The CFA Level 3 Exam is considered the most application-focused of the CFA Program. It builds on the analytical skills from Level 2 while emphasizing portfolio management, wealth planning, and integrating investment concepts into real-world scenarios.
2025 CFA Level 3 Curriculum Updates
The 2025 CFA Level 3 curriculum has been updated to better align with real-world practices and career goals. Key changes include:
- Core readings reduced from 33 to 22, focusing on Asset Allocation, Portfolio Construction, Performance Measurement, Derivatives, and Ethics.
- Exam structure revised to allocate 65-70% to core topics and 30-35% to specialized pathways.
- You must select 1 of 3 specialized pathways: Private Wealth, Private Markets, or Portfolio Management.
Stay up to date with CFA Exam curriculum changes.
CFA Level 3 Exam Format
The CFA Level 3 exam includes 22 question sets, comprising 11 item sets and 11 constructed response (essay) sets, each worth 12 points. Of these, 20 are scored, while 2 (1 item set and 1 essay set) are unscored trial sets.
Each session lasts 2 hours and 12 minutes and features a mix of 5 or 6 item sets and 5 or 6 essay sets, ensuring a balanced distribution of question types. The exam is split into 2 sessions with an optional break in between. Topics are randomly distributed across sessions and may appear in either or both sessions.
Question Format
The CFA Level 3 Exam combines item and essay sets, both requiring answers based on a vignette.
- Item Sets: Vignettes followed by 4 multiple-choice questions, each worth 3 points, with all questions tied to the vignette. Topics and total point values are provided at the start of each vignette.
- Essay Sets: Vignettes with constructed response questions requiring explanations or calculations. Bolded command words guide formatting, and only the required number of responses is graded. Correct numerical answers receive full credit without explanations. Some questions may use multiple-choice formats.
Practical Skills Modules (PSM)
Practical Skills Modules (PSMs) are designed to build practical, hands-on skills through videos, multiple-choice questions, guided practice, and case studies. They are not part of the actual CFA Level 3 Exam, but you must complete 1 PSM per level to receive your results.
Each module requires 10-20 hours and can be started anytime after registration. The following PSMs are available for CFA Level 3:
- Analyst Skills
- Financial Modeling
- Portfolio Development and Construction
- Python, Data Science, and AI
- Python Programming Fundamentals
Learn more about Practical Skills Modules
CFA Level 3 Sample Questions
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Passage
Denise Duckworth is the chief investment officer at Duckworth Financial, Inc. (DFI), her father’s firm specializing in international opportunities. In addition to other duties, Duckworth manages the high-net-worth (HNW) portfolio managers (PMs) at DFI. One of her PMs, Emile Arroyo, is attempting to select from among the equity securities of three companies in Exhibit 1.
Exhibit 1: Arroyo – Equity Securities List
Company Description
| A | Aggressive management. Development of new products and markets. Simultaneous acquisitions in pursuit of those strategic goals. No dividends. Perhaps slightly overvalued based on DFI analysis. Headquartered in Brazil. |
| B | Natural resources company headquartered in Argentina. Expected to benefit from rising commodity prices. Able to pass cost increases on to its customers. |
| C | Well-established company with great share liquidity in international markets. Consistent and slowly growing dividend payments to shareholders. Headquartered in Belgium. DFI analysis has indicated “C” to be undervalued. |
Arroyo’s client, Aleksandr Dmitri, had recently come to him with concerns about lacking inflation protection in his equity portfolio. Arroyo then brought the situation to Duckworth’s attention. “I’m sure you’ll make the right decision,” Duckworth told him.
Arroyo, who has all actively managed portfolios, tells Patty Llewellyn, another PM with all passively managed portfolios, that he will constructively engage with the management of whichever company or companies he chooses for his client portfolios from now on. Llewellyn notes that Companies B and C are in her benchmark index.
Later that evening, Duckworth is approached at a social function by Charles Millicent, a well-known trust fund beneficiary. Millicent expects to receive a scheduled distribution of capital from the trust and wishes to reinvest rather than spend it. “I’m more interested in something that will produce an ongoing stream of income while protecting me from inflation,” he says. “At the same time, I have doubts that any of the widely followed companies that would meet my criteria will earn returns substantial enough to recover active management expenses.”
Duckworth agrees that she will have one of her many PMs call Millicent the next day.
Which of the following is correct regarding Duckworth’s assignment of Millicent’s account?
