Our CFA® Program exam study tools can help you build a plan to
study smarter and pass Level III.
Level III's syllabus has changed for the 2020 exam. We are currently in the process of adding to our study tools to cover the new syllabus changes. To keep track of our release schedule for these updates, see the schedule via the button below.
Understand everything you need to know to pass the exam.
Experience the exam format, analyze your performance, and adapt your study focus
Do well on practice exams to increase the challenge until you're ready for the real thing.
Level III is the final exam you must pass to become a CFA® Charterholder. Level III tests your analysis skills even further, with a focus on portfolio management and wealth planning.
10 Written Answer, 60 Multiple-Choice
3 Hour Morning & 3 Hour Afternoon Sessions
Score to Aim For
None. Passing Levels I and II should give you all the background knowledge you need. Level III focuses on how to apply that knowledge to portfolio management situations.
Level III is offered once per year in June.
June 6, 2020
We highly recommend dedicating 6-8 months of dedicated studying to prepare for Level III. Start by learning and reviewing the material, then focus on practice exams. Our Practice and Complete plans can help you measure your progress and assess your readiness for the real exam.
The most challenging part of Level III is not any one topic, but the Written Answer portion of the exam.
“The content is easier with this exam, with a lot of overlap with Levels I and II. Focus on the essay questions so you understand how to structure your answers.”
“Level III is a different beast than either Level I or Level II because it involves a written answer session. This different format is why Level III is the most difficult to pass.”
“The stakes are high for Level III Candidates. If you fail Level I or even Level II, you'll probably be disappointed and walking away will hurt, but not nearly as much as if you have to walk away after failing Level III. I passed Level I and Level II on the first attempt. It took me three attempts to pass Level III, and that’s not uncommon. Yes, it was rewarding to finally reach the summit, but the sacrifices made to get there are significant.”
“My time to prepare for this exam was severely limited. I did well because I had a lot of prior knowledge of the material, and I just had to focus on how they asked the questions.”
You’ll receive your exam results via email after all exams have been graded by CFA Institute. This process usually takes several weeks.
Level III is the final exam you need to pass. If you have amassed at least four years of investing or financial experience, all you need to become a CFA® Charterholder is to be a regular member of the CFA® Institute and have references attest to your relevant experience.
AdaptPrep mimicked very closely the real CFA exam. Similar wording and structure, similarly-sized, with small, hidden details and traps - just like the real CFA questions.
Access our study tools on any device with our web-based format.
Learn your way with our video lessons, online manual, or both in combination.
AdaptPrep gives you harder questions the better you perform, so you get the right question at the right time.
Our Earned Level system measures your exam readiness. Identify your strengths and weaknesses with Section Reports.
All the Features of:
Our community of CFA® Charterholders, AdaptPrep coaches, and candidates answer your questions and exchange study methods.
All the important exam topics summarized in one place for maximum memorization and rapid review.
Tips and reminders keep you on track and use your study time efficiently.