Exams
The Level III exam is a computer-based test with two exam windows each year. In 2021, these are during May and November. The duration of the exam is approximately 4.5 hours, split into two sessions with an optional break if candidates so wish. The first session contains “constructed response questions” requiring candidates to enter their typed answers via the computer. The second session contains a mix of four and six part “item-sets” and will be scored in proportion to their length. The exam covers all seven topics in the Level III curriculum.
Curriculum
Level III has a strong focus on wealth planning and portfolio management. Some of the previous topic areas are dropped. The Level III curriculum consists of:
- Ethical And Professional Standards
- Economics
- Equity Investments
- Fixed Income
- Derivatives
- Alternative Investments
- Portfolio Management
Benefits
Having passed both previous levels, Level III presents the final hurdle. Passing the Level III exam will:
- Allow you to apply for your charter (assuming you have the necessary work experience)
- Show your continued commitment to the program
- Highlight your continued commitment to high standards of ethics
- Provide you with real life portfolio management skills
Prerequisites
In order to enrol for Level III you need to:
- Have passed Level II
- Be in possession of a valid international passport
- Sign the statement of professional conduct and pay exam fees to CFA Institute
- Be able to write basic sentences in English