Level 3 CFA® Exam: 2023-2024 Dates & Differences

CFA exam / Level 3

Level 3 CFA Exam Is Twice a Year

The level 3 CFA exam is the last of the series of 3 exams. Passing all the 3 levels is a prerequisite for getting your CFA designation. So, to take your level 3 exam, first you need to pass your level 1 and level 2 CFA exams.

As of 2022, the level 3 CFA exam is held twice a year. In 2022, it was May and August, and – as of 2023 – it's going to be February & August. This change is to help release the level 3 exam results sooner than in the past while still making the level 3 exam available to CFA candidates twice a year.

1. 2023 Level 3 CFA Exam Dates
2. 2024 Level 3 CFA Exam Dates
3. CFA Exam Fees & Registration Deadlines
4. Scheduling & Rescheduling Deadlines
5. Level 3 CFA Exam Differences
6. Level 3 Topics & Their Weights
7. Level 3 CFA Exam Structure
8. Level 3 Results
9. Level 3 Pass Rates
10. Level 3 Study Plan

2023 Level 3 CFA Exam Dates

In 2023, level 3 CFA exam dates (windows) are available in February and August. Registration for the 2023 level 3 exams is now closed.

Here are the 2023 level 3 CFA exam dates:

21-23
Feb*

0 days until the exam

21-23 Feb*

0 days until the exam

29 Aug-
-5 Sept*

0 days until the exam

29 Aug-5 Sept*

0 days until the exam

* The dates indicate the exam window when you can self-schedule your level 3 exam. See how to schedule your CFA exam.

2024 Level 3 CFA Exam Dates

The 2024 level 3 CFA exam dates have already been given by CFA Institute:

• FEB 2024 level 3 CFA exam registration opens on 16 May 2023.
• AUG 2024 level 3 CFA exam registration opens on 14 November 2023.

Here are the 2024 level 3 CFA exam dates:

• FEB 2024 LVL3 CFA exam is from 15 to 18 February 2024.
• AUG 2024 LVL3 CFA exam is from 16 to 19 August 2024.

Level 3 CFA Exam Registration Fees & Deadlines

Each time you register to take and retake your level 3 exam, you'll have to pay a specific exam registration fee. The amount of the fee depends on when you choose to register for the exam. Before you register, check if you're eligible for any of CFA Institute scholarships. They can reduce your exam cost substantially.

2023 Level 3 CFA Exam
Registration Fees & Deadlines

HIGHER 2023 CFA EXAM FEES!

The 2023 level 3 CFA exam fees increased by USD 200 for both early registration and standard registration. The early-bird fee for the 2023 level 3 CFA exam is USD 900 and the standard registration fee is as high as USD 1200.

The deadlines end at 11:59 p.m. ET.

2024 Level 3 CFA Exam
Registration Fees & Deadlines

EVEN HIGHER 2024 CFA EXAM FEES!

The 2024 level 3 CFA exam fees increase compared to the 2023 fees. The higher 2024 CFA exam early registration fee is USD 940 and the standard fee is as high as USD 1250.

The deadlines end at 11:59 p.m. ET.

Level 3 CFA Exam Scheduling & Rescheduling

Don't forget to schedule your level 3 CFA exam after you register. Best do it asap 'cos CFA exam scheduling is done on a first-come first-served basis. CFA exam scheduling is free of any additional charge.

Mind that if you don't schedule your exam, you won't be allowed to take it and you'll forfeit your registration fee.

If your scheduled CFA exam date happens to be inconvenient, you can reschedule your level 3 exam if you pay USD 250 (per each re-appointment).

2023 Level 3 CFA Exam
Scheduling & Rescheduling Deadlines

The deadlines end at 11:59 p.m. ET.

2024 Level 3 CFA Exam
Scheduling & Rescheduling Deadlines

The deadlines end at 11:59 p.m. ET.

How Level 3 CFA Exam Differs:
7 Topics, Essay Questions, Higher Pass Rate

Level 3 CFA Exam Topics

Level 3 CFA candidates are tested on 7 topics, instead of 10. In your level 3 curriculum, you will no longer find Quantitative Methods, Corporate Issuers, and Financial Statement Analysis. In the level 3 CFA exam, the major focus is on Portfolio Management and Wealth Planning with a weight of 35-40%.

Here are all the level 3 CFA exam topics with their weights given in ranges:

	Level 3 CFA Exam Topics	Topic Weight
1	Economics	5-10%
2	Alternative Investments	5-10%
3	Derivatives	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%

Since Portfolio Management represents 35%-40% of the level 3 CFA exam, you'll find the following sub-topic distinctions for your exam questions:

• Portfolio Management – Behavioral Finance
• Portfolio Management – Private Wealth
• Portfolio Management – Institutional
• Portfolio Management – Asset Allocation
• Portfolio Management – Trading
• Portfolio Management – Performance Evaluation
• Portfolio Management – Investment Manager Selection

For results reporting, Portfolio Management is grouped into two sub-topic categories:

• PM – Behavioral Finance; Private Wealth; and Institutional (15%-25%)
• PM – Asset Allocation; Trading; Performance Evaluation; and Investment Manager Selection (10%-20%)

In 2023, there are no changes in the level 3 CFA exam curriculum compared to the 2022 curriculum. It means you can still use the 2022 books if you have them.

