CFA Level III exam takers who worked in financial roles the year before and after passing the Level III exam stated they received an average 17% earnings increase in the year after passing their exam
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The CFA Program curriculum is dynamic and changes annually to meet the nature and complexity of the global investment profession.
Level III Exam Details
Exam Format: Vignettes/item sets with multiple-choice or constructed response questions
Attempts Allowed: Up to six per level
Exam Windows: February and August
Topics Breakdown:
Asset Allocation: 15–20%
Portfolio Construction: 15–20%
Performance Measurement: 5–10%
Derivatives and Risk Management: 10–15%
Ethical and Professional Standards: 10–15%
Pathways: 30–35%
10 or 12 constructed response (essay) questions and 10 or 12 item sets (split into two sessions)
Sessions 1 & 2: 5 or 6 constructed response (essay) questions and 5 or 6 item sets each (2 hours and 12 minutes per session)
Find out when you need to register to sit for your CFA Level III exam.
Level III Exam Dates | August 13-17, 2026 |
Registration and Scheduling Windows Open | November 11, 2025 |
Early Registration Deadline | January 21, 2026 |
Registration Closes | May 6, 2026 |
Scheduling Deadline | May 13, 2026 |
Rescheduling Deadline | August 3, 2026 |
CFA Level III exam takers who worked in financial roles the year before and after passing the Level III exam stated they received an average 17% earnings increase in the year after passing their exam
CFA Level III exam takers reported being more satisfied with their career trajectory after passing the Level III exam
Successful CFA Level III exam takers agreed that the CFA curriculum is valuable in their career.
Still have questions? Talk with our CFA exam prep experts to eliminate guesswork and create your Level III study plan.
Most Recommended: This is one of the findings of a quantitative survey conducted by Kaplan between April 1 and October 31, 2023. For this survey, a sample of 272 CFA Candidates were interviewed online in English. The survey was fielded to subscribers of 300Hours.com.
Helped 700,000+ Candidates Prep for Exams: Net purchases of study packages containing the printed SchweserNotes™ bookset from 2008 through winter 2024 (less 2020).
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66% Reported Being More Satisfied with Their Career Trajectory After Passing the CFA Level III Exam: These are the findings of a quantitative survey conducted by Kaplan between May 2 and May 27, 2024. For this survey, a sample of 728 CFA® Level I, II, and III candidates was interviewed online, of which 428 last passed the CFA Level III exam.
83% Agree the CFA Curriculum Is Valuable in Their Career After Having Passed the CFA Level III Exam: These are the findings of a quantitative survey conducted by Kaplan between May 2 and May 27, 2024. For this survey, a sample of 728 CFA® Level I, II, and III candidates was interviewed online, of which 428 last passed the CFA Level III exam.
Most Used Online Forum Hosted by CFA Exam Prep Providers: Based on Kaplan North America research for comparable CFA exam preparation programs as of February 2025.
95% Recommendation Rate: This is one of the findings of a quantitative survey conducted by Kaplan between April 1 and October 31, 2023. For this survey, a sample of 272 CFA Candidates was interviewed online in English. The survey was fielded to subscribers of 300Hours.com.
Only CFA Provider Offering In-Person Mock Exams at Actual CFA Test Centers: Based on Kaplan North America research for comparable CFA exam prep providers as of June 2023.
Leader in CFA Prep: These are the findings of a quantitative survey conducted by Kaplan between June 30 and August 30, 2021. For this survey, a sample of 313 U.S. CFA Level I and Level II candidates was interviewed online. The survey was fielded to subscribers of 300Hours.com and AnalystForum.com.
Only Online Forum with Content from CFA Faculty Experts: Based on Kaplan North America research for comparable CFA exam preparation programs as of February 2025.
9 Out of 10 Students Recommend: These are the findings of a quantitative survey conducted by Kaplan between September 29 and November 4, 2022. For this survey, a sample of 838 CFA Level I, II, and III candidates was interviewed online, of which 463 prepared for a CFA exam with Kaplan Schweser.
Most Used CFA Prep Provider: These are the findings of a quantitative survey conducted by Kaplan between June 30 and August 30, 2021. For this survey, a sample of 313 U.S. CFA Level I and Level II candidates was interviewed online, of which 151 CFA Level II candidates answered this question. The survey was fielded to subscribers of 300Hours.com and AnalystForum.com.
Most Respected and Trusted CFA® Provider: These are the findings of a quantitative survey conducted by Kaplan between June 30 and August 30, 2021. For this survey, a sample of 313 U.S. CFA Level I and Level II candidates was interviewed online, of which 271 CFA candidates answered this question. The survey was fielded to subscribers of 300Hours.com and AnalystForum.com.
93% Who Passed Level III Used an Exam Prep Provider: These are the findings of a quantitative survey conducted by Kaplan between May 2 and May 27, 2024. For this survey, a sample of 728 CFA® Level I, II, and III candidates who were either Kaplan customers or expressed an interest in Kaplan products was interviewed online, of which 428 last passed the CFA Level III exam.
85% Who Passed Level III Believe Kaplan Schweser Played Role in Helping Them Pass: These are the findings of a quantitative survey conducted by Kaplan between May 2 and May 27, 2024. For this survey, a sample of 728 CFA® Level I, II, and III candidates was interviewed online, of which 351 last passed the CFA Level III exam and prepared for that exam with Kaplan Schweser.
83% Who Passed the Level III Exam Agree the CFA® Curriculum Is Valuable in Their Career: These are the findings of a quantitative survey conducted by Kaplan between May 2 and May 27, 2024. For this survey, a sample of 728 CFA® Level I, II, and III candidates was interviewed online, of which 428 last passed the CFA Level III exam.
#1 Rated CFA Prep Course: Source: https://testprepinsight.com/best/best-cfa-prep-courses/. Test Prep Insight is a review and analytics site that is a Kaplan Schweser affiliate but uses an independent review process to evaluate exam prep products.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, and CFP® (with plaque design) in the United States, which it authorizes use of by individuals who successfully complete CFP Board's initial and ongoing certification requirements.
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Terms and Conditions: 10% off applies to Premium Study Packages for the Level I, Level II, and Level III CFA® exam only. To redeem online, enter code Early10 at checkout. This offer cannot be used in conjunction with other discounts or promotions, cannot be applied to previous purchases, and is not redeemable for cash value. Offer begins February 9, 2026, and expires March 5, 2026, at 11:59 pm CT.
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