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CFA® Program - Level III

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Curriculum Contents

The CFA Level III exam covers 7 topic areas:
Topic Weight
Portfolio Management & Wealth Planning 35 - 40%
Ethical & Professional Standards 10 - 15%
Economics 5 - 10%
Equity Investments 10 - 15%
Fixed Income 15 - 20%
Derivatives 5 - 10%
Alternative Investments 5 - 10%
Level III

Exam Dates

February 2023 - Level III

  • Registration and Scheduling Window Opens
    10 May 2022
  • Early Registration Deadline
    09 Aug 2022
  • Deadline to register with invoice payment option
    17 Sep 2022
  • Registration Closes
    08 Nov 2022
  • Scheduling Deadline
    16 Nov 2022
  • Rescheduling Deadline
    20 Jan 2023
  • CFA Exam Dates
    21 - 23 Feb 2023

August 2023 - Level III

  • Registration and Scheduling Window Opens
    14 Nov 2022
  • Early Registration Deadline
    01 Feb 2023
  • Deadline to register with invoice payment option
    25 Mar 2023
  • Registration Closes
    09 May 2023
  • Scheduling Deadline
    24 May 2023
  • Rescheduling Deadline
    28 Jul 2023
  • CFA Exam Dates
    29 Aug - 05 Sep 2023
Consult the CFA Institute for updates, registration and additional exam dates.
Level III

FAQ - Level III

The CFA Level III exam covers 7 topic areas:
Topic Weight
Portfolio Management & Wealth Planning 35 - 40%
Ethical & Professional Standards 10 - 15%
Economics 5 - 10%
Equity Investments 10 - 15%
Fixed Income 15 - 20%
Derivatives 5 - 10%
Alternative Investments 5 - 10%
Level III
300 hours recommended minimum

According to a recent survey conducted by the CFA Institute the average study hours of CFA Level III candidates was 344 hours.

Level III

The Level III exam duration is 4 hours and 24 minutes, split into two equal 2 hour and 12 minutes sessions. There is an optional break between the sessions.

The exam contains a number of item sets that consist of vignette style scenarios with multiple-choice and essay response questions.

The topic coverage is randomly placed between either or both sessions.

The exam is conducted in english language only.

Level III
The CFA Level III exam is conducted twice a year, during the following months in 2023:
  • February
  • August

For additional Level III exam dates see here or refer directly to the institute website: CFA Institute

Level III

The following outlines the registration deadlines for the scheduled upcoming CFA Level III exams:

Exam Sitting Registration Deadline Exam Dates
Feb 2023 Nov 8, 2022 Feb 21 - 23, 2023
Aug 2023 May 9, 2023 Aug 29 - Sep 5, 2023

For additional Level III exam dates see here or refer directly to the institute website: CFA Institute

Level III

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