In 2025, the level 3 CFA exam will change a lot, e.g., there will be specialized pathways and Practical Skills Modules (PSMs).

New 2023 Level 3 CFA Exam Format

The level 3 CFA exam consists of 2 exam sessions, 132 minutes each, with an optional break meanwhile. As always, also in 2023 it will include both constructed response questions alongside item sets that you will already know from your level 2 exam. However – as of 2023 – some important changes to the level 3 CFA exam format have been introduced.

If you previously took your level 3 CFA exam, you will know that constructed response (essay) questions used to be included in the first session of the exam, while item sets with multiple-choice questions comprised the second session of the exam.

Starting in 2023, each exam session will contain both some essay sets and some item sets. There will be 11 essay sets and 11 item sets altogether. So, in each session, you can expect either 6 item sets and 5 essay sets or 5 item sets and 6 essay sets.

This change is due to the difficulties that level 3 CFA candidates used to have when taking the essay session. While they consistently lacked the time to do all the constructed response questions, they felt there was an excess of time during the item set session. Now, the time and difficulty should be easier to handle with the new adjustments to the level 3 CFA exam.

Level 3 Essay Questions & Item Sets

Level 3 CFA exam constructed response questions are open-ended, essay questions that begin with a case study (vignette) followed by several related items (questions/problems to be answered). Some of the items may be multiple-choice questions but the majority will require your written response. All questions must be answered based on the information in the vignette. An essay set may have a variable number of items (each one is worth a variable number of points). Points per item are not disclosed.

Note the bolded command words (e.g., explain, justify, determine, calculate) given to guide you through the answer process. Remember that constructed response questions cover specific topic areas and require clear and accurate answers!

Level 3 CFA exam item sets are structured like level 2 CFA exam questions, i.e., they consist of a case study (vignette) followed by 4 multiple-choice questions (each one is worth 3 points). All questions must be answered based on the information in the vignette.

Topics may be placed randomly between the sessions. Also, each vignette (both for essays and item sets) will be topped with information about the TOPIC and the total number of points possible to score, e.g.:

• TOPIC: ECONOMICS
• TOTAL POINT VALUE OF THIS QUESTION SET IS 12 POINTS

New Level 3 Format Summed Up

To sum up, the new CFA exam CBT format is still changing. The total testing time is now reduced to ca. 4.5 hours and:

• each level 3 exam session is 132 minutes long,
• session 1 is going to have a mix of open-ended essay questions and multiple-choice item sets,
• session 2 is going to have a mix of open-ended essay questions and multiple-choice item sets,
• there will be a total of 11 essay sets, each with a variable number of items/questions (each one is worth a variable-number points),
• there will be a total of 11 item sets, each with 4 multiple-choice questions (each one is worth 3 points),
• both essay questions and multiple-choice questions are topped with a vignette, i.e. case description to which the questions refer,
• information about the TOPIC and the total number of points possible to score will be provided for each vignette.

Level 3 CFA Exam Tips

Level 3 CFA Exam Results: Longer Waiting but Higher Pass Rate

Level 3 candidates always have to wait for their CFA exam results a bit longer than level 1 and level 2 candidates. It's due to the open-ended questions which take longer to grade. In the past, CFA Institute had up to 90 days to announce level 3 scores but this changes due to computer-based testing. CFA Institute intends to release level 3 CFA exam scores in 6-8 weeks post-exam.

Here's our most optimistic educated guess about when level 3 CFA exam results for the 2023 CFA exams should be available:

FEB LVL 3 EXAM
12 Apr 2023

AUG LVL 3 EXAM
24 Oct* 2023

* This educated guess is based on the information that CFA Institute intends to release level 3 CFA exam results in even 6 weeks after the close of the exam window + CFA exam results have usually been announced on Tuesday or Thursday.

Past Level 3 CFA Exam Pass Rates

The good news is that the level 3 pass rate is higher as a rule than level 1 and 2 pass rates. The level 3 CFA exam pass rate used to exceed 50%. Now, it's around 40% but compared to the new level 1 and level 2 CFA exam pass rates – it's still pretty good!

Here are some most current level 3 pass rates:

Level 3 CFA Exam Pass Rates
May 2021	42%
Aug 2021	39%
Nov 2021	43%
May 2022	49%
Aug 2022	48%
Feb 2023	48%

NOTE: In 2021, the level 3 CFA exam was held in May, Aug, and Nov. In 2022, level 3 candidates took their exam in May instead of Feb.

Create Your Study Plan & Pass CFA Exam

Your success is close enough. Do you know how to reach for it?

CFA Institute informs that candidates spend around 300 hours studying for each level of the 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 CFA Exam Study Planner available also to level 3 candidates and plan, study, review, and assess your progress:

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.

Remember that as soon as you pass your level 3 exam, you have to meet all the requirements to become a CFA charterholder.

Read Also:

• 2024+ CFA Program Changes
• How to Become a CFA Charterholder
• CFA Exam Checklist