CFA® Level 3 Exam
The Final Hurdle
Congratulations on passing CFA® exam Levels 1 and 2! You're now on the path to becoming a CFA charterholder. You must pass the Level 3 exam, complete the work experience requirement, and apply for the charter to fully achieve this designation.
The CFA Level 3 exam allows you to showcase your deep understanding of financial concepts and your ability to apply them in real-world scenarios. Here’s an overview of the exam format, structure, and content to help you prepare.
The CFA Level 3 Exam Format, Structure, and Duration
The CFA Level 3 exam combines item sets and essay questions. It has 2 sessions, each comprising 5 or 6 item sets and 5 or 6 essay sets for 11 question sets.
Question sets consist of a vignette followed by 4 multiple-choice questions, totaling 44 multiple-choice items worth 3 points each. Each question set focuses on a specific topic area from the CFA Program curriculum, with a statement indicating the topic and total point value at the beginning. The exam is equally divided between two 2-hour and 12-minute sessions, with an optional break between sessions.
Below is an example schedule:
| CFA Level 3 Exam Schedule | ||
|---|---|---|
| Session 1 | 5 item sets and 6 essay sets | 2 hours and 12 minutes |
| Optional Break | ||
| Session 2 | 6 item sets and 5 essay sets | 2 hours and 12 minutes |
CFA Level 3 Topics Overview
In 2025, the CFA Level 3 exam will heavily emphasize asset allocation and portfolio construction. It also will introduce new pathways: Private Wealth and Private Markets, alongside Portfolio Management. These options allow you to select a path that aligns with your interests and career aspirations.
| Topic | Topic Name | 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% |
| 6 | Pathways | 30-35% |
In addition, Practical Skills Modules (PSMs) will become available in 2025 for Level 3 candidates. For each level, you must complete one 10-20 hour module, including videos, multiple-choice questions, guided practice, and case studies designed to develop a particular job-related skill.
CFA Level 3 Exam Fees and Scheduling
Starting in 2025, the CFA Level 3 exam will have a different fee structure than Levels 1 and 2. The new registration fees will be:
| Type of Registration | Feb 2025 Window | Registration Fees (2025) |
|---|---|---|
| Early Registration | July 9, 2024 | $ 1,090 |
| Standard Registration | Sept 28, 2024 | $ 1,390 |
Rescheduling your CFA Level 3 exam
If you need to reschedule your CFA Level 3 exam, there is a $250 non-refundable fee. Furthermore, you can also purchase a $399 deferral, allowing you to postpone your exam for up to 12 months.
Exam center locations
CFA exams are administered in over 400 locations worldwide. You can choose a testing center during the scheduling process. Locations have limited seating, so we recommend registering as early as possible.
CFA Level 3 Exam Day Requirements
According to the CFAI, you should bring the following to the testing center
- Valid international travel passport (required)
- Approved calculator
- Face mask (based on local guidelines)
- Additional layers of clothing
- Water in a clear bottle (no label and no images or writing)
You must keep food in your locker during the exam. Approved personal care items are allowed in the testing center.
Approved Calculators
The CFAI authorizes the use of two calculators:
- Texas Instruments BA II Plus (including BA II Plus Professional)
- Hewlett Packard 12C (including the HP 12C Platinum, 12C Platinum 25th anniversary edition, 12C 30th-anniversary edition, and HP 12C Prestige)
CFA Exam Scholarships
The CFAI offers various scholarships to help candidates offset costs. You can apply for these scholarships after receiving your exam results and apply for more than one during the same cycle. Scholarships include:
Learn about opportunities for CFA exam scholarships outside of the CFAI.