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.
- 2025 Level 3 CFA Exam Dates
- CFA Exam Fees & Registration Deadlines
- Scheduling & Rescheduling Deadlines
- Level 3 CFA Exam Differences
- Level 3 Topics & Their Weights
- Level 3 Specialized Pathways
- Level 3 CFA Exam Structure
- Level 3 Results
- Level 3 Pass Rates
- Level 3 Study Plan
2025 Level 3 CFA Exam Dates
In 2025, level 3 CFA exam dates (windows) are available in February and August. Registration for the 2025 level 3 exams is now open.
- FEB 2025 level 3 CFA exam registration opens on 9 May 2024.
- AUG 2025 level 3 CFA exam registration opens on 6 Nov 2024.
In 2025, the level 3 CFA exam will change a lot, e.g., there will be specialized pathways and Practical Skills Modules (PSMs).
Here are the upcoming 2025 level 3 CFA exam dates:
* The dates indicate the exam window when you can self-schedule your level 3 exam. See how to schedule your CFA exam.
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.
2025 Level 3 CFA Exam
Registration Fees & Deadlines
HIGHER 2025 CFA EXAM FEES!
The 2025 level 3 CFA exam fees increase compared to the 2024 fees. The higher 2025 CFA exam early registration fee is USD 1090 (instead of USD 940) and the standard fee is as high as USD 1390 (instead of USD 1250).
| 2025 Level 3 CFA Exam | Early Registration Deadline | Standard Registration Deadline |
|---|---|---|
| Registration Fee | USD 1090 | USD 1390 |
| Feb 2025 | 9 July 2024 | 7 Nov 2024 |
| Aug 2025 | 29 Jan 2025 | 6 May 2025 |
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).
2025 Level 3 CFA Exam
Scheduling & Rescheduling Deadlines
| 2025 Level 3 CFA Exam | Scheduling Deadline | Rescheduling Deadline |
|---|---|---|
| Feb 2025 | 12 Nov 2024 | 18 Jan 2025 |
| Aug 2025 | 13 May 2025 | 14 July 2025 |
The deadlines end at 11:59 p.m. ET.
2025 STUDY PLAN COMING SOON!
How Level 3 CFA Exam Differs:
5 Topics + Specialized Pathway, Essay Questions, Higher Pass Rate
Level 3 CFA Exam Topics
Level 3 CFA candidates are tested on 5 core topics that take up 65-70% of the exam weight. The remaining 30-35% of the exam is devoted to the so-called specialized pathways. There are 3 specialized pathways but your task is to choose one of them. So, there are no longer 10 topics like for the level 1 and level 2 exams. Plus, some topics are new by name compared to the previous exam levels.
Here are the level 3 CFA exam CORE topics with their weights given in ranges (CORE means obligatory for all level 3 candidates):
| Level 3 CFA Exam Topics | Topic Weight | |
|---|---|---|
| 1 | Asset Allocation | 15-20% |
| 2 | Portfolio Construction | 15-20% |
| 3 | Performance Measurement | 5-10% |
| 4 | Derivatives and Risk Management | 10-15% |
| 5 | Ethical and Professional Standards | 10-15% |
Level 3 CFA Exam Specialized Pathways
Here are the three level 3 CFA exam specialized pathways (you choose one of the three options and specialize in it):
| Level 3 CFA Exam Specialized Pathway | Weight | |
|---|---|---|
| 1 | Portfolio Management | 30-35% |
| 2 | Private Markets | 30-35% |
| 3 | Private Wealth | 30-35% |
New Level 3 CFA Exam Format as of 2023
The level 3 CFA exam consists of 2 exam sessions, 132 minutes each, with an optional break meanwhile. As always, the exam includes constructed response questions alongside item sets that you 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 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 contains both some essay sets and some item sets. There are 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 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) is 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 has a mix of open-ended essay questions and multiple-choice item sets,
- session 2 has a mix of open-ended essay questions and multiple-choice item sets,
- there's a total of 11 essay sets, each with a variable number of items/questions (each one is worth a variable-number points),
- there's 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 is provided for each vignette.
Level 3 CFA Exam Tips
Practice your skill to construct adequate written responses to essay questions.
Choose your specialized pathway to fit your skills and preferences. Study CORE topics!
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 2025 CFA exams should be available:
FEB LVL 3 EXAM
8 Apr* 2025
AUG LVL 3 EXAM
30 Sept* 2025
* 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 getting closer to 50% plus 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% | |
| Aug 2023 | 47% | |
| Feb 2024 | 49% | |
| Aug 2024 | 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.
About Soleadea:
Our CFA Exam Study Planner is available to candidates of all levels at groundbreaking Pay-What-You-Can prices. You decide how much you want to pay for our services. After you activate your account, you get unlimited access to our Study Planner 4.0 with study lessons inside (level 3 to come), various level 1/level 2 study materials & tools, regular review sessions, and a holistic growth approach to your preparation. Join
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