This is the last of three exams offered by the CFA Institute (formerly the Association for Investment Management and Research (AIMR)). This exam (in addition to other requirements) must be passed for an individual to become a CFA chartholder. The CFA Program is a globally recognized standard for measuring the competence and integrity of financial analysts. Level III explores portfolio management in great depth. You must demonstrate a working knowledge of the portfolio management process, from calculating investor constraints, objectives, and capital-market expectations to making asset-allocation decisions.
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