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AnalystPrep's Level III of the CFA® Exam Mock Exams

Achieving success in the Level III CFA exam requires more than just long hours of study. It demands effective application of knowledge, emphasizing practical proficiency.

AnalystPrep’s Level III mock exams for the CFA Program are specifically tailored to align with the most recent exam format, incorporating both essay-type cases and multiple-choice questions, reflecting the style and complexity of past exams administered by the CFA Institute®. Engaging in these comprehensive simulations is crucial for candidates, as they replicate the varied formats they will encounter in the actual exam. It has been consistently observed that candidates who practice with these mock exams show superior performance in the final exam compared to those who rely solely on traditional study methods. We strongly recommend these practice exams as a vital strategy to familiarize oneself with the nuances of the real exam environment, including time management and topic mastery in both written and multiple-choice formats.

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Our preparation packages feature two full-length practice exams in a computer-based testing (CBT) format, as close as possible to the actual CFA exam. For those who prefer traditional methods, these exams are also available in PDF format for printing, accommodating pen-and-paper study preferences.

AnalystPrep’s packages, offering exceptional value, include access to our Qbank, unlimited quizzes, and mock tests. This ensures that you maintain your premium status until you successfully pass the Level III CFA exam. We also continually update our resources, with new mock exams crafted each year by our dedicated team, ensuring our premium members have access to unique and current practice materials.

Furthermore, we present the results in a manner identical to the CFA Institute, giving candidates a clear expectation of their performance. Additionally, we provide statistical comparisons with other AnalystPrep candidates, offering a comprehensive view of where you stand in your preparation journey.

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Enhance Your Mastery for the CFA Level III Exam with AnalystPrep's Expertly Designed Mock Exams

The Level III CFA exam presents unique challenges, demanding a higher level of preparation than most other professional tests. To ensure you’re fully prepared for what awaits, it’s crucial to experience the intensity of the actual exam beforehand.

Under the pressure of the real exam, even the most well-prepared candidates can falter, leading to anxiety, errors, and suboptimal performance. The key to excelling on exam day is to master the art of staying calm under pressure, and this is where practice under real exam conditions becomes invaluable.

AnalystPrep’s Level III mock exams are meticulously crafted to mirror the format and difficulty of the actual CFA exam. These practice tests serve as an essential diagnostic tool, indicating areas needing more focus, revision strategy adjustments, or skills enhancement to perform under pressure. They are instrumental in building your confidence and ensuring you are exam-ready.

Strategies to Boost Your Exam Performance

  • Begin your preparation by reviewing common formulas with AnalystPrep’s formula sheet, tailored for the Level III exam.
  • Start early and aim to complete at least one or two practice exams well in advance of your test date.
  • Each mock exam is designed to match the time constraints of the actual exam, with a recommended average time equal to the number of marks each question has.
  • Focus on answering easier questions first, then circle back to tackle the more challenging ones if time permits.
  • Attempt all questions before reviewing the answers to simulate actual exam conditions.
  • After completing the mock exam, take the time to thoroughly analyze your answers using the detailed explanations provided. This step is crucial for identifying weak areas and improving your understanding of the material.

Addressing Areas for Improvement

Each question in our mock exams comes with an in-depth explanation, enabling you to identify and work on your weak spots. Whether your challenges lie in Portfolio Management, Ethical and Professional Standards, Fixed Income, Derivatives, Alternative Investments, Performance Evaluation, or another area, our extensive Video Lessons, Study Notes, Question Bank and Mock Exams are there to support your learning journey.

Start your Level III CFA exam preparation with AnalystPrep’s mock exams for the CFA Program today, and give yourself ample opportunity to refine your skills, bolster your knowledge, and elevate your performance.

Question Example from AnalystPrep's Level I CFA Mock Exams

The Whitakers


Kenn and Kelly Whitaker, a couple aged 35 and 38, meet Julian Sands, their new investment adviser. Throughout their careers, Kenn and Kelly have worked for Wallstreet Group, a multinational security company. The couple has two children who will begin high school soon.

Sands evaluates the Whitakers’ financial situation. Investments in their portfolio consist of ¥950,000 in stocks and ¥650,000 in fixed-income securities. WG shares account for 75% of their stock portfolio. Also, they own real estate worth ¥550,000, with a mortgage debt of ¥350,000. The Whitakers’ future expected consumption expenditures have a total present value of ¥850,000, and their pre-retirement earnings from WG are valued at ¥1,300,000.

The Whitakers aim to spend ¥350,000 on their children’s high school education. Furthermore, they plan to establish an endowment fund at their alma mater in 10 years, estimated to cost ¥400,000. In their communication with Sands, they expressed their desire to finance the endowment fund with high certainty. Based on this information, Sands creates a Whitaker economic balance sheet.

Question 1

Determine Whitaker’s economic net worth using the economic balance sheet method. Show your workings.

