CFA Level 3: 2020/2021 Curriculum Changes (vs.

2019)
Summary: - 2020 L3 has 38 readings: 12 readings removed, 13 added. New Updated
- 5 readings updated: Mostly revisions in Portfolio Management. Removed Moved
- Overall, a major revamp of the syllabus.

Topic Reading # Reading Name Comments

1 Code of Ethics and Standards of Professional Conduct
2 Guidance for Standards I-VII
3 Application of the Code and Standards Minor changes, 2 LOS updated
Ethics 64 Professionalism in Investment Management
45 Asset Manager Code of Professional Conduct
5 Overview of the Asset Management Industry and Portfolio Management
37 6 Overview of the Global Investment Performance Standards Moved from Portfolio Management
7 The Behavioral Finance Perspective Major revision
8 The Behavioral Biases of Individuals
9 Behavioral Finance & Investment Processes Major revision
Porfolio Management
10 Managing Individual Investor Portfolios
(Part 1)
18 12 Overview of Asset Allocation Minor change, 1 new LOS added
19 13 Principles of Asset Allocation
14 Asset Allocation with Real-World Constraints Major revision
10 Capital Market Expectations, Part 1: Framework and Macro Considerations
11 Capital Market Expectations, Part 2: Forecasting Asset Class Returns
Economics
16 Capital Market Expectations
17 Equity Market Valuation
15 Option Strategies
16 Swaps, Forwards, and Futures Strategies
21 17 Currency Management: An Introduction Moved from Portfolio Management
Derivatives
32 Risk Management Applications of Forward and Futures Strategies
33 Risk Management Applications of Option Strategies
34 Risk Management Applications of Swap Strategies
22 18 Overview of Fixed-Income Portfolio Management
23 19 Liability-Driven and Index-Based Strategies
Fixed Income
24 20 Yield Curve Strategies
25 21 Fixed-Income Active Management: Credit Strategies
26 22 Overview of Equity Portfolio Management
27 23 Passive Equity Investing
Equity
28 24 Active Equity Investing: Strategies
29 25 Active Equity Investing: Portfolio Construction
26 Hedge Fund Strategies
Alternative Investments 27 Asset Allocation to Alternative Investments
30 Alternative Investments for Portfolio Management
28 Overview of Private Wealth Management
11 29 Taxes and Private Wealth Management in a Global Context
12 30 Estate Planning in a Global Context
13 31 Concentrated Single-Asset Positions
14 32 Risk Management for Individuals
15 Managing Institutional Investor Portfolios
31 Risk Management
Portfolio Management
33 Portfolio Management for Institutional Investors
(Part 2)
34 Trade Strategy and Execution
35 Portfolio Performance Evaluation
36 Investment Manager Selection
35 Execution of Portfolios Decisions
36 Evaluating Portfolio Performance
37 Case Study in Portfolio Management: Institutional
38 Case Study in Risk Management: Private Wealth

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