CFA Level III · exam guide

How the CFA Level III Exam Is Conducted

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

The CFA Level III exam is a computer-based test taken in English at a proctored test centre booked through Prometric.

• Computer-based exam at a secure, proctored test centre. After registering you book a date and time through the Prometric scheduling tool; appointments are first-come, first-served.
• CFA exams are offered at more than 400 test centres worldwide. CFA Institute lists Thane, India as a new location from the February 2027 administration.
• The Level III exam has 4 hours 24 minutes of testing time, split into two equal sessions of 2 hours 12 minutes (132 minutes) with an optional break between them. CFA Institute describes the full appointment as about 4.5 hours, including a software tutorial, a break and a closing survey.
• The exam has 11 item sets (vignette-based multiple choice) and 11 essay (constructed response) sets, each worth 12 points. Each session has either 6 item sets and 5 essay sets or 5 item sets and 6 essay sets. Twenty sets are scored; one item set and one essay set are trial sets that are not scored.
• In essay answers, a correct number typed on its own earns full credit for a calculation; showing working can earn partial credit. You choose one specialised pathway (Portfolio Management, Private Markets or Private Wealth) at registration.
• Exams are in English only.
• Calculator: only the Texas Instruments BA II Plus (including the Professional) or the HP 12C (including the Platinum, anniversary editions and Prestige) is allowed. Bring your own; borrowing or sharing is not allowed, and using or possessing an unauthorised calculator voids your result.
• ID: an original, current, machine-readable international travel passport with a recognisable photo, carrying your name exactly as in your CFA Institute account. It is checked at check-in for both sessions; if the name does not match, you cannot sit and you forfeit the fee.
• Arrive about 30 minutes before your appointment; late arrivals can be refused entry and lose their fees. Check-in includes inspection of belongings, clothing and eyeglasses, a metal-detector wand, and CCTV monitoring.
• You may take up to two unscheduled breaks, but the exam clock keeps running during them.