2020 Level 3 CFA® Exam: Dates & Differences
IMPORTANT: Due to COVID pandemic, CFA Institute has made the decision to postpone the June 2020 CFA Exam administration globally. Read more here
Level 3 CFA exam is the last exam you need to pass to be able to become a CFA charterholder. You gained enough exam experience getting through your level 1 and 2 exams and the things that remain the same should cause you no problem. But you must know that level 3 differs in some aspects from level 1 and level 2.
How level 3 CFA exam differs:
7 Topics, Constructed Response Questions, Higher Pass Rate
1. CFA Program Curriculum contents
In your curriculum, you will find 7 topics, not 10. You will no longer be tested on Quantitative Methods, Corporate Finance, nor Financial Reporting and Analysis. At this exam level, the major focus is on Portfolio Management and Wealth Planning with the weight of 35-40%.
| CFA Exam Level 3 Topics | Topic Weight (%) | |
|---|---|---|
| 1 | Economics | 5-10 |
| 2 | Alternative Investments | 5-10 |
| 3 | Derivative Investments | 5-10 |
| 4 | Equity Investments | 10-15 |
| 5 | Ethical and Professional Standards | 10-15 |
| 6 | Fixed Income Investments | 15-20 |
| 7 | Portfolio Management and Wealth Planning | 35-40 |
2. Level 3 constructed response questions + item sets
The morning session of the level 3 CFA exam consists of 8-15 vignettes. These are open-ended questions, commonly known as constructed response questions. Every question begins with a case study which has several parts (e.g. A, B, C). For every part, its command words (in bold) and approximate answer time are given to guide you through the answer process. Constructed response questions cover specific topic areas and require clear and accurate answers:
Note that all the morning session questions may be devoted to one topic (e.g. in 2014, the morning session of level 3 exam was about different areas of Portfolio Management). Both the partial and total times given for every question are estimated times. The value of total time is the maximum value of points you can get for a given question.
In the afternoon session, there are 10-15 item set questions (structured like for level 2 CFA exam).
If so far you used CFA Institute Mock Exams to practice before your level 1 and 2 exams, note that CFA Institute Mock Exam for level 3 candidates includes only items set questions. It gives no opportunity for real exam experience regarding open-ended questions.
3. Level 3 CFA exam results: Longer waiting but higher pass rate
As a level 3 candidate, you’ll have to wait for your results a bit longer than level 1 and level 2 candidates. Usually, it’s about a fortnight more for level 3. The good news is that level 3 pass rate is higher as a rule than level 1 and 2 pass rates and it usually exceeds 50%.
level 3 pass rates in years 2016-2019:
2016: 54%
2017: 54%
2018: 56%
2019: 56%
10-year average level 3 pass rate:
2008-2017: 52%
When you pass your level 3 exam, meet other CFA Program requirements to become a CFA charterholder.
Your success is close enough. Do you know how to reach for it?
CFA Institute informs that candidates spend about 300 hours studying for each level of CFA exam. There are three major success-driving factors that help to cope with the challenge: good plan, systematic study and thorough review. Use our FREE Study Planner available also to level 3 candidates and plan, study, review, and assess your progress:
Smart Preparation Starts With Smart Planning
When your plans have this dangerous tendency to fall through - you need more than just timetabled topics!
You need concrete readings assigned to concrete study weeks, weekly progress assessments,
and all the means to stay in charge!
AVAILABLE ALSO FOR LEVEL 3 CANDIDATES!
When learning for the exam, take into account the level 3 CFA exam structure: study and review the material to be able to answer open-ended constructed response questions and make sure you are able to answer them using clear and adequate English. Note that language mistakes are basically not taken into account unless you make mistakes that influence the logic or precision of your answer.
Some things are common for all levels of CFA exam. See if you control the situation:
scholarships:
Access Scholarship (learn more):
for June 2020 exam – no longer available
for June 2021 exam – application window: mid-May 2020 to mid-September 2020
other June 2020 exam scholarships, incl. Women's Scholarship: see here
second registration fee deadline is on 20 February 2020 – register by then and do not overpay!
Level 3 exam date is 6 June 2020: plan your preparation well to optimize your chances!
2020 Level 3 CFA Exam Dates
Deadlines:
15 September 2019 – Access Scholarship for 2020 CFA exam
2 October 2019 – first registration (exam fee: USD 700)
1 February 2020 – other scholarships for 2020 level 3 CFA exam
20 February 2020 – second registration (exam fee: USD 1000)
11 March 2020 – final registration (exam fee: USD 1,450)
some additional 2020 CFA Program dates
15 September 2020 – Access Scholarship for 2021 CFA exam
Allow for more PM and constructed response questions when planning your CFA exam prep.
Practice your skill to construct written response to questions.