Level III CFA® Program Exam Prep

2022 / 2023 CFA Exams

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Level III CFA Exam

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Level III CFA Exam

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Study Notes Set
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Study Packages

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

Most Comprehensive

Focus Course: Plus


Includes everything in:
10 Topic Modules
+ Power Review

+ Ask the Prof.

+ Success Guarantee


Most Flexible

Focus Course: Total


Includes everything in:
10 Topic Modules


Single-Topic Modules

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

Most Targeted

Focus Course: Topic Modules


Get exactly the ones you want.
Choose between 10 Topic Modules,
on average 9 hours each.



Final Practice

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

Power Review Course



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



Summary Notes

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

Study Notes Set



Conquer the concepts, skills and strategies
needed to pass with this printable quick-
reference CFA curriculum pocket guide.



1 on 1 Tutoring

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

Private Tutoring



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



Level III CFA Exam Dates

In 2021 CFA Institute transitioned the CFA exams to computer-based testing (CBT), offered in proctored test centers worldwide. For 2023, CFA Institute has announed two Level III CFA exam test windows:
February and August.

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.

Brian Teaching (57)

Level III CFA Exam

Prof. Brian Gordon


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 Top FAQ

You must register and enrol for the Level III exam directly with CFA Institute at:

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.

CFA Institute offers two tiers of pricing: one for early registration and the other for standard registration.

You should check CFA Institute's website for exact pricing.
As of 2023, CFA Institute the Level III exam is being offered 2 times per year.
The 2 exam windows are: February and August.
The 10 year average Level III CFA exam pass rate is 54%.

The actual required passing mark 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.
Here are the most recent topic weights:

Exam Success
Learning Modules
CFA Institute
2021, 2022 Core Curriculum Topics
CFA Exam
- Quantitative Methods 0%
1 Economics / Capital Markets Expectations 5-10%
- Financial Reporting and Analysis 0%
- Corporate Finance 0%
2 Equity Investments 10-15%
3 Fixed Income 15-20%
4 Derivatives 5-10%
5 Alternative Investments 5-10%
Portfolio Management and Wealth Planning (35-40%):
6 - Behavioral Finance 5-10%
7 - Asset Allocation 5-10%
8 - Private Wealth Management 5-10%
9 - Institutional Investors & Cases 5-10%
10 - Trading, Performance Evaluation & Manager Selection 5-10%
- Ethical and Professional Standards (Ethics) 10-15%

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