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.
Curriculum Contents
| Topic | Weight |
|---|---|
| Asset Allocation | 15 - 20% |
| Portfolio Construction | 15 - 20% |
| Performance Measurement | 5 - 10% |
| Derivatives & Risk Management | 10 - 15% |
| Ethical & Professional Standards | 10 - 15% |
| Pathways | 30 - 35% |
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.
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 2026 Exam Period
-
13 - 17 Aug 2026CFA Exam Dates
Frequently Asked Questions About CFA Level III Packages
What Is Included in a CFA Level III Package?
A KeyPoint CFA Level 3 package includes structured lessons, study materials, practice quizzes, mock exams, and progress tracking.
Higher package tiers may include more practice, feedback, support, analytics, PassGuard access terms, or score assessment.
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How Much Does a CFA Level III Package Cost?
The CFA Level 3 package price depends on the package tier you choose.
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CFA Institute exam registration and enrollment fees are separate from any KeyPoint Learning study package price.
Does KeyPoint Learning Include CFA Level III Mock Exams?
Yes, Level III packages include mock exam support.
Mock exams help you practice timing, format, pacing, and exam-day pressure before the real exam.
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Do the Level III Packages Cover Constructed Response Questions?
Yes, Level III packages should include constructed response practice because written answers are part of the exam format.
This practice helps you work on clear explanations, answer structure, and time management.
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Do the Level III Packages Support All Three Pathways?
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Level III candidates choose a specialized pathway, so pathway support is an important detail to confirm before choosing a package.
What Is PassGuard?
PassGuard is a KeyPoint package feature related to access or renewal terms.
It should be reviewed as part of the package details, especially if you want to understand how long your access lasts and what happens if you need more time with the material.
PassGuard should not be described as a pass guarantee.
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Which CFA Level III Package Should I Choose?
Start with your exam date, your study schedule, your confidence with constructed response, and how much feedback you want.
If you mainly need structure and practice, Deluxe may be enough. If you want more practice, feedback, or support, compare Premium and Elite before choosing.
Can I Study for CFA Level III While Working Full Time?
Yes, many candidates prepare for Level III while working full time.
The challenge is not only the content. It is to stay consistent, practice the exam format, and use limited study hours well. A structured package can help you keep your prep organized around a busy schedule.
Is KeyPoint Learning Endorsed by CFA Institute?
No. CFA Institute does not endorse, promote, or warrant the accuracy or quality of the products or services offered by KeyPoint Learning Inc. CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.