ALM is frequently tested on the CFA L3 exam. This post covers what institutional investors use it (and when), plus how to build an ALM framework for DB pension plans.

Since Pension Plans are the most commonly tested institutional investor on the CFA Level 3 exam, you need to know how their five IPS constraints get tested.  

The CFA L1 curriculum stresses that is not enough to look at a potential project or company's financial return. You also have to assess the degree of risk involved with achieving that return. Leverage--whether financial or otherwise--is a key component of achieving this understanding.

Pension plans are the most commonly tested type of institutional investor in the CFA Level 3 material. This post covers their return objectives and risk tolerance, both virtually guaranteed to show up on the L3 exam. 

The CFA exam will often ask you to identify the pros and cons of Defined Contribution and Defined benefit pension plans from either a company or investor perspective. Here's what you need to know. 

 A quick and dirty overview of how the CFA Level 3 exam tests the institutional IPS material. 

A short post walking you through how to pick a suitable portfolio for an investor and how to justify your answer in a way to earn maximum points on the CFA level 3 exam. 

Everything you need to know about elasticity for the CFA Level 1 exam. 

Most (successful) CFA Candidates get to a point in their studies where it's pretty clear they know the material in the curriculum. Then they fail anyway. These lessons will prevent that from happening to you as you study, whether for level 1, level 2 or level 3. 

Understanding the basics of financial markets is vital for the CFA level 1 exam. This post dives into market structure, the types of participants, and what it means for a market to be efficient.