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 |
|---|---|
| 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% |
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%.
FAQ - Level III
| 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% |
According to a recent survey conducted by the CFA Institute the average study hours of CFA Level III candidates was 344 hours.
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.
- February
- August
For additional Level III exam dates see here or refer directly to the institute website: CFA Institute
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
- Pass Level II CFA exam