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CFA® Level III Exam Prep

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Over the last 35+ years, Kaplan Schweser has helped more than 700,000 candidates prepare for the CFA exam, so we understand what it takes to pass. Our proven study program features classes led by the largest team of CFA instructors in the industry, concise study notes backed by learning science, and an online forum where you can engage with instructors and fellow candidates. Take the guesswork out of passing the CFA Level III exam with the most trusted name in CFA exam prep.

CFA Level III Study Packages

Level III Specialized Pathways

New for the 2025 or 2026 Level III exams, CFA Institute is introducing specialized pathways. This will impact every candidate looking to sit for the Level III exam in 2025 or 2026 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 the traditional Portfolio Management, Private Markets, and Private Wealth. 

Portfolio Management

This traditional CFA Program pathway focuses on constructing, managing, optimizing, and measuring portfolios of public market equity, fixed income, and derivative securities.

Private Markets

This pathway addresses private markets investing primarily from the perspective of the general partner (GP). It builds on key valuation and other competencies in the CFA Program from all four asset class domains.

Private Wealth

This pathway offers a global perspective on and universal principles for serving high-net-worth clients (worth US$5M+). It is structured as an arc from a young adult being onboarded to generating wealth through wealth transfer.

 


CFA Level III Exam Prep


Exams in February & August

 

 

 

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Proven Strategies for Each Stage of the 2025 or 2026 CFA® Level III Study Cycle

Find no surprises on exam day. Research shows it takes more than 300 hours to properly prepare for the CFA Level III exam—partner with the provider who knows how to maximize every minute of your study time.

A Complete CFA Level III Study Plan

You don’t need to spend valuable time searching for CFA Level III study strategies. Over the last 35 years, we’ve mastered how candidates earn the charter and have designed a program that adapts to every learning style.

You’re in Control

You set your study dates. Our adaptive Activity Feed breaks down your 300 prep hours into bite-sized weekly tasks, while our Performance Tracker and Checkpoint Exams give you an in-depth analysis of where you stand.

Don’t Disrupt Your Daily Routine

Maintain your life and still earn the CFA charter. With a wide range of print, online, and mobile study tools—and OnDemand classes featuring CFA Level III charterholders—you can seamlessly fit a study session into your daily routine.

A Partner You Can Trust

With an extensive global network of CFA charterholders and content experts, you’ll get the guidance you need to pass. More CFA candidates consider Kaplan Schweser to be the most respected and trusted prep provider. 

CFA® Program Survey: Insights from Charterholders and Candidates

Kaplan Schweser conducted a study that provides a unique look into the experiences of CFA candidates and charterholders at different points in their journeys.

  • 93% of those who passed the CFA Level III exam used an exam prep provider to help them prepare
  • 85% of those who passed the CFA Level III exam and prepared with Kaplan Schweser believe that Schweser played a significant role in helping them pass
  • 83% of CFA Level III exam takers agree that the CFA curriculum is valuable in their career after having passed their exam

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CFA® Level III Exam FAQs

Yes, you can switch your Kaplan Schweser study package and/or exam prep products to align with a different pathway. Digital study products are free to switch over, while print materials are $99 plus shipping. Please note that you will lose your progress and Performance Tracker statistics if you switch pathways. To switch pathways, simply contact Customer Support. However, keep in mind that CFA Institute does not allow candidates to switch their pathway once registration is complete. 

The CFA exam as a whole is difficult by design. It’s an exclusive designation that truly demonstrates mastery. The Level III pass rate is 56%, and the average candidate spends 344 hours preparing.

CFA Institute recommends 300 hours of study, and our experience is that 300 hours is the minimum that most people need to be successful. The average Level III candidate spends 344 hours preparing.

Tips to Prepare an Effective Study Plan »

Approximately 65% to 75% of the Level III exam topic weight will relate to the “Common Core,” while the remaining 25% to 35% will relate to the selected pathway.  
The CFA Program has always had alternative investments as one of the 10 exam topics throughout the program. While the Private Markets Pathway takes a closer look at some alternative investment assets, its depth is not comparable to the CAIA Charter. With that said, CFA charterholders can earn the CAIA Charter by passing just one exam.
These two programs are similar in that both contain content relating to private wealth management, but the breadth and depth of the programs is not comparable. The CFP® certification is an in-depth designation program dedicated solely to private wealth management, whereas the Private Wealth Pathway is just a portion of the full CFA program. The CFP® exam requires 250+ hours of study, and candidates must have 4,000 to 6,000 hours of work experience in financial planning in order to earn the certification.

CFA Institute requires Level III candidates to select a specialized pathway when registering for the exam. Each pathway was developed to give candidates more options to learn content directly related to their interests and career goals. The three specialized pathways are: 

  1. Portfolio Management: This traditional CFA Program pathway focuses on constructing, managing, optimizing, and measuring portfolios of public market equity, fixed income, and derivative securities.
  2. Private Markets: This pathway addresses private markets investing primarily from the perspective of the general partner (GP). It builds on key valuation and other competencies in the CFA Program from all four asset class domains.
  3. Private Wealth: This pathway offers a global perspective on and universal principles for serving high-net-worth clients (worth US$5M+). It is structured as an arc from a young adult being onboarded to generating wealth through wealth transfer.
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.

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. CFA Institute reference material and a partial mock exam are both included with candidate registration and enrollment.

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CFA Level III Exam Topic Weights

Level III

Here are the topic weights for the 2025 CFA Level III exam:

  • 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.

Approximately 65% to 75% of the Level III exam topic weight will relate to the "Common Core," while the remaining 25% to 35% will relate to your selected pathway. Our Level III exam prep products follow a similar structure. While the products across each pathway function the same, approximately 25% to 35% of the content will be specific to your selected pathway.

The Minimum Passing Score (MPS) is the benchmark used to determine whether a candidate has passed or failed the exam and it is different each year. The Minimum Passing Score (MPS) is 1600 for Level I, 2600 for Level II, and 3600 for Level III.

Exam Grading Details »


CFA Institute administers the Level III CFA exam twice per year, with exam windows in February and August.


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