How to Prepare for CFA Level 3 Exam 2023 - Important Topics & Study Plan
How to Prepare for CFA Level 3 Exam 2023: The Chartered Financial Analyst Institute (CFAI) conducts CFA level 3 exam twice a year - February and August. The Level 3 CFA exam is a significant step up from the CFA level 2 exam. Having a CFA study plan and understanding the differences between CFA level 2 and 3 can help you pass the CFA level 3 exam. To pass the exam, you must obtain at least the minimum passing score determined by the CFA Institute Board of Governors following each exam. CFA Level 3 pass rates have been as low as 54% in the past, and they have been much lower in 2022. That implies you'll need to make a study schedule and stick to it. In this article, you will learn how to prepare for CFA level 3 exam 2023, CFA level 3 question paper format, sample papers, and much more.
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Preparation Tips for CFA Exam Level 3 - Tip 1
Start your preparation early for CFA exam level 3
Start six to nine months ahead of time to study for the level 3 CFA exam and finish the syllabus three months before the exam date. Many successful candidates attribute their CFA exam performance to their study habits. You should not only study the material but also be able to apply what you have learned in the exam scenario. It takes time to reach this level of understanding and actual application.
CFA level 3 Exam Preparation - Tip 2
Time devotion
You should aim to commit at least 344 total hours to your Level 3 CFA exam preparation across the six to nine months of study. If that quantity intimidates you, consider spreading your study out over nine months rather than six. On average, you'd just have to commit about 1 hour and 25 minutes every day to your CFA Level 3 preparation. Prepare for greater periods of time on specific days to earn a day off from studying.
How to Prepare for CFA Level 3 Exam 2023 - Tip 3
Have a firm grasp on the CFA level 3 curriculum
In the revised syllabus, the CFA Institute offers seven core curriculum CFA level 3 topics. Candidates should devote sufficient time to each subject based on its relative importance. To prepare for the topics, candidates can consult the entire curriculum and materials for CFA level 3. In both sessions of the level 3 exam, all seven basic curriculum topics are tested. Before the CFA Level 3 exam dates, candidates should devote time to all of the topics.
Topics for the CFA level 3 exam
CFA level 3 core curriculum subjects assist students throughout their professional careers. The following 10 subject areas mentioned in the table are covered in the CFA level 3 exam.
CFA level 3 topics weightage
Topic | Exam Weight |
Ethical and Professional Standards | 10-15% |
Economics | 5-10% |
Equity Investments | 10-15% |
Fixed Income | 15-20% |
Derivatives | 5-10% |
Alternative Investments | 5-10% |
Portfolio Management and Wealth Planning | 35-40% |
CFA Level 3 Exam 2023 Preparation - Tip 4
Begin with a topic that is both tough and important
Fixed Income appears to match these criteria, based on a review of the updated information this year. One would argue that starting with a difficult one is demotivating, but handling a heavily weighted, challenging topic with a fresh mind first has a better success rate!
How to Prepare for CFA Level 3 Exam 2023 - Tip 5
Learn about the CFA exam level 3 question paper format
The number of components in each question varies, as does the length of each part. The purpose of this format is to assess your ability to apply and use judgement while following a set of instructions. Before creating a study plan for CFA level 3, it's essential to grasp the CFA level 3 exam pattern. The following are the main components of the CFA level 3 exam pattern:
CFA level 3 exam pattern
Type of questions | Mini cases (Constructed response-based) |
Mode of questions | Computer-based test |
Number of questions | 8-11 vignettes |
Number of sessions | 2 sessions (2 hours and 12 minutes each) |
Duration of the exam | 4 hours and 24 minutes |
Sample Papers for CFA level 3
CFA sample papers | |
CFA level 3 essay questions | |
CFA Level 3 item set questions | |
CFA Level 3 essay guidelines |
Frequently Asked Question (FAQs) - How to Prepare for CFA Level 3 Exam 2023 - Important Topics & Study Plan
Question: How many vignettes does the CFA Level 3 question paper consist of?
