What is the CFA Level III Exam?

The Chartered Financial Analyst (CFA) Level III exam is the final assessment in the CFA Program, administered by the CFA Institute. It emphasizes portfolio management and wealth planning, requiring candidates to integrate and apply their knowledge to real-world scenarios.

CFA Level III Exam Structure

The Level III exam is designed to evaluate a candidate's ability to synthesize concepts and apply investment principles through a combination of constructed response (essay) questions and item set questions. The exam is divided into two sessions, each lasting approximately 2 hours and 12 minutes, with an optional break in between. The total testing time is approximately 4 hours and 24 minutes.

Each session consists of a mix of item sets and essay sets, totaling 11 sets per session. Each set is valued at 12 points, covering various topic areas that may appear in either or both sessions.

CFA Level III Exam Topics and Weights

The CFA Level III curriculum is divided into core topics and specialized pathways. In 2025, the structure is as follows:

Core Topics (65–70% of the 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 (30–35% of the exam weight):

Candidates choose one of the following pathways:

Portfolio Management
Private Markets
Private Wealth

Each pathway includes specialized content tailored to the selected area of focus.

CFA Level III Exam Dates and Registration

The CFA Level III exam is offered multiple times in 2025. The exam windows are as follows:

February 13–16, 2025: Registration deadline was November 7, 2024.
August 26–29, 2025: Registration deadline is May 6, 2025.

To register for the exam, candidates must:

Enroll in the CFA Program: This includes paying a one-time enrollment fee.
Register for the Level III Exam: Select the desired exam window and complete the registration process.
Schedule the Exam Appointment: After registration, schedule the specific exam date and location within the chosen window.

For detailed registration instructions and deadlines, visit the CFA Institute's registration guide.

Preparing for the CFA Level III Exam

Success in the CFA Level III exam requires a disciplined study approach. Candidates are advised to:

Understand the Exam Format: Familiarize yourself with the combination of essay and item set questions and the topics covered.
Create a Study Plan: Allocate study time according to the topic weights and your proficiency in each area.
Utilize Official Study Materials: Leverage the CFA Institute's curriculum and practice questions.
Practice Regularly: Engage in mock exams and practice questions to assess your readiness.

For additional study resources and practice questions, explore our CFA Level III question bank.

Prepare for the CFA Level III Exam with Practice Questions

Achieving a high score on the CFA Level III exam requires effective preparation and familiarity with the exam format. Start practicing today with our comprehensive CFA Level III question bank.