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CFA Level 3 Essay: Question Format, Grading and Tips

• By John / Stephanie

The Level 3 CFA Exam has two parts: the structured response (essay) exam in the morning and item-set multiple choice questions in the afternoon.

This post focuses on the CFA Level 3 essay section: the format, grading, preparation tips, and exam strategies for your test day.

CFA Level 3 Essay Format

This 3-hour exam has 10-15 questions, each divided into two or more parts. Points are awarded for each part of each CFA question.

There is no guarantee, but you can expect to see the following subject areas on your Level 3 exam: private wealth, institutional investors, economic analysis, fixed income, and risk management.

Ethics and GIPS will most likely be tested in the item sets.

Grading Your CFA Level 3 Essay

The full mark for your CFA essay is 180. Answers are graded on content only. That is, the CFA essays are not graded for language, style, and certainly not for length.

The examiners will indicate the number of factors in each question. For example, if three factors are required, you don’t need to list more than three. Any further points, no matter how good they are, will be considered irrelevant and not graded.

Also, if you list four factors, and the second one is incorrect, the examiners will count the first three and ignore the 4th, even if it is correct.

On a similar note, no points are awarded for general knowledge that is not a direct response to the question.

Tips for CFA Essays from a Former Grader

Here is an interesting note from JoeyDVivre , a (former) board member of Analystforum and a former CFA exam grader:

Before your essays are graded, there is an official answer that is distributed to all the graders that will be grading your question (graders each grade one question repeatedly for a week). Then the head grader and a couple of his deputies search through the answers and find examples of various classes of mistakes, plausible but different answers, better answers, etc.. These are then assembled into a packet and given to each grader. The graders then assemble in a room and spend a day going through the packet. A discussion is held about each answer and the graders try to reach consensus about how that answer should be graded. The head grader decides when each discussion is over and declares the result. These are compiled into a set of standards that each grader is supposed to abide by. There are a series of random checks while the grading is going on in which the head grader and his depuites review your grading and determine how well you are doing in abiding by the standards. They can change your grade but rarely do. I don’t know what happens to that set of standards after the grading is done, but it probably goes into a folder that collects dust. Some months later, an official answer comes out. I also don’t know who writes that but it is an answer that would be perfect according to the graders discussions. There are many, many ways of earning complete credit on an essay answer without being nearly as neat and organized and complete as the offical answer. The offical answer is not the kind of answer that someone comes up with on a timed exam and is always the result of group discussion and careful rewrites. Do not judge your own efforts against that answer. Many of those answers are even too complete so they would just take too much time to do on the exam. I think the best score I have ever seen on a CFA essay exam is in the 80’s. Such an exam is a joy to behold and is a really, really fine piece of work. You are not shooting for 100% on these and you shouldn’t write essay answers as if you were (it will take too much time).

How to Prepare for Your Level 3 AM Session

The essay section is a headache for many CFA candidates, but pretty doable for the prepared.

1. Practice using (free) past CFA papers

The best and simplest way is to write out the answers of past essay questions.

Some may be tempted to read the standard answers without working through the questions. Big mistake. You need lots of practice to get the hang of it.

There are past papers from CFAI website for free download. Answer them to the best of your abilities. Then, check your answers against the guideline. It helps to track how your performance improves from essay to essay.

2. Keep your answers short, clean and concise

Often times, the official answer from the guideline is much shorter than candidates’ version. Again, this can be learned through practice. Answer the questions directly and not try to show off how much you know. It takes practice to tune into this style of writing.

3. Pay attention to command words

Words (e.g. formulate, calculate) mean different things. They are called “command words” and they determine how you should answer the questions. Make sure you check them out (need CFA login) on the CFAI website.

4. Write in bullet points

Bullet points are great ways to present your ideas in the CFA essay exam.

The examiner will tell you how many factors (e.g. examples/reasons) they are looking for in each question. You can present them each with a bullet point.

5. Time your session

It’s a good habit to practice on time management. Having said that, if you type at average speed, time shouldn’t be a factor.

How to Ace Your CFA Essay Section on Exam Day

Here are additional tips on test taking:

1. Understand command words and answer directly

Formulate a direct response to the command words. It is important to answer to the point.

2. Make sure your assumptions are consistent

It helps the grader if you state the assumptions and make your point clear. Common mistakes include:

• Answer a question they wish they had been asked instead of the question that was asked
• Contradictory statements
• Statements with wrong casual relationships (e.g. recommended A, but justified B)

3. Answer all questions

Even if you aren’t sure, take your best guess and go for it. There will be partial credits even if you aren’t completely on.

We recommend working on questions in order unless you have a particular weak area. By taking questions in sequence, you won’t accidentally miss a part of the question. You also gain confidence as you progress.

4. Think before you write

It is true that graders only look for content. As long as the writing is legible, it’s fine. You are also allowed to cross things out.

While you shouldn’t sacrifice speed for calligraphy, a paragraph that is crossed out, rewritten and recrossed out etc confuses the grader.

Therefore, we suggest spending a few seconds in formulating the framework of your answer. Keep things organized and neat in order for the grader to understand your train of thoughts and award you the necessary points.

5. Don’t be a perfectionist

At the same time, don’t keep writing just because you know the concepts well. If the examiners ask for 3 factors, use the least number of words to present such three factors. No points will be given for further elaboration.

Don’t fall in the trap of spending too much time on your strong area, and leaving too little time for weaker areas.

CFA Questions from Readers

1. should i use pen or pencil for the l3 essay.

We discuss this in our e-newsletter. Officially, CFAI is fine with either pen or pencil provided they are HB or No. 2 pencil, or a blue or black ink pen.

2. How do we approach calculation questions?

Show the steps in the calculation. You can get partial credits even if you get the wrong answers. Although it doesn’t hurt, you don’t need to list out the formula.

3. It’s the last 10 days before the exam and I am running out of prep time. Should I focus on essays or more multiple choice questions?

If you haven’t worked on the mock exam, that would be the priority.

