The CFA Level 3 exam: dates, format, pass rate and passing score

CFA Level 3 exam dates

CFA Institute’s registration guide lists Level III in two windows a year, February and August, and says the exams will typically follow that cadence. The exact days and the early and standard registration deadlines for each window are in CFA Institute’s exam calendar, which you should check before you plan your study.

• CFA Level 3 exam dates 2026: windows in February and August. The February 2026 window has been held and its results published.
• CFA Level 3 exam dates 2027: windows in February and August, on the same cadence; confirm the exact days in the exam calendar.

Source: CFA Institute — Exam registration and scheduling guide. Checked 10 October 2026.

Choosing your CFA Level 3 test dates

Within a window, you book your own appointment at a secure, proctored test centre; CFA Institute offers the exams in more than 400 locations. Moving the appointment within the window costs USD 250.

Plan retakes around the attempt rules: at most two attempts per calendar year, never in consecutive windows or windows less than six months apart, and no more than six attempts at Level III in total. With windows in February and August, a failed February attempt can be followed in February of the next year at the earliest.

Source: CFA Institute — Exam registration and scheduling guide. Checked 10 October 2026.

CFA Level 3 exam format

The CFA Level 3 exam has 22 question sets: 11 item sets and 11 essay sets. Each item set is a vignette followed by four multiple-choice questions, each worth 3 points. Each essay set is also built on a vignette and is worth 12 points in total; CFA Institute does not disclose the points for each item within it, and every answer must be written in English.

Two of the 22 sets — one item set and one essay set — are being trialled and do not count. You cannot tell which, so answer every set as if it is scored. There is no penalty for wrong answers.

Each session holds either six item sets and five essay sets, or five item sets and six essay sets.

Source: CFA Institute — Level III exam. Checked 10 October 2026.

How long is the CFA Level 3 exam?

Testing time is 4 hours 24 minutes, split into two equal sessions of 2 hours 12 minutes with an optional break between them. CFA Institute describes the whole Level III appointment as about 4.5 hours, because time is also set aside for a tutorial on the exam software, the break and a survey at the end.

Source: CFA Institute — CFA exam information. Checked 10 October 2026.

CFA Level 3 exam weights

CFA Institute publishes the topic weights for Level III. The pathway you chose at registration — Portfolio Management, Private Wealth or Private Markets — is the largest block on its own.

• Pathway — 30–35%
• Asset Allocation — 15–20%
• Portfolio Construction — 15–20%
• Derivatives and Risk Management — 10–15%
• Ethical and Professional Standards — 10–15%
• Performance Measurement — 5–10%

Source: CFA Institute — Level III exam. Checked 10 October 2026.

CFA Level 3 minimum passing score

CFA Institute defines the minimum passing score (MPS) as the score needed to pass the exam, but it does not publish it as a number or percentage. Its Board of Governors sets the MPS after an exam administration only when there has been a significant change in the curriculum or the candidate population. Otherwise the standard is carried forward by equating, which adjusts for differences in difficulty between versions of the exam.

So there is no fixed minimum passing score. CFA Level 3 candidates should treat any percentage they see quoted elsewhere as an estimate, not an official figure. The practical aim is consistency across all six topic areas, because a weak pathway — a third of the exam — is hard to offset.

Source: CFA Institute — Exam results and pass rates. Checked 10 October 2026.

CFA Level 3 pass rate

CFA Institute publishes Level III pass rates after each window. The most recent figures it has released:

• February 2026: 50% of 11,269 candidates passed
• August 2025: 50% of 14,538 candidates
• February 2025: 49% of 11,131 candidates
• Ten-year average, as stated in April 2026: 51%

Source: CFA Institute — Level III results, February 2026 (press release). Checked 10 October 2026.

What the CFA Level III pass rate tells you

Every candidate in these figures has already passed Levels I and II, and still about half do not pass Level III at a given attempt. The CFA Level III pass rate has stayed close to 50% across the recent windows CFA Institute lists, so plan for a full preparation cycle rather than assuming the last level is a formality.

Source: CFA Institute — CFA exam pass rate infographic. Checked 10 October 2026.

CFA Level 3 exam results

CFA Institute emails candidates within 5–9 weeks after the close of the exam window to say that results are available. You must have completed a Practical Skills Module to receive your CFA Level 3 exam result.

If you pass Level III, you are told that you passed and do not receive detailed topic-level results; CFA Institute provides a score report only to Level III candidates who fail. That report is the starting point for a retake plan.

Source: CFA Institute — Exam results and pass rates. Checked 10 October 2026.

Preparing for the Level III exam

Certsqill’s CFA Level III questions are expert-developed and weighted to the published topic weights: every answer option is explained, and you see a readiness score per topic.

CFA Level III exam: questions people ask

When are the CFA Level 3 exam dates?

Level III is offered twice a year, in February and August. Exact days and deadlines are in CFA Institute’s exam calendar. Source: CFA Institute registration guide, checked 10 October 2026.

What is the CFA Level 3 pass rate?

50% in February 2026, 50% in August 2025 and 49% in February 2025; the ten-year average is 51%. Source: CFA Institute, checked 10 October 2026.

What is the CFA Level 3 passing score?

CFA Institute does not publish one. The minimum passing score is set by its Board of Governors and carried forward by equating. Source: CFA Institute, checked 10 October 2026.

How long is CFA Level 3 exam testing time?

4 hours 24 minutes of testing in two sessions of 2 hours 12 minutes; about 4.5 hours including tutorial, break and survey. Source: CFA Institute, checked 10 October 2026.

What is the CFA Level 3 exam format?

11 item sets of four multiple-choice questions and 11 essay sets, all based on vignettes; 20 of the 22 sets are scored. Source: CFA Institute, checked 10 October 2026.

What are the CFA Level 3 exam weights?

Pathway 30–35%, Asset Allocation 15–20%, Portfolio Construction 15–20%, Derivatives and Risk Management 10–15%, Ethics 10–15%, Performance Measurement 5–10%. Source: CFA Institute.

When are CFA Level 3 exam results released?

Within 5–9 weeks after the exam window closes, provided you have completed a Practical Skills Module. Source: CFA Institute, checked 10 October 2026.

How many times can you take the CFA Level 3 exam?

Up to six times in total and at most twice per calendar year, never in consecutive windows. Source: CFA Institute registration guide, checked 10 October 2026.

How are Certsqill’s CFA Level 3 practice questions built?

They are expert-developed: every question explains each answer option, and a readiness score per topic area shows where you stand before exam day.