Preparing for the CFA Level III Exam

There are two Level III exam windows each year—February and August. Find out when you need to register to sit for your CFA Level III exam.

Register for the CFA Exam

Exam Format

Vignettes/item sets with multiple-choice or constructed response questions.

Exam Structure

• Session 1: 5 or 6 constructed response (essay) questions and 5 or 6 item sets
• Session 2: 5 or 6 constructed response (essay) questions and 5 or 6 item sets
• Duration: Each session is 2 hours and 12 minutes long

Our Level III study packages are built to replicate the format and difficulty of the exam, leaving no surprises on exam day. Begin your preparation today.

Body of Knowledge

The CFA Program curriculum is dynamic and changes annually to meet the nature and complexity of the global investment profession.

The Learning Outcome Statements and core concepts in the CFA Program are built on the Candidate Body of Knowledge (CBOK), a practice-based curriculum that is determined by thousands of CFA charterholders from around the world.

Level III candidates are required to demonstrate a higher level of understanding of the materials tested at Levels I and II, as well as display effective knowledge of the entire portfolio management process.

New for the 2025 Level III exams, CFA Institute is introducing specialized pathways. This will impact every candidate looking to sit for the Level III exam in 2025 and beyond. Each pathway was developed to give you more options to learn content directly related to your interests and career goals. The three specialized pathways are:

1. Private Wealth
2. Private Markets
3. Portfolio Management (traditional path)

You can learn more about the specialized pathways here

Master these concepts with a Level III study package.

Topic Weights

For the 2025 and 2026 Level I exams, the topics are weighted as follows:

• 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%

These topic weights were used to develop a study plan you can follow to ensure complete coverage of the material. The study plan is included in all our Level III study packages.

Level III Exam Results

2024 Exam Results

• February Exam: April 11, 2024
• August Exam: October 17, 2024

2025 Exam Results

• February Exam: April 22, 2025
• August Exam: To Be Announced

Candidate Eligibility Requirements

To be eligible to enter the CFA Program, you must accomplish the following:

• Have a U.S. bachelor’s (or equivalent) degree
  • or select an exam window that is 23 months or fewer before your graduation month for your bachelor’s degree or equivalent program. Candidates who are currently undergraduate students may take the Level I exam and must be within 11 months of graduation to sit for Level II.
  • or have a combination of 4,000 hours of work experience and/or higher education that was acquired over a minimum of three sequential years and achieved by the date of registering for the Level I exam.
• Meet the professional conduct admission criteria (during the application process, you will be asked to sign statements of Professional Conduct and Candidate Responsibility)
• Be prepared to take the exams in English
• Have a valid international travel passport (required for enrollment and exam registration)

Enrollment and Exam Registration Fees

• For 2025 CFA exams, registration fees range from $990 to $1,390, depending on your exam Level and when you register. To enter into the CFA Program, candidates must pay a one-time $350 enrollment fee in addition to the required registration fees for each Level.

  2025 — Level III	Early Registration	Standard Registration
  Exam Registration Fee	$1,090	$1,390

• For 2026 CFA exams, registration fees range from $1,140 to $1,590, depending on your exam Level and when you register. However, CFA Institute will no longer charge a one-time $350 enrollment fee.

  2026 — Level III	Early Registration	Standard Registration
  Exam Registration Fee	$1,240	$1,590