- Arroyo is more likely than Llewellyn to get the account.
- Llewellyn is more likely than Arroyo to get the account.
- Neither Arroyo nor Llewellyn is likely to get the account.
Explanation:
Incorrect. Llewellyn will likely get the account because she is indexed to more stable large-cap companies, some of which suggest inflation protection (e.g., Company B). Further, Llewellyn must manage to an index of large-cap core securities, further fitting Millicent’s requirements to avoid active management expenses on the types of companies that would fit his criteria.
Correct. Llewellyn will likely get the account because she is indexed to more stable large-cap companies, some of which suggest inflation protection (e.g., Company B). Further, Llewellyn must manage to an index of large-cap core securities, further fitting Millicent’s requirements to avoid active management expenses on the types of companies that would fit his criteria.
Incorrect. Llewellyn will likely get the account because she is indexed to more stable large-cap companies, some of which suggest inflation protection (e.g., Company B). Further, Llewellyn must manage to an index of large-cap core securities, further fitting Millicent’s requirements to avoid active management expenses on the types of companies that would fit his criteria.
Using a derivative that is imperfectly matched to the underlying will most likely result in:
- tail risk.
- basis risk.
- currency risk.
Explanation:
(Choice A) Incorrect. Basis risk describes the difference in return from a derivatives portfolio to a portfolio of the underlying.
(Choice B) Correct. Basis risk describes the difference in return from a derivatives portfolio to a portfolio of the underlying.
(Choice C) Incorrect. Basis risk describes the difference in return from a derivatives portfolio to a portfolio of the underlying.
Passage
Serena Escobar is the chief investment officer (CIO) for Hiltl Investments, a large mutual fund company. Escobar has been discussing liquidity risk and tail risk with a group of interns in the portfolio management program. During the conversation, Escobar made two statements about bid-ask spread in high-yield and investment-grade markets.
| Statement 1: | High-yield spread is usually measured in currency units. |
| Statement 2: | Investment-grade spread is measured in basis points over a reference rate, usually a government fixed-income security. |
One of the interns asks Escobar about a list of bonds for potential inclusion in the Hiltl Emerging Markets Opportunities Fund (HEMOX). The candidate, Amar Elba, is surprised to see that Pinkston Mining, a multinational commodities producer, has the same credit rating as its country’s BB+ sovereign debt. “That company is in a lot of portfolios and I thought it was a stronger credit,” Elba says, somewhat surprised.
Other interns are more interested in the new Hiltl Structured Financial Instruments Fund (HSFIX). Escobar agrees with the interns that the fund offers opportunities for investors wishing to avoid holding individual MBS/ABS securities. She describes the situation in which a high-net-worth (HNW) client held a senior tranche and a subordinated tranche of an ABS with default correlation that changed from +1 to −1. The HNW client had no idea how to properly hedge the risk.
“Jenny Henley specifically looks at the relative value of tranches for any CDO investments in the Structured Financial Instruments Fund,” Escobar tells her interns, introducing Henley. During her explanation, Henley makes three comments.
| Comment 1: | Collateralized loans are CDOs with leverage loans serving as the underlying. |
| Comment 2: | Mezzanine and equity tranches essentially leverage the assets from the underlying credits. |
| Comment 3: | During a financial crisis, the triple-A and double-A tranches are likely to survive; therefore, a PM would short the more secure credits and go long the mezzanine and equity tranches. |
As Henley closes, Escobar takes that opportunity to announce a new fund, Hiltl Fixed-Income Strategic Opportunities Fund (HFISX). During her discussion of the new fund, she notes that the fund is likely to include high-yield credits and floating-rate notes. She then makes three observations.
| Observation 1: | It is appropriate to use spread duration rather than modified duration for the new portfolio. |
| Observation 2: | If interest rates change, a portfolio of floaters is unlikely to experience much change in value. |
| Observation 3: | If interest rates change, an investment-grade portfolio is unlikely to experience much change in spread. |
Based on Elba’s description of HSFIX, the fund most likely focuses on:
- covered bonds.
- the senior tranches of the securities.
- the mezzanine tranches of the securities.
Explanation:
Incorrect. More risk-tolerant investors, such as in HSFIX, are likely to favor mezzanine tranches due to the greater return. The senior tranches have less risk and return, as do covered bonds. Covered bonds generally refer to financial institutions with a cover pool. In the event of default, investors have access to both the institution’s assets and the cover pool. This decreases the risk and return of an investment in such securities.
