Registration and exam dates

A minimum of 300 hours of preparation per CFA exam level is recommended, although some candidates will need more or less time, depending on their individual backgrounds and experience. Candidates have a total of six maximum attempts per exam level and can take as much time as needed to complete the program. The CFA curriculum is dynamic and changes annually to meet the nature and complexity of the global investment profession.

August 2024 - Registration now closed
 
Exam Dates 16 - 19 August 2024 Registration and scheduling opens 14 November 2023 Early registration deadline 23 January 2024 Registration closes 14 May 2024 Scheduling deadline 21 May 2024 Re-scheduling deadline 17 July 2024
February 2025
Registration open now  
Exam Dates 13 - 16 February 2025 Registration and scheduling opens 9 May 2024 Early registration deadline 9 July 2024 Registration closes 7 November 2024 Scheduling deadline 12 November 2024 Re-scheduling deadline 18 January 2025
August 2025
 
Exam Dates 15-19 August 2025 Registration and scheduling opens Early registration deadline Registration closes Scheduling deadline Re-scheduling deadline

Exam format

Each year, there are two Level III exam windows: the first in February and the second in August.

Computer-based. Vignettes/item sets with multiple choice or constructed response questions.


Session 1

5 or 6 constructed response (essay) questions and 5 or 6 item sets

Duration

2 hours and 12 minutes long

Session 2

5 or 6 constructed response (essay) questions and 5 or 6 item sets

Duration

2 hours and 12 minutes long

Topic weights

Level 3 Topic Weights 2024

  • Economics: 5–10%
  • Equity Investments: 10–15%
  • Fixed Income: 15–20%
  • Derivatives: 5–10%
  • Alternative Investments: 5–10%
  • Portfolio Management and Wealth Planning: 35–40%
  • Ethical and Professional Standards: 10–15%

Level 3 Topic Weights 2025

  • Asset Allocation: 15–20%
  • Portfolio Construction: 15–20%
  • Performance Measurement: 5–10%
  • Derivatives and Risk Management: 10–15%
  • Ethical and Professional Standards: 10–15%
  • Pathway (Portfolio Management, Private Markets, or Private Wealth): 30–35%

These topic weights were used to develop a Level III study plan you can follow to ensure complete coverage of the material. The study plan is included in all of our packages.

 

Topic weights

Exam results

Level 3 2024 Exam Results

Exam window Results available
February Approximately 8 weeks after the CFA exam window has closed
August Approximately 8 weeks after the CFA exam window has closed

CFA® exam requirements

Candidate eligibility requirements

To be eligible to enter the CFA® Program, you must accomplish the following:

  • Have a U.S. bachelor’s (or equivalent) degree.
  • or select and exam window that is 11 months of fewer before your graduation month for your bachelor’s degree or equivalent program. Understand that you must complete your degree program prior to sitting for level II.
  • or have a combination of 4,000 hours of work experience and/or higher education that was acquire over a minimum of three sequential years and achieved by the date of registering for the Level I exam.
  • Meet the professional conduct admission criteria (during the application process, you will be asked to sign statements of Professional Conduct and Candidate Responsibility).
  • Be prepared to take the exams in English.
  • Have a valid international travel passport (required for enrolment and exam registration).

Enrolment and exam fees

For 2024 CFA exams, registration fees range from USD$940 to USD$1,250, depending on your exam level and when you register.

For 2025 CFA exams, registration fees range from $1,090 to $1,390, depending on your exam level and when you register.

To enter into the CFA Program, candidates must pay a one-time USD$350 enrolment fee in addition to the required registration fees for each Level. CFA Institute reference material and a partial mock exam are both included with candidate registration and enrolment.
You’ll need to enrol in the CFA Program to take the exams. CFA Institute describes the program as a “self-study, graduate-level” curriculum. You can start your enrolment from this CFA Institute web page. Passing all three levels of the exams will demonstrate your mastery of the CFA Program and its curriculum.