Course Overview
What is the CFA Programme?
CFA Level 3 is the final step towards earning the CFA charter. It uniquely combines item-set vignette questions with constructed-response (essay) questions, testing your ability to manage a complete investment portfolio. The exam runs for 4 hours 24 minutes across two sessions with an optional break.
CFA Level 3
CFA Level 3 exams are offered twice a year — in February and August. Online registration is available via your CFA Institute account. Results are published approximately 90 days after the exam. The average pass rate over the last ten years has been approximately 53%.
Who Can Apply
Eligibility Requirements
Candidates must satisfy at least one of the following formal eligibility requirements as outlined by the CFA Institute:
- Must have passed both CFA Level 1 and Level 2 before applying.
- Hold a bachelor's degree or equivalent from an accredited university or college.
- Have a minimum of 4,000 hours of relevant work experience and/or higher education.
- Possess a valid international passport.
How to Register for CFA Level 3
- 1Go to cfainstitute.org and navigate to Program → Register.
- 2Log in using your CFA Institute email address and password.
- 3Select CFA Level 3 and complete the application form.
- 4Complete payment of the CFA Level 3 registration fee.
- 5Save the registration confirmation receipt on your device.
Got Questions?
Frequently Asked Questions
What is the pass rate for CFA Level 3?
The average pass rate over the last decade has been approximately 53%. While higher than Level 2, the essay component requires a distinct preparation approach.
When are CFA Level 3 results released?
Results are published on the CFA Institute's official website approximately 90 days after the exam's conclusion.
What is the exam rescheduling fee for CFA Level 3?
Candidates who need to change their exam date must pay a rescheduling fee of USD 250.