Incorrect. More risk-tolerant investors, such as in HSFIX, are likely to favor mezzanine tranches due to the greater return. The senior tranches have less risk and return, as do covered bonds. Covered bonds generally refer to financial institutions with a cover pool. In the event of default, investors have access to both the institution’s assets and the cover pool. This decreases the risk and return of an investment in such securities.
Correct. More risk-tolerant investors, such as in HSFIX, are likely to favor mezzanine tranches due to the greater return. The senior tranches have less risk and return, as do covered bonds. Covered bonds generally refer to financial institutions with a cover pool. In the event of default, investors have access to both the institution’s assets and the cover pool. This decreases the risk and return of an investment in such securities.
Passage
Dava Vij is assessing several strategies for implementing a passive factor-based strategy for the Bela Planta Fund (BPF), the USD 1 billion fund of a tax-exempt organization that promotes the tropical ecosphere in Mozambique. Vij is working with the chief programs officer (CPO) at BPF, Grace Cabral, and makes the following three statements:
| Statement 1: | Passive factor-based investing may also be known as “smart alpha.” |
| Statement 2: | Passive factor-based investing requires making active management decisions upfront rather than continuously. |
| Statement 3: | Passive factor-based investing strategies tend to concentrate risk exposures relative to broad-market-capitalization-weighted approaches. |
Cabral likes the idea of doing this but is concerned that it will increase management costs. Based on their working documents and the BPF investment policy statement (IPS), Vij is also aware that the fund cannot use leverage or any type of derivative security. Cabral has indicated that the fund would like to be able to passively manage the funds but perhaps engage in shareholder activism where BPF can influence factors that address the fund’s mandate.
Vij describes three implementation approaches:
| Approach 1: | Derivatives-based approaches |
| Approach 2: | Separately managed equity index-based portfolios |
| Approach 3: | Pooled investments such as open-end mutual funds and ETFs |
Cabral then asks Vij how the funds in a separately managed account could be cost-effectively employed given that they have chosen to benchmark against the MSCI ACWI, which has over 3,000 constituents and includes emerging markets where some securities may have limited liquidity. Vij describes three index replication methods.
Cabral and Vij meet two quarters later. During that time, the portfolio value declined more than the MSCI ACWI, but rose quickly toward the end of the measurement period. Cabral was surprised by the resulting tracking error over the period.
Which of the following is correct regarding use of market-on-close (MOC) transactions to replicate the benchmark index for the passive strategy?
- Approach 1 is unlikely to use MOC transactions.
- Only Approaches 1 and 3 are likely to use MOC transactions.
- Any of the three approaches are likely to use MOC transactions.
Explanation:
Incorrect. All three approaches are likely to use MOC transactions to achieve the price of the security that the index would record. This is true of derivatives designed to follow underlying securities that are constituents of the index, just as it would the securities themselves in the pooled investments or separate account.
Incorrect. All three approaches are likely to use MOC transactions to achieve the price of the security that the index would record. This is true of derivatives designed to follow underlying securities that are constituents of the index, just as it would the securities themselves in the pooled investments or separate account.
Correct. All three approaches are likely to use MOC transactions to achieve the price of the security that the index would record. This is true of derivatives designed to follow underlying securities that are constituents of the index, just as it would the securities themselves in the pooled investments or separate account.
Passage
Afshid Burnette directs fixed-income portfolio management for Diller Investments. Burnette has several newly promoted assistant portfolio managers (PMs) with varying degrees of experience. In a meeting with these managers, Burnette makes the following statements:
| Statement 1: | The standard deviation of high-yield—that is, less than investment grade—bonds can rise significantly during periods of financial stress. |
| Statement 2: | Long-maturity bonds are particularly susceptible to increasing return volatility during periods of financial stress. |
| Statement 3: | Portfolios laddered to receive high-quality bond income and principal payments on specific dates are particularly susceptible to large cash flow misses during periods of financial stress. |
Reggie Stansfield, one of the assistant PMs, told Burnette after the meeting that he really had his hands tied by a client portfolio and that they should speak with the client. The IPS for that portfolio required cash flow matching along with minimum cost constraints on each of the matching positions. Stansfield was puzzled by how he would meet those contradictory constraints given a portfolio already in place. He recognized that several less expensive securities would easily reduce portfolio capital needs after transactions costs.
