CFA Level 3 QBank

Practice Questions & In-Depth Explanations

Practice multiple-choice and constructed response questions in the exam's vignette format, with detailed explanations that simplify complex concepts for easier understanding.

Make the Exam Feel Like Practice

Know exactly what to expect on exam-day with questions written by charterholders
and finance experts to meet or exceed exam-level difficulty.

Learn by Doing

Retain more information in less time with our research-backed active learning method.

Create Custom Quizzes

Assess yourself based on need. Generate unlimited quizzes by subject, topic, or custom tag.

Understand the Why

Step into the mind of a CFA with rationales for each answer choice written by charterholders.

Simulate Exam Conditions

Practice with exam-like time constraints so you don’t have to skip any questions on exam-day.

Turn Weaknesses into Strengths

Identify knowledge gaps with performance metrics so you can study exactly what you need.

Replicate the Exam Environment

Practice in a Prometric-like layout. Don’t wait until exam-day to find out what that is.

Try Questions from Our #1 CFA Level 3 Exam Qbank.

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Start Thinking Like a Chartered Financial Analyst

We don't just train savvy test takers, we get you thinking like a seasoned charterholder
with in-depth rationals and industry-leading visuals.

UWorld CFA question bank explanation with table

UWorld CFA question bank explanation with flowchart

UWorld CFA question bank explanation with visual illustration

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Study with high quality learning tools that help you learn faster, retain longer, and score higher.

Exam-Like CFA Level 3 Practice Questions

Includes multiple-choice practice questions and constructed response questions in the vignette format used on the exam.
Covers all Level 3 LOS (learning outcome statements)
Routinely updated by our in-house CFA charterholders

Exam-Like CFA Level 3 Practice Questions

Make Note Taking Digital

Take high-quality notes from anywhere. Click-and-drag source content to your My Notebook as you study, organize with custom tags, and annotate text with personalized notes.

Increase Retention with Digital Flashcards

Create unlimited, customizable digital flashcards or use our pre-loaded ReadyDeck. Grade flashcards by difficulty and spaced-repetition technology will adjust how often you see it based on your proficiency.

Increase Retention with Digital Flashcards

Make Data Work for You

Don’t waste time studying what you already know. Measure your progress with advanced performance analytics; identify knowledge gaps in real time and focus your studies accordingly.

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Review QBank questions in the back of an Uber or take a practice test on your lunch break. Keep everything you need to pass the CFA Exam in arms reach. Download the app today!

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High quality questions with extremely high quality explanations and answers. The effort by the UWorld team to create useful diagrams that distill content down to only what is necessary has surpassed most other prep material that I've seen.…"

— Jay M.

The best test-bank I've found! The questions are complex. And the format mimics the exam; excellent explanations for each answer option. Application-based questions are very nuanced and further help strengthen the underlying concept. My favorite, the QBank itself, can help one learn the whole curriculum thoroughly just through practice questions."

— Het D.

I have used other well-known CFA providers and found the questions provided by UWorld to be very targeted in honing on the highly essential practice problems needed for success. I'm also a big fan of the available option to create flashcards; it's been hugely beneficial so far."

— Pearle A.

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Frequently Asked Questions

Who writes the UWorld CFA Level 3 QBank questions and explanations?

Our team of charterholders and finance experts develop every UWorld CFA Level 3 QBank question.

Our users routinely tell us that our questions were so similar to the ones they saw on the CFA Exam that they felt like they had answered them before.

Does UWorld provide past CFA exam questions for practice?

As an approved prep provider by the CFAI, we adhere to their policy of not sharing or using previous CFA exam questions. Therefore, our QBank questions are not sourced from past exams. However, we ensure that our questions are specifically tailored to match the format of the exam you are preparing for and align with the CFAI’s learning outcome statements.

How does UWorld help students succeed on the CFA Level 3?

The UWorld CFA Level 3 QBank covers all Level 3 learning outcomes statements as outlined by the CFA Institute. That means exam-level questions with in-depth explanations for every exam topic, plus a platform designed around a research backed active-learning methodology.

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.

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.

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.

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.

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

CFA Level 3 QBank

Make the Exam Feel Like Practice

Learn by Doing

Create Custom Quizzes

Understand the Why

Simulate Exam Conditions

Turn Weaknesses into Strengths

Replicate the Exam Environment

Try Questions from Our #1 CFA Level 3 Exam Qbank.

Start Thinking Like a Chartered Financial Analyst

Score Higher with Quality Learning Tools

Exam-Like CFA Level 3 Practice Questions

Exam-Like CFA Level 3 Practice Questions

Make Note Taking Digital

Make Note Taking Digital

Increase Retention with Digital Flashcards

Increase Retention with Digital Flashcards

Make Data Work for You

Make Data Work for You

Study Anytime, Anywhere

Study Anytime, Anywhere

Hear From Our
Past Candidates

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Frequently Asked Questions

Free Sample CFA Level 3 Exam Questions

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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.

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.


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CFA Level 3 QBank

Make the Exam Feel Like Practice

Learn by Doing

Create Custom Quizzes

Understand the Why

Simulate Exam Conditions

Turn Weaknesses into Strengths

Replicate the Exam Environment

Try Questions from Our #1 CFA Level 3 Exam Qbank.

Start Thinking Like a Chartered Financial Analyst

Score Higher with Quality Learning Tools

Exam-Like CFA Level 3 Practice Questions

Exam-Like CFA Level 3 Practice Questions

Make Note Taking Digital

Make Note Taking Digital

Increase Retention with Digital Flashcards

Increase Retention with Digital Flashcards

Make Data Work for You

Make Data Work for You

Study Anytime, Anywhere

Study Anytime, Anywhere

Hear From Our Past Candidates

Ready to Become a CFA Charterholder?

Frequently Asked Questions

Free Sample CFA Level 3 Exam Questions

Boost Your ROI on Exam Prep: Take 15% Off Today!

CFA Level 3 Product Feature Availability

Hear From Our
Past Candidates