Web Analytics

CFA Program - Level III

The Level III exam is the last exam of the CFA Program conducted by the CFA Institute. At this final level, a much larger emphasis is placed on portfolio management and wealth planning, constituting 35% - 40% of the exam weight.

View Study Packages

Curriculum Contents

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

Exam Structure

The Level III CFA exam is 4 hours and 24 minutes long, divided into two sessions, with an optional break offered between sessions. The Level III exam consists of item sets comprised of vignettes with accompanying multiple-choice items and constructed response (essay) questions.

Session Duration Testing
First Session 2hrs, 12min 8-11 vignette-supported constructed-response item sets (answer formats: essay, numerical entry, and multiple-choice)
Second Session 2hrs, 12min 44 vignette-supported multiple-choice items with 4 or 6 questions
Total 4hrs, 24min Topics are randomly covered in either the first or second session, or possibly both

From 2021, the CFA exam switched to computer-based testing (CBT) format for Level III. The layout of the CBT for the Level III exam accommodates the additional essay type answer format, which differs from Level I and II.

The practice testing component of all our study packages are designed to closely simulate the look and feel of the actual exam so candidates are familiar with the layout and functionality come exam day.

Computer-Based Testing (CBT)

Exam Results

  • Exam results for Level III are provided via email approximately 7 - 10 weeks after the corresponding exam period. Level III results take longer to finalize given the essay type answer format of the exam.
  • Results are designated as either "pass" or "fail". No additional detailed results are provided.
  • A minimum passing score (MPS) is implemented by the CFA Institute for each exam. The MPS is not made public before or after the exam. Although the MPS is not disclosed, it is estimated candidates should aim for a score of above 70%.
    Note, the minimum passing score is not to grade the results on a curve, but rather to establish a minimum difficulty hurdle.
  • In recent years, the Level II exam's pass rates have been around 40%.

Level III Exam Dates

Aug 2024 Exam Period


14 May 2024
Registration Closes
Key Date
21 May 2024
Scheduling Deadline
Key Date
16 - 19 Aug 2024
CFA Exam Dates
Exam Dates
  • 14 Nov 2023
    Registration & Scheduling Opens
  • 23 Jan 2024
    Early Registration Deadline
  • 04 Apr 2024
    Deadline to Register with Invoice Payment Option
  • 14 May 2024
    Registration Closes
  • 21 May 2024
    Scheduling Deadline
  • 18 Jul 2024
    Rescheduling Deadline
  • 16 - 19 Aug 2024
    CFA Exam Dates
Level III
Dates are subject to change. Consult the CFA Institute for latest updates, registration and additional exam dates.

FAQ - Level III

The CFA Level III exam covers 7 topic areas:
Topic Weight
Economics 5 - 10%
Portfolio Management 35 - 40%
Derivatives 5 - 10%
Fixed Income 15 - 20%
Equity Investments 10 - 15%
Alternative Investments 5 - 10%
Ethical and Professional Standards 10 - 15%
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
To enroll for the Level III exam, the following is required:
  • Pass Level II CFA exam
Level III

Sign Up For Updates

Sign up and be the first to receive updates on upcoming product availability and latest offers.
Loading…