Details about the CFA Program Level III exam include exam structure, format and timing; examples of Level III exam questions and guideline answers; and exam topics and study session outlines.
CFA Institute exam registration includes access to the curriculum materials for your exam level, including study session outlines, learning outcome statements (LOS), and source references for the readings.
How to Answer a CFA Level III Essay Question. Short answers - no essays. Although everyone calls it an 'essay' question, do NOT answer in essay form - you're wasting time. Legible, concise, straight to the point answers are essential to keep within the exam time limit. No long sentences or paragraphs needed - bullet points are fine.
CFA Level 3 Essay Format. In this 3-hour exam, there are 10-15 questions, each divided into two or more parts. The points for each question and part are given in the exam. Here is a summary of allocated points in essays in the past few years.
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Within 7 days, candidates will receive individualized feedback on their answers from a team of qualified CFA charterholders to help each candidate understand what their essays were missing and why they lost points. This team of graders has been expertly trained by Kaplan in standard-setting, Level III CFA Program exam grading techniques.
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The CFA Level III constructed response section, more popularly known as the 'essay' section, is often a significant challenge to CFA Level III candidates. 300 Hours' research has also estimated that more than 93% of Level III candidates performed worse in the essay paper compared to the item-set paper, so improving your essay performance can really help your chances in the CFA exam.
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