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Level III CFA® Exam

More insights. Clear direction. Better results.

Over the last 30 years, we’ve mastered how candidates earn the CFA® charter and have designed a program that works. No guessing where to begin, what to study next, or how you’re progressing. Let Kaplan Schweser be your guide to passing the Level III exam and earning the CFA charter.


Level III CFA Study Packages


Level III Study Packages

Designed for You to Pass



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Proven Strategies for Each Stage of the Study Cycle

Find no surprises on exam day. Research shows it takes more than 300 hours to properly prepare for the Level III CFA® 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 30 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 an assortment of exam-simulating prep, 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. 

What Kaplan Schweser Customers Say

Level III CFA® Exam FAQs

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 »

How much you’ll pay to sit for the Level III exam depends on how early you register. You must pay an exam fee each time you register to sit for an exam. CFA Institute has early, standard, and late registration deadlines. The early registration fee is $700 USD, the standard deadline fee is $1,000 USD, and the late registration fee is $1,450 USD.

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Level III CFA Exam Topic Weights

Level III

Here are the topic weights for the 2022 Level III exams:

  • Economics: 5–10%
  • Derivatives: 5–10%
  • Fixed Income: 15–20%
  • Equity Investments: 10–15%
  • Alternative Investments: 5–10%
  • Portfolio Management : 35–40%
  • Ethical and Professional Standards: 10–15%

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.

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 MPS for Level III is set about six weeks after the exam, and CFA Institute does not release the MPS, although research indicates that it hovers between 60 and 70 percent.

Exam Grading Details »

In 2022, CFA Institute is administering Level III of the CFA exam in May and August.

In 2023, CFA Institute will administer Level II of the CFA exam two times per year, with exam windows in February and August.

Learn More About Exam Dates and Changes »

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Most Respected and Trusted Provider: These are the findings of a quantitative survey conducted by Kaplan between June 30 and August 30, 2021. For this survey, a sample of 313 U.S. CFA Level I and Level II candidates was interviewed online, of which 271 CFA candidates answered this question. The survey was fielded to subscribers of and