Level III CFA® Program Exam Prep

2021, 2022 CFA Exams

Later Study Stress

Most Level III CFA exam candidates would be satisfied with the status quo. You're not most candidates.

Say hello to Exam Success.

Voted Best CFA Prep*

Top Choice Award Nominee for CFA Program Exam Prep Provider with Most Customer Satisfaction Votes

Featured Prep Options

Pass your Level III CFA exam – quick, no sweat.

Starting at CAD 79

  • Level III CFA Exam


  • Focus Course

    Focus Course is our adaptable self-paced modular study system ideal for spot learning or as a main study source. Choose from Packages (Plus or Total) or Single Topics (Topic Modules) and optimize your prep on-demand from start to finish or anywhere in between.
  • Starting at CAD 79
  • Learn More

  • Level III CFA Exam


  • Power Review
    Power Course is our practice and assessment on-demand workshop ideal for rocket-speed score gains at your own pace in the month leading up to the exam. Suggested minimum budgeted study time is 25 - 30 hours.
  • CAD 399
  • Learn More

  • Level III CFA Exam


  • Study Notes Set

    Study Notes Set is a concise and practical "How To" digital guide that makes harnessing a clear comprehension of the curriculum and exam strategies, a snap.
  • CAD 249
  • Learn More

Scroll to shop our entire collection.

Study Packages


Cover all your Level III CFA exam bases. As captivating as in-person prep but on demand.

    Most Comprehensive

  • Focus Course: Plus
  • 118 hours

  • Includes everything in:

    10 Topic Modules
    + Power Review
    + Ask the Prof.
    + Success Guarantee

    Learn More

    Most Flexible

  • Focus Course: Total
  • 93 hours

  • Includes everything in:

    10 Topic Modules

  • Learn More

Single-Topic Modules

Hone specific topics for your Level III CFA exam, on demand.

    Most Targeted

  • Focus Course: Topic Modules
  • 9 hours
  • Get exactly the ones you want.
    Choose between 10 Topic Modules,
    on average 9 hours each.
  • Learn More

Final Practice

Get a crunch-time content and skills tune-up for your Level III CFA exam, on demand.

  • Power Review Course
  • 25 hours

  • Instantly boost your score with a blast of mini-mock-exam question practice and assessment in the final stretch.

  • Learn More

Summary Notes

Our ace-in-the-hole study manual breaks down every topic tested on the Level III CFA exam.

  • Study Notes Set
  • 50 hours
  • Conquer the concepts, skills and strategies needed to pass with this printable quick-reference CFA curriculum pocket guide.
  • Learn More

1 on 1 Tutoring

Customized on-demand prep for your Level III CFA exam. Enjoy a class size of one.

  • Private Tutoring
  • 2 hours

  • Schedule personalized tutoring with Prof. Brian Gordon, CFA, CFP, CIM, MBA, FCSI. 2-hour minimum.

  • Learn More

Level III CFA Exam

Prof. Brian Gordon

CFA Instructor Prof. Brian Gordon, CFA, CFP, CIM, MBA, FCSI, teaching at Ryerson University

The Level III CFA exam (Portfolio Manager's exam) is made up of Item Set questions, and Essay questions — the main source of pain and where Exam Success helps you ratchet up the points with the graders.

Here on the home stretch our winning study solutions help you correctly interpret the questions and construct the answers demonstrating knowledge of the curriculum (in the context of portfolio management), using the right keywords, writing style and framework, all in the right amount of time

Level III CFA Exam Dates

In 2021 CFA Institute transitioned the CFA exams to computer-based testing (CBT), offered in proctored test centers worldwide. In 2021, the Level III CFA exam options are May, August, and November. For 2022 and beyond, there is a choice between two Level III CFA exam test windows per year: May and November.

Level III CFA Exam Format

The Level III CFA exam is divided into two 135-minute (2-hour and 15 minute) sessions, with a 30-minute optional break in between. The Level III exam consists of item sets comprised of vignettes with accompanying multiple-choice items and constructed response (essay) questions.

Level III CFA Exam Top FAQ

You must register and enrol for the Level III exam directly with CFA Institute at: https://www.cfainstitute.org/en/programs/cfa/register.

Level III CFA exam registration prerequisite: Pass Level II CFA exam.

The amount it will cost you to sit for the Level III CFA exam depends on how early you register with CFA Institute. You will be required to pay CFA Institute a one-time enrollment fee of US 450. And, each time you register to sit a CFA exam, you must pay CFA Institue an exam fee.

CFA Institute offers two tiers of pricing: one for early registration (US 700) and the other for standard registration (USD 1000).

As of 2022, CFA Institute the Level III exam is being offered 2 times per year. The 2 exam windows are: May and August.

The 10 year average Level III CFA exam pass rate is 54%.

The December 2020 CFA Level III exam pass rate was 56%. The passing score is set by CFA Institute and is not released to the public.