If it is strictly exercises on essay vs EOC questions, I would go for the essay. EOC questions tend to test on the details covered in each study session. In the actual exam, such level of detail is not necessary.

Also, answering questions in the form of essays refresh concepts in a different perspective, which indirectly helps the item-set section. The reverse is less true in our opinion.

Do You Have Other Questions about the CFA Exam?

Feel free to drop a note in the comment section below. We’d love to help!

For Your Further Reading

• CFA Level III overview
• CFA mock exams

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Exam Structure

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What to Expect on the CFA Level III Exam

The CFA Level III exam is the last in the series of three exams conducted by the CFA Institute . Coupled with at least 48 months of relevant work experience, successful completion of the final level yields a charter membership.

While the first two levels revolved around basic financial knowledge, investment valuation comprehension, and the application of both, the CFA Level III exam focuses on portfolio management and wealth planning.

Key Takeaways

• The CFA Level III exam is the last in the series of three exams conducted by the CFA Institute, and it is held twice annually—in May and August of 2022 and in February and August of 2023.
• Coupled with at least 48 months of relevant work experience, successful completion of the final level yields a charter membership.
• The CFA Level III exam focuses on wealth planning and portfolio management, and many of the questions are posed in essay form.
• The exam is divided into two sessions; one in the morning and one in the afternoon.
• The syllabus is very comprehensive and introduces new concepts. These include behavioral finance, risk management concepts, and tools and techniques for managing risk are also discussed.

The format of the exam, which is offered in May and August of 2022 and in February and August of 2023, is a mix of item set questions (similar to Level II) and essay type questions. Like the other exams, the Level III exam is also conducted in two parts: the morning and afternoon sessions.

In the morning session, there are 10 to 15 essay-type questions. Each question consists of multiple parts such as A, B, C, etc., which help you organize your answer in a template. These questions may provide you with a situation and ask you to develop your own recommendation or solution. Each session will have either six item sets and five essay sets or five item sets and six essay sets.

The exam is graded for 360 points, which corresponds to one point per minute.

As mentioned earlier, the focus of the exam is on portfolio management and wealth planning, but it also covers seven topics that are grouped into two other areas, namely, Ethical and Professional Standards and Asset Classes. The following table provides weighting of these topics and broad areas for the exam:

Investopedia / Sabrina Jiang

As is evident from the table, the Ethics and Professional Standards gets as much importance as in the other levels of the exam. The investment tools are not tested separately, except economics, which is a part of the portfolio management and wealth planning section for level III.

The majority of the exam revolves around portfolio management and asset classes in the portfolio context.

In level III, standards primarily consist of the Code of Ethics and Global Investment Performance Standards (GIPS). Standards account for 10% (i.e., 36) of the 360 possible points. The Code of Ethics section will most likely be an item set in the afternoon session. However, GIPS could be tested either as an essay question in the morning session or as an item set in the afternoon session.

The exam tests your knowledge on all of the major asset classes, including alternative investments, derivatives, equity investments, and fixed-income investments. However, the focus is now on the portfolio management aspects of these investments.

For example, a whole session is dedicated to the management of active and passive fixed-income portfolios, covering investment objectives, benchmarking, return analysis, portfolio immunization strategies, relative value analysis, and so on. The syllabus also covers strategies used in international and emerging markets and how derivatives are used to manage interest rate and credit risks in fixed-income portfolios.

The second asset class is equity securities, which are an essential component of most investment portfolios and crucial for the portfolio's success. The discussion here surrounds equity investment strategies, evaluation of equity fund managers and equity indexes. The syllabus also discusses the corporate governance issues related to conflicts between managers and shareholders that erode value and have a direct impact on equity portfolio managers . Finally, there is a discussion on measuring and managing portfolios in international and emerging markets.

The section on alternative investments primarily discusses the alternative investment classes and how derivative instruments such as swaps, futures, and forwards are used to manage some alternative investments.

Portfolio Management and Wealth Planning

This comprises the largest portion of the exam and will account for at least 180 points out of the 360 possible points. Portfolio management concepts will dominate both the morning and afternoon sessions. The syllabus is very comprehensive and introduces new concepts such as behavioral finance, which forms the basis for financial decision making. Risk management concepts, covering tools and techniques for measuring and managing risk are also discussed. Apart from these, you are likely to be tested on questions related to individual and institutional wealth.

The number of concepts that can be tested are limited but are important. One such important concept is the Investment Policy Statement and its components, which is highly testable. Economics, which was a part of the investment tools in Level I and II, is included under portfolio management in the exam. Other important concepts are managing portfolios of institutional investors, asset allocation, risk management applications, and evaluating portfolio performance.

Within the portfolio management section, the CFA Institute provides no hints about which topics are more important. However, it does make available essay questions from previous years , which can be very useful for practicing and developing your exam strategy.

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Exam Details

Time Limit:  6 hours Cost : Varies Number of Questions : 11 multi-part essay/structured response Passing Score:  Varies Annually Passing Rates: 54% (as of August 2022) Format : Essay Questions Prerequisites : Passing grade on CFA Levels I & II exam, and a U.S. Bachelor's degree or equivalent. Corequisites : In order to receive your designation as a CFA charter holder upon successful completion of level 3, you are required to have at least four years of experience in a related field. Exam Date(s) : February and August Exam Results : Usually provided within 90 days. The Level III exam is graded by hand. Official Exam Websit e:  CFAInstitute.org

The Level III exam is considered one of the tougher exams for the CFA, as many of the questions are posed in essay format.

The key to success is to practice as many essay type questions as possible and master topics specifically related to portfolio management, which is at the heart of this exam.

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Level III of the CFA® Exam

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What Should You Expect from Level III of the CFA Exams ?

As you can see, the curriculum from Level III is much different from previous levels:

* The exam weights are subject to change on a year-to-year basis.

Questions Format

Half of the Level III CFA exam will be based on item sets. Just like in level II, you will be given cases followed by six multiple-choice questions.

The other half will be essay-type format, which requires candidates to write down long-form answers to complex questions.

