Chartered Financial Analyst (CFA®) Program - Level III Exam

After learning Asset Valuation in Level II, the CFA® Level III exam focuses on the concepts and methods for effective Portfolio Management and Wealth Planning. The candidate will notice a shift in the learning focus from Level I (Basic Knowledge and Comprehension) to Level II (Application of Basics and Analysis) to Level III (Evaluation and Synthesis of Concepts Applied) The CFA® Level III exam focuses on:

  1. Private Wealth Management and Institutional Portfolio Management
  2. Portfolio Management - With Special Asset Classes
  3. Evaluation of Portfolio Management Techniques
  4. CFA® Institute Code of Ethics and Standards of Professional Conduct, including Asset Manager Code of Professional Conduct

CFA® Level III Exam Format:

  1. The CFA® Level III exam consists of item-sets and constructed response (essay) questions.
  2. Morning session: Consists of Constructed response (essay) questions. Usually there are between 8 and 12 questions, each with several subparts, with a maximum of 180 points. The point value for each question is provided in the exam book.
  3. Afternoon session: Consists of 10 item set questions, having format similar to Level II.

CFA® Level III Exam Topics and Weights


Topic Weight
Ethical & Professional Standards 10-15%
Quantitative Methods 0%
Economics 5-15%
Financial Reporting and Analysis 0%
Corporate Finance 0%
Equity Investments 5-15%
Derivative Investments 5-15%
Fixed Income Investments 10-20%
Alternative Investments 5-15%
Portfolio Management and Wealth Planning 40-55%
Total 100%

CFA® Level III Exam Fees and Deadlines


June, 2016 Exam

Payment Deadlines Exam Registration Fee
September 28, 2015 (Early Bird) $650
February 17, 2016 (Standard Fee) $860
March 16, 2016 (Late Fee) $1280