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Depends on the position, no? Personally, I'd say that the CFA Level I portfolio management section might be a starting point. I think if you know that, you could probably say that you have a basic understanding of the major tenets of portfolio theory.

 

Is it portfolio theory or understanding of portfolio theory. The latter one I do not know. Portfolio theory in Layman's terms is you basically have to invest in different types of securities to increase your chances of getting a return than in one type of securities.

“It is our fate to be tormented with large and small dilemmas as we daily wind our way through the risky, fractious world that gave us birth” Edward O. Wilson.
 
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