CFA Level 3 Exam Pattern 2019
Updated on Aug 9, 2019 - 5:17 p.m. IST by Naureen Gurung
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CFA Level 3 Exam Pattern 2019: The Chartered Financial Analyst (CFA) Institute constructs the CFA Level 3 2019 exam pattern for all the candidates appearing in the examination. The exam was conducted according to the CFA Level 3 exam pattern 2019, offline in two sessions- morning (9 AM- 12 PM) and afternoon (2 PM- 5 PM). The exam pattern of CFA Level 3 2019 included ‘item-sets’ (like CFA Level 2) and essay style questions. The morning session had only long answer questions while the afternoon session consisted of MCQs. All the questions were in English medium. As per the CFA Level 3 2019 exam pattern, the item-sets carried 3 marks each whereas the distribution of marks of each constructed response question varied. There was no negative marking for incorrect responses.

Knowing the CFA Level 3 exam pattern 2019 is beneficial for candidates in their preparation. The exam pattern of CFA Level 3 includes vital information like the mode and medium of the exam, marking scheme, type of questions, time duration, etc. Scroll below to find out more about the CFA Level 3 2019 exam pattern.
Latest: CFA Level 3 2019 result to be announced on August 20. CFA Level 3 Registration for June 2020 commenced on August 8, 2019.


How is CFA Level 3 2019 different from the previous levels?

Although all the levels are different from one another, CFA Level 3 stands further apart in terms of the exam pattern and difficulty level. Thus, candidates will be required to change their preparation strategy for the final level of this globally renowned exam.

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CFA Level 3 exam pattern 2019 comprises of multiple choice ‘item-sets’ (like in Level 2) and constructed response questions. In a constructed response question, candidates are required to write their answer on a blank page as well as a structured page with labelled boxes to provide a visual structure for guidance.

CFA Level 3 2019 Exam Pattern

Candidates can view the complete exam pattern of CFA Level 3 given below. Doing so will help them get familiar with the type of questions that are asked in the exam. Thereafter, candidates can practice such questions regularly to crack the CFA Level 3 exam.

CFA Level 3 Exam Pattern 2019

Exam Level

Postgraduate

Frequency of exam

Once a year

Mode of exam

Pen and paper based

Medium of exam

English

Time Duration

Three hours for each session

Type of questions

Multiple choice ‘item-sets’ and constructed response questions

Number of questions

120 (60 in each session)

Total Marks

180 in each session

Marking scheme

  • MCQs will carry 3 marks each

  • Marks allotted for essay style questions will vary

  • No negative marking for incorrect answers

Topics to be studied for CFA Level 3 2019

  • Ethical and Professional Standards

  • Portfolio Management

  • Equity Investments

  • Economics

  • Derivatives

  • Alternative Investments

  • Fixed Income

CFA Level 3 Sample Papers 2019

Candidates are advised to go through the sample papers given below to understand the complex CFA Level 3 2019 exam pattern. Since the questions in CFA Level 3 are like case studies with more than one math equation involved, practising these CFA Level 3 sample papers becomes essential. These sample papers of CFA Level 3 include MCQs like those assessed in Level 2 as well as long answer questions with the time duration specified for each.

Click here to view the CFA Level 3 Sample Paper (Item Set questions)

Click here to view the CFA Level 3 2015 Question Paper (Essay type questions)


CFA Level 3 2019 Exam Pattern: Frequently Asked Questions

Question- When will I receive my result after appearing for CFA Level 3?

Answer- The declaration of CFA Level 3 results for June session will be made on August 20, 2019

Question- Is rough work allowed on the answer sheet?

Answer- Not on the answer sheet but there will be space given in the exam (question) booklet labelled as ‘This Page is Intentionally Left Blank’. Carrying extra sheets, from home, for rough work is not allowed in the test centre. The CFA Level 3 admission ticket 2019 must also not be used for rough work.

Question- Is it important to appear for both the sessions of CFA Level 3?

Answer- Yes. Both the sessions of CFA Level 3 2019 are compulsory. Only after appearing for both the sessions, candidates will receive their CFA Level 3 result. The morning and afternoon sessions are not options for the candidates but inter-related as the morning shift will consist of essay style questions and the afternoon shift will comprise of ‘item-sets’.

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