CFA Program Level III flashcards
3 decks · 220 cards · built into Willys · free samples below
Written against: CFA Program Level III curriculum (2026 and 2027 topic outlines): the core, plus Portfolio Management and Private Wealth pathway topics. Updated 2026-10-10.
What's in it
Every deck follows the course outline, with tags you can study or suspend topic by topic. Open a deck to study its free sample right here.
Learn · 2 decks · 160 cards
Concepts, mechanisms and the questions a course or exam asks about them.
Practice · 1 deck · 60 questions
Multiple-choice practice questions, one best answer each, with the reasoning.
Study guide
Topics covered
The decks follow the order of the course outline. Numbers are cards per topic.
- Behavioral Finance 23
- Capital Market Expectations 10
- Asset Allocation 29
- Rebalancing 10
- Real-World Constraints 2
- Derivatives and Currency Management 19
- Fixed-Income Portfolio Management 25
- Liability-Driven Investing 11
- Equity Portfolio Management 11
- Trading and Performance Evaluation 15
- GIPS 6
- Ethics in Practice 5
- Investment Policy Statement 17
- Return and Risk Objectives 6
- Constraints 5
- Private Wealth Management 31
- Risk Tolerance 5
- Human and Financial Capital 8
- Goals-Based Investing 3
- Estate and Wealth Transfer 6
- Taxes 1
- Institutional Investors 29
- Pension Plans 7
- Endowments and Foundations 8
- Banks and Insurers 5
- Sovereign Wealth Funds 3
A study plan
- 8 new cards a day covers everything in a month, leaving the last weeks for review.
- 5 new cards a day covers everything in two months, leaving the last weeks for review.
Willys schedules reviews for you (FSRS spaced repetition), so the daily number above is only for new cards; reviews of what you have learned come back on their own. Study a topic's cards right after you meet it in class, suspend topics you have not reached yet, and use the app's quiz mode in the final two weeks.
How to get these decks
- Install Willys on your iPhone, iPad or Mac — App Store. 14-day free trial, then $14.99 a year.
- In Willys, tap Exam Library at the top of your Decks (or Browse Exam Library… under the + button), find the exam on its shelf or by search, tick it and tap Add.
- Study. The exam comes in as its own collapsible folder, every card scheduled by FSRS spaced repetition. Nothing you already have is changed.
Every deck is built into Willys
All 3 CFA Program Level III decks (220 cards), with FSRS spaced repetition, quizzes and mock tests, on iPhone, iPad and Mac. 14-day free trial, then $14.99 a year.
In Willys, tap Exam Library at the top of your Decks (or Browse Exam Library… under the + button), find the exam on its shelf or by search, tick it and tap Add.
About these cards
Review status: Second-reader reviewed, with corrections applied.
Checked against:
- CFA Program 2026 and 2027 Level III topic outlines, core and Portfolio Management pathway (topic outline only; no text copied)
- Checked against the GIPS standards for firms, 2020 edition (reference only).
- CFA Program 2026 and 2027 Level III topic outlines, core and Portfolio Management and Private Wealth pathways (topic outline only; no text copied)
- CFA Program 2027 Level III topic outlines, core and Portfolio Management pathway (topic outline only; no text copied)
These are independent study notes written for Willys. They are not official exam material, may contain mistakes, and are no substitute for your course, your teacher or the exam owner's own publications. Found an error? Tell us — corrections ship as a new version of the deck.
Not financial, tax or legal advice. These cards prepare you for an exam; rules and figures change, so check current standards before relying on any of it.
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