An exploration of setting capital market expectations and the major tools of economic analysis. We first review the framework for developing expectations, then focus on macroeconomic analysis. We conclude with expectation setting for specific asset classes.
CFA® Level III Exam
The CFA Level 3 exam is the concluding exam of three required by the CFA Institute. Once you pass this Level 3 exam and have also acquired a minimum of 48 months of relevant work experience and required references, you will be eligible to receive your CFA Charter.
Setting Expectations
Set aside the time
According to the CFA Institute, the 10-year average pass rate for the CFA Level III exam is 54%. In total, candidates report investing more than 300 hours into their studies for each level of the CFA exam.
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Important Dates
Registration Opens: May 16, 2023
Registration Closes: Nov 8, 2024
Exam Dates: Feb 15 - 18, 2024
Results are provided 6-8 weeks after exam -
Exam Information
Multiple-choice item sets and constructed response essay sets will be mixed within two exam sessions.
Each session will have either 6 item sets and 5 essay sets, or 5 item sets and 6 essay sets -
Enrollment Information
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Question Format
11 essay sets and 11 item sets, for 12 points each
Level III 2023 Curriculum
Topics, Weights, and Content Offerings
Economics
We Prepare You With Over
- 17,900+ Words in manuals
- 135+ Minutes of video
- 15+ Assignments questions
- 70+ Quiz and Exam questions
Derivatives
An illustration of how to use derivatives in investment decisions. We start by examining option strategies, then review swaps, forwards, and futures strategies. The topic concludes with an exploration of managing currency exposures.
We Prepare You With Over
- 21,800+ Words in manuals
- 225+ Minutes of video
- 20+ Assignments questions
- 115+ Quiz and Exam questions
Fixed Income
An overview of fixed-income portfolio management. We examine liability-driven and index-based strategies in greater detail, then cover yield curve and credit strategies for fixed-income portfolios.
We Prepare You With Over
- 26,000+ Words in manuals
- 245+ Minutes of video
- 30+ Assignments questions
- 105+ Quiz and Exam questions
Equity Investments
An overview of equity portfolio management leads into a discussion of two approaches for managing equity portfolio. Both passive and active equity strategies are included.
We Prepare You With Over
- 15,700+ Words in manuals
- 195+ Minutes of video
- 30+ Assignments questions
- 110+ Quiz and Exam questions
Alternative Investments
An exploration of hedge fund strategies, followed by a discussion of asset allocation to alternative investments. Learn why alternative investments present risk and return characteristics unique from traditional investments.
We Prepare You With Over
- 17,400+ Words in manuals
- 140+ Minutes of video
- 10+ Assignments questions
- 65+ Quiz and Exam questions
Portfolio Management (Part I)
An introduction to behavioral biases of individuals as well as behavioral finance, followed by private wealth management and a deeper exploration of the topic. We explore risk management for individuals and portfolio management for institutional investors.
We Prepare You With Over
- 47,900+ Words in manuals
- 450+ Minutes of video
- 50+ Assignments questions
- 215+ Quiz and Exam questions
Portfolio Management (Part II)
An overview of asset allocation and its principles. We discuss how real-world constraints impact asset allocation decisions. We conclude by covering various trade strategies and executions, performance evaluation, and investment manager selection.
We Prepare You With Over
- 33,000+ Words in manuals
- 355+ Minutes of video
- 50+ Assignments questions
- 185+ Quiz and Exam questions
Ethical and Professional Standards
An exploration of ethics in the investment profession. Through case studies, we illustrate practical application of the Code of Ethics and Standards of Professional Conduct. We conclude with two real-world violations with resulting regulatory actions.
We Prepare You With Over
- 16,900+ Words in manuals
- 195+ Minutes of video
- 30+ Assignments questions
- 90+ Quiz and Exam questions
Level III 2024 Curriculum
Topics, Weights, and Content Offerings
Economics
An exploration of setting capital market expectations and the major tools of economic analysis. We first review the framework for developing expectations, then focus on macroeconomic analysis. We conclude with expectation setting for specific asset classes.
We Prepare You With Over
- 17,900+ Words in manuals
- 135+ Minutes of video
- 15+ Assignments questions
- 70+ Quiz and Exam questions
Derivatives
An illustration of how to use derivatives in investment decisions. We start by examining option strategies, then review swaps, forwards, and futures strategies. The topic concludes with an exploration of managing currency exposures.
We Prepare You With Over
- 21,800+ Words in manuals
- 225+ Minutes of video
- 20+ Assignments questions
- 115+ Quiz and Exam questions
Fixed Income
An overview of fixed-income portfolio management. We examine liability-driven and index-based strategies in greater detail, then cover yield curve and credit strategies for fixed-income portfolios.
We Prepare You With Over
- 26,000+ Words in manuals
- 245+ Minutes of video
- 30+ Assignments questions
- 105+ Quiz and Exam questions
Equity Investments
An overview of equity portfolio management leads into a discussion of two approaches for managing equity portfolio. Both passive and active equity strategies are included.
We Prepare You With Over
- 15,700+ Words in manuals
- 195+ Minutes of video
- 30+ Assignments questions
- 110+ Quiz and Exam questions
Alternative Investments
An exploration of hedge fund strategies, followed by a discussion of asset allocation to alternative investments. Learn why alternative investments present risk and return characteristics unique from traditional investments.
We Prepare You With Over
- 17,400+ Words in manuals
- 140+ Minutes of video
- 10+ Assignments questions
- 65+ Quiz and Exam questions
Portfolio Management (Part I)
An overview of private wealth management and a deeper exploration of the topic. We explore risk management for individuals and portfolio management for institutional investors.
We Prepare You With Over
- 43,200+ Words in manuals
- 380+ Minutes of video
- 35+ Assignments questions
- 155+ Quiz and Exam questions
Portfolio Management (Part II)
An overview of asset allocation and its principles. We discuss how real-world constraints impact asset allocation decisions. We conclude by covering various trade strategies and executions, performance evaluation, and investment manager selection.
We Prepare You With Over
- 32,800+ Words in manuals
- 355+ Minutes of video
- 50+ Assignments questions
- 185+ Quiz and Exam questions
Ethical and Professional Standards
An exploration of ethics in the investment profession. Through case studies, we illustrate practical application of the Code of Ethics and Standards of Professional Conduct. We conclude with two real-world violations with resulting regulatory actions.
We Prepare You With Over
- 16,900+ Words in manuals
- 195+ Minutes of video
- 30+ Assignments questions
- 90+ Quiz and Exam questions
Learn From CFA Experts
Study Tips From Our Instructors

