The CFA Level 3 exam is the final of 3 CFA exams that can help you obtain the CFA title.
CFA Level 3 Exam Format
The CFA level 3 exam consists of a morning and an afternoon session.
In the morning 3 hour session, candidates must answer 10-15 essay questions that have multiple questions on one subject. The challenge is always to answer the questions with as many details as would be useful but not too much either.For these types of questions, being able to do multiple mock exams as well as seeing the CFA material is key in seeing what types of answers they are looking for.
In the second 3 hour session, candidates must answer 60 multiple choice questions, there are 3 possible answers for each question.As is the case in the CFA Level 2, questions are all organized into sets of 6 questions. Basically, you read a situation and then have 6 questions about this problem. I personally find these much more challenging because reading them does take a lot of time. Also, if you do not understand the set correctly, you can be in trouble for most if not all of the 6 questions.
CFA Level 3 Exam Dates
The CFA Level 3 exam is only given once per year, on the first Saturday of June..
CFA Level 3 Material
The CFA level 3 material becomes even more about understanding and analysis than the level 2 exam. You might be asked to recommend a specific asset allocation for a given investor or do more complex calculations. The basic idea is that a CFA Level 3 candidate should be able to put everything together in order to draw opinions and conclusions about a portfolio, the risk, etc.
The main sections being tested in the CFA level 3 exam are:
-Asset classes (35-45%)
-Portfolio Management and wealth planning (45-55%)