CFA Level III · exam guide

CFA Level III Rules and Regulations

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

Attempt limits, the Practical Skills Module requirement and professional conduct rules apply at every level.

• Each level can be attempted at most six times. Attempts under new accounts count, and a partially completed exam (for example, only one session) also counts.
• You can sit a CFA exam at most twice per calendar year, and not in consecutive windows or windows less than six months apart.
• Practical Skills Module: one PSM is required at Level III (from February 2025) to receive your result, and the same module cannot count at more than one level. Level III candidates get the PSM linked to their pathway. Each PSM takes about 10-20 hours.
• Exam fees are non-refundable, non-deferrable and non-transferable if you miss your appointment or fail to schedule one.
• From the February 2027 exams, paid deferrals are no longer offered; a candidate who does not sit forfeits the fee and must re-register. Emergency deferrals remain available under the Deferral Policy.
• Candidates must follow the CFA Institute Code of Ethics and Standards of Professional Conduct and complete a Professional Conduct Inquiry (PCI) form each time they enroll for an exam; without it you cannot take the exam. Not disclosing a conduct issue is grounds for disciplinary action.
• The Level III pathway cannot be changed once registration is complete, but you may choose a different pathway if you take Level III again.