Exam overview

Requirements, fees, registration and results.

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CFA Level III Master Guide 2026The Level III exam tests whether you can combine investment knowledge into a recommendation, analysis, or calculation grounded in a case. In 2026 it h…
CFA Level III essay and item set formatLevel III mixes vignette-based multiple-choice item sets with vignette-based constructed-response sets. There are 11 of each, worth 12 points per set,…
CFA Level III registration and datesFebruary 2027 is the next Level III exam window, and registration is open through November 5, 2026. Register for the exam first, then schedule a speci…
CFA Level III eligibilityTo register for CFA Level III, you must have passed Level II and meet the program rules. If you entered as an undergraduate, you must have completed y…
CFA Level III feesThe CFA Level III registration fee for February 2027 is USD 1,440. Local taxes may be added at payment. The USD 299 Practice Pack is optional, and res…
CFA Level III passing score and resultsCFA Institute reports Level III as pass or fail and compares your scaled score with the Minimum Passing Score (MPS). There is no public raw-percentage…