CFA® L3 — Institutional Portfolio Management
Pension funds, endowments, foundations, insurance company portfolios — different objectives, constraints, and time horizons.
Quick info
- Layer
- Professional Certifications
- Track
- CFA® Level 3
- Estimated hours
- 30 hrs
- Chapters
- 4
- Exam body
- CFA Institute
- Cost on Trustner
- Free
The full chapter-by-chapter syllabus is published below so you know exactly what you're committing to. Individual lesson pages are being authored progressively over the coming weeks. Bookmark this page or browse all courses.
About this course
Pension funds, endowments, foundations, insurance company portfolios — different objectives, constraints, and time horizons.
Who this is for
- CFA L3 candidates.
- Institutional investment professionals.
What you'll learn
- DB and DC pension portfolio design
- Endowment and foundation models
- Insurance ALM
- Sovereign wealth fund considerations
Full syllabus — 4 chapters
- 1Reading 1
Pension funds
- DB liability matching
- DC default options
- 2Reading 2
Endowments and foundations
- Yale/Endowment model
- Spending policies
- 3Reading 3
Insurance portfolios
- Life insurer ALM
- P&C investment constraints
- 4Reading 4
SWFs and other institutionals
- Stabilisation, savings, development funds
- Governance considerations
About the exam
- Provider
- CFA Institute
Note: ~10-15% of CFA L3 weight.
The exam is administered by CFA Institute. Trustner Academy is not affiliated with CFA Institute; we provide independent preparatory educational material. See our disclaimer.
More from CFA® Level 3
CFA® L3 — Asset Allocation
Strategic and tactical asset allocation, capital-market expectations, the IPS, currency management. Heavy in the L3 essay paper.
CFA® L3 — Portfolio Construction
Active vs passive choice, factor investing, manager selection, ETF use, taxes, and the mechanics of building and rebalancing a real portfolio.
CFA® L3 — Performance Measurement
Attribution, benchmarking, risk-adjusted returns, the GIPS Standards. Measuring what a manager actually delivered.
CFA® L3 — Derivatives & Risk Management
Hedging equity, currency, and rate risk; managing portfolios with futures, options, and swaps; tail-risk hedging strategies.