CFA Level III · exam guide

CFA Level III Eligibility

Checked against CFA Institute's official pages, as of 12 October 2026. Rules and fees change; confirm on the official site before you act.

Level III is open to candidates who have passed Level II and still meet the CFA Program enrollment requirements. By Level III you must have completed your bachelor's degree or built up 4,000 hours of professional work experience.

• You must have passed the Level II exam.
• Education route: a completed bachelor's degree or an equivalent programme, with the degree awarded.
• Student route: if you enroll as an undergraduate, your Level I exam window must be 23 months or less before the month you graduate. To sit Level II you must be within 11 months of graduation, and to sit Level III you must have completed your degree or accrued 4,000 hours of professional work experience.
• Work route: a combination of 4,000 hours of work experience and/or higher education, built up over at least three sequential years and achieved by the date you register for Level I. Education and work periods cannot overlap; each year of higher education counts as 1,000 hours.
• Work experience does not have to be investment related. Paid internships and articleships count; work in your own or a family business counts only if it is paid professional work.
• You need a valid international travel passport. Without one you cannot sit the exam.
• Exams are offered only in English, so you need English proficiency for reading and answering.
• You must live in a country where CFA Institute can operate under its sanctions (OFAC) policy.
• CFA Institute may ask for proof of education or work experience. Failing to provide it can lead to a cancelled registration, withheld or voided results and disciplinary action.