Stansfield provides one example of a very long-term liability that has been theoretically defeased using on-the-run shorter-term securities that can be rolled over until needed to pay the liability. The last of the expected rolled positions will mature at the time the liability is due. The low return on the instruments and trading costs for rollovers has reduced portfolio return over time.
Another assistant PM, Juliana duBois, asked Burnette how a parallel decrease in the yield curve would affect a cash-flow-matched portfolio with maturities exactly paired to the liability due date.
Elena Machado, the newest assistant PM, helps manage a portfolio that employs leverage. She expressed to Burnette that she had been pleased with the return enhancement achieved by using a reverse repo agreement.
Paul Hemingway is the manager of a taxable investor’s portfolio. Hemingway is concerned that the portfolio manager for the account has misled the investor about taxes he will pay on a recent zero-coupon bond investment. The investor’s jurisdiction considers imputed interest the same as coupon cash flows for tax purposes. The manager, however, suggested the investor could pay tax at a capital gains rate on the price change over the term. Hemingway is certain the investor will keep the zero-coupon bonds through their maturity.
Stansfield’s concerns with switching to a longer-maturity security would most likely relate to:
- liquidity.
- higher transactions costs at rollover.
- portfolio volatility resulting from higher duration.
Explanation:
Correct. Liquidity would be his greatest concern, although this will be minimal. Short-term securities, while highly liquid, provide greater uncertainty about the costs of the position at the next rollover. Transactions costs were considered in determining that the longer-maturity position would be cost effective. Also, portfolio volatility with the longer-maturity security may be higher although this is not a problem because it will better match the liability position. The balance sheet volatility for the client will therefore decrease with the longer-maturity position.
Incorrect. Liquidity would be his greatest concern, although this will be minimal. Short-term securities, while highly liquid, provide greater uncertainty about the costs of the position at the next rollover. Transactions costs were considered in determining that the longer-maturity position would be cost effective. Also, portfolio volatility with the longer-maturity security may be higher although this is not a problem because it will better match the liability position. The balance sheet volatility for the client will therefore decrease with the longer-maturity position.
Incorrect. Liquidity would be his greatest concern, although this will be minimal. Short-term securities, while highly liquid, provide greater uncertainty about the costs of the position at the next rollover. Transactions costs were considered in determining that the longer-maturity position would be cost effective. Also, portfolio volatility with the longer-maturity security may be higher although this is not a problem because it will better match the liability position. The balance sheet volatility for the client will therefore decrease with the longer-maturity position.
Imagine an economy forecasted to expand at its consistent long-term pace, with an inflation target set at 2%. Anticipate a 3% rise in the inflation index, while the central bank’s real neutral rate for short-term interest is at 1%. What would be the most appropriate figure for the target nominal short-term interest rate?
- 4.5%.
- 3.5%.
- 6.0%.
Explanation:
No Additional context, only the formula for the correct answer. The candidate will need to look up the reading for further clarity on the substance and significance behind the formula.Typical competitor QBanks (especially when free) are part of a much larger learning system that requires an additional purchase for clarity. The real neutral rate stands at 1%, and the anticipated inflation is 3%, leading to a nominal short-term rate adjustment to 4%. Considering the economy’s growth aligns with its long-term trajectory, this doesn’t alter the adjustment guided by the Taylor Rule. With the current inflation rate at 3% and a 2% target, the central bank is likely to augment interest rates by half the difference, culminating in a nominal target rate of 4.5%.
(Module 1.4, LOS 1.h)
When analyzing economic indicators, the method that most accurately describes the evaluation of the proportion of indicators that are rising compared to those that are declining within a composite is known as a:
- lagging indicator.
- diffusion index.
- checklist assessment.
Explanation:
No Additional context, only the formula for the correct answer. The candidate will need to look up the reading for further clarity on the substance and significance behind the formula.Typical competitor QBanks (especially when free) are part of a much larger learning system that requires an additional purchase for clarity. A diffusion index is used to measure economic indicators by determining the ratio of components within a composite indicator that are increasing versus those that are decreasing. Lagging indicators, on the other hand, reflect the economic activities of the recent past. Checklist assessments involve a comprehensive evaluation of a broad array of economic data to predict the future state of an economy.
(Module 1.2, LOS 1.e)
Regarding the characteristics of econometric models in the context of economic forecasting, which description is most apt? Econometrics:
- may be able to forecast turning points accurately.
