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CFA 2025 LEVEL III Schweser Mock Exam 1-4 (Private Markets Pathway)

2025 CFA Level III Changes

Beginning with the 2025 Level III exams, CFA Institute introduced specialized pathways. Each pathway was developed to give candidates more options to learn content directly related to their interests and career goals. The three specialized pathways are: 

1. Portfolio Management: This traditional CFA Program pathway focuses on constructing, managing, optimizing, and measuring portfolios of public market equity, fixed income, and derivative securities.
2. Private Markets: This pathway addresses private markets investing primarily from the perspective of the general partner (GP). It builds on key valuation and other competencies in the CFA Program from all four asset class domains.
3. Private Wealth: This pathway offers a global perspective on and universal principles for serving high-net-worth clients (worth US$5M+). It is structured as an arc from a young adult being onboarded to generating wealth through wealth transfer.

Prepare with CFA Level III Mock Exams

These realistic exams simulate the interface, format, difficulty, and length of the actual CFA exam—helping you develop your test-taking skills, identify your weak areas, and demonstrate your mastery of the CFA Program curriculum. Afterward, view answer explanations, check your score and drill deeper into each question with our Mock Exam Tutorial.