Answer:
The question paper of CFA Level 3 comprises of 8-11 vignettes.
Question: What is the weightage of Ethical and Professional Standards topic of CFA Level 3 exam?
Answer:
The weightage of Ethical and Professional Standards topic of CFA Level 3 exam is 10-15%.
Question: What is the duration of the CFA Level 3 exam?
Answer:
The duration of CFA Level 3 exam is 4 hours and 24 minutes.
Question: From where can I find the topic-wise weightage of CFA Level 3?
Answer:
You can find the topic-wise weightage on the official website - cfainstitute.org.
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Questions related to CFA Exam
how to clear CFA exam in first attempt
Hi,
Try preparing smartly and efficiently.
- Be very disciplined with your study schedule. The output is more when you give 2 hours daily for 7 days then 14 hours on only weekends (generally).
- Study with the sense of doing questions and clearing exams. It will help you to clear L1 but may prove harmful for L2 as it demands deep inter-topic clarity.
Just a tip, in case you have less time and you are good to grasp new concepts - try preparing from Schwezer Notes and Videos for Level 1. But for Level 2 and 3 you have to put in the required efforts.
It is not difficult to crack CFA Level 1 without coaching. You just go through the curriculum topics one by one and do practice a lot of questions. Also in case you do not have much time, you can go through Schwezer notes for Level 1 through and practice the papers on CFA website.
In case you do not understand any particular subject, there are coachings available for particular subjects. You can opt for that rather than going for all the subjects. Plus there are video lectures available which help a lot.
Hope this helps.
Good luck.
CFA exam curriculum book 2020 for level 1 is showing on the website of career360 but when I click on that its showing unavailable . Will you please send the link from which I could download the pdf version of CFA book for level 1 2020
Sorry to say but we now don't have that collection,you would be talking about this links given in this (https://finance.careers360.com/articles/cfa-level-1-study-material), you might now search fee materials on google,i am providing a name(soleadea.org) i am not sure whether it is a safe site or not,get on your own risk.
Thank you ,hope it might help you
what about CFA registration and fees payment , as CFA exam is an US exam. what will have to do ??
Hello Aspirant,
As you wanted to attempt cfa examination as it is a designation that certifies competence and integrity of financial analysts as the registration can be done from march 26 to August of 2nd week and registration fee is USD 650 with discount and it is fee for the level 1 and level two will be in December so work for it and get good certification and it can be done from online also for USD 450 so study well and work hard to get good marks and ALL THE BEST for your future and i think my suggestions and knowledge may be helpful to u.
I need to know about cfa part 1 exam details such as fees, registration date, syllabus,exam date, exam pattern,etc.
The Level1 CFA exam is conducted in two sessions each 3 hours long. It consists of 240 multiple choice questions in two sessions of 120 questions each.
When you register for the Level 1 CFA exam you will pay a one time enrollment fee of $450 USD.
Then you will have to pay an additional registration fee to sit for the exam at each of the three levels.
Depending on when you register, you can pay anywhere from $1950 to $4140 USD total to take all three levels assuming that you pass each exam the first time.
Add the $450 USD enrollment fee, and the total CFA exam fees range from $2440 to $4950 USD.
The CFA level 1 syllabus focuses on the basic knowledge of 10 topic areas and simple analysis using investment tools.
Based on the percentage of marks distributed there are 6 most important topics that you have to focus on.
- Financial reporting Analysis
- Ethics and professional standards.
- Quantative Analysis
- Equity Investment
- Economics
Cfa exam centre name in pune and mumbai
Hello Sumit,
CFA exam centres are only in 7 cities in India and Pune is not one of them, however, Mumbai has centre for this exam.
In Mumbai, the exam centre is Thakur college in Kandivali east.
Sometimes when the candidates are too many, the other centres may be Nesco Goregaon and also somewhere in Worli.
You can find these locations on the maps.
Hope this helps.