IMPORTANT: Due to COVID pandemic, CFA Institute has made the decision to postpone the June 2020 CFA Exam administration globally. Read more here

1. CFA Curriculum contents

In your CFA 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%.

2. CFA level 3 constructed response questions + item sets

The morning session of the CFA level 3 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. CFA level 3 constructed response questions cover specific topic areas and require clear and accurate answers:

In the afternoon session, there are 10-15 item set questions (structured like for CFA level 2 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 CFA level 3 candidates includes only items set questions. It gives no opportunity for real exam experience regarding open-ended questions.

3. CFA Level 3 results: Longer waiting but higher pass rate

As a CFA 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 CFA level 3 pass rate is higher as a rule than level 1 and 2 pass rates and it usually exceeds 50%.

CFA level 3 pass rates in years 2016-2019:

2016: 54%
2017: 54%
2018: 56%
2019: 56%

10-year average CFA level 3 pass rate:

2008-2017: 52%

When you pass your CFA level 3 exam, meet other CFA requirements to become a CFA charterholder.

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 CFA level 3 candidates and plan, study, review, and assess your progress:

When learning for the exam, take into account the CFA level 3 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.