CFA® Level III Exam

The CFA Level 3 exam is the concluding exam of three required by the CFA Institute. Once you pass this Level 3 exam and have also acquired a minimum of 48 months of relevant work experience and required references, you will be eligible to receive your CFA Charter.

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Setting Expectations

Set aside the time

According to the CFA Institute, the 10-year average pass rate for the CFA Level III exam is 54%. In total, candidates report investing more than 300 hours into their studies for each level of the CFA exam.

  • Important Dates

    Registration Opens: Nov 14, 2023
    Registration Closes: May 14, 2024
    Exam Dates: Aug 16 - 19, 2024
    Results are provided 6-8 weeks after exam

  • Exam Information

    Multiple-choice item sets and constructed response essay sets will be mixed within two exam sessions.
    Each session will have either 6 item sets and 5 essay sets, or 5 item sets and 6 essay sets

  • Enrollment Information

    Requirements for the Level III exam

    Enroll at the CFA Institute website

  • Question Format

    11 essay sets and 11 item sets, for 12 points each

Level III 2023 Curriculum

Topics, Weights, and Content Offerings

Prepare thoroughly for the final CFA Level 3 exam with our comprehensive study materials. This exam, the last exam necessary for earning the Chartered Financial Analyst credential, assesses your mastery across relevant topics and your ability to apply your skills to portfolio planning and management tasks. Our CFA Level 3 study guide and materials include manuals, video lessons, a custom quiz builder, review materials, Focus Analysis performance metrics, CheckPoints dashboard with weekly goals, a question bank, mock exams, practice questions, and concept-checking assignments.

Economics

5% - 10%

An exploration of setting capital market expectations and the major tools of economic analysis. We first review the framework for developing expectations, then focus on macroeconomic analysis. We conclude with expectation setting for specific asset classes.

We Prepare You With Over

  • 18,000+ Words in manuals
  • 135+ Minutes of video
  • 15+ Assignments questions
  • 70+ Quiz and Exam questions

Derivatives

5% - 10%

An illustration of how to use derivatives in investment decisions. We start by examining option strategies, then review swaps, forwards, and futures strategies. The topic concludes with an exploration of managing currency exposures.

We Prepare You With Over

  • 21,800+ Words in manuals
  • 225+ Minutes of video
  • 20+ Assignments questions
  • 115+ Quiz and Exam questions

Fixed Income

15% - 20%

An overview of fixed-income portfolio management. We examine liability-driven and index-based strategies in greater detail, then cover yield curve and credit strategies for fixed-income portfolios.

We Prepare You With Over

  • 26,000+ Words in manuals
  • 245+ Minutes of video
  • 30+ Assignments questions
  • 105+ Quiz and Exam questions

Equity Investments

10% - 15%

An overview of equity portfolio management leads into a discussion of two approaches for managing equity portfolio. Both passive and active equity strategies are included.

We Prepare You With Over

  • 15,700+ Words in manuals
  • 195+ Minutes of video
  • 30+ Assignments questions
  • 110+ Quiz and Exam questions

Alternative Investments

5% - 10%

An exploration of hedge fund strategies, followed by a discussion of asset allocation to alternative investments. Learn why alternative investments present risk and return characteristics unique from traditional investments.

We Prepare You With Over

  • 17,400+ Words in manuals
  • 140+ Minutes of video
  • 10+ Assignments questions
  • 65+ Quiz and Exam questions

Portfolio Management (Part I)

15% - 25%

An introduction to behavioral biases of individuals as well as behavioral finance, followed by private wealth management and a deeper exploration of the topic. We explore risk management for individuals and portfolio management for institutional investors.

We Prepare You With Over

  • 47,900+ Words in manuals
  • 450+ Minutes of video
  • 50+ Assignments questions
  • 215+ Quiz and Exam questions

Portfolio Management (Part II)

10% - 20%

An overview of asset allocation and its principles. We discuss how real-world constraints impact asset allocation decisions. We conclude by covering various trade strategies and executions, performance evaluation, and investment manager selection.

We Prepare You With Over

  • 33,100+ Words in manuals
  • 355+ Minutes of video
  • 50+ Assignments questions
  • 185+ Quiz and Exam questions

Ethical and Professional Standards

10% - 15%

An exploration of ethics in the investment profession. Through case studies, we illustrate practical application of the Code of Ethics and Standards of Professional Conduct. We conclude with two real-world violations with resulting regulatory actions.

We Prepare You With Over

  • 16,900+ Words in manuals
  • 195+ Minutes of video
  • 30+ Assignments questions
  • 90+ Quiz and Exam questions

Level III 2024 Curriculum

Topics, Weights, and Content Offerings

Prepare thoroughly for the final CFA Level 3 exam with our comprehensive study materials. This exam, the last exam necessary for earning the Chartered Financial Analyst credential, assesses your mastery across relevant topics and your ability to apply your skills to portfolio planning and management tasks. Our CFA Level 3 study guide and materials include manuals, video lessons, a custom quiz builder, review materials, Focus Analysis performance metrics, CheckPoints dashboard with weekly goals, a question bank, mock exams, practice questions, and concept-checking assignments.