Becoming a CFA Charterholder

The Level III exam is the last exam of the CFA Program conducted by the CFA Institute. Candidates who have relevant 4 years of experience can finally put the three letters next to their name if they are successful in their Level 3 exam. Apart from having the most prestigious and valued qualification in the finance and investment industry, all these efforts put throughout the process to pass the exams ensure candidates are walking a financial encyclopedia which grants them to become more confident in their professional lives and job interviews. Plus, it is nice to meet a CFA charterholder who also follows the same path in the networking events. Global recognition is another benefit. CFA charter is recognized by not only financial institutions globally but also by any corporation which reaches a certain size, required to allocate its sources efficiently. If randomly selected finance job postings are reviewed, it is not unusual to see that a considerable number of them require the CFA designation or at least mention it. Demand for CFA charterholders seems to increase in the future because they continue to contribute to society by adhering to high ethical standards.

General Information about the Level III CFA Exam

The Level III CFA exam is only offered in June. The afternoon session, similar to the Level II exam, includes item set questions. Each item set has 6 multiple-choice questions, and there are 10 item sets in total.

The unusual part of the Level III exam is the morning session, where candidates have to write answers in essay format. The essay format consists of 8 to 12 questions, and each question has two or more sub-parts.

Unlike other CFA exams, the curriculum for level III focuses mainly on portfolio management and wealth planning. Topics such as Quantitative Methods, Economics, Corporate Finance, Financial Reporting, and Analysis have been removed from the curriculum. Ethics, Alternative Investments, Derivatives, Equity Investments, and Fixed Income topics mostly preserve the weightings assigned in previous exams. Meanwhile, Portfolio Management and Wealth Planning topics’ weightings now comprise 45%-55% of the Level 3 exam.

Answering Essay Format Questions

Knowing how to answer essay type questions is one of the most noteworthy criteria for success in the Level III exam. Rule number one is not answering these questions in essay format. Candidates waste their time if they try to answer these questions by using long sentences and paying too much attention to grammatical choices and vocabulary. Rather, they should give concise answers focusing on what CFA Institute wants to assess. It is important to keep answers understandable, but as CFA Exams do not assess the ability of candidates to master English spelling, candidates should not spend too much time on word choices.

Exam success is directly connected with improving essay performance before walking into the exam hall, for evaluating essay questions is not as easy as for multiple-choice questions. Self-grading comes into play here. To do self-grading correctly, candidates must be objective at first. Only if they do self-grading properly can candidates discover their gaps in knowledge and develop an innate knowledge that is essential to give structured responses.

Partial credit is another point to be considered. Candidates get used to multiple-choice questions, which are evaluated based on marked answers. However, for essay format questions, they should show all their calculations step by step to get partial credit rather than only writing the results of the calculations. Also, it is beneficial for candidates to write their best guesses if they are not sure what the answers are. Because it is harder to make guesses for essay questions than for multiple-choice questions, candidates should still try their best guess without wasting too much time.

Level III CFA Exam Results

Besides its disparate topic weightings and newly introduced question format, another variation of the Level 3 exam is the date on which results are issued. Test takers receive their results 90 days after the exam date, whereas Level 1 and Level 2 exam results are issued after 60 days. The reason for the 30-days delay is the essay format questions which require more time for grading.

Analyzing pass rates is also a hot topic among candidates. The level III exam pass rates – above 50% for the past few years – are the highest among all three CFA exams. One reason for that would be that level 3 candidates are the ones who successfully passed the first two exams. As such, they have already mastered the necessary skills to pass CFA exams.

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Most Frequently Asked Questions About Level III of the CFA ® Exam

By this point, you’re a CFA ®  exam veteran. After passing the Level I and Level II exams, your confidence is strong. That confidence is an asset, but don’t take your foot off the gas just yet. Passing Level III is going to take some work. We answer questions every day from candidates preparing to sit for Level III of the CFA exam , and we developed this article based on the most common ones, giving you all the information you need as you take this final step in your mission to earn the CFA charter .

What To Expect on the CFA Level III Exam?

Candidates will have 4 hours and 24 minutes to finish the exam and should expect to demonstrate advanced portfolio management and wealth planning knowledge. A new question format called constructed response questions or essay questions will be introduced which will require candidates to justify or explain their answers.

What Makes Level III of the CFA ®  Exam Different?

The Level III exam is markedly different from the previous two levels. The most significant difference is that you have to write. It’s no longer just multiple-choice questions. If you learn and can recall the appropriate factoids, you’re going to pass the exam. But CFA Institute really throws you for a loop on Level III by changing the format of the test. Level III CFA exam questions are more like case studies. There’s math involved, but it often can’t be reduced to a single equation. Level III essentially tests your ability to effectively do what employers will expect of you as a CFA charterholder.

Because the exam is so different, you also need to drastically adapt  your preparation strategy  in order to pass. Not  adopting a Level III-specific preparation strategy  is a primary reason candidates who did well on the previous two levels struggle when they get to Level III.

What is the Format of Level III of the CFA Exam?

The Level III exam is computer-based and includes two exam sessions. Each session is a mix of either 5 constructed response (essay) sets and 6 item sets or 6 essay sets and 5 item sets for a total of 11 sets of questions per exam session. All question sets are worth 12 points. Each essay sets test your real-world application of the curriculum by presenting you with a scenario that you must solve or advise on. Each multiple-choice item set begins with a case statement and then asks four multiple-choice questions related to the statement.

When is Level III of the CFA Exam Offered?

The Level III exam will be offered twice a year, but the months differ. You can learn more in this  article about CFA exam dates .

Before you choose your CFA exam date, download this free Before You Decide to Sit for the CFA Exam eBook.

Can i postpone my cfa exam after i’ve registered.

You can only postpone your CFA exam after you’ve registered in specific circumstances, mostly related to medical reasons. It’s easier to withdraw, but unless you withdraw within three days of registering, you will have to pay the registration fees again and re-register.

CFA Exam Postponement >>

What Subjects are Tested on Level III?

