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CFA® Level 3 Past Papers, Mock test - Download Past Exam Papers PDF
Edited By Team Careers360 | Updated on Dec 22, 2023 05:54 PM IST | #CFA Exam
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CFA Exam Application Date : 12 Feb' 2025 - 05 Aug' 2025
The CFA level 3 question pattern consists of two types of questions- CFA level 3 essay questions and item set questions. The item set question consists of 4-6 multiple-choice questions per item set. The essay type of questions require two types of responses - word-based and calculation-based responses. It is recommended to go through the past papers for CFA level 3 2024 and the CFA® level 3 curriculum to prepare well for the exam and be aware of the exam format.
This Story also Contains
- Sample paper pdf for CFA level 3 2024
- CFA® level 3 Question Type
- CFA® level 3 Exam Pattern
- CFA® level 3 mock exam 2024
- CFA Level 3 Essay Questions
- CFA 2024 Level 3 Essay Questions Format and Scoring:
- How to Be Great at Answering CFA Level 3 Essay Questions - CFA Level 3 Essay Tips:
Solving the CFA level 3 2024 past papers will help the students understand the CFA® level 3 exam format, marking scheme, and difficulty level of the CFA level 3 essay questions 2024. To know more about CFA level 3 past papers 2024, CFA® level 3 exam pattern, type of questions and CFA level 3 curriculum, please check the complete article.
Sample paper pdf for CFA level 3 2024
The CFA website has examples of CFA level 3 essay questions as well as examples of Level III item set questions with their guideline answers. The past papers for CFA® level 3 2024 will be similar to the main exam in terms of structure and difficulty level.
CFA sample papers PDF Link CFA level 3 essay questions
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CFA Level 3 item set questions
CFA Level 3 essay guidelines
| CFA sample papers | PDF Link |
|---|---|
CFA level 3 essay questions | Click here for pdf |
CFA Level 3 item set questions | |
CFA Level 3 essay guidelines |
CFA® level 3 Question Type
The CFA® level 3 exam consists of two types of questions- item set questions and essay type questions. Each item set question will have a paragraph and multiple-choice questions based on the given paragraph. Each item set will have 4-6 MCQ based on it. The essay type questions are based on word-based or calculator based responses. The students have to give detailed answers to the essay type of questions. Candidates can attempt each type of question in the Level 3 past papers for CFA® 2024.
Also Read: CFA Level 3 Result 2024
CFA® level 3 Exam Pattern
There are multiple-choice questions in the exam pattern of CFA Level 3. There is no negative marking in the CFA® level 3 exam. The marks for the essay questions vary but the item set question carries 3 marks for each MCQ.
Exam pattern Type of questions
Multiple-choice questions
Marking scheme
No negative marking
Duration of exam
4 hours 24 minutes
Sessions
Morning and afternoon session
Medium of exam
English
Exam pattern | |
|---|---|
Type of questions | Multiple-choice questions |
Marking scheme | No negative marking |
Duration of exam | 4 hours 24 minutes |
Sessions | Morning and afternoon session |
Medium of exam | English |
CFA® level 3 mock exam 2024
The CFA Institute provides practice questions and mock exams in order to help candidates get the exam experience and understand their level of preparedness. Mock exams or CFA® level 3 question bank can be accessed through the Learning ecosystem page of the website. The registered candidates can attempt multiple mock exams to practice each topic for the exam.
The mock exams come along with feedback for each answer and a detailed explanation for the answers.
CFA Level 3 Essay Questions
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
Other Related Links
Frequently Asked Questions (FAQs)
1. If I fail in the Level 3 exam, can I retake it?
Yes, candidates can retake the exam by re-registering for the exam and paying the registration fee again within a period of 6 months.
2. How will the past papers and sample papers of CFA level 3 help in the examination?
The past papers for CFA® level 3 2024 help in understanding the exam format, type of questions and difficulty level of the exam.
3. When will the CFA® Level 3 exams sessions be conducted during a year ?
The CFA Level III exams will be conducted in February and August sessions during a particular year.
4. Can the exam date change for CFA® level 3?
No, the exam date cannot change but the students have an option to postpone their own appointment to the next term.
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