Level III of the CFA® exam requires demonstration of the same skills as Level II but tests your ability to make and write about judgment calls. The constructed response section of the Level III exam is the biggest difference between the previous levels. You must answer open-ended questions that do not have multiple-choice questions. The historical pass rate is 56%. Our study packages include the tools you need to master every Learning Outcome Statement and practice your ability to answer constructed response questions.
Recommended
INSTRUCTION AND REVIEW
INSTRUCTION
SELF-STUDY
Recommended
If you’re committed to passing the CFA Program exam, this is the study program for you. This all-inclusive package strategically integrates Core + Instruction + Review tools to give you the most effective path to success:
Classes
Review Workshops
Print and/or Online Study Materials

Combine our Core learning tools with Instruction from experienced CFA Charterholders. You’ll build a solid foundation under the guidance of CFA Program experts to help you pass the exam:
Classes
Print and/or Online Study Materials
Built with our Core study materials, this self-study package equips you with exam-focused tools needed to prepare for the CFA Program exam on your own.
Print and/or Online Study Materials
with individual study tools.