam. One payment per exam window, with access until your exam date.

Self-Study

The complete study system, for candidates who prefer to work independently.

  • Study notes and Priority Maps
  • Question bank
  • Three full mock exams
$549USD
Choose Self-Study

Mock Grading

Three mock exams marked by a CFA® charterholder. No study notes, so you can keep the provider you already use.

  • A review of your last attempt
  • Written feedback on every mock
  • A record of where marks were lost
$649USD
Choose Mock Grading
Includes mentorship

Complete Programme

Everything in Self-Study and Mock Grading, plus a mentor and a plan to keep you on track.

  • A personal study plan
  • Weekly small-group sessions
  • Two one-to-one calls
$1,950USD
Start with a short call to check it fits.
Book a 20-minute call

Not sure which plan fits? Get one constructed-response set marked for free, and decide once you have seen the feedback.

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FAQ

Portfolio Management questions

Short answers about the pathway and what we cover. For registration and exam rules, CFA Institute is the authority.

More questions
Does PassTheFinal cover the whole exam for this pathway?
Yes. Every plan covers the Level III core curriculum and the Portfolio Management pathway, which together make up the exam for candidates on this pathway. Private Wealth and Private Markets are not covered yet.
I haven't chosen my pathway yet. Can you help me decide?
The choice is yours, and CFA Institute's pathway pages describe what each one covers. If you choose Portfolio Management, everything on this page applies. If you choose another pathway, we can't prepare you for its pathway content yet.
Can I change pathway if I sit Level III again?
Pathway rules are set by CFA Institute, so check your options in your CFA Institute account before you register. If you sit on the Portfolio Management pathway, our materials apply whether it is your first attempt or not.
Which exam window are you preparing candidates for?
The August 2027 exam. Each plan is bought for one exam window, with access until your exam date.
Can I use Mock Grading if I study the pathway with another provider?
Yes. Mock Grading includes no study notes, so you can keep the materials you already use. You get three full mock exams for the Portfolio Management pathway, marked by a CFA® charterholder.
Are there video lectures?
No. PassTheFinal is built around short notes, questions and feedback, so your study hours go into practice rather than watching.
Do I still need the official curriculum?
Yes. Our materials are designed to complement the CFA Institute curriculum, not to replace it.
Start with one question set

Find out where your written answers lose marks.

Answer one constructed-response question set. A CFA® charterholder will mark it, with short written feedback on what earned marks and what lost them. No payment details needed.

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