Congratulations on making it to the final level of the CFA® journey! AnalystPrep’s CFA Level 3 Online Class has been crafted by CFA charterholders who’ve been through the exam and know exactly what it takes to pass. Our experienced instructors ensure that each CFA Level 3 practice question is thoroughly validated, matching the most current curriculum and difficulty level. Join a community of over 20,000 CFA candidates each year who trust us to guide them to success. We are rated as the #1 prep platform for CFA exams.
The CFA Level 3 exam represents the final step in the CFA journey and is offered twice a year. Unlike Levels 1 and 2, the focus at Level 3 shifts heavily towards Portfolio Management and Wealth Planning, which now comprise between 45% and 55% of the total exam weight. While familiar topics like Ethics, Alternative Investments, Derivatives, Equity Investments, and Fixed Income maintain their weightings, areas like Quantitative Methods, Corporate Finance, and Financial Statement Analysis have been removed to streamline your study focus.
The CFA Level 3 exam duration totals 4 hours and 24 minutes, split into two equally timed sessions with a break in between. You’ll have access to proctors if needed, ensuring a smooth and focused test-taking experience.
The CFA Level III exam employs a dual-format structure, combining item sets and constructed response (essay) sets. Each set begins with a vignette—a detailed case scenario—followed by either multiple-choice questions (for item sets) or essay questions (for constructed response sets). Unlike Level I’s standalone questions, Level III requires candidates to analyze and apply the vignette information to answer all questions within each set.
The exam’s balanced structure consists of 22 total sets, with each session containing a mix of formats. A session may include either 6 item sets and 5 essay sets or 5 item sets and 6 essay sets. Each set carries 12 points, with 20 sets scored and 2 sets (one item set and one essay set) serving as unscored trial questions.
Topic areas from the CFA Program curriculum are randomly distributed throughout the exam, meaning any topic could appear in either or both sessions. Each set begins with a clear identifier stating both the topic area and the point value, ensuring candidates can effectively manage their time and effort across the exam.
Example:
Topic: Derivatives and Risk Management
Total Value Point Value for this Set is 12 Points
Unlike multiple choice questions, constructed response questions require candidates to generate and articulate their own answers, similar to how investment professionals write client recommendations or portfolio reviews.
Here are a few issues of note:
– Command Words: Questions use specific directives highlighted in bold, such as “Justify,” “Calculate,” “Formulate,” or “Determine” to clearly direct your approach. You’ll have a dedicated text box for your response, with flexibility to use either paragraph format or bullet points. The exam platform accepts both narrative explanations and numerical answers.
Example
Justify three reasons why a liability-driven investment strategy would be appropriate for this pension fund.
– Multi-Part Responses: When questions request multiple components (e.g., “Explain three advantages…”), responses must be clearly separated into distinct bullets or paragraphs.
– Calculations: For numerical questions, the exam platform accommodates both numbers and explanatory text. Importantly, correct numerical answers alone earn full credit without requiring supporting calculations or formulas. However, showing your work—either through the math editor or typed equations—can help earn partial credit if your final answer is incorrect.
– Alternative Question Formats: Within the essay portion, some questions may appear in a multiple-choice format. Unlike traditional multiple-choice questions, these may contain varying numbers of answer options, deviating from the standard three-choice format.
Example
Determine which regulatory framework would be most appropriate for the family office structure described. Justify your choice.”
(Single-family office registration, Multi-family office registration)
– Points Disclosure Each essay set contains a varying number of items, with each item carrying different point values. While the total points for each set (12 points) are known, the specific point allocation per item within the set is not disclosed to candidates.
– Scoring: Sequential grading means in a question asking to “Identify three risk factors,” only your first three responses are evaluated, even if you list five. This rewards precise, well-thought-out answers over quantity.
Each item set starts with a vignette followed by four multiple-choice questions, each valued at 3 points. The exam contains 11 item sets (44 multiple-choice questions in total), with each question worth 3 points. Unlike constructed response questions, these multiple-choice questions maintain a consistent three-option format throughout the exam.
At AnalystPrep, our CFA Level 3 study materials are designed by CFA charterholders who know firsthand what it takes to succeed. Each practice question, study note, and video lesson is meticulously validated and regularly updated to align with the latest CFA Level 3 curriculum and exam difficulty.
Our curriculum aligns seamlessly with the CFA Institute’s new structure, focusing on the common core topics (65%-70%) while providing in-depth coverage of the private wealth, private markets, and portfolio management pathways (30%-35%). Whether you’re aiming to master foundational concepts or delve into specialized areas, our platform caters to your unique learning needs.
With study notes, video lessons, and a vast question bank, each topic is broken down into easily digestible modules. Every practice question is accompanied by detailed solutions, and our instructors are always available to clarify concepts and provide guidance. Regular updates ensure that our resources reflect the latest curriculum and exam difficulty levels, keeping you ahead of the curve.
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The Level III common core represents the foundational expertise required across all investment management roles, creating a robust framework that transcends specialized pathways. This essential knowledge base encompasses:
The Private Wealth pathway equips candidates with sophisticated knowledge for serving High Net Worth individuals (US$5M+), focusing on comprehensive wealth management across the client lifecycle. This specialized curriculum addresses:
The Private Markets pathway approaches investing primarily from the General Partner (GP) perspective, providing advanced knowledge of private investment strategies across multiple asset classes. This specialized curriculum addresses:
The Portfolio Management pathway builds on traditional CFA Program strengths, focusing on advanced public markets investment strategies. This specialized curriculum addresses:
Professor James Forjan has taught college-level finance classes for over 25 years. With a clear passion for teaching, Prof. Forjan has worked in the CFA exam preparation industry for decades after earning his charter in 2004. His resume includes:
☑ BS in accounting
☑ MSc in Finance
☑ Ph.D. in Finance (minor in Economics and two PhD level classes in Econometrics)
☑ Has taught at different 6 universities (undergraduate and graduate-level Finance classes)
☑ Co-author of investment books
☑ Has crafted, edited, updated, and upgraded a multitude of CFA exam type questions at all levels
☑ And much more…
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