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CFA Level III Exam Information and Sample Questions

We just wanted to welcome you with a big congrats if you are getting ready to prepare for the third and final CFA exam. In order to take exam III, you must have passed Exam Level I and Exam Level II.

The Level III exam explores portfolio management in great detail. You must have a very good understanding of the portfolio management process including asset allocation, risk management application, evaluating portfolio performance.

Details of the CFA Level III Exam:

  • Time Limit: 6 hours –(2) three hour sessions
  • Cost:  Varies – see CFA exam fees page
  • # of Questions: Morning session has between 8-12 questions with subsets to each. Afternoon consists of 10 item set questions.
  • Format: Item Sets (mini-cases) & Essay – Item set sample questions / Essay sample questions
  • Prerequisite: Must have passed Level I and Level II exams successfully in sequential order.
  • Exam Dates: June only. See the CFA Exam schedule.
  • Pass Rate:  54% – as of June 2016

2017 CFA Level III Topics

The following are exam topics;

  • Ethical and Professional Standards
  • Behavioral Finance, Individual Investors, and Institutional Investors
  • Capital Market Expectations
  • Asset Allocation
  • Fixed Income and Equity Portfolio Management
  • Alternative Investments, Risk Management, and the Application of Derivatives
  • Portfolio: Execution, Evaluation and Attribution, and Global Investment Performance Standards

What happens after you pass the Level III Exam? How to obtain your charter.

To receive the distinguished CFA charter and begin using the CFA designation, you must have completed the following;

  • Pass the Level III exam
  • Meet the 48-month work experience requirement
  • Be able to describe your work experience – tips to write a successful description
  • Supply three professional references
  • Be accepted for regular membership by CFA Institute
  • Apply to be a member of a CFA society.
  • Activate your CFA Institute membership

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