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CFA Level 3 Test BreakdownThe CFA Level 3 exam is the final stepping stone to earning the prestigious Chartered Financial Analyst designation (CFA). It's given by the CFA Institute once a year in June, at testing centers all over America . To qualify to sit for the CFA Level 3, you'll need to have passed the Level 1 and 2 tests. Like those tests, there will be a substantial fee to take the Level 3, which varies due to several factors; but it will be several hundred dollars, and you should contact the CFA for the exact cost in your case.You won't receive a numerical score on this exam, as it's only graded Pass/Fail. The CFA Level 3 is a six hour test-two three hour sessions broken by a two hour lunch break. You'll need to bring a calculator to take the exam, and there are only two kinds that are allowed-the Texas Instruments BA II Plus series, or the Hewlett Packard 12C series. In the first session, you'll be writing essay type answers to 12-15 questions, some of which may contain sub-questions. It's important to express yourself clearly and concisely-make your answers short and to the point.In the afternoon session, you'll be given 10 case studies of 1-3 pages, and you'll have to answer 6 multiple questions on each one based on what you read.The focus of the CFA Level 3 leans heavily toward questions on managing a portfolio, but you'll see questions having to do with all aspects of managing investments and advising clients, from economic theory and CFA ethics to choosing and evaluating different investment vehicles in light of a client's particular needs. It's a very difficult test, as only about two thirds of those who attempt it manage to pass. But if you've passed Levels 1 and 2, with serious and focused study you should be able to pass the CFA Level 3. Click Here for
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