Financial Exam Help 123

Level III Mock Exams – a Comparison

Several candidates have asked my how my Level III mock exams compare to each other: which is hardest, which is easiest, and so on.

The short answer is that I tried to make them equally difficult, but each candidate will likely find the difficulty will vary from one exam to the next, based primarily on their own areas of strength and weakness.

However, the question did bring to mind an important idea: if a candidate wants to test their knowledge in particular topics, they should be able to choose an exam that covers most or all of those topics.  Heretofore, that would have been impossible.

But I can make the impossible possible: I have the technology.

So, here you go: the topic areas covered in each of my 2025 mock exams.  If you simply want to know the broad topics, simply look at the list of questions for each exam.  If you want to know the details of the topics covered on each exam question, hold your cursor over each question topic.  In the details, “CR” abbreviates “Constructed Response” (i.e., essay) and “MC” abbreviates “Multiple Choice”.

I hope that y’all find this useful.

2025 Exam 1 – Portfolio Management Pathway

Morning Exam

Question Topic
1 Core: Global Investment Performance Standards
2 Core: Portfolio Management – Derivatives
3 Pathway: Portfolio Management – Equity
4 Core: Asset Manager Code
5 Core: Portfolio Management – Performance Evaluation
6 Pathway: Portfolio Management – Fixed Income
7 Core: Portfolio Management – Economics & Asset Allocation
8 Core: Portfolio Management – Alternative Investments
9 Core: Portfolio Management – Institutional
10 Pathway: Portfolio Management – Trade Strategy and Execution
11 Core: Portfolio Management – Equity

Afternoon Exam

Question Topic
1 Core: Portfolio Management – Institutional
2 Pathway: Portfolio Management – Fixed Income
3 Core: Ethical and Professional Standards
4 Core: Portfolio Management – Fixed Income
5 Pathway: Portfolio Management – Equity
6 Core: Portfolio Management – Economics & Asset Allocation
7 Pathway: Portfolio Management – Fixed Income
8 Core: Portfolio Management – Performance Evaluation
9 Core: Portfolio Management – Derivatives
10 Pathway: Portfolio Management – Trade Strategy and Execution
11 Core: Portfolio Management – Alternative Investments

2025 Exam 2 – Portfolio Management Pathway

Morning Exam

Question Topic
1 Core: Portfolio Management – Derivatives
2 Core: Ethical and Professional Standards
3 Pathway: Portfolio Management – Equity
4 Core: Portfolio Management – Institutional
5 Core: Portfolio Management – Alternative Investments
6 Pathway: Portfolio Management – Fixed Income
7 Core: Portfolio Management – Performance Evaluation
8 Pathway: Portfolio Management – Equity
9 Core: Global Investment Performance Standards
10 Pathway: Portfolio Management – Trade Strategy
11 Core: Portfolio Management – Economics & Asset Allocation

Afternoon Exam

Question Topic
1 Core: Portfolio Management – Institutional
2 Core: Portfolio Management – Derivatives
3 Pathway: Portfolio Management – Equity
4 Core: Portfolio Management – Economics & Asset Allocation
5 Core: Portfolio Management – Performance Evaluation
6 Core: Portfolio Management – Trading Costs and Electronic Markets
7 Pathway: Portfolio Management – Fixed Income
8 Core: Asset Manager Code
9 Core: Portfolio Management – Alternative Investments
10 Core: Portfolio Management – Individual
11 Pathway: Portfolio Management – Trade Strategy

2025 Exam 3 – Portfolio Management Pathway

Morning Exam

Question Topic
1 Pathway: Portfolio Management – Equity
2 Core: Portfolio Management – Institutional
3 Core: Ethical and Professional Standards
4 Core: Portfolio Management – Fixed Income
5 Pathway: Portfolio Management – Equity
6 Core: Portfolio Management – Derivatives
7 Pathway: Portfolio Management – Trade Strategy
8 Core: Portfolio Management – Economics & Asset Allocation
9 Pathway: Portfolio Management – Fixed Income
10 Core: Portfolio Management – Performance Evaluation
11 Core: Portfolio Management – Alternative Investments

Afternoon Exam

Question Topic
1 Core: Portfolio Management – Institutional
2 Core: Portfolio Management – Performance Evaluation
3 Pathway: Portfolio Management – Fixed Income
4 Core: Portfolio Management – Equity
5 Core: Portfolio Management – Derivatives
6 Pathway: Portfolio Management – Trade Strategy
7 Core: Portfolio Management – Fixed Income
8 Core: Portfolio Management – Economics & Asset Allocation
9 Pathway: Portfolio Management – Equity
10 Core: Global Investment Performance Standards
11 Core: Portfolio Management – Trading Costs and Electronic Markets

2025 Exam 4 – Portfolio Management Pathway

Morning Exam

Question Topic
1 Core: Portfolio Management – Performance Evaluation
2 Core: Global Investment Performance Standards
3 Pathway: Portfolio Management – Fixed Income
4 Core: Portfolio Management – Institutional
5 Pathway: Portfolio Management – Equity
6 Core: Portfolio Management – Trading Costs and Electronic Markets
7 Core: Portfolio Management – Alternative Investments
8 Pathway: Portfolio Management – Fixed Income
9 Core: Portfolio Management – Equity
10 Core: Portfolio Management – Economics & Asset Allocation
11 Core: Portfolio Management – Derivatives

Afternoon Exam

Question Topic
1 Core: Portfolio Management – Economics & Asset Allocation
2 Core: Portfolio Management – Derivatives
3 Pathway: Portfolio Management – Trade Strategy
4 Core: Portfolio Management – Performance Evaluation
5 Pathway: Portfolio Management – Equity
6 Core: Portfolio Management – Fixed Income
7 Pathway: Portfolio Management – Equity
8 Core: Portfolio Management – Alternative Investments
9 Pathway: Portfolio Management – Fixed Income
10 Core: Ethical and Professional Standards
11 Core: Portfolio Management – Institutional

2025 Exam 5 – Portfolio Management Pathway

Morning Exam

Question Topic
1 Pathway: Portfolio Management – Fixed Income
2 Core: Portfolio Management – Individual
3 Core: Ethical and Professional Standards
4 Core: Portfolio Management – Performance Evaluation
5 Pathway: Portfolio Management – Equity
6 Core: Portfolio Management – Economics & Asset Allocation
7 Core: Global Investment Performance Standards
8 Core: Portfolio Management – Derivatives
9 Pathway: Portfolio Management – Trade Strategy
10 Core: Portfolio Management – Alternative Investments
11 Pathway: Portfolio Management – Fixed Income

Afternoon Exam

Question Topic
1 Core: Portfolio Management – Performance Evaluation
2 Core: Portfolio Management – Fixed Income
3 Core: Portfolio Management – Economics & Asset Allocation
4 Pathway: Portfolio Management – Trade Strategy
5 Core: Asset Manager Code
6 Core: Portfolio Management – Institutional
7 Pathway: Portfolio Management – Equity
8 Core: Portfolio Management – Derivatives
9 Pathway: Portfolio Management – Fixed Income
10 Core: Portfolio Management – Economics & Asset Allocation
11 Core: Ethical and Professional Standards