Candidates preparing for the Level III exam are not tested on all the topics that were part of the Level I and Level II exams. Here’s what you will be tested on:

• Ethical and Professional Standards
• Equity Investments
• Fixed Income
• Derivatives
• Alternative Investments
• Portfolio Management and Wealth Planning

The topic that is most tested on the Level III CFA exam is Portfolio Management and Wealth Planning.

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What Are the Topic Weights for the Level III Exam?

Each year, Level III exam topic weights are subject to change at the discretion of  CFA Institute . Here are the current topic weights for the Level III exam:

How Much Time Should I Spend Studying for Level III of the CFA Exam?

While CFA Institute recommends candidates spend a minimum of 300 hours preparing for each level of the CFA exam, a June 2017 survey found that candidates actually spent an average of 335 hours preparing for Level III.

7 Tips for Effectively Using Your 300 Hours >>

How Difficult is the Level III Exam?

The Level III CFA exam is challenging because, as detailed previously, the exam format is quite a bit different than the Level II and Level I formats.

Explore Fellow Candidate's Views On CFA Level III Exam Difficulty

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What Score Should I Aim for in My Level III Mock Exams?

Level III candidates should strive for a target mock exam score of 65% or higher. If you find yourself scoring below 65%, assess your performance in each topic area to identify where improvements are needed and adjust your study plan accordingly.

What is the Level III CFA Exam Pass Rate?

The pass rate for Level III of the CFA Exam usually falls within the 50-57% range but most recent CFA pass rates have been lower. It’s important to remember that everyone sitting for Level III has already passed the first two levels. So these are the best of the brightest candidates, and still only slightly more than half passed.

How is the Level III Exam Graded?

CFA ® exam grading is done by machines and charterholders. CFA Institute then uses a methodology to determine a minimum passing score that is applied to each exam.

CFA Exam Grading Process >>

How Much Does it Cost to Sit for Level III?

What you’ll pay to sit for Level III of the CFA exam varies depending on when you register. If you register early, there is a smaller fee, which will give you extra money to invest in CFA Level III exam prep materials . Expect to pay around $1,000 - 2,500 USD for the Level III exam, including prep materials.

CFA Level III Exam Fees >>

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Level III Essay Exam - Tips and Suggestions

Advice for the Level III Essay Exam

The Level III exam is made up of two parts. The first is a structured response (essay) exam and the second, a vignette multiple choice exam. This post focuses on the structured response, which, in my opinion, is the greatest obstacle lying between you and the CFA charter.

Until now, you’ve only been answering multiple choice questions in your CFA exams. At Level I and II, if you had an idea of what the question was about, there was a reasonable chance of you picking the right answer.

Level III is an entirely different story. Suddenly, not only do you need to know your concepts well, but you need to communicate those concepts in a clear and precise manner . Every year approximately 50% of students who have cleared Level II, fail the Level III exam. This is due primarily to insufficient preparation and poor exam-taking approaches.

Know your concepts. There is no excuse for not knowing the core concepts before the exam.

Practice, practice, practice. This includes examples and practice problems. As part of your practice, work through essay exams from 2006 to 2015. The CFA releases past exams yearly. Get your hands on these and go through them thoroughly. If you’re pressed for time, doing the past papers takes precedence over the curriculum exams and practice problems. As you practice, you’ll automatically understand which mistakes to avoid. (Note: the curriculum changes every year so if a question looks unfamiliar check the reading and learning outcome reference in the guideline answers.)

Pre-Exam Tips

Log on to the CFA Institute website > Candidate resources (link at the end of this post), and go through the resources there. These include exam tips, mock and essay exams, documents of LOS command words and acronyms that are common in the CFA exams. It is important that you familiarize yourself with the exam, its structure and its execution.

Though it seems tedious, practice writing . It’s a three-hour exam of just penning down answers on paper, and you don’t want your hand to start cramping or your handwriting to become illegible mid-exam.

During the Exam – Manage your time & follow instructions.

On the first page of the exam, you are told what topic each question is based on, and how many questions there are. Spend the first few minutes jotting down the start time and end time for each question. It sounds inconvenient, but a plan will make you more likely to stay on track and not stress out about how much time is left towards the end of the exam.

You don’t have to do the questions in order, although it is highly recommended.

Exam Questions

Each question typically has two to six parts. Each question will be preceded by a short text explaining the scenario. First, scan the question and understand what is being asked. Then as you read, underline key information that you will need to solve the question.

Each question comes with a footnote telling you how long to spend on the question and where to answer it. It’s a good idea to stick to the time advised by the examination. Another thing to note is that the time allotted tells you how many marks a question is worth. For example, 5 minutes means 5 marks - so allocate your time accordingly.

When answering the questions:

Pay attention to command words. Words such as formulate, calculate, etc., all mean different things, and these words determine how you should answer the questions. The command words document on the CFA Institute website, is a must-read for every student.

Answer everything . Answer all subparts of all questions. Understand what the question is asking and state your answers clearly. Even if you are stuck, don’t skip the question, but write down the best answer you can think of. Best case scenario, you’ll get a few marks for it.

Don’t get hung-up on a question you can’t answer. If your allotted time for that question is over, jot down the best answer you have and move on. If you have time in the end, come back and take another look.

Keep your answers short and to the point. Bullet points are strongly recommended. Avoid irrelevant or tangential information. If the question asks you for 2 points and you write 4, the third and fourth points will be struck out by the examiners.

Within a question your assumptions should be consistent. State important assumptions you make, and avoid contradictory statements.

I have made a video blog of this same post, so be sure watch that too!

All the best,

Arif Irfanullah, CFA

Link to the CFA candidates login page: https://goo.gl/lNzSYi

I take time to read the case. I have to read and reread to answer correctly. What do you recommend me to do so that I can read the case faster and understand the main points?

Was thinking to post a question on where to start with essay questions - read question first or go through the entire case; I think I will scan the question first then case and the question again.

CFA essay questiones usually mark in bold some key words like: describe, calculate, discuss… is there any recomendation on how to answer each question depending on how is asked? Looking forward your response,

This is critical advice.