- may be relatively easy and efficient to develop with the right inputs.
- may provide reasonably reliable output.
Explanation:
No Additional context, only the formula for the correct answer. The candidate will need to look up the reading for further clarity on the substance and significance behind the formula.Typical competitor QBanks (especially when free) are part of a much larger learning system that requires an additional purchase for clarity. Econometric models, when applied correctly, can yield dependable models that incorporate a wide range of variables, closely mirroring real-world scenarios.
Conversely, economic models are often more complex and time-intensive to construct. They rarely predict turning points in the economy with high accuracy.
(Referenced from Module 1.2, LOS 1.e)
What aligns with a yield curve that slopes steeply upwards?
- Monetary policy is expansive, while fiscal policy is restrictive.
- Monetary policy is restrictive, and fiscal policy is restrictive.
- Monetary policy is expansive, and fiscal policy is expansive.
Explanation:
No Additional context, only the formula for the correct answer. The candidate will need to look up the reading for further clarity on the substance and significance behind the formula.Typical competitor QBanks (especially when free) are part of a much larger learning system that requires an additional purchase for clarity. A sharply upward-sloping yield curve, where short-term rates are lower than long-term rates, typically occurs when both fiscal and monetary policies are expansionary. This scenario often signals an expected expansion of the economy in the future.
(Module 1.4, LOS 1.i)
Identify the scenario that suggests international occurrences less influence a country. The country is:
- small and has a diversified economy.
- small and has an undiversified economy.
- large and has a diversified economy.
Explanation:
No Additional context, only the formula for the correct answer. The candidate will need to look up the reading for further clarity on the substance and significance behind the formula.Typical competitor QBanks (especially when free) are part of a much larger learning system that requires an additional purchase for clarity. Countries that are larger and possess a diversified economy tend to be less impacted by international events. In contrast, smaller nations with less diversified economies are more vulnerable to global happenings.
(Module 1.4, LOS 1.j)
CFA Level 3 Exam Topics
The CFA Level 3 Exam builds on the analytical skills from Level 2, emphasizing the integration of concepts and their application to real-world portfolio management and wealth planning scenarios. While Level 2 focuses on valuation and analysis, Level 3 challenges you to synthesize information and develop practical strategies.
The curriculum combines a common core of essential investment concepts (65-70% of the exam) with specialized pathways (30-35%) that allow you to tailor the program to your career goals.
Learn more about the CFA Level 3 curriculum.
| CFA Level 3 Topics | |
|---|---|
| Topic | Exam weight |
| Asset Allocation | 15-20% |
| Portfolio Construction | 15-20% |
| Performance Measurement | 5-10% |
| Derivatives and Risk Management | 10-15% |
| Ethical and Professional Standards | 10-15% |
| Specialized Pathways | |
| Portfolio Management | 30-35% |
| Private Markets | |
| Private Wealth | |
CFA Level 3 Exam Requirements
To take the CFA Level 3 exam, you must:
- Pass the CFA Level 2 Exam.
- Have a bachelor’s degree or 4,000 hours of work experience — or a mix of work and education over 3 years.
- Possess a valid international travel passport that matches the details in your CFA account.
- Demonstrate proficiency in English, as the exam is conducted entirely in English.
- Agree to and follow the CFA Institute’s Code of Ethics and Standards of Professional Conduct.
- Comply with the Professional Conduct Program, which enforces ethical guidelines and investigates violations.
Residents of Cuba, North Korea, Syria, and Ukraine's Crimea region are ineligible to take the exam due to Office of Foreign Assets Control (OFAC) regulations.
Learn more about CFA Exam requirements.
CFA Level 3 Exam Dates, Deadlines, and Fees
The chart below outlines the 2025 CFA Level 3 exam and registration deadlines for each period. Registering early ensures lower fees and greater flexibility in choosing your preferred exam date and location.
| 2025 CFA Level 3 Exam Dates and Deadlines | ||
|---|---|---|
| Exam Dates | Early Deadline | Standard Deadline |
| Feb. 13-16 | Passed | Passed |
| Aug. 15-19 | Jan. 29, 2025 | May 6, 2025 |
Learn more about CFA Exam dates, deadlines, and scheduling.
Exam Fees
Since you’ve already paid the $350 enrollment fee for the Level 1 Exam, you’ll only need to cover the registration fee for Level 3.
| CFA Level 3 Exam Fees | |
|---|---|
| Early Registration Fee | $1,090 |
| Standard Registration Fee | $1,390 |
| Rescheduling | $250 |
Learn more about CFA Exam registration costs and fees.
