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.
The knowledge you need to possess prior to preparing for the Level III CFA Program 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.
CFA Institute recommends that you spend an average of 300 hours preparing for each level of the CFA Program exam. According to a 2019 survey, Level III candidates spent an average of 344 hours preparing for the exam.
We suggest that candidates employ The Kaplan Way, a three-phase learning strategy: Prepare • Practice • Perform®. This methodology is the foundation upon which Schweser’s CFA Program exam prep products are built.
Looking for additional tips to help you prepare for the Level III CFA Program exam?
Ready to Prepare for the Level III CFA® Exam?
All June 2020 Level III candidates have the option of registering for one of the next three exam administrations: December 2020, May 2021, or November 2021. You can re-register for your exam by following instructions per CFA Institute.
December 2020 CFA® Exam registration closes:
Re-registration closes for currently enrolled candidates:
December 2020 CFA® Exam day:
Level III May Computer Based Exam Dates:
Registration opens:
Early registration deadline:
Registration closes:
Level III November Computer Based Exam Dates:
Registration opens:
Early registration deadline:
Registration closes:
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.
Master these concepts with a comprehensive Level III study package »
Level III
Beginning in 2021, there will be two Level III exam windows each year; the first in May and the second in November. Additionally, all CFA® exams in 2021 and beyond will be offered in a computer-based format. The December 2020 CFA exam is the last to be offered in print format.
Our Level III study packages are built to replicate the exam, leaving no surprises on exam day. Begin your preparation today »
Level III
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.
December 2020 Exam:
May 2021 Exam:
November 2021 Exam:
Candidate Eligibility Requirements
To be eligible to enter the CFA® Program, you must:
Enrollment and Exam Fees
To enter into the CFA Program, candidates must pay a one-time registration fee in addition to the required enrollment fees for each Level. CFA Institute reference material and a partial mock exam are both included with candidate registration and enrollment.
CFA Program exam fees range from $620 to $1,610, depending on your CFA Program exam level and when you register.