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.
What is 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
What are 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.
| 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 | |
Learn more about the CFA Level 3 curriculum.
What are 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 2026 CFA Level 3 exam windows for each period. Registering early ensures lower fees and greater flexibility in choosing your preferred exam date and location.
2026 CFA Level 3 Exam Dates
| 29 Jan - Feb.1, 2026 | Aug. 13–17, 2026 |
Learn more about CFA Exam dates, deadlines, and scheduling.
Exam Fees
The CFA Level 1 exam costs $1,240 if you register early or $1,590 if you register at the standard rate).
| CFA Level 3 Exam Fees | |
|---|---|
| Early Registration Fee | $1240 |
| Standard Registration Fee | $1,590 |
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 level 3 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 level 3 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 (FAQs)
How many questions are on the CFA Level 3 Exam?
The CFA Level 3 exam consists of item-set questions and constructed-response (essay) questions split into two sessions. The essay section typically includes several case-based prompts requiring written responses, while the second session uses item sets similar to Level 2. The structure tests both analytical and communication skills.
How long is the CFA Level 3 Exam?
The CFA Level 3 exam lasts about 4 hours and 30 minutes, divided into two sessions of 2 hours and 15 minutes each with an optional break. The first session features essay-style questions, while the second includes item sets. Candidates should arrive early due to check-in and security procedures that extend total time at the center.
When will I receive my CFA Level 3 Exam results?
CFA Level 3 exam results typically release 6–8 weeks after the exam window closes. CFA Institute notifies candidates by email when results are ready. The results include performance indicators for both essay and item-set sections, helping candidates understand strengths and areas needing improvement if a retake is required.
How difficult is CFA Level 3 vs. Level 2?
CFA Level 3 is often viewed as more difficult than Level 2 because it shifts from analytical item-set questions to a heavy emphasis on portfolio management and constructed-response (essay) questions. Candidates must not only understand the concepts but also clearly explain their reasoning, justify recommendations, and apply portfolio principles to complex scenarios.
What if I fail the CFA Level 3 Exam?
If you fail the CFA Level 3 exam, you may register again for a future exam window. CFA Institute requires paying the exam fee again, as retakes are not free. Most candidates use their performance report to identify weak areas especially in essay responses and adjust their study strategy before attempting the next exam cycle.
Can I postpone my CFA Level 3 Exam after registering?
Yes. CFA Institute allows deferrals to a later exam window under specific qualifying circumstances such as medical emergencies, serious illness, pregnancy, or critical life events. Deferral fees may apply, and candidates should review the most current CFA Institute deferral policy before submitting a request.
Can I transfer my CFA Level 3 Exam registration to another testing location?
Yes. Transfers to another testing location are allowed if completed before CFA Institute’s scheduling deadline. A rescheduling fee applies, and availability varies by test center. Candidates are encouraged to make location changes early to secure their preferred center and reduce the risk of limited seating.
How does the CFA Level 3 Exam differ from Levels 2 and 3?
CFA Level 3 focuses on applying investment concepts within portfolio management and wealth planning, shifting heavily toward judgment-based questions and essays. Level 1 tests foundational knowledge, Level 2 emphasizes detailed analysis and valuation, and Level 3 integrates these skills into real-world decision-making frameworks.
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.
References
https://www.cfainstitute.org/programs/cfa-program/candidate-resources/level-iii-exam