Unfortunately, the command word definitions on the CFA Institute website do not offer a lot of practical advice on how to respond to specific command words. As a supplement to that, I wrote a Survivor’s Guide to the CFA Institute Command Words that discusses how to respond to each command word (or, at least, to each one used on the actual morning exams over the last 20 years).

Not “usually”.

I wrote my Survivor’s Guide to answer exactly that.

helpful and practical answers!))

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Past Level III Constructed Response or Essay Exam Questions

At Level III, CFA Institute challenges you in a unique way – the formidable Constructed Response or Essay Exam format. One very common way to prepare for which students use is to look at past papers which were made available.  However, as you know, the exam curriculum changes each year and hence you need to know which questions are still relevant.

You need to find the questions that are still covered in the current LOs and doing this is not an easy task for you. The good news is that IFT has done this for you.

We have created the 2024 Level III Essay Questions Relevancy document which outlines the status of every question. The document classifies every essay exam question from 2012 to 2018* in three categories:

• Fully relevant – Based on current year curriculum

This means that the questions are still valid, and you should work through them.

• Partially relevant – Partially based on current year curriculum

This means that some part of the question is based on the current year’s curriculum.

• Not relevant – Not based on current year curriculum

These questions are based on readings that are no longer a part of the curriculum.

*From 2019 onwards, CFA Institute stopped publishing the actual exam papers

Also, you need to make the best use of your time and available prep material. So, the question is, now you have essay exam questions from the 2012 to 2018 exams, how do you make the best use of them?

What we recommend is that you go through the IFT relevancy document and note down all the questions that are ‘fully relevant’, as mentioned above. Once you have the list, try to solve these on your own (i.e. without help from the curriculum or IFT materials). If cannot solve them then open your books or IFT materials for help.

Then if you have time go through the questions that fall under ‘partially relevant’ also.

For ‘not relevant’ questions — it is recommended that you still look at the questions and go through the solutions to get a better understanding of how to structure your essay exam questions.

If you have purchased an IFT Level III Basic, Plus or Premium package:

You will have access to the IFT video library of solution videos to the past essay exams (here is the link to that course: Level III Past Paper Essay Exam Question Videos )

So, after attempting the questions yourself first, you should watch how Arif Irfanullah, CFA would answer them!  A lot of times candidates end up giving answers that are too long, hence wasting their time and ending up not completing the essay exam. These videos show you how to approach the questions and how to write an optimal answer which will give you the best scores in minimal time. It is recommended that you solve the questions on your own first, only after that look at the solution videos to check what your weaknesses are and how to improve on them.

Best of luck!

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› CFA › CFA Level 3 › Grading Essay Questions

Grading Essay Questions

• Author Posts

What is the best method for practicing and grading level III essay questions?

I’m also having this issue. I don’t really know what’s the right level of strictness to settle on, and depending on that it seems like I could score really highly, or next to 0. 🙁

• CFA Level 1

There was an article written a while ago that addressed exactly this,  https://www.300hours.com/how-to-accurately-self-grade-your-cfa-level-iii-essay-questions/#.W4zjiZNKi88

@zee Can I get my Level 3 passed badge  🙂

One thing I haven’t seen tried is posting your “essays” to essay writing services https://top20writingservices.com/best-essay-writing-services/ – may garner some useful feedback. (Though I expect the novelty to wear off quickly – do it fast!)

You also might try to find a buddy (via Hook Up) – exchange your essays and mock-grade them.

Thanks @zee ! Finally 🙂  

• CFA Level 3

@zee , can you give me L3 badge also please 🙂

• CFA Charterholder

Agreed with all of that. I’d just add that in your first few practice exams, it can be really helpful to do a problem, then review the answer, without worrying about the 3 hour time limit etc.

I guess the challenge is to be strict with yourself and tell yourself yeah, your scores ARE that shit.

Grading is tough. I second @Alta12 ‌’s advice that spending too much time grading doesn’t make much sense. Even if your answer doesn’t match the model answer doesn’t mean that it doesn’t work. And model answers are almost certain to be extremely long (much longer than what they expect in the exam).

Read the model answers to learn from them, and remember that in the actual exam all they’re looking for are the relevant keywords. A direct, single sentence often suffices.

The NYSSA (NY Society of Security Analysts) have a pretty solid 10 minute video up on youtube about earning points in the essay section. Link:

I attended the class by Nathan Ronen (NYSSA) and he graded 19 questions or so. It was an eye opener for me as I was lenient with my own work and he was fair. In one question he gave me 0 as I was answering what I wanted to rather than reading the damn question. Either find a professional to grade or buy beers to friends (CFA) who are willing to check your work. Schweser has a reasonable point system but again there is plenty of subjectivity.

@anderson0330 My advice would be don’t get too hung up on tallying your score in the AM paper. Make sure you read your answer vs the model answer and learn to answer in ‘CFA language’ i.e keywords to maximise points. Getting bogged down on tallying your score for AM paper waste your precious time when you could spend it on doing another mock exam. Practice is really key. You should know what your weak areas are from comparing your answer vs model answer for the AM paper and tallying up your score in the PM. Remember that a majority of the candidates do worse in the AM session, you will most likely have to hammer it home in the PM session!

@Alta12 ‌ given!

I thought Schweser is pretty clear on how to allocate points on the essay ques.  Just ere on the side of incorrect to guard against such emotional biases like overconfidence and self attribution 😉

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CFA® Level 3 Past Papers, Mock test - Download Past Exam Papers PDF

• Preparation Tips
• Application

The CFA level 3 question pattern consists of two types of questions- CFA level 3 essay questions and item set questions. The item set question consists of 4-6 multiple-choice questions per item set. The essay type of questions require two types of responses - word-based and calculation-based responses. It is recommended to go through the past papers for CFA level 3 2024 and the CFA® level 3 curriculum to prepare well for the exam and be aware of the exam format.

New:   CFA Level 3 Feb 2024 Out

Also Check:  CFA Level 1 & 2 Nov 2024 registration open

Latest:  CFA complete guide

Sample paper pdf for CFA level 3 2024

Cfa® level 3 question type, cfa® level 3 exam pattern, cfa® level 3 mock exam 2024, cfa level 3 essay questions, cfa 2024 level 3 essay questions format and scoring:, how to be great at answering cfa level 3 essay questions - cfa level 3 essay tips:.

