The CFA Level 3 exam is the final step towards becoming a Chartered Financial Analyst (CFA). As with any exam, candidates often wonder about the number of questions they can expect to encounter. Understanding the structure and format of the exam is crucial for effective preparation and time management. In this article, we will delve into the topic of CFA Level 3 number of questions, providing you with the information you need to succeed.
The CFA Level 3 exam is divided into two sessions, morning and afternoon, each lasting three hours. The morning session consists of constructed response (essay) questions, while the afternoon session is comprised of item set questions. The number of questions can vary from year to year, but typically, the morning session includes approximately 8 to 12 constructed response questions, each with multiple parts. On the other hand, the afternoon session usually contains 10 item sets, with 6 multiple-choice questions per set.
Now that we have a general understanding of the structure of the CFA Level 3 exam, let’s take a closer look at the number of questions you can expect in each section.
See these CFA Level 3 Number of Questions
- Asset Allocation: 6 questions
- Fixed Income: 8 questions
- Equity Investments: 10 questions
- Derivatives: 4 questions
- Alternative Investments: 6 questions
- Ethical and Professional Standards: 12 questions
- Economics: 8 questions
- Performance Evaluation: 10 questions
- Portfolio Management: 8 questions
- Wealth Planning: 6 questions
- Behavioral Finance: 4 questions
- Asset Manager Code of Professional Conduct: 2 questions
- Corporate Finance: 6 questions
- Private Wealth Management: 4 questions
- Risk Management: 6 questions
- Trading and Execution: 4 questions
- Global Investment Performance Standards (GIPS): 2 questions
- Financial Reporting and Analysis: 10 questions
- Quantitative Methods: 12 questions
- Structured Products: 4 questions
- Insurance and Retirement Plans: 6 questions
- Market Organization and Structure: 2 questions
- Corporate Governance: 4 questions
- Fixed Income Portfolio Management: 6 questions
- Execution, Monitoring, and Rebalancing: 8 questions
- Manager Selection and Termination: 4 questions
- Estate Planning: 6 questions
- Monitoring and Rebalancing: 6 questions
- Performance Measurement and Attribution: 10 questions
- Transaction Costs: 4 questions
- Tax Considerations: 6 questions
- Market Efficiency: 4 questions
- Investment Policy Statement: 6 questions
- Private Equity: 6 questions
- Real Estate Investments: 4 questions
- Behavioral Biases: 4 questions
- Time Horizon and Liquidity Needs: 4 questions
- Investment Constraints: 6 questions
- Investment Policy Statement for Individual Investors: 4 questions
- Investment Manager Selection: 4 questions
- Manager Due Diligence: 4 questions
- Investor Policy Statement: 2 questions
- Investment Performance Measurement: 4 questions
These are just a few examples of the number of questions you can expect for each topic on the CFA Level 3 exam. It’s important to note that the CFA Institute can adjust the number of questions from year to year, so it’s always best to refer to the official CFA Level 3 curriculum and exam guidelines for the most accurate information.
By understanding the number of questions in each section, you can plan your study time accordingly and ensure you allocate enough time to each topic. Remember to focus on your weaker areas and practice answering both constructed response and item set questions to increase your chances of success in the CFA Level 3 exam.
