Chartered Financial Analyst Level 3

Formarly

Association for Investment Management and Research (AIMR))

Level III explores portfolio management in great depth. 

You must demonstrate a working knowledge of the portfolio management process, from 

• calculating investor constraints, 
• objectives, and
• capital-market expectations to 
• making asset-allocation decisions.

Exam Details

 Time Limit: 6 hours 

Number of Questions: 10-15

Passing Score: Varies Anually

Format: Item Sets and Essay

Corequisites: After CFA level 3, required to have at least four years of experience in a related field.

 

CFA Exam Topic Area Weights

Topic Area	Level I	Level II	Level III
Ethical and Professional Standards (total)	15	10	10
Investment Tools (total)	50	30-60	0
Corporate Finance	8	5-15	0
Economics**	10	5-10	0
Financial Reporting and Analysis	20	15-25	0
Quantitative Methods	12	5-10	0
Asset Classes (total)	30	35-75	35-45
Alternative Investments	3	5-15	5-15
Derivatives	5	5-15	5-15
Equity Investments	10	20-30	5-15
Fixed Income	12	5-15	10-20
Portfolio Management and Wealth Planning (total)	5	5-15	45-55
Total	100	100	100

 
Please note that some topics are combined for testing purposes.

**Economics is part of Portfolio Management at Level III.
 

The format of the exam, which is only offered in June, is a mix of item set questions (similar to Level II) and essay type questions

the Level III exam is also conducted in two parts - the morning and afternoon session. In the morning session, there are 10 to 15 essay type questions. Each question consists of multiple parts such as A, B, C, etc., which help you organize your answer in a template. These questions may provide you with a situation and ask you to develop your own recommendation or solution. In the afternoon session, there will be 10 item sets. Each item set consists of a case statement followed by six multiple-choice questions. The exam is graded for 360 points, which corresponds to one point per minute.

the focus of the exam is on portfolio management and wealth planning, but it also covers seven topics that are grouped into two other areas, namely, Ethical and Professional Standards and asset valuation.

Topic Area	Level III
Ethical and Professional Standards (total)	10
Investment Tools (total)	0
Corporate Finance	0
Economics*	0
Financial Reporting and Analysis	0
Quantitative Methods	0
Asset Classes (total)	35-45
Alternative Investments	5-15
Derivatives	5-15
Equity Investments	5-15
Fixed Income	10-20
Portfolio Management and Wealth Planning (total)	45-55
Total	100

The investment tools are not tested separately, except economics, which is a part of the portfolio management and wealth planning section. The majority of the exam revolves around portfolio management and asset classes in the portfolio context.

CFA Program Scholarships

 

CFA Program Scholarships for 2012

• 2012 CFA Program College Faculty Scholarship
• 2012 CFA Program College Student Scholarship
• 2012 CFA Institute Member Society Scholarship
• 2012 CFA Institute Program Partner Scholarship (for use by CFA Program Partner universities only) (PDF)
• 2012 CFA Institute Recognized University Scholarship (for use by Recognized Universities only) (PDF)
  
   Two types of scholarships for individuals pursuing the CFA Program: 
• Awareness and  
• Access. 

Access Scholarships - Available for 2013 Exams

a needs-based scholarship opportunity for those unable to afford the full price of the CFA Program enrollment and registration fees.

• The scholarship application deadline for both the June 2013 and December 2013 exams is 31 August 2012.

• Access scholarship awards reduce CFA Program enrollment and exam registration fees to $250, including the CFA Program eBook. (Scholarship candidates are responsible for any additional costs for substituting or adding the print option, including curriculum and shipping costs plus any applicable taxes and import duties.)
• Up to 2,500 scholarships will be awarded to CFA Program applicants each calendar year.

 If you receive a scholarship, you must register and sit for the exam in the relevant exam year awarded or you may be ineligible for future Access Scholarships. In cases where a candidate's financial situation changes, Access Scholarship applicants can withdraw their application from consideration before 31 October of the year in which they submit their application.