The Differences Between Level II and Level III of the CFA® Exam
If you’re reading this, chances are you’ve successfully passed (or at least sat for) Level II of the CFA® exam. Congratulations on making it this far! You’ve probably heard Level III is quite different from Levels I and II. This article will break down how Level III is different, and how you will need to modify your approach to be successful.
For starters, it’s important to acknowledge that each level of the CFA exam requires you to flex new muscles and use new skills. At Level I, you complete single multiple-choice questions to demonstrate a basic grasp on the pertinent content. At Level II, you need to demonstrate that you can learn, recall, and apply long deterministic processes through 20 vignettes, each followed by six multiple-choice questions. At Level III, you apply those previously demonstrated skills, plus the ability to apply judgement and write. The Level III CFA Program exam is composed of 50% constructed response questions in addition to 10 vignettes, each with six of their own multiple-choice questions.
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