About the Level III CFA Exam

The final installment of the CFA trilogy. You’ve got this.

The Level III CFA exam is the third and final step toward the CFA charter. The exam has 2 sessions, a morning and afternoon. The morning session typically consists of 10-15 essay questions. The afternoon session features 60 multiple choice questions. The Level III CFA exam covers the following topic area, each having their own subcategory in the forum:

Topic Exam Weight Study Session(s)
Ethics and Professional Standards 10-15% 1,2
Economics 5-10% 4
Equity Investments 10-15% 9,10
Fixed Income 15-20% 7,8
Derivatives 5-10% 6
Alternative Investments 5-10% 11
Portfolio Management 35-40% 3,5,12,13,14,15,16

Historical Pass Rates

Year Total Pass Fail % Pass
1963 284 268 16 94%
1964 189 179 10 95%
1965 361 329 32 91%
1966 681 563 118 83%
1967 543 491 52 90%
1968 540 414 126 77%
1969 347 237 110 68%
1970 393 238 155 61%
1971 362 288 74 80%
1972 294 214 80 73%
1973 344 222 122 65%
1974 424 355 69 84%
1975 470 393 77 84%
1976 431 363 68 84%
1977 694 540 154 78%
1978 639 481 158 75%
1979 502 441 61 88%
1980 508 437 71 86%
1981 462 340 122 74%
1982 640 469 171 73%
1983 610 392 218 64%
1984 808 658 150 81%
1985 790 579 211 73%
1986 1,092 845 247 77%
1987 1,052 755 297 72%
1988 1,218 864 354 71%
1989 1,431 1,133 298 79%
1990 1,823 1,360 463 75%
1991 1,916 1,436 480 75%
1992 2,013 1,658 355 82%
1993 2,542 1,936 606 76%
1994 2,550 1,859 691 73%
1995 2,658 1,860 798 70%
1996 3,121 1,999 1,122 64%
1997 5,316 3,119 2,197 59%
1998 6,650 3,895 2,755 59%
1999 8,448 5,015 3,433 59%
2000 9,684 6,274 3,410 65%
2001 11,493 9,410 2,083 82%
2002 10,186 5,924 4,262 58%
2003 13,020 8,816 4,204 68%
2004 13,452 8,669 4,783 64%
2005 11,102 6,083 5,019 55%
2006 16,283 12,314 3,969 76%
2007 12,777 6,399 6,378 50%
2008 14,549 7,720 6,849 53%
2009 19,436 9,597 9,839 49%
2010 21,462 9,881 11,581 46%
2011 22,784 11,567 11,217 51%
2012 24,754 12,870 11,884 52%
2013 25,766 12,607 13,159 49%
2014 26,882 14,532 12,350 54%
2015 27,468 14,664 12,804 53%
2016 28,884 15,606 13,278 54%
2017 31,631 17,172 14,459 54%
2018 35,518 19,920 15,598 56%
2019 38,377 21,380 16,997 56%

■■■■ this new design sucks, ■■■■ AF designers (sorry Chad, i know you only paid the guy) but this design really blows> must study fro FRM to ■■■■■■■ escape this ■■■■