Solving the CFA level 3 2024 past papers will help the students understand the CFA® level 3 exam format, marking scheme, and difficulty level of the CFA level 3 essay questions 2024. To know more about CFA level 3 past papers 2024, CFA® level 3 exam pattern , type of questions and CFA level 3 curriculum, please check the complete article.

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The CFA website has examples of CFA level 3 essay questions as well as examples of Level III item set questions with their guideline answers. The past papers for CFA® level 3 2024 will be similar to the main exam in terms of structure and difficulty level.

CFA sample papers PDF Link CFA level 3 essay questions Click here for pdf CFA Level 3 item set questions CFA Level 3 essay guidelines

The CFA® level 3 exam consists of two types of questions- item set questions and essay type questions. Each item set question will have a paragraph and multiple-choice questions based on the given paragraph. Each item set will have 4-6 MCQ based on it. The essay type questions are based on word-based or calculator based responses. The students have to give detailed answers to the essay type of questions. Candidates can attempt each type of question in the Level 3 past papers for CFA® 2024.

Also Read: CFA Level 3 Result 2024

There are multiple-choice questions in the exam pattern of CFA Level 3. There is no negative marking in the CFA® level 3 exam. The marks for the essay questions vary but the item set question carries 3 marks for each MCQ.

Exam pattern Type of questions Multiple-choice questions Marking scheme No negative marking Duration of exam 4 hours 24 minutes Sessions Morning and afternoon session Medium of exam English

The CFA Institute provides practice questions and mock exams in order to help candidates get the exam experience and understand their level of preparedness. Mock exams or CFA® level 3 question bank can be accessed through the Learning ecosystem page of the website. The registered candidates can attempt multiple mock exams to practice each topic for the exam.

The mock exams come along with feedback for each answer and a detailed explanation for the answers.

The Chartered Financial Analyst Institute uses items sets and essay format for CFA level 3 exam. Each essay question in the CFA level 3 question bank consists of an essay with 2 or more related items that will require a written response. There are mainly 2 categories of CFA level 3 essay questions 2024. One is the word-based responses and the other is the calculation-based responses. The essay questions for CFA level 3 2024 are written exactly based on the CFA curriculum.

Since the CFA Level 3 February 2024 session, item sets and constructed response (essay) sets will be mixed within each of the two exam sessions, so each session will have either 6 item sets and 5 essay sets or 5 item sets and 6 essay sets. Previously, the first session was all essay sets and the second session was all item sets. Level III overall will not change: 11 essay sets and 11 item sets, for 12 points each . As candidates have consistently had difficulty finishing the essay session but often finished the item set session early, this change should improve candidates’ ability to finish each session in the allowed time.

The CFA Level 3 essay question will be scored based on their length and complexity. Candidates should answer the essay questions for CFA level 3 2024 in a detail and concise manner. They should answer the essay questions using bullet points and correct calculations. Candidates are advised to go through the CFA level 3 sample questions to understand the exam format better and to study accordingly. For more information on the CFA 2024 Level 3 Essay Questions, their format, scoring, CFA level 3 past papers, refer to the complete article.

The CFA Level III exam consists of essay questions and item set based questions. All the questions are created directly from the curriculum. There is no negative marking for wrong answers. The essay questions for CFA level 3 2024 are either word-based or calculation-based. The longer essays will have more weight in terms of scoring.

In calculation based questions, the candidates can either answer directly or choose to show their calculations as part of their response. An overview of the essay questions format and duration is given below:

Level III Exam Format

Candidates are advised to follow certain study tips to appear for the CFA Level 3 exam. The study tips that will help the students in scoring well are given below:

1) Understand the two types of CFA level 3 essay questions 2024. One is the constructed responses type or word-based responses type questions and the other involves calculations.

2) In calculation based questions, candidates should show the steps that allowed them to reach their calculations as they will get partial points for doing correct steps even if their actual answer was wrong.

3) Candidates should write to the point as that will help them save time. They are also advised to present their answers well using bullet points.

4) Read carefully as essay questions will require the candidate to process lot of case information to solve the question. With focused reading, the candidate can find what they are looking for.

5) Be careful of the time spent on answering a question. When practising with sample CFA level 3 essay questions and answers prepare a plan on allocation of time for each answer.

6) If a candidate is finding it difficult to find the answer then they should know when to leave the question and move on. Don't remain stuck with one question, instead explore your chances with other questions.

CFA Level 3 Mock Test and Practice Questions:

To help candidates prepare for the exam, CFA Institute offers different types of practice, including practice questions and a mock exam, through their Learning Ecosystem to all registered candidates. Candidates can practise with several CFA Level 3 essay question examples. These practice questions will help in assessing level of confidence and accuracy along the way. Then, in advance of the exam, take a mock exam, which mimics the exam-day experience as closely as possible

Other Related Links

CFA Level 3 Exam Pattern 2024

CFA Level 3 Test Centres 2024

CFA Level 3 Result 2024

CFA Level 3 Sample Papers 2024

Frequently Asked Question (FAQs)

Yes, candidates can retake the exam by re-registering for the exam and paying the registration fee again within a period of 6 months.

The past papers for CFA® level 3 2024 help in understanding the exam format, type of questions and difficulty level of the exam.

The CFA Level III exams will be conducted in February and August sessions during a particular year.

No, the exam date cannot change but the students have an option to postpone their own appointment to the next term.

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Transportation Planner

A career as Transportation Planner requires technical application of science and technology in engineering, particularly the concepts, equipment and technologies involved in the production of products and services. In fields like land use, infrastructure review, ecological standards and street design, he or she considers issues of health, environment and performance. A Transportation Planner assigns resources for implementing and designing programmes. He or she is responsible for assessing needs, preparing plans and forecasts and compliance with regulations.

