CFA Institute

CFA Level III

Chartered Financial Analyst Program — Level III Exam

The final exam toward the CFA charter. Level III focuses on portfolio management and wealth planning, combining a common core with a candidate-selected specialized pathway (Portfolio Management, Private Markets, or Private Wealth) and testing through both item sets and constructed-response (essay) questions.

$1590About 4 hours 24 minutes of testing, split into two 2-hour-12-minute sessions (plus optional break)

What's on the exam

CFA Program Level III Topic Weights (2026, common core plus pathway)

Asset Allocation

15–20%

Principles of asset allocation · Strategic and tactical asset allocation · Asset allocation with real-world constraints · Liability-relative approaches · Capital market expectations

Portfolio Construction

15–20%

Overview of equity portfolio management · Active equity investing strategies and portfolio construction · Fixed-income portfolio management · Liability-driven and index-based strategies · Trading, performance evaluation and manager selection

Performance Measurement

5–10%

Portfolio performance attribution · Return attribution and risk attribution · Benchmark selection and analysis · Appraisal measures (Sharpe, information ratio) · Investment manager evaluation

Derivatives and Risk Management

10–15%

Options strategies · Swaps, forwards and futures strategies · Currency management · Managing portfolio risk with derivatives · Hedging interest rate and equity exposures

Ethical and Professional Standards

10–15%

Code of Ethics and Standards of Professional Conduct · Application of the Standards to portfolio scenarios · Asset Manager Code of Professional Conduct · Global Investment Performance Standards (GIPS)

Specialized Pathway (Portfolio Management, Private Markets, or Private Wealth)

30–35%

Pathway-specific portfolio and product knowledge · Private wealth planning and behavioral considerations · Private markets valuation and structuring · Advanced portfolio management techniques · Client and institutional mandate application

Frequently asked questions

How much does the CFA Level III cost?

The CFA Level III costs $1590. Standard registration for 2026 exam windows; early registration is about $1,240. Level III fees are higher than Levels I and II ($1,490 standard / $1,140 early) — confirm with the CFA Institute dates-and-fees tool. The one-time $350 enrollment fee was eliminated starting with the February 2026 exam.

How long is the CFA Level III and how many questions does it have?

11 item sets and 11 essay sets (20 scored, 2 unscored) — About 4 hours 24 minutes of testing, split into two 2-hour-12-minute sessions (plus optional break).

What do you need to pass the CFA Level III?

Pass/fail; minimum passing score set by the CFA Institute Board of Governors.

Can you retake the CFA Level III?

Up to two attempts per calendar year; cannot sit in consecutive windows.

What is the best way to study for the CFA Level III?

Study the official blueprint, not random material: the exam is weighted by domain (Asset Allocation 15–20%, Portfolio Construction 15–20%, Performance Measurement 5–10%, Derivatives and Risk Management 10–15%, Ethical and Professional Standards 10–15%, Specialized Pathway (Portfolio Management, Private Markets, or Private Wealth) 30–35%). Spaced-repetition flashcards built domain-by-domain against that blueprint are the most time-efficient way to cover everything the exam tests.

Program in development

We're building a blueprint-complete program for this exam. Meanwhile, explore live programs across 11 exam.

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