Solution 1

$$ \begin{array}{lrlr}
\textbf{Assets} & \bf {\text{Amount } (¥)} & \textbf{Liabilities} & \bf{\text{Amount } (¥)} \\ \hline
\textbf{Financial} & & \textbf{Financial} & \\
\textbf{Assets:} & & \textbf{Liabilities:} & \\ \hline
\text{Equity} & 950,000.00 & \text{Mortgage Debt} & 350,000.00 \\
\text{Fixed Income} & 650,000.00 & & \\
\text{Real Estate} & 550,000.00 & & \\
\textbf{Other Asset} & & \textbf{Other Liability} & \\
\textbf{Classifications:} & & \textbf{Classifications:} & \\ \hline
\text{Pre-retirement Earnings} & 1,300,000.00 & \text{Children’s High School Education} & 350,000.00 \\
& & \text{Endowment Fund} & 400,000.00 \\
& & \text{PV of consumption} & 850,000.00 \\
& & \text{Total Economic Liabilities} & 1,950,000.00 \\
& & \text{Economic Networth} & 1,500,000.00 \\
\textbf{Total Economic Assets} & \bf{3,450,000.00} & \textbf{Revised Total Economic} & \bf{3,450,000.00} \\
& & \textbf{Liabilities} &
\end{array} $$


$$ \text{Economic Networth} = \text{Total economic assets} – \text{Total economic liabilities} $$

Grading 1

A total of 5 points for the correct inputs and 2 points for the correct calculation of Economic Networth value.

Question 2

Using an economic balance sheet approach, determine which of Whitakers’ current financial assets is the most concerning from an asset allocation perspective.

The most concerning asset allocation is equity.

Both Whitakers work at WG, and their equity portfolio is heavily concentrated in WG stock (75%). It is possible that both the Whitakers’ human capital and the investment value of WG stock may be adversely affected if WG faces difficult economic conditions.

It is, therefore, necessary to review their investment in WG and diversify their equity portfolio even further.

Grading 2

A total of 3 points for the answer justification mentioning key highlighted areas and 2 points for the correct choice of “equity” as the answer.

Question 3

According to Sands, the Whitakers’ previous adviser specified the following asset classes in their financial plan.

Equity: Japan’s equities

Debt: Real estate and corporate bonds of investment-grade around the world

Derivatives: Foreign equities primarily with large capitalizations

The former adviser’s report indicates that equity returns and derivatives are highly correlated. There is, however, a weak correlation between the returns on debt and those on equity and derivatives.

Among Whitakers’ asset classes, Sands believes the portfolio has overlapping risks due to the asset allocation strategy their previous financial adviser employed. To determine the portfolio’s optimal exposure to each risk factor, Sands intends to analyze its sensitivity to inflation, liquidity, and volatility.

Based on Sands’ belief that the previous adviser’s asset class specifications for equity and derivatives are inappropriate, the asset classes should be:

  1. Diversifying
  2. Mutually exclusive
  3. Relatively homogeneous

Mention the appropriate answer and justify your explanation.

Solution 3

$$ \textbf{Diversifying} $$

Ideally, an asset class should diversify and have low correlations with other classes for risk control purposes. Inclusion of both equity and derivatives asset classes will result in double exposure to risk since equity and derivatives returns are highly correlated. Incorporating both asset classes into the asset allocation will not diversify the portfolio.

Grading 3

A total of 3 points for the answer justification mentioning key highlighted areas and 2 points for the correct choice of “diversifying” as the answer.

Question 4

For moderately important objectives, Sands recommends mixing 80% global equities and 20% bonds for a 15-year period to balance expected return and risk. Exhibit 1 presents relevant data for three potential portfolios. Sands advises the Whitakers to consider one of the portfolios for their asset allocation strategy, according to their goals.

$$ \textbf{Exhibit 1: Whitaker Family Portfolio Allocations} \\
\textbf{Portfolios} & \textbf{Cash} & \textbf{Fixed} & \textbf{Global} & \textbf{Diversifying} \\
& & \textbf{Income} & \textbf{Equities} & \bf{\text{Strategies}^{\ast}} \\ \hline
A & 40\% & 60\% & 15\% & 0\% \\ \hline
B & 15\% & 20\% & 70\% & 15\% \\ \hline
C & 15\% & 35\% & 45\% & 25\% \\ \hline
\end{array} \\
\textbf{Note: } {{}^\ast} \text{ Investing in hedge funds is part of diversifying strategies} $$

Based on Exhibit 1, determine the portfolio that best meets the Whitakers’ education goal for their children. Explain your answer.

Solution 4

$$ \textbf{Portfolio A} $$

Portfolio A meets the Whitakers’ education goal for their children. It is estimated that the Whitakers’ expected education expenses will be ¥350,000. Since the Whitakers’ children will begin high school soon, Portfolio A, which emphasizes liquidity and stability, is the most appropriate portfolio for meeting the Whitakers’ short-term education present value.

Grading 4

A total of 3 points for the answer justification mentioning key highlighted areas and 2 points for the correct choice of “Portfolio A” as the answer.

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