CFA Level III Exam Information and Sample Questions
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.
- 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