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CFA Level 3 Essay Questions 2024 - Question Format, Scoring, Tips
Edited By Team Careers360 | Updated on Dec 22, 2023 05:26 PM IST | #CFA Exam
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CFA Exam Application Date : 12 Feb' 2025 - 05 Aug' 2025
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.
CFA 2024 Level 3 Essay Questions Format and Scoring:
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
Total duration of the exam | 4.5 hours |
Type of questions | Item sets/ essay based |
Questions per essay | 4-6 |
Medium of exam | English |
Mode of exam | Computer-based |
How to Be Great at Answering CFA Level 3 Essay Questions - 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 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
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Frequently Asked Questions (FAQs)
1. What has changed since the February 2024 session in the question format?
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
2. 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.
3. 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.
4. Are practice questions and mock tests available for candidates?
Yes. Mock tests and practice questions are available for all registered candidates.
5. Which topic has the highest weight in the CFA Level III exam
Portfolio Management and Wealth Planning has the highest weight in the CFA Level III exam
6. How to answer CFA Level 3 essay questions
Make sure to read the given information carefully. Spend time thinking and reading before attempting. Make sure to write down the steps to the solution as there are marks for the steps even if the final answer is wrong.
7. Does CFA Level 3 have essay questions?
Yes, CFA Level 3 has essay questions.
8. How to practice essay questions in CFA Level 3?
CFA Institute provides practice essay questions to registered candidates. Candidates can login and purchase prep material for CFA Level 3.
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