CFA® Level 3 Essay Questions 2021 - Question Format, Scoring, Tips
CFA® level 3 essay questions 2021- The Chartered Financial Analyst Institute uses the essay format for CFA® level 3 exam. Each essay question in the CFA® level 3 question bank consists of an easy with 2 or more related items that will require a written response. There are mainly 2 categories of CFA® level 3 essay questions 2021, one is the word based responses and the other is the calculation based responses. The essay questions for CFA® level 3 2021 are written exactly based on the CFA curriculum. The CFA 2021 Level 3 Essay Questions will be scored based on their length and complexity. Candidates should answer the essay questions for CFA® level 3 2021 in detail and a 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 2021 Level 3 Essay Questions, their format, scoring, CFA® level 3 past papers, please refer to the complete article.
CFA 2021 Level 3 Essay Questions Format and Scoring:
The CFA Level III exam mainly 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 2021 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
Total duration of the exam
Type of questions
Item sets/ essay based
Questions per essay
Medium of exam
Mode of exam
CFA® level 3 essay tips:
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 2021. 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.
CFA® level 3 question bank:
The official CFA institute website consists of CFA® level 3 sample questions and CFA® level 3 past papers. Candidates should go through these sample CFA® level 3 essay questions and answers to understand the exam structure and the difficulty level. The format of the answer space changes each year and it is expected to change in the computer-based test as well. The pdf files for CFA® level 3 sample questions are given below:
For Level III item set questions, click here
For previous years Level III exam questions, click here
For Level III essay questions with answers, click here
Other Related Links
Frequently Asked Question (FAQs) - CFA® Level 3 Essay Questions 2021 - Question Format, Scoring, Tips
Question: Is the format of questions changing in 2021?
No, the format of questions will remain the same. Only the number of questions and duration will reduce.
Question: Is there any scoring awarded for the trial questions at the beginning of the exam?
No, there is no scoring for the trial questions that come at the beginning of the exam.
Question: Which calculators are allowed in the examination hall for the CFA level 3 exam?
The Texas Instruments BA II Plus or the Hewlett Packard 12C are allowed as per the calculator policy of CFA institute.
Question: Are the topic wise weights different for computer-based exams (CBT)?
No, the topic-wise weights are similar to the paper-based exams only. The topic-wise weights are available on the official website.
Question: When will the new curriculum be released for 2021?
As per the CFA institute, the curriculum for CFA 2020 will remain the same in 2021.
Question: How long will the CFA® Level 3 exam be in the computer-based test?
Starting from 2021, the CFA® Level 3 exam will be 4.5 hours long.