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 Schweser be your guide to passing the CFA exam.
Level III Exam
May & August 2022
February & August 2023
More Level III Resources
A Personalized Study Program That Fits Your Lifestyle.
No more guessing where to begin, what to study next, or how you’re progressing. Research shows it takes over 300 hours to properly prepare for the Level III CFA® exam, so you can’t afford to waste a minute.
A Complete Study Plan.
You don’t need to spend your valuable time searching for strategies on how to study. Over the last 30 years, we’ve mastered how candidates earn the CFA charter and have designed a program that works.
You’re in Control.
You set your study dates, and we’ll give you the study plan. Our adaptive Activity Feed breaks down your 300 hours into bite-sized weekly tasks.
Don’t Disrupt Your Daily Routine.
Maintain your life and still earn the CFA charter. With an assortment of print, online, and mobile study tools, you can seamlessly fit a study session into your daily routine.
A Partner You Can Trust.
With the largest network of CFA charterholders and content experts, you’re getting the guidance and support you need to pass.
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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.
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.
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.
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 »
