CFA Level 3

CFA Level 3

Offered by CFA Institute

CFA Level III is the final exam of the CFA Program. It uses a mixed format: 11 item sets (vignette + multiple choice) and 11 constructed-response (essay)...

Sign up or log in to unlock peer-created videos, posts, private forums, and study groups.

Be the first

Nobody has started a CFA Level 3 study group or listed as a tutor yet. If you’re preparing for this exam, start the group — the next person who lands here will have somewhere to study with you.

Start the first study group

Already hold CFA Level 3? Become the first tutor

Not ready to host?

We’ll email you when someone else starts a CFA Level 3 group.

CFA Level 3 exam at a glance

Format

11 item sets and 11 constructed-response (essay) sets (20 scored + 2 trial). Each session has either 6 item / 5 essay or 5 item / 6 essay sets.

Duration

4 hours 24 minutes (two 132-minute sessions with an optional break)

Delivery

Computer-based at Prometric test centers

Passing score

Set by the CFA Institute Board via the minimum passing score (MPS); not publicly disclosed

Exam cost

$1,240 (early) or $1,590 (standard) USD per registration

Validity

The charter requires all 3 levels + 4,000 hours of qualified work experience; exam progress does not expire

Prerequisites

Passing CFA Level II

About the CFA Level 3 certification

CFA Level III is the final exam of the CFA Program. It uses a mixed format: 11 item sets (vignette + multiple choice) and 11 constructed-response (essay) sets, 12 points each. Sessions mix the two types rather than putting all essays in one sitting.

The 2026 curriculum keeps a core plus specialized pathways (Portfolio Management, Private Markets, or Private Wealth). You must complete a Practical Skills Module at this level as well. After passing, the charter still requires 4,000 hours of qualified work experience.

Who it’s for: Candidates who have passed Levels I and II and are finishing the CFA Program.

Official exam page· Details verified 2026-08

What the CFA Level 3 exam covers
  • Core curriculum (portfolio management, ethics, asset classes)
    65–70%
  • Specialized pathway (Portfolio Management, Private Markets, or Private Wealth)
    30–35%
How to study for the CFA Level 3
  1. 1Choose your specialized pathway early — it is 30–35% of the exam.
  2. 2Practice constructed-response: write the command-word answer (calculate, determine, justify) in the box.
  3. 3Keep Ethics sharp; it remains a charter-deciding topic at every level.
  4. 4Complete a Practical Skills Module not reused from a prior level.
  5. 5Sit mixed-format mocks that alternate item sets and essays in each session.
CFA Level 3 — frequently asked questions

Are the essays in one session only?

No. Each session mixes item sets and essay sets (either 6 and 5 or 5 and 6). Overall there are 11 of each.

How often is Level III offered?

Two windows a year in 2026: February and August.