CFA Level III is the last of the three exams of the CFA Program conducted by the CFA Institute. Level III explores portfolio management in great depth. As a CFA Level III candidate, the student is just an examination away from successfully completing the academic requirement to obtain the coveted CFA designation. The student must demonstrate working knowledge of the portfolio management process, from defining investor constraints and objectives to calculating the risk return tradeoff to making asset-allocation decisions.
EXAM DETAILS
| Session: | The Level III exam will be 4 hours and 24 minutes, split into two equal sessions of 2 hours and 12 minutes, with an optional break in-between. |
| Cost: | Examination Fees |
| Passing Score: | Percentile grading |
| Passing Rates: | 52% (10 years average pass rate) |
| Format: | Vignette-supported essay and multiple choice questions |
| Corequisites: | In order to be conferred the CFA Charter, the student upon successful completion of the level 3, is required to have at least four years of experience in the field of investment management |
| Exam Date(s): | Feb, Aug |
| Exam Results: | Within 6-8 weeks of taking the exam and completion of your Practical Skills Module (beginning with Feb 2025 exam) |
EXAM TOPIC WEIGHTS
| Topic Area | Weightage (%) |
| Ethical and Professional Standards | 10 |
| Alternative Investments | 5-15 |
| Derivatives | 5-15 |
| Equity Investments | 5-15 |
| Fixed Income | 10-20 |
| Portfolio Management and Wealth Planning | 45-55 |
| Total | 100 |
Note: Economics Is Part of Portfolio Management at level-3