Environmental Engineer

Individuals who opt for a career as an environmental engineer are construction professionals who utilise the skills and knowledge of biology, soil science, chemistry and the concept of engineering to design and develop projects that serve as solutions to various environmental problems. 

Safety Manager

A Safety Manager is a professional responsible for employee’s safety at work. He or she plans, implements and oversees the company’s employee safety. A Safety Manager ensures compliance and adherence to Occupational Health and Safety (OHS) guidelines.

Conservation Architect

A Conservation Architect is a professional responsible for conserving and restoring buildings or monuments having a historic value. He or she applies techniques to document and stabilise the object’s state without any further damage. A Conservation Architect restores the monuments and heritage buildings to bring them back to their original state.

Structural Engineer

A Structural Engineer designs buildings, bridges, and other related structures. He or she analyzes the structures and makes sure the structures are strong enough to be used by the people. A career as a Structural Engineer requires working in the construction process. It comes under the civil engineering discipline. A Structure Engineer creates structural models with the help of computer-aided design software. 

Highway Engineer

Highway Engineer Job Description:  A Highway Engineer is a civil engineer who specialises in planning and building thousands of miles of roads that support connectivity and allow transportation across the country. He or she ensures that traffic management schemes are effectively planned concerning economic sustainability and successful implementation.

Field Surveyor

Are you searching for a Field Surveyor Job Description? A Field Surveyor is a professional responsible for conducting field surveys for various places or geographical conditions. He or she collects the required data and information as per the instructions given by senior officials. 

Orthotist and Prosthetist

Orthotists and Prosthetists are professionals who provide aid to patients with disabilities. They fix them to artificial limbs (prosthetics) and help them to regain stability. There are times when people lose their limbs in an accident. In some other occasions, they are born without a limb or orthopaedic impairment. Orthotists and prosthetists play a crucial role in their lives with fixing them to assistive devices and provide mobility.

Pathologist

A career in pathology in India is filled with several responsibilities as it is a medical branch and affects human lives. The demand for pathologists has been increasing over the past few years as people are getting more aware of different diseases. Not only that, but an increase in population and lifestyle changes have also contributed to the increase in a pathologist’s demand. The pathology careers provide an extremely huge number of opportunities and if you want to be a part of the medical field you can consider being a pathologist. If you want to know more about a career in pathology in India then continue reading this article.

Veterinary Doctor

Speech therapist, gynaecologist.

Gynaecology can be defined as the study of the female body. The job outlook for gynaecology is excellent since there is evergreen demand for one because of their responsibility of dealing with not only women’s health but also fertility and pregnancy issues. Although most women prefer to have a women obstetrician gynaecologist as their doctor, men also explore a career as a gynaecologist and there are ample amounts of male doctors in the field who are gynaecologists and aid women during delivery and childbirth. 

Audiologist

The audiologist career involves audiology professionals who are responsible to treat hearing loss and proactively preventing the relevant damage. Individuals who opt for a career as an audiologist use various testing strategies with the aim to determine if someone has a normal sensitivity to sounds or not. After the identification of hearing loss, a hearing doctor is required to determine which sections of the hearing are affected, to what extent they are affected, and where the wound causing the hearing loss is found. As soon as the hearing loss is identified, the patients are provided with recommendations for interventions and rehabilitation such as hearing aids, cochlear implants, and appropriate medical referrals. While audiology is a branch of science that studies and researches hearing, balance, and related disorders.

An oncologist is a specialised doctor responsible for providing medical care to patients diagnosed with cancer. He or she uses several therapies to control the cancer and its effect on the human body such as chemotherapy, immunotherapy, radiation therapy and biopsy. An oncologist designs a treatment plan based on a pathology report after diagnosing the type of cancer and where it is spreading inside the body.

Are you searching for an ‘Anatomist job description’? An Anatomist is a research professional who applies the laws of biological science to determine the ability of bodies of various living organisms including animals and humans to regenerate the damaged or destroyed organs. If you want to know what does an anatomist do, then read the entire article, where we will answer all your questions.

For an individual who opts for a career as an actor, the primary responsibility is to completely speak to the character he or she is playing and to persuade the crowd that the character is genuine by connecting with them and bringing them into the story. This applies to significant roles and littler parts, as all roles join to make an effective creation. Here in this article, we will discuss how to become an actor in India, actor exams, actor salary in India, and actor jobs. 

Individuals who opt for a career as acrobats create and direct original routines for themselves, in addition to developing interpretations of existing routines. The work of circus acrobats can be seen in a variety of performance settings, including circus, reality shows, sports events like the Olympics, movies and commercials. Individuals who opt for a career as acrobats must be prepared to face rejections and intermittent periods of work. The creativity of acrobats may extend to other aspects of the performance. For example, acrobats in the circus may work with gym trainers, celebrities or collaborate with other professionals to enhance such performance elements as costume and or maybe at the teaching end of the career.

Video Game Designer

Career as a video game designer is filled with excitement as well as responsibilities. A video game designer is someone who is involved in the process of creating a game from day one. He or she is responsible for fulfilling duties like designing the character of the game, the several levels involved, plot, art and similar other elements. Individuals who opt for a career as a video game designer may also write the codes for the game using different programming languages.

Depending on the video game designer job description and experience they may also have to lead a team and do the early testing of the game in order to suggest changes and find loopholes.

Radio Jockey

Radio Jockey is an exciting, promising career and a great challenge for music lovers. If you are really interested in a career as radio jockey, then it is very important for an RJ to have an automatic, fun, and friendly personality. If you want to get a job done in this field, a strong command of the language and a good voice are always good things. Apart from this, in order to be a good radio jockey, you will also listen to good radio jockeys so that you can understand their style and later make your own by practicing.

A career as radio jockey has a lot to offer to deserving candidates. If you want to know more about a career as radio jockey, and how to become a radio jockey then continue reading the article.

Choreographer

The word “choreography" actually comes from Greek words that mean “dance writing." Individuals who opt for a career as a choreographer create and direct original dances, in addition to developing interpretations of existing dances. A Choreographer dances and utilises his or her creativity in other aspects of dance performance. For example, he or she may work with the music director to select music or collaborate with other famous choreographers to enhance such performance elements as lighting, costume and set design.

