Chartered Financial Analyst Level 3

This is the last of three exams offered by the CFA Institute (formerly the Association for Investment Management and Research (AIMR)). This exam (in addition to other requirements) must be passed for an individual to become a CFA chartholder. The CFA Program is a globally recognized standard for measuring the competence and integrity of financial analysts. Level III explores portfolio management in great depth. You must demonstrate a working knowledge of the portfolio management process, from calculating investor constraints, objectives, and capital-market expectations to making asset-allocation decisions.

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Exam Details

Time Limit: 6 hours
Cost: Varies
Number of Questions: 10-15
Passing Score: Varies Anually
Passing Rates: As of June 2012, 52%
Format: Essay Questions
Prerequisites: Passing grade on CFA Level II exam, and a U.S. Bachelor's degree or equivalent.
Corequisites: In order to receive your designation as a CFA charterholder upon successful completion of the level 3, you are required to have at least four years of experience in a related field.
Exam Date(s): June
Exam Results: Usually provided within 90 days
Offical Exam Website:

Exam Topic Weights

Frequently Asked Questions

  • 1. When must the required three years of qualifying work experience be completed in order to become a CFA chartholder?
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  • 2. Is there any difference between a Chartered Financial Analyst and a Certified Financial Analyst?
    View Answer »
  • 3. I am interested in pursuing the CFA charter, but I do not have a degree in business...
    View Answer »
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