CFA Level III—the Finish Line is in Sight
You’ve already come a long way in your CFA charter journey. Now it’s time to finish strong. The Level III exam will test your ability to apply everything you learned in Levels I and II to practical, real-life situations.
Previous Knowledge
The knowledge you need to possess prior to preparing for the Level III CFA exam is the same knowledge you’ve acquired to this point in preparing for the first two exams. Your exam preparation for Level III will prepare you to complete more complex item sets and also master the constructed response (essay) portion, which is exclusively a part of the Level III exam.
Tips and Tools
Looking for additional tips to help you prepare for the Level III CFA exam?
Look no further.
- Start your exam prep early. Develop a routine, and stick to it.
- The tools in your review package work best when used together as designed.
- Check out these free resources specifically designed for Level II candidates.
How to Study
The Kaplan Way is a three-phase learning strategy: Prepare • Practice • Perform®. Using this methodology, we have built the most comprehensive study packages available for Level III of the CFA exam, designed to help you make the most of the time you spend preparing for the exam.
How Long it Takes to Study
CFA Institute recommends that you spend an average of 300 hours preparing for each level of the CFA exam. According to a 2019 survey, Level III candidates spent an average of 344 hours preparing for the exam.
Ready to Prepare for the CFA® Level III Exam?
CFA Level III Exam Details
Registration and CFA® Exam Dates
February 2025
Level III February Exam Dates:
- February 13-16, 2025
Registration and Scheduling Windows Open:
- May 9, 2024
Early Registration Deadline:
- July 9, 2024
Registration Closes:
- November 7, 2024
Scheduling Deadline:
- November 12, 2024
Rescheduling Deadline:
- January 18, 2025
Registration and CFA® Exam Dates
August 2025
Level III August Exam Dates:
- August 15-19, 2025
Registration and Scheduling Windows Open:
- November 6, 2024
Early Registration Deadline:
- January 29, 2025
Registration Closes:
- May 6, 2025
Scheduling Deadline:
- May 13, 2025
Rescheduling Deadline:
- July 14, 2025
Level III CFA Exam Body of Knowledge
The Learning Outcome Statements and core concepts in the CFA® Program are built on the Candidate Body of Knowledge™(CBOK), a practice-based curriculum that is determined by thousands of CFA charterholders from around the world.
Level III
Candidates are required to demonstrate a higher level of understanding of the materials tested at Levels I and II, as well as display effective knowledge of the entire portfolio management process.
New for the 2025 Level III exams, CFA Institute is introducing specialized pathways. This will impact every candidate looking to sit for the Level III exam in 2025 and beyond. Each pathway was developed to give you more options to learn content directly related to your interests and career goals. The three specialized pathways are:
- Private Wealth
- Private Markets
- Portfolio Management (traditional path)
You can learn more about the specialized pathways here.
Master these concepts with a comprehensive Level III study package »
Level III CFA Exam Format
Level III
Each year, there are two Level III exam windows: the first in February and the second in August.
- Format: Vignettes/item sets with multiple choice or constructed response questions.
- Exam Structure:
- Session 1: 5 or 6 constructed response (essay) questions and 5 or 6 item sets
- Session 2: 5 or 6 constructed response (essay) questions and 5 or 6 item sets
- Duration: Each session is 2 hours and 12 minutes long.
Our CFA Level III study packages are built to replicate the exam, leaving no surprises on exam day. Begin your preparation today »
Level III CFA Exam Topic Weights
Level III
For the 2025 CFA Level III exams, the topics are weighted as follows:
- Asset Allocation: 15–20%
- Portfolio Construction: 15–20%
- Performance Measurement: 5–10%
- Derivatives and Risk Management: 10–15%
- Ethical and Professional Standards: 10–15%
- Pathways: 30–35%
These topic weights were used to develop a Level III study plan you can follow to ensure complete coverage of the material. The study plan is included in all of our packages.
Level III CFA Exam Results Available:
2024 Exam Results
February Exam:
- April 11, 2024
August Exam:
- October 17, 2024
2025 Exam Results
February Exam:
- April 22, 2025
CFA Exam Requirements
Candidate Eligibility Requirements
To be eligible to enter the CFA® Program, you must:
- Have a U.S. bachelor’s (or equivalent) degree
- or select an exam window that is 23 months or fewer before your graduation month for your bachelor’s degree or equivalent program. Understand that you must complete your degree program prior to sitting for Level II.
- or have a combination of 4,000 hours of work experience and/or higher education that was acquired over a minimum of three sequential years and achieved by the date of registering for the Level I exam.
- Meet the professional conduct admission criteria (during the application process, you will be asked to sign statements of Professional Conduct and Candidate Responsibility)
- Be prepared to take the exams in English
- Have a valid international travel passport (required for enrollment and exam registration)
Enrollment and Exam Registration Fees
For 2025 CFA exams, registration fees range from $990 to $1,390, depending on your exam Level and when you register. To enter into the CFA Program, candidates must pay a one-time $350 enrollment fee in addition to the required registration fees for each Level.
For 2026 CFA exams, registration fees range from $1,140 to $1,590, depending on your exam Level and when you register. However, CFA Institute will no longer charge a one-time $350 enrollment fee.
