Level III asks what you would recommend, and why.
Level III is the last exam before the charter. It asks you to apply portfolio management to realistic client cases and to justify your recommendations in writing. Here is what the exam involves, what PassTheFinal covers today and where to start.
Level III at a glance
Two kinds of question. Both start from a case.
Every Level III question set opens with a vignette: a client, a portfolio or a mandate. What changes is how you are asked to answer.
Choose the best answer.
A vignette followed by four multiple-choice questions. You need to read the case quickly, pick out what matters and apply the right framework without second-guessing yourself.
Write the answer and justify it.
A vignette with questions you answer in your own words. When a question asks you to justify, a correct recommendation on its own is not enough: the reasoning has to be on the page.
Core curriculum and pathways
One shared core. One pathway you choose.
Every Level III candidate studies the same core curriculum. You then choose one of three specialised pathways, which makes up 30–35% of the exam.
- You choose your pathway when you register. If you sit Level III again, you can choose again.
- Every pathway leads to the same CFA® charter.
- PassTheFinal covers the core curriculum and the Portfolio Management pathway.
Pathway names and weights as published by CFA Institute. Coverage describes PassTheFinal's own materials.
What PassTheFinal covers
CFA® Program Level III
Core curriculum
Shared by every Level III candidate
+ ONE PATHWAY
Specialised pathway
Private Wealth
Specialised pathway
Private Markets
Specialised pathway
Knowing the material is where the work starts.
From method to recommendation
Knowing how to calculate a figure is assumed. Level III asks what the result means for this client and what you would do next.
From choosing to writing
Half of the question sets need written answers. There are no options to eliminate: you produce the response yourself, against the clock.
From topics to cases
A single case can draw on several parts of the curriculum, so learning each topic in isolation is rarely enough on the day.
That is why written-answer practice belongs in your preparation from the first week.
Built around what Level III asks you to do.
Cover a long curriculum in limited hours
PassTheFinal gives youA Priority Map on every reading and concise study notes, so your hours go to the ideas you must apply.
Answer item sets accurately
PassTheFinal gives youExam-style item sets in the question bank, with an explanation of why each wrong answer is wrong.
Write and justify your answers
PassTheFinal gives youConstructed-response practice with model answers, and written feedback from a CFA® charterholder in Mock Grading and the Complete Programme.
Perform across a full exam day
PassTheFinal gives youMock exams timed to the exam format, with results broken down by topic so you know where to go back.
Choose the route that fits your attempt.
Sitting Level III for the first time
Self-Study gives you notes, questions and mocks to work through on your own. Choose the Complete Programme if you also want a study plan and a mentor.
Compare plans and pricesPreparing for another attempt
Start from your last result. Mock Grading and the Complete Programme begin with a review of your previous attempt, then focus on your weakest areas.
Preparing for a retakeAlready studying with someone else
Mock Grading gives you three mock exams marked by a CFA® charterholder, with no study notes, so you can keep the materials you already use.
About Mock GradingLevel III questions
Short answers about the exam and what we cover. For anything about registration or exam rules, CFA Institute is the authority.
More questionsSee how your written answers would be marked.
Answer one constructed-response question set. A CFA® charterholder will mark it, with short written feedback on what earned marks and what lost them. No payment details needed.