Last updated: May 06, 2022

CFA exam / Level 3

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

In 2021, CFA exam moved to computer-based testing. As of 2022, level 3 is going to be held twice a year. In 2022, it's going to be May and August and as of 2023 – February & August. This is the most recent change introduced by CFA Institute to the CFA exams schedule. Its aim is to 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.

2022 Level 3 CFA Exam Dates

In 2022, level 3 CFA exam dates (windows) are available in May and August. The May 22 level 3 CFA exam registration opens on 20 July 2021. August is a new level 3 CFA exam window moved from November (this is the most recent change introduced by CFA Institute to the 2022 CFA exam schedule). The August 22 level 3 CFA exam window opens on 1 December 2021.

24-26 May*

0 days until the exam

24-26 May*

0 days until the exam

30 Aug-6 Sept*

94 days until the exam

30 Aug-6 Sept*

94 days until the exam


* The dates indicate the exam window when you can self-schedule your level 3 exam. You can read here about computer-based exams.

2023 Level 3 CFA Exam Dates

In 2023, level 3 CFA exam dates (windows) will be available in February and August. The registration for the Feb 23 level 3 exam window opens on 10 May 2022 (note higher exam registration fees, both early and standard).

21-23 Feb*

269 days until the exam

21-23 Feb*

269 days until the exam



2022/2023 Level 3
CFA Exam Fees
& Registration 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.

May 2022 FEES

begins: 20 July | ends:

begins: 5 Nov | ends:

Read more about May level 3 exam

Aug 2022 FEES

begins: 1 Dec | ends:

begins: 10 Feb | ends:
MAY 2022

Read more about August level 3 exam

Feb 2023 FEES

begins: 10 May | ends:
AUG 2022

begins: 10 Aug | ends:
NOV 2022

Read more about February level 3 exam

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

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

2022 level 3 CFA exam will consist of 2 exam session, approx. 135 min each, with an optional break meanwhile.

In the first session, you can expect 8-11 open-ended questions commonly known as constructed response questions. Such questions begin with a case study (vignette) followed by several related items. Some of the items may be multiple-choice questions but the majority will require your written response. Note the command words (in bold) and approximate answer time given to guide you through the answer process. Constructed response questions cover specific topic areas and require clear and accurate answers:

CFA Level 3: Constructed Response Questions

For time management purposes, assume that 1 point = 1 minute. That's how it worked for paper-based exams and so it continues for computer-based testing.

In the second session, you can expect 44 multiple-choice questions arranged into item sets (structured like for level 2 CFA exam).

To sum up, as the CFA exam transitions to CBT, the exam day experience will change. The total testing time will be reduced to max. 4.5 hours and:

  • each exam session will be approx. 135 min long,
  • session 1 is going to have 8-11 open-ended questions,
  • session 2 is going to have 44 multiple-choice questions, each worth 3 points,
  • multiple-choice questions will be formed into item sets topped by vignettes, i.e. case description to which the questions refer,
  • there will be six or four multiple-choice questions per an item set,
  • a four-question item set will have two-thirds of the number of points as a six-question item set.

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

Level 3 candidates always have to wait for their results a bit longer than level 1 and level 2 candidates. It's due to the open-ended questions which take longer to grade. Usually, level 3 results were released roughly 9.5 weeks after the exam. For CBT level 3 exams, results may be released sooner, probably 7-9 weeks post-exam. As for the MAY 2022 level 3 CFA exam results, the most probable date is:

19 July* 2022

* This is our educated guess. In the past, the usual pattern was: exam date + 9.5 weeks + it was Tuesday or Thursday. CFA Institute says that for computer-based exams, the results are likely to be released sooner than in the past.

The good news is that the level 3 pass rate is higher as a rule than level 1 and 2 pass rates. It 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!


2016: 54%
2017: 54%
2018: 56%
2019: 56%
2020: 56%
2021 (MAY): 42%
2021 (AUG): 39%
2021 (NOV): 43%

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 CFA Exam 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!



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.

Allow for more PM and constructed response questions when planning your CFA exam prep.

Practice your skill to construct written response to questions.

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