Congratulations…you’ve made it to the Level III CFA exam! Level III focuses on taking all the material learned in Levels I and II and applying it to real-life situations. The exam consists of constructed response (essay) and item set questions. Constructed response questions are unique to the Level III exam, so it is extremely important that you familiarize yourself with the exam format and can formulate written responses quickly and accurately. Learn the intricacies of the Level III exam from CFA instructors who have experienced the exam firsthand…and passed.