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Level III


Exams are offered annually at test centers around the world on the first Saturday in June. Exams must be passed sequentially and are only available in English.


The exam content, learning focus, and question format increase in complexity with each level. Level III exams require synthesis of all the concepts and analytical methods in a variety of applications for effective portfolio management and wealth planning.


Information regarding your exam venue will be provided by the CFA Institute after registration.


Exams are computer-based and each exam is 6 hours long. The Level III exam consists of both item set and constructed response (essay) questions. The morning session includes 8 to 12 essay questions, while the afternoon session includes 10 item set questions. Candidates must attend both sessions.


Results for Level III candidates are available within 90 days of the exam date. You can retake each exam as many times as required to pass.

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