Social Media Manager

A career as social media manager involves implementing the company’s or brand’s marketing plan across all social media channels. Social media managers help in building or improving a brand’s or a company’s website traffic, build brand awareness, create and implement marketing and brand strategy. Social media managers are key to important social communication as well.

Photographer

Photography is considered both a science and an art, an artistic means of expression in which the camera replaces the pen. In a career as a photographer, an individual is hired to capture the moments of public and private events, such as press conferences or weddings, or may also work inside a studio, where people go to get their picture clicked. Photography is divided into many streams each generating numerous career opportunities in photography. With the boom in advertising, media, and the fashion industry, photography has emerged as a lucrative and thrilling career option for many Indian youths.

An individual who is pursuing a career as a producer is responsible for managing the business aspects of production. They are involved in each aspect of production from its inception to deception. Famous movie producers review the script, recommend changes and visualise the story. 

They are responsible for overseeing the finance involved in the project and distributing the film for broadcasting on various platforms. A career as a producer is quite fulfilling as well as exhaustive in terms of playing different roles in order for a production to be successful. Famous movie producers are responsible for hiring creative and technical personnel on contract basis.

Copy Writer

In a career as a copywriter, one has to consult with the client and understand the brief well. A career as a copywriter has a lot to offer to deserving candidates. Several new mediums of advertising are opening therefore making it a lucrative career choice. Students can pursue various copywriter courses such as Journalism , Advertising , Marketing Management . Here, we have discussed how to become a freelance copywriter, copywriter career path, how to become a copywriter in India, and copywriting career outlook. 

In a career as a vlogger, one generally works for himself or herself. However, once an individual has gained viewership there are several brands and companies that approach them for paid collaboration. It is one of those fields where an individual can earn well while following his or her passion. 

Ever since internet costs got reduced the viewership for these types of content has increased on a large scale. Therefore, a career as a vlogger has a lot to offer. If you want to know more about the Vlogger eligibility, roles and responsibilities then continue reading the article. 

For publishing books, newspapers, magazines and digital material, editorial and commercial strategies are set by publishers. Individuals in publishing career paths make choices about the markets their businesses will reach and the type of content that their audience will be served. Individuals in book publisher careers collaborate with editorial staff, designers, authors, and freelance contributors who develop and manage the creation of content.

Careers in journalism are filled with excitement as well as responsibilities. One cannot afford to miss out on the details. As it is the small details that provide insights into a story. Depending on those insights a journalist goes about writing a news article. A journalism career can be stressful at times but if you are someone who is passionate about it then it is the right choice for you. If you want to know more about the media field and journalist career then continue reading this article.

Individuals in the editor career path is an unsung hero of the news industry who polishes the language of the news stories provided by stringers, reporters, copywriters and content writers and also news agencies. Individuals who opt for a career as an editor make it more persuasive, concise and clear for readers. In this article, we will discuss the details of the editor's career path such as how to become an editor in India, editor salary in India and editor skills and qualities.

Individuals who opt for a career as a reporter may often be at work on national holidays and festivities. He or she pitches various story ideas and covers news stories in risky situations. Students can pursue a BMC (Bachelor of Mass Communication) , B.M.M. (Bachelor of Mass Media) , or  MAJMC (MA in Journalism and Mass Communication) to become a reporter. While we sit at home reporters travel to locations to collect information that carries a news value.  

Corporate Executive

Are you searching for a Corporate Executive job description? A Corporate Executive role comes with administrative duties. He or she provides support to the leadership of the organisation. A Corporate Executive fulfils the business purpose and ensures its financial stability. In this article, we are going to discuss how to become corporate executive.

Multimedia Specialist

A multimedia specialist is a media professional who creates, audio, videos, graphic image files, computer animations for multimedia applications. He or she is responsible for planning, producing, and maintaining websites and applications. 

Quality Controller

A quality controller plays a crucial role in an organisation. He or she is responsible for performing quality checks on manufactured products. He or she identifies the defects in a product and rejects the product. 

A quality controller records detailed information about products with defects and sends it to the supervisor or plant manager to take necessary actions to improve the production process.

Production Manager

A QA Lead is in charge of the QA Team. The role of QA Lead comes with the responsibility of assessing services and products in order to determine that he or she meets the quality standards. He or she develops, implements and manages test plans. 

Process Development Engineer

The Process Development Engineers design, implement, manufacture, mine, and other production systems using technical knowledge and expertise in the industry. They use computer modeling software to test technologies and machinery. An individual who is opting career as Process Development Engineer is responsible for developing cost-effective and efficient processes. They also monitor the production process and ensure it functions smoothly and efficiently.

AWS Solution Architect

An AWS Solution Architect is someone who specializes in developing and implementing cloud computing systems. He or she has a good understanding of the various aspects of cloud computing and can confidently deploy and manage their systems. He or she troubleshoots the issues and evaluates the risk from the third party. 

Azure Administrator

An Azure Administrator is a professional responsible for implementing, monitoring, and maintaining Azure Solutions. He or she manages cloud infrastructure service instances and various cloud servers as well as sets up public and private cloud systems. 

Computer Programmer

Careers in computer programming primarily refer to the systematic act of writing code and moreover include wider computer science areas. The word 'programmer' or 'coder' has entered into practice with the growing number of newly self-taught tech enthusiasts. Computer programming careers involve the use of designs created by software developers and engineers and transforming them into commands that can be implemented by computers. These commands result in regular usage of social media sites, word-processing applications and browsers.

Information Security Manager

Individuals in the information security manager career path involves in overseeing and controlling all aspects of computer security. The IT security manager job description includes planning and carrying out security measures to protect the business data and information from corruption, theft, unauthorised access, and deliberate attack 

ITSM Manager

Automation test engineer.

An Automation Test Engineer job involves executing automated test scripts. He or she identifies the project’s problems and troubleshoots them. The role involves documenting the defect using management tools. He or she works with the application team in order to resolve any issues arising during the testing process. 

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