CFA Level 3 Exam Pattern 2020
CFA Level 3 Exam Pattern 2020 - The Chartered Financial Analyst Institute prescribes the exam pattern of CFA Level 3 2020. All the registered candidates must check the CFA 2020 Level 3 exam pattern to prepare efficiently for the exam. CFA Level 3 exam pattern 2020 includes the mode and medium of the exam, number of sessions, number of questions, time allotted to attempt the papers, marking scheme, etc. As per the exam pattern of Chartered Financial Analyst Level 3 2020, the exam is conducted in offline mode. The questions are asked in English. There are two sessions of the exam, a morning session, and an afternoon session. Candidates who will appear for CFA Level 3 2020 will be given three hours to attempt each session. Candidates are awarded 3 marks for each correct answer and there is no negative marking for wrong answers. Read further to know more about the CFA Level 3 exam pattern 2020.
CFA Level 3 Exam Pattern 2020
Candidates can check the complete details about the exam pattern of CFA Level 3 2020 in the table provided below.
CFA Level 3 Exam Pattern
Frequency of exam
Once a year
Mode of exam
Pen and paper based
Medium of exam
Morning session - 9 am to 12 noon
Afternoon session - 2 pm to 5 pm
Three hours for each session
Type of questions
Multiple choice ‘item-sets’ and constructed response questions
Number of questions
120 (60 in each session)
180 in each session
CFA Level 3 2020 Important Topics
It is essential that the candidates are familiar with the topics that are to be covered for the exam as well as CFA Level 3 exam pattern 2020. The topics that the candidates need to study are listed below.
Ethical and Professional Standards
How is CFA Level 3 different from the previous levels?
CFA Level 3 is the final stage of the globally renowned exam conducted by the CFA Institute. Chartered Financial Analyst Level 3 stands apart from all the other levels of the CFA exam which calls for a different preparation strategy. CFA Level 3 consists of multiple-choice item sets similar to CFA Level 2 and constructed response questions. 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 in a constructed response question.
It is suggested that the candidates must go through some sample papers to better understand the complex CFA Level 3 exam pattern 2020. Some of the questions asked in CFA Level 3 are based on case studies with more than one math equation involved, it becomes essential that the candidates make use of CFA Level 3 sample papers for practice. CFA Level 3 sample papers include both MCQs and essay questions. Candidates who are yet to appear for the exam can download the sample papers from the table below.
CFA Level 3 Sample Papers
Frequently Asked Question (FAQs) - CFA Level 3 Exam Pattern 2020
Question: How many questions are asked in the CFA Level 3 exam?
Candidates are asked 120 questions in CFA Level 3. Candidates have to attempt 60 questions in each session of the exam.
Question: What are the topics from which questions are asked in CFA Level 3?
Questions appear in the CFA Level 3 exam from the topics of Ethical and Professional Standards, Portfolio Management, Equity Investments, Economics, Derivatives, Alternative Investments, Fixed Incomes, etc.
Question: What is the time limit to attempt the CFA Level 3 exam?
Candidates are given 3 hours to attempt each session of the exam. It is mandatory that the candidates appear for both the sessions.
Question: Is CFA Level 3 conducted in online mode?
No, CFA Level 3 is a pen and paper based test. Candidates have to write their answers in the answer sheets provided to them.
Question: Can I do rough work on my CFA Level 3 answer sheet?
No, candidates cannot do any rough work on their answer sheets. However, candidates will be given an additional blank page in the question booklet for rough work.