Swaps are optional for Level 3?

95% of the readings on swaps are optional in the CFA curriculum. Book 4 p. 376-395 all optional. No interest rate swap or currency swap?

Don’t have books or LOS thing handy but I’d double-check that. Can’t believe they’re optional. However, if the excised (optional) section is calculation heavy, then yes, possible it is not covered in depth.


Swaps are not optional. They appear in the section on Alternative investments in the form of Commodity Swaps; fixing a price based upon the forward/futures curve and interest rate and also in the risk management section in regard to hedging certain risks with swaps. What your probably seeing is the introductory material, that was covered in previous levels.

I was a liitle too premature with my statement. Swaps are heavily covered again in Book 5 and that is not optional.

former trader is right that a big chunk of the reading on commodity swaps is optional, as it covers interest rate swaps, and that material, at least in that reading, is optional.