The electronic structure and circular dichroism spectra of the ytterbium(III) complex [Yb(DOTMA)]- are calculated using complete and restricted active space self-consistent field wavefunction methods with the spin-orbit coupling treated by the state interaction approach. The influence of the dynamical correlation effect is then included via the 2nd order perturbation method. The experimental circular dichroism spectrum is well reproduced by calculations, both in terms of relative energy excitations and in terms of rotatory strength intensities. The results allow highlighting the mechanism that drives the chiroptical properties in Yb(III) complexes and reveal the importance of taking into account the 4f125d1 electronic configurations in the calculated wavefunctions to properly describe the chiroptical properties of the 4f-4f transitions.