Keep It Quick
Constructed response questions can be intimidating. But remember they expect your answers to be brief. So don't write in full paragraphs, or elaborate too much on minor details. Answer the questions with short phrases, focusing on what's most important to truly answer the question.

Manage Your Time
Time management is critically important for Level III. If you find yourself getting stuck on a question, move on to another one. You can come back to challenging questions later, but you will regret it if you run out of time before you have a chance to get to all of the questions that you can answer correctly. As you go through the various topics, think about how the content might be tested. Any topic may be tested in either the morning or afternoon session, but some types of questions are better suited for the constructed response format than others. Similarly, certain types of questions are a better fit for the multiple-choice format that is used in the afternoon session.

Invest the Time
Constructed response questions are all about partial credit. To pass the exam, your focus should be on gathering as many partial credit points as possible. Therefore, for the constructed response questions, always try to share your thought process as needed. Even if you feel like you cannot arrive at the final answer, write all the important steps or points down clearly.
Exam Features
CFA Level III
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The Level 1 and Level 2 exams focused more on learning standard financial knowledge, the comprehension of investment valuation, and application. CFA Level 3 focuses on wealth planning and portfolio management.
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In addition to focusing on portfolio management and wealth planning, the CFA Level 3 exam also covers seven topics split between two parts: Professional and Ethical Standards, and Asset Classes.
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The CFA Level 3 exam occurs two times a year and consists of both essay-type and item-set questions. It is divided into two 2-hour and 12-minute sessions for a total of 4 hours and 24 minutes.
Get Started on Level III Today
If you’re reading this, you’re ready to earn your CFA charter. And our team of educators is here to support you along the way. Begin your journey with a Salt Solutions account.