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) sets, 12 points each. Sessions mix the two types rather than putting all essays in one sitting.
EXAM AT A GLANCE
Format
11 item sets and 11 constructed-response (essay) sets (20 scored + 2 trial)
Testing time
24
minutes
Sections
2
Delivery
Computer-based at Prometric test centers
Passing score
Varies
Cost
$1,240 (early) or $1,590 (standard) USD per registration
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What the exam covers
Core curriculum (portfolio management, ethics, asset classes)
65–70%
Specialized pathway (Portfolio Management, Private Markets, or Private Wealth)
30–35%
About the CFA Level 3 certification
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.
- Format
- Each session has either 6 item / 5 essay or 5 item / 6 essay sets.
- Testing time
- 4 hours 24 minutes (two 132-minute sessions with an optional break)
- Passing score
- Set by the CFA Institute Board via the minimum passing score (MPS); not publicly disclosed
- Validity
- The charter requires all 3 levels + 4,000 hours of qualified work experience; exam progress does not expire
- Prerequisites
- Passing CFA Level II
Official exam page· Details verified August 2026
Exam details can change. Always confirm current requirements, fees, and exam policies with the certification provider before registering.
How to prepare
01
Choose your specialized pathway early — it is 30–35% of the exam.
02
Practice constructed-response: write the command-word answer (calculate, determine, justify) in the box.
03
Keep Ethics sharp; it remains a charter-deciding topic at every level.
04
Complete a Practical Skills Module not reused from a prior level.
05
Sit mixed-format mocks that alternate item sets and essays in each session.
FAQ
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.
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