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% |