Preparing for the Level III CFA® Exam

Level III—the Finish Line is in Sight

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.

Previous Knowledge

The knowledge you need to possess prior to preparing for the Level III CFA 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.

Tips and Tools

Looking for additional tips to help you prepare for the Level III CFA exam?

Look no further.


  • Start your exam prep early. Develop a routine, and stick to it.
  • The tools in your review package work best when used together as designed.
  • Check out these free resources specifically designed for Level II candidates.

How to Study

The Kaplan Way is a three-phase learning strategy: Prepare • Practice • Perform®. Using this methodology, we have built the most comprehensive study packages available for Level III of the CFA exam, designed to help you make the most of the time you spend preparing for the exam.

How Long it Takes to Study

CFA Institute recommends that you spend an average of 300 hours preparing for each level of the CFA exam. According to a 2019 survey, Level III candidates spent an average of 344 hours preparing for the exam.

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CFA Level III Exam Details

Registration and Level III CFA® Exam Dates

May 2022

Level III May Computer-Based Exam Dates:
  • May 24–26, 2022
Registration Opens:
  • July 20, 2021
Early Registration Deadline:
  • November 1, 2021
Registration Closes:
  • February 1, 2022
Scheduling Deadline:
  • February 16, 2022
Rescheduling Deadline:
  • April 23, 2022


Register for the CFA Exam

Registration and CFA® Exam Dates

August 2022

Level III August Exam Dates:
  • August 30–September 6, 2022
Registration and Scheduling Windows Open:
  • December 1, 2021
Early Registration Deadline:
  • February 1, 2022
Registration Closes:
  • May 3, 2022
Scheduling Deadline:
  • May 25, 2022
Rescheduling Deadline:
  • July 30, 2022


Register for the CFA Exam

Level III CFA Exam Body of Knowledge

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 CFA Exam Format

Level III

In 2022, there will be two Level III exam windows each year—the first in May and the second in August. 

  • Format: Vignettes/item sets with multiple choice or constructed response questions.
  • Questions:
    • Session 1: Constructed response (essay) format. 8–11 essay questions with multiple parts per question.
    • Session 2: Item set format. Each item set will be followed by 4 or 6 multiple-choice questions. 44 total questions.
  • Each session is approximately 2 hours and 12 minutes long

Our Level III study packages are built to replicate the exam, leaving no surprises on exam day. Begin your preparation today »

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.

Level III CFA Exam Results Available:

2021 Exam results

May Exam:
  • August 10, 2021
August Exam:
  • November 2, 2021
November Exam:
  • Approximately 10 weeks after the exam window has closed

2022 Exam Results

May Exam:
  • Approximately 10 weeks after the exam window has closed
August Exam:
  • Approximately 10 weeks after the exam window has closed

Level III CFA Exam Requirements

Candidate Eligibility Requirements

To be eligible to enter the CFA® Program, you must:

  • Have a U.S. bachelor’s (or equivalent) degree
    • or select an exam window that is 11 months or fewer before your graduation month for your bachelor’s degree or equivalent program. Understand that you must complete your degree program prior to sitting for level II.
    • or have a combination of 4,000 hours of work experience and/or higher education that was acquired over a minimum of three sequential years and achieved by the date of registering for the Level I exam.
  • Meet the professional conduct admission criteria (during the application process, you will be asked to sign statements of Professional Conduct and Candidate Responsibility)
  • Be prepared to take the exams in English
  • Have a valid international travel passport (required for enrollment and exam registration)

Enrollment and Exam Fees

To enter into the CFA Program, candidates must pay a one-time registration fee of $450 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 $700 to $1,000, depending on your CFA Program exam level and when you register.

How to Pass the Level III CFA® Exam