At this point, you’ve passed both the Level I and Level II CFA exams. There’s only one last thing to do! The Level III exam is the final step in the process of becoming a CFA charterholder, and it will not be easy. This post aims to answer all of your questions and provide you with all of the information you need to pass the Level III exam.

WHERE DO LEVEL I AND LEVEL II CFA EXAMS DIFFER?

The CFA Level III test is somewhat different from the previous two. You must write your answers rather than selecting from a list of multiple-choice alternatives during the Level III exam’s morning portion. Level II’s 10-item sets are repeated in the afternoon session.

You must learn and memorize the relevant data to pass the Level I exam. Level II is usually regarded as the most difficult because the issues are math-based and the solutions are foreseeable. Through case studies and math, the Level III test assesses your ability to effectively perform the duties of a CFA charterholder.

Because of the considerable differences between Level III and the other two tests, you’ll need to change your preparation strategy. The most common reason why people fail the Level III exam is because they do not follow this crucial step. If you’re not sure if you’ll be able to do it on your own, a study bundle can help.

WHERE DOES THE LEVEL III CFA EXAM GET ITS ORGANIZATION?

The Level III CFA exam is split into two sections, one in the morning and one in the afternoon. The morning session consists of “constructed replies,” which are multi-part essay-style questions. These questions put your ability to apply what you’ve learned in the classroom to a real-world setting by presenting you with a problem to solve. Like Level II, the afternoon session consists of ten item sets. Each item set starts with a statement of the case and then asks six multiple-choice questions regarding it.

WHEN WILL THE LEVEL III CFA EXAM BE OPEN FOR REGISTRATION?

The Level III CFA test is only offered once a year, in June. The exam was formerly planned on a specific day in early June, however the exam date for 2019 will be selected by your geographic location.

HOW MANY HOURS DO PEOPLE DEVOTE TO STUDYING FOR THE LEVEL III CFA EXAM?

The CFA Institute advises that you spend an average of 300 hours studying for each level of the CFA test. Candidates spent an average of 335 hours studying for Level III, according to a poll conducted in June 2017.

IS IT HARD TO PASS THE LEVEL III CFA EXAM?

The Level III CFA test is supposed to be difficult since it differs from the Level I and Level II exams in terms of format. The pass rate for the Level III exam in June 2017 was 54 percent. Keep in mind that these are people who have passed the Level I and Level II tests and have a firm grasp on CFA concepts and topics.

HOW MUCH DOES IT COST TO TAKE THE LEVEL III CFA EXAM?

When you register for the Level III exam, you will be charged a fee. The CFA Institute test has three registration windows: early, standard, and late. The early bird registration fee is $650, the regular registration fee is $950, and the late registration fee is $1,380. Early registration not only provides you more time to study, but it also saves you money that you may use to purchase CFA exam preparation materials or attend classes.

This is a quick rundown of the information in the Level III CFA exam. Please do not hesitate to contact our Student Support Team if you have any additional inquiries. Our CFA blog also has some further information. Watch this video from David Hetherington, Kaplan Schweser’s Level III manager, while you prepare for the exam: How to Pass the Level III CFA Exam.