Study Session Order

Im looking to start studying soon using Kaplan and could use your help:

If you could start over preparing for L3, in what order would you go through the study session or books? Why?

Im thinking to start with the Fixed Income and Equity topics, then moving on to institutional investors, econ, and asset allocation. Not sure where to go from there.


I did it sequentially and would do it the same way if I had to do it over again. To me it makes logical sense as it follows the investment management process.

You need to have a firm grasp of ethics, that’s a given. But the investment mangement process starts with crafting an IPS for your client based on their risk tolerance (ability and wilingness). To do this you need to account for their biases so you need to understand the behavioral finance stuff first. Once you figure out the IPS you need to form your capital market expectations and then your asset allocation strategy. Part of this is knowing how to manage a fixed income and/or equity portfolio so you can do these two in any order. Next you need to execute your plan and monitor it, rebalancing where necessary. At this point you need to be aware of the risk management techniques involved in protecting the portfolio. Finally you need to be able to report results in a manner consistent with GIPS so current and future investors can evaluate your performance.

Please read!!

Don’t THINK about how to start, just start, anywhere, it’s better to just start NOW than waiting even just a week to have “the perfect sequence”.

dont start with ethics or gips

skip ethics

Yup. not looking at ethics and gips till April.