CFA level 3 2025 Private Markets Schweser’s Quicksheet, critical concepts for the 2025 cfa exam
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This document provides an overview of critical concepts for the 2025 CFA exam, Level III, with a focus on private markets.
- Asset Allocation discusses concepts and formulas relevant to long-term economic growth rates, risk premiums, and neutral short-term interest rates. It also details risk premium and asset allocation approaches, including rebalancing strategies, mean-variance optimization, and Monte Carlo simulation.
- Portfolio Construction explains equity and fixed-income index construction, cash flow matching, effective duration and convexity, and the five components of return.
- Estimating Investor Cash Flows provides formulas for capital contribution, distributions, and NAV. It also explains the Gini Coefficient, which measures wealth distribution, and the wealth life cycle. The section also provides formulas for calculating after-tax future value with accrual taxes, deferred taxes, and deferred taxes with cost basis.
- IPS for Private Clients and Institutional Investors details the creation and key components of Investment Policy Statements (IPS) for both private clients and institutional investors.
- Trading Costs and Electronic Markets explains the concept of implementation shortfall, types of electronic markets, and abusive trading practices.
- Performance Measurement covers attribution, benchmark quality, performance appraisal, and errors in hiring.
- Derivatives and Risk Management provides an overview of option strategies, interest rate swaps, hedging, and currency management.
- Ethics contains codes of ethics and standards for asset managers and GIPS information.
- Private Markets includes an overview of private investment structures, performance and return metrics, fund multiples, asset class comparisons, private equity strategies, and distressed investment strategies.
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