Relevance of CFA questions from past level 3 exams

Does anybody know where I can find an updated list of this?

Thank you.

Can someone confirm if 2013 Essay Q4 B) & C) are relevant to 2017 material?

As per IFT, it says it is relevant (although it also disclosed that it is not 100% accurate)

As per my beliefs, these question parts are based on the reading “International Equity Benchmarks”, which I dont think I’ve encountered anywhere. Anyone else can confirm?

Kevin, you are correct. 2013 Q4 B and C should be considered partially relevant because the reading “International Equity Benchmarks” is no longer part of the curriculum. This has been replaced with a somewhat similar reading titled: “Market Indexes and Benchmarks”.

Thanks for identifying this issue. We’ll update the relevance document.

u r welcome


Can u confirm if 2008 Essay Question 2 Part 2 is still relevant? It pertains to regret avoidance bias, which has not been mentioned in Behavioral Finance. Interestingly, it has been mentioned only once in Reading 17 Asset Allocation (CFA mentioned it on only one line on Pg 192 of Fine Print)



Nice to see that you are diligently going through past papers. That is a very useful way to prepare for the exam.

Coming to your query, I’d say that 2008 Q2 is still largely relevant. The Behavioral Biases of Individuals, Section 4.6 talks about the regret aversion bias, which is essentially the same as regret avoidance. (The name of the bias has changed slightly since 2008 but the concept is the same.)



Arif, please explain the complete removal of question 8 in 2015.

It appears relevant, albeit a little odd, but I know the name of the study session has changed.

Dear Arif

In one of the old AMs, there is a question with “aversion to ambiguity” behavioral bias. Is this still actual as surrogate for different named bias or we may simply ignore this bias?


Dear Batman,

I indicated that 2015 Q 8 is ‘not relevant’ because the reading this question was based on (Lifetime Financial Advice) was dropped in 2017 and replaced by another one. Even though the new reading has a fair amount of overlap with the old one, there are subtle differences. There is no harm reading the solution, but keep in mind that this not 100% in line with the 2017 curriculum.

Dear Flashback,

“Aversion to Ambiguity” was mentioned in the past but is not discussed in the 2017 curriculum. Hence, I’d not worry about it.

Fine, thanks. Your summary is helpful.

Hi Arif

Can u confirm if Essay 2011 Q.1.B parts (i) & (ii) (frame dependence & aversion to ambiguity) may not be relevant?


EDIT: Got part (ii) response above. Aversion to ambiguity is not relevant according to Flashback/Arif post

Is MBS a part of 2017 curriculum? I cannot find anything about it in the Fixed income book.

For 2007AM, i belive Q 10A is not relevant in addition to Q9 (as indicated by Ift). Could someome confirm please for 10A. Thanks

Has anyone found an updated list for the 2018 exam yet? I know there were some major changes to the next exam.


Hi All,

Here is the link to the updated document which also covers the 2017 actual essay exam:

Best wishes,


This is fantastically helpful Arif, thank you!

Arif - do you have a similar document for the PM MQCs? I know in the past you have produced one. Thanks!