How many questions are on the CFA Level III exam?

44 multiple-choice questions in 11 item sets, plus 11 constructed-response sets

What is a passing score on the CFA Level III?

CFA Institute does not publish a fixed passing percentage. The Minimum Passing Score is set separately for each exam administration through a criterion-referenced standard-setting process.

What is the format of the CFA Level III exam?

11 item sets (4 multiple-choice questions each) and 11 constructed-response (essay) sets, split into two sessions of 2 hours 12 minutes (4 hours 24 minutes total), computer-based, with an optional break between sessions; one item set and one constructed-response set are unscored trial sets

Are there prerequisites for the CFA Level III?

Passing the CFA Program Level II exam, and meeting the CFA Program enrollment requirements.

Who should take the CFA Level III?

Candidates who have passed Level II and are completing the CFA charter, including portfolio managers, wealth advisers and other professionals who build and manage portfolios for clients.

Free CFA Level III Practice Exam

Updated Oct 23, 2026

The CFA Program Level III exam, administered by CFA Institute, is the third of three sequential exams required for the CFA charter and focuses on portfolio management and wealth planning.

Practice the CFA Level III

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About the CFA Level III exam

Level: Level III of III sequential exams required for the CFA charter
Format: 11 item sets (4 multiple-choice questions each) and 11 constructed-response (essay) sets, split into two sessions of 2 hours 12 minutes (4 hours 24 minutes total), computer-based, with an optional break between sessions; one item set and one constructed-response set are unscored trial sets
Passing score: CFA Institute does not publish a fixed passing percentage. The Minimum Passing Score is set separately for each exam administration through a criterion-referenced standard-setting process.
Number of questions: 44 multiple-choice questions in 11 item sets, plus 11 constructed-response sets
Prerequisites: Passing the CFA Program Level II exam, and meeting the CFA Program enrollment requirements.
Who it's for: Candidates who have passed Level II and are completing the CFA charter, including portfolio managers, wealth advisers and other professionals who build and manage portfolios for clients.

View the official exam guide (CFA Institute) ↗

What’s on the CFA Level III

Asset Allocation15-20%
- Asset Allocation
  Capital market expectations, principles of asset allocation, and asset allocation with real-world constraints.
Portfolio Construction15-20%
- Portfolio Construction
  Portfolio management for institutional and individual investors, implementation and rebalancing.
Performance Measurement5-10%
- Performance Measurement
  Performance attribution, benchmarking and performance appraisal.
Derivatives and Risk Management10-15%
- Derivatives and Risk Management
  Option strategies and the use of derivatives to manage interest rate, equity and currency risk.
Ethical and Professional Standards10-15%
- Ethical and Professional Standards
  The Code and Standards of Professional Conduct and the Global Investment Performance Standards.
Pathway30-35%
- Portfolio Management Pathway
  Index-based and active equity and fixed-income strategies, and trade strategy and execution.
- Private Markets Pathway
  Private equity, private debt, private real estate and infrastructure, and fund structures.
- Private Wealth Pathway
  Wealth planning, investment planning, preserving and transferring wealth, and advising wealthy clients.

Practice CFA Level III by topic

Free CFA Level III sample questions with answers

How to study for the CFA Level III

CFA Level III exam FAQ

How many questions are on the CFA Level III exam?: 44 multiple-choice questions in 11 item sets, plus 11 constructed-response sets
What is a passing score on the CFA Level III?: CFA Institute does not publish a fixed passing percentage. The Minimum Passing Score is set separately for each exam administration through a criterion-referenced standard-setting process.
What is the format of the CFA Level III exam?: 11 item sets (4 multiple-choice questions each) and 11 constructed-response (essay) sets, split into two sessions of 2 hours 12 minutes (4 hours 24 minutes total), computer-based, with an optional break between sessions; one item set and one constructed-response set are unscored trial sets
Are there prerequisites for the CFA Level III?: Passing the CFA Program Level II exam, and meeting the CFA Program enrollment requirements.
Who should take the CFA Level III?: Candidates who have passed Level II and are completing the CFA charter, including portfolio managers, wealth advisers and other professionals who build and manage portfolios for clients.