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
| 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.
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.
