Course Overview

The Level III CFA exam is offered twice a year. Topics such as Quantitative Methods, Corporate Finance, and Financial Statement Analysis have been removed from the curriculum. Ethics, Alternative Investments, Derivatives, Equity Investments, and Fixed Income topics mostly preserve the weightings they were assigned in previous exams. Meanwhile, Portfolio Management and Wealth Planning topics weightings now comprise 45%-55% of the Level III exam.

Duration

The total duration is set at 4 hours and 24 minutes, evenly distributed into two sessions, with a permissible break in between. You will receive assistance swiftly during the exam from proctors if required, ensuring a smooth examination process.

Content

All questions derive from vignettes, urging candidates to refer to them before crafting each answer. The topic areas cover a broad spectrum including, but not limited to Portfolio Management and Wealth Planning, which dominates 35-40% of the exam syllabus with several sub-topics.

Constructed Response (Essay) Format

• Command words: Clearly identified in bold within the question stem to guide your responses.
• Response: Candidates can use bullet points or paragraphs for articulation, with certain questions demanding a specific number of responses.
• Scoring: Responses are assessed up to the number requested, focusing on the order presented by the candidate.

Item Set Format

Each item set comprises a vignette followed by four multiple-choice questions, each bearing 3 points. The questions are not standalone and are rooted in the vignette, emphasizing the application of knowledge in practical scenarios.

Mixed Distribution of Questions

The February 2023 Level III exam introduces a more balanced delivery of questions through both sessions, diversifying the distribution to include a mix of 6 item sets and 5 essay sets or vice versa. While the total of 11 essay and 11 item sets remains constant, each set carries a weight of 12 points, ensuring a comprehensive evaluation of your knowledge across different areas.