CFA® Level 3 Exam
The Final Hurdle
Congratulations. You’ve passed CFA Levels 1 and 2. You’re on your way to becoming a CFA; you just need to pass the Level 3 exam, finish your work experience requirement, and apply for the charter.
The CFA Level 3 exam distinguishes genuinely dedicated professionals and demonstrates a deep understanding of financial concepts and your ability to apply them in real-world scenarios. This article provides an overview of the exam format, structure, and content so that you can better prepare for your final major hurdle.
The CFA Level 3 Exam Format, Structure, and Duration
The CFA Level 3 exam features a combination of item sets and constructed response (essay) questions. The exam is structured into 2 sessions, each comprising a mix of 6 item sets and 5 essay sets or 5 item sets and 6 essay sets, totaling 11 of each type.
Question sets consist of a vignette followed by 4 multiple-choice questions, totaling 44 multiple choice items worth 3 points each. Question sets focus on a specific topic area from the CFA Program curriculum, with a statement indicating the topic and total points value at the beginning.
The exam is equally divided between two 2-hour and 12-minute sessions, with an optional break between sessions (4 hours and 24 minutes total). 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
Level 3 heavily emphasizes Portfolio Management and Wealth Planning (35-40% of the exam). The table below provides an overview of the topic weight breakdown; select a subject for a deep dive.
| Topic | Topic Name | Weight |
|---|---|---|
| 1 | Economics | 5-10% |
| 2 | Alternative Investments | 5-10% |
| 3 | Derivative | 5-10% |
| 4 | Equity Investments | 10-15% |
| 5 | Ethical and Professional Standards | 10-15% |
| 6 | Fixed Income | 15-20% |
| 7 | Portfolio Management | 35-40% |
Learn more about CFA Level 3 Exam topics and topic weights.
CFA Level 3 exam curriculum updates
In 2025, the CFAI will offer 2 new specialized pathways, Private Wealth and Private Markets, alongside Portfolio Management, allowing you to select a path aligned with your interests and aspirations.
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 Eligibility, Registration, and Scheduling
This section provides an overview regarding eligibility, registration, scheduling, fees, rescheduling options, and exam center locations for the CFA Level 3 exam.
Eligibility and Registration
To sit for the CFA Level 3 exam, you must have completed a US bachelor's degree (or equivalent) and successfully passed Levels 1 and 2. Registration typically opens 10 months before the exam date and closes about 6 months later. You can register through your CFAI account as you did for Levels 1 and 2.
| August CFA Level 3 Exam Registration Dates and Deadlines | |
|---|---|
| Registration and Scheduling Opens | November 14, 2023 |
| Early Registration Deadline | January 23, 2024 |
| Deadline to Register with Invoice Payment Option | April 4, 2024 |
| Registration Closes | May 14, 2024 |
| Scheduling Deadline | May 21, 2024 |
| Rescheduling Deadline | July 17, 2024 |
| CFA Exam Dates | August 16-19, 2024 |
Exam fees
The one-time enrollment fee has decreased from $450 to $350, while registration fees have increased from $900 to $940 (early) registration and $1,200 to $1,250 (standard).
| Type of Registration | Feb 2024 Window |
August 2024 Window |
Registration Fees |
|---|---|---|---|
| Early Registration Due Date | CLOSED | CLOSED | $940 |
| Standard Registration Due Date | CLOSED | May 14 | $1250 |
Rescheduling your CFA Level 3 exam
You can reschedule your CFA Level 3 exam appointment for a $250 non-refundable fee. To reschedule your testing window, you must purchase a $399 deferral, which allows 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 you can apply for more than one during the same cycle. Scholarships include:
- Access Scholarship
- Women's Scholarship
- Student Scholarship
- Professor Scholarship
- Regulator Scholarship
Learn about opportunities CFA exam scholarships outside of the CFAI.
Frequently Asked Questions
How long is the CFA Level 3 exam?
4 hours and 24 minutes, divided into two equal sessions, with an optional break in between.
How hard is the CFA Level 3 exam?
The CFA Level 3 exam is challenging due to its emphasis on essay questions and the application of knowledge in portfolio management and wealth planning. Success requires a deep understanding of the material, effective time management, and the ability to integrate and apply concepts across the curriculum.
How much does it cost to take the CFA Level 3 exam?
$940 for early registration and $1,250 for standard registration.
How many times can you take the CFA Level 3 exam?
There is no limit to the number of times you can take the CFA Level 3 exam.
What if I fail the CFA Level 3 exam?
Reassess your study strategy before registering for a retake (you must pay again) and understand the most common reasons people fail. Focus on improving weaknesses and refine your approach.
Where can I get CFA Level 3 exam practice questions?
UWorld offers free CFA Level 3 exam sample questions, a QBank featuring 70+ constructed response questions and 100 multiple-choice questions with in-depth explanations for each answer choice, and a full-length CFA Level 3 mock exam.
How soon do I get my CFA Level 3 exam results?
The CFAI will email you when the results become available (about 60 days after your exam). You can check them via your CFAI account.