CFA Level 3 Exam Scholarships
These scholarships and options can significantly reduce the overall cost of taking the CFA Level 3 Exam:
- Access Scholarship: Reduces the registration fee to $400 for candidates with financial need. Available through CFA Institute's application process.
- Student Scholarship: Lowers the registration fee to $600 for full-time students at affiliated universities who have not registered for their next exam.
- Professor Scholarship: Offers educators a discounted registration fee of $600, supporting professional development and integration of CFA content in their courses.
- Regulatory Scholarship: Available to employees of financial regulatory bodies or institutions, lowering exam expenses.
- Work Sponsorship: Some employers may cover or subsidize CFA exam fees as part of professional development programs.
Learn more:
- CFA Exam Scholarships
- How to Get a CFA Scholarship
- How to Write Your CFA Exam Scholarship Essay
- How to Save Money on the CFA Exam
CFA Level 3 Exam Pass Rates and Grading
The CFA Level 3 Exam is graded on a pass/fail basis, with no numerical grades or percentiles disclosed. The overall pass rate for Level 3 is historically around 48%.
CFA Institute determines the minimum passing score by evaluating each question to estimate how many minimally qualified candidates would answer correctly. This benchmark score may vary for each exam, depending on its difficulty and overall candidate performance.
Learn more about CFA Exam pass rates, scores, and grading.
Tips for Passing the CFA Level 3 Exam
Getting ready for the CFA Level 3 Exam is all about planning wisely and sticking to good study habits. Here are some tips to increase your chances of success:
- Focus on understanding concepts instead of rote memorization; application is key.
- Begin studying at least 6 months in advance, allocating approximately 350 hours in structured, manageable sessions.
- Combine CFA Institute curriculum with third-party materials for efficiency and deeper understanding.
- Regularly use CFA curriculum End-of-Chapter (EOC) questions, Blue Box questions, and exam-like questions for practice.
- Practice constructed response questions under timed conditions, aiming for concise answers within 18 minutes per question.
- Practice writing full-length mock exams, grading your responses conservatively.
- Skim vignette questions first to understand the context and identify keywords such as "except."
- Use tools including spaced-repetition flashcards, video lectures, and summary notes to reinforce concepts.
- Focus on practice problems and reviewing explanations rather than excessive rereading of material.
- Join study groups or forums for support and insights from other candidates.
- Keep concise notes on difficult topics for streamlined revision close to the exam.
- Take a few days off before the exam to review and recharge, but balance this to stay motivated.
- Familiarize yourself with your calculator and ensure you’re comfortable with its functions.
Exam-Day Details
Here's what you need to know for the actual day you take the CFA Exam:
- Arrival: Arrive at least 30 minutes early for check-in and ID verification.
- Identification: Bring a valid international passport that matches your CFA account details; no other form of ID is accepted.
- Permitted Items: Only approved calculators (TI BA II Plus or HP 12C), loose batteries, and eyeglasses (without cases) are allowed in the exam room.
- Prohibited Items: Food, drinks, mobile phones, smartwatches, study materials, and writing tools are not allowed in the test room.
- Personal Belongings: Lockers are available to store items not permitted in the exam room.
- Breaks: You may take unscheduled breaks, but the exam clock will not stop. With proctor approval, you can access water, food, or medical items during breaks.
- Dress Code: There is no specific dress code, but wearing layers is recommended for comfort.
Frequently Asked Questions
How difficult is CFA Level 3 vs. Level 2?
What if I fail the CFA Level 3 Exam?
Can I postpone my CFA Level 3 Exam after registering?
Can I transfer my CFA Level 3 Exam registration to another testing location?
How does the CFA Level 3 Exam differ from Levels 2 and 3?
Read More About the CFA Exam
Simplesheets break down key CFA exam formulas so you can visually parse their components, easily digest concepts, and make the math second nature.
Download a free study schedule for 6, 2, or 1 month(s). Each includes topic weights, the number of learning outcome statements (LOSs), expected hours, and more.
Get a comprehensive overview of the CFA Level 3 curriculum, including topic summaries, weights, modules, question counts, and difficulty levels.
Get everything you need to know about CFA Level 3 Exam passing scores, pass rates, average scores, how you get your results, and when.
