The CFA Program curriculum increases in complexity as you move through the three levels. Below is a chart representing how much weight is given to various exam topics across each level. All exam questions are based on the content in the corresponding curriculum for that level and exam questions are based explicitly on Learning Outcome Statements (LOS).
Below are examples of Level III item set questions and an actual Level III essay exam with guideline answers. You can expect to see similar questions in terms of structure and level of difficulty, but don't expect to see the same questions repeated on your exam.This post focuses on the CFA Level 3 essay section: the format, grading, preparation tips and exam strategy on the day. CFA Level 3 Essay Format. In this 3-hour exam, there are 10-15 questions, each divided into two or more parts. The points for each question and part are given in the exam.Tips of Answering a Level 3 Essay Question By Dr. Bruce Kuhlman, CFA, CAIA - Level 3 Manager First, a word of advice; answer the question that is asked, not the question you wanted or expected to see. For example, you might see a concept you know well, but it is asked from a different perspective.
The CFA Level III constructed response section, more popularly known as the 'essay' section, is often a significant challenge to CFA Level III candidates. 300 Hours' research has also estimated that more than 93% of Level III candidates performed worse in the essay paper compared to the item-set paper, so improving your essay performance can really help your chances in the CFA exam.
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The afternoon session of Level III is similar to Level II with vignettes and item-set questions. The essay format will be challenging in a unique way. There are two broad categories that make up the essay portion: calculation based answers and word based answers. For the calculation based answers, you will need to show all of your work to get.
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Focus on the essay questions so you understand how to structure your answers.” Coach Marc's Tip “Level III is a different beast than either Level I or Level II because it involves a written answer session.
Use the CFA Exam Calendar to Keep Track of Important Exam Dates CFA Program includes a series of three exams; Levels I, II, and III. The last paper-based Level I exam will be offered in December 2020; computer-based exams will be offered four times a year beginning in February 2021.
CFA Level 3 Essay Grading Question Does anyone know how an essay question will be graded if you get the first question wrong, but all questions after that rely on that incorrect answer? Right now I'm looking at Kaplan V2 Exam 2 Morning Question 6.
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Understanding the Structure of the Morning Essay on CFA L3 Understanding the Structure of the Morning Essay on CFA L3. CFA Level 3 test takers often dread the morning essay section of the test. Some of this is for good reason. After all, the morning section represents a clear departure from the multiple choice formats of both Level 1 and Level 2.
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