Level III – Chartered Financial Analyst (CFA) – Exam in 2024
Level III – Chartered Financial Analyst (CFA) – Exam in 2024, CFA Exam, CMA Exams, ACCA, Investment, ESG, Financial analyst, Financial Analysis, updated 2024.
Level III – Chartered Financial Analyst (CFA)
Level 3 exam is heavily focused on applying what you’ve learned in portfolio management and wealth planning topics. It consists of two 2 hour and 12 minutes sessions, each session consists of a mix of constructed response questions (essay) and item-set questions.
- Level 3 exam is 4 hours and 24 minutes, split into 2 sessions.
- Both sessions are 2 hours and 12 minutes each, with item-set and constructed response (essay) now mixed within a session.
- So each session either has 6 item sets and 5 essay sets OR 5 item sets and 6 essay sets.
- Overall, the CFA Level 3 exam has 11 item sets and 11 constructed response sets, with 12 points each set.
- Level 3 has a mix of constructed response (essay) and item-based multiple choice questions (MCQ).
- Item-set based multiple choice questions (MCQ), whereby questions in each item set must be answered based on the information in the vignette. Each item-set has 4-6 questions related to it. Each question is worth 3 points.
Constructed response or the ‘essay’ section is where most candidates experience difficulty in.
CFA Level 3 Topics and Weight (%)
Level 3 CFA candidates are tested on 7 topics, instead of 10. In your level 3 curriculum, you will no longer find Quantitative Methods, Corporate Issuers, and Financial Statement Analysis. In the level 3 CFA exam, the major focus is on Portfolio Management and Wealth Planning with a weight of 35-40%.
Ethical and Professional Standards 10-15%
Quantitative Methods N/A
Economics 5-10%
Financial Statement Analysis N/A
Corporate Issuers N/A
Equity Investments 10-15%
Fixed Income 15-20%
Derivatives 5-10%
Alternative Investments 5-10%
Portfolio Management 35-40%
CFA exams are held a few times a year depending on level:
- Level 1: 4 times a year in February, May, August and November.
- Level 2: 3 times a year in May, August and November.
- Level 3: twice a year in February and August.