According to UK NARIC (the national agency, managed on behalf of the UK Government responsible for providing information, advice and opinion on vocational, academic and professional skills and qualifications from all over the world), the CFA exams have been benchmarked individually by Level under UK Regulated Qualifications Framework (RQF):

CFA Level III's difficulty is comparable to a Master’s degree (Level 7 qualification under RQF).

The CFA Level III exam focuses on wealth planning and portfolio management, and many of the questions are posed in essay form. The Level III CFA exam is the only one of the three that uses this format and the essays are considered by candidates to be the harded part of the Level III exam. This feeling is reflected in the lower scores of the morning essay-question section compared to the afternoon multiple-choice section of the Level III exam. The morning section requires a new skill of answering open-ended questions without the multiple-choice answers to select from. The keys to success on the Level III exam is practicing as many essay type questions as possible and harnessing your comprehension of portfolio management, the topic at the core of the Level III CFA exam.

The topics and topic weights on the Level III exam are subject to change on a year-to-year basis, at the discretion of CFA Institute. Here are the Level III weights by topic for the 2021 and 2022 exams:

Exam Success
Learning Modules

CFA Institute
2021, 2022 Core Curriculum Topics

CFA Exam

Quantitative Methods
Economics / Capital Markets Expectations
Financial Reporting and Analysis
Corporate Finance
Equity Investments
Fixed Income
Alternative Investments
Portfolio Management and Wealth Planning (35-40%):
- Behavioral Finance
- Asset Allocation
- Private Wealth Management
- Institutional Investors & Cases
- Trading, Performance Evaluation & Manager             Selection
Ethical and Professional Standards (Ethics)

More to Explore

Free Trial CFA Exam Prep Course.

Free Trial

More FAQ

Take a free test drive of our proven exam prep for the
Level III CFA exam.

See More

See more Frequently Asked Questions about the
Level III CFA exam.

See More

*2019 Top Choice Award Nominee in multiple categories. The Top Choice Award is an honour presented to businesses that receive the most customer satisfaction votes. Exam Success follows CFA Institute Prep Provider Guidelines. Required Disclaimer: CFA Institute does not endorse, promote or warrant the accuracy or quality of the products or services offered by Exam Success. CFA Institute, CFA® and Chartered Financial Analyst are trademarks owned by CFA Institute.

CFA Institute Logo.

Considering the CFA Charter?

Becoming a CFA charterholder opens doors to career advancement in the investment profession around the world.

More arrow-more

"I highly recommend Exam Success for anyone looking to sharpen their skills. Brian's help was invaluable. Proud to say I'm now a CFA charterholder."
Danielle K.

More arrow-more

"Your intensive review courses gave me the edge I needed to catch up on lost study time and pass all three CFA exams! Thank you."

David W. Wishart

More arrow-more

"Your aim-to-pass focus, practical essay-writing drills and feedback helped me stay on track and pass with confidence."

Dinusha Lokuliyana

More arrow-more

"I passed the CFA level 3 exam last year and heavily relied on your notes. They were quite helpful in passing!!!"

Rabia Yusufzai

More arrow-more

"Prof. Gordon made it easy. His teaching style is simply fantastic. He provides concept clarity, is concise and yet detailed enough."

Tejvinder M.

More arrow-more

"Overwhelmed with joy to be awarded the CFA charter. It has been a very rewarding experience. I owe it to your guidance Brian!"

Pavel Kuperman

More arrow-more

"Exam Success was paramount to me passing Level 3. Your CFA notes & examples helped me pinpoint key learning objectives & clarify the concepts."

Kwun Chung

More arrow-more

"Your video lectures and study notes are amazing! Your straight to the point strategy & drill downs on the main concepts make Exam Success stand out!"

Siddiq Shabir

More arrow-more

"I passed my CFA level 3 exam and ranked at the top 10%. I wanted to let you know how grateful I am. You made my study so much more targeted."

June Wang

More arrow-more

"Brian knows what to focus on, NO BS... from strategy to how to prioritize the material & answer tough and realistic Level 3 questions."

Jeffrey Lilley

More arrow-more

"I don't think I'd have been successful without Prof. Gordon's CFA exam prep. I've recommended it to many candidates, and will continue to do so."

Jessica Mittler

More arrow-more

"Your tips & strategies were bang on. Your lessons videos were invaluable, added a lot of colour to some of the more difficult concepts."

Joseph Faraco

More arrow-more

"Thanks for all your help during this journey! You made studying less painful (almost a bit enjoyable), contributed big time to my result!"

Jasmine Pan

More arrow-more
CFA Student Testimonial - David SugamanCEO Olde Thompson, LLC

"If there were an Exam Prep Hall Of Fame, Prof. Brian Gordon would earn the #1 rank on it for best CFA exam prep teacher."

David Sugarman

More arrow-more
To the top