Economics

5% - 10%

An exploration of setting capital market expectations and the major tools of economic analysis. We first review the framework for developing expectations, then focus on macroeconomic analysis. We conclude with expectation setting for specific asset classes.

We Prepare You With Over

  • 18,000+ Words in manuals
  • 135+ Minutes of video
  • 15+ Assignments questions
  • 70+ Quiz and Exam questions

Derivatives

5% - 10%

An illustration of how to use derivatives in investment decisions. We start by examining option strategies, then review swaps, forwards, and futures strategies. The topic concludes with an exploration of managing currency exposures.

We Prepare You With Over

  • 21,800+ Words in manuals
  • 225+ Minutes of video
  • 20+ Assignments questions
  • 115+ Quiz and Exam questions

Fixed Income

15% - 20%

An overview of fixed-income portfolio management. We examine liability-driven and index-based strategies in greater detail, then cover yield curve and credit strategies for fixed-income portfolios.

We Prepare You With Over

  • 26,000+ Words in manuals
  • 245+ Minutes of video
  • 30+ Assignments questions
  • 105+ Quiz and Exam questions

Equity Investments

10% - 15%

An overview of equity portfolio management leads into a discussion of two approaches for managing equity portfolio. Both passive and active equity strategies are included.

We Prepare You With Over

  • 15,700+ Words in manuals
  • 195+ Minutes of video
  • 30+ Assignments questions
  • 110+ Quiz and Exam questions

Alternative Investments

5% - 10%

An exploration of hedge fund strategies, followed by a discussion of asset allocation to alternative investments. Learn why alternative investments present risk and return characteristics unique from traditional investments.

We Prepare You With Over

  • 17,400+ Words in manuals
  • 140+ Minutes of video
  • 10+ Assignments questions
  • 65+ Quiz and Exam questions

Portfolio Management (Part I)

15% - 25%

An overview of private wealth management and a deeper exploration of the topic. We explore risk management for individuals and portfolio management for institutional investors.

We Prepare You With Over

  • 43,200+ Words in manuals
  • 380+ Minutes of video
  • 35+ Assignments questions
  • 155+ Quiz and Exam questions

Portfolio Management (Part II)

10% - 20%

An overview of asset allocation and its principles. We discuss how real-world constraints impact asset allocation decisions. We conclude by covering various trade strategies and executions, performance evaluation, and investment manager selection.

We Prepare You With Over

  • 32,900+ Words in manuals
  • 355+ Minutes of video
  • 50+ Assignments questions
  • 185+ Quiz and Exam questions

Ethical and Professional Standards

10% - 15%

An exploration of ethics in the investment profession. Through case studies, we illustrate practical application of the Code of Ethics and Standards of Professional Conduct. We conclude with two real-world violations with resulting regulatory actions.

We Prepare You With Over

  • 16,900+ Words in manuals
  • 195+ Minutes of video
  • 30+ Assignments questions
  • 90+ Quiz and Exam questions

Learn From CFA Experts

Study Tips From Our Instructors

Mike Carmody
Mike Carmody CFA, FSA, MAAA Lead Instructor

Keep It Quick

Constructed response questions can be intimidating. But remember they expect your answers to be brief. So don't write in full paragraphs, or elaborate too much on minor details. Answer the questions with short phrases, focusing on what's most important to truly answer the question.

Marc Coward
Marc Coward CFA, MBA, MPhil Lead Content Manager

Manage Your Time

Time management is critically important for Level III. If you find yourself getting stuck on a question, move on to another one. You can come back to challenging questions later, but you will regret it if you run out of time before you have a chance to get to all of the questions that you can answer correctly. As you go through the various topics, think about how the content might be tested. Any topic may be tested in either the morning or afternoon session, but some types of questions are better suited for the constructed response format than others. Similarly, certain types of questions are a better fit for the multiple-choice format that is used in the afternoon session.

Tong Teh
Tong Teh CFA, FSA President

Invest the Time

Constructed response questions are all about partial credit. To pass the exam, your focus should be on gathering as many partial credit points as possible. Therefore, for the constructed response questions, always try to share your thought process as needed. Even if you feel like you cannot arrive at the final answer, write all the important steps or points down clearly.

Exam Features

CFA Level III

  • The Level 1 and Level 2 exams focused more on learning standard financial knowledge, the comprehension of investment valuation, and application. CFA Level 3 focuses on wealth planning and portfolio management.

  • In addition to focusing on portfolio management and wealth planning, the CFA Level 3 exam also covers seven topics split between two parts: Professional and Ethical Standards, and Asset Classes.

  • The CFA Level 3 exam occurs two times a year and consists of both essay-type and item-set questions. It is divided into two 2-hour and 12-minute sessions for a total of 4 hours and 24 minutes.

Get Started on Level III Today

Supported by our team of experts, these tools offer the best opportunity for exam success and achieving your CFA charter. From video lessons to targeted insights, our materials help you identify strengths and weaknesses, providing the knowledge needed for success on exam day.

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Learn More About Our CFA Level III Prep Resources

Explore our CFA Level 3 study guide, question bank, and practice questions by contacting us or opening an account to begin your preparation process.