How to Pass CFA Level 3


If you want to be a Certified Financial Analyst, you need to learn how to pass CFA Level 3 exam. Many experts consider the Level 2 exam to be the hardest, but the Level 3 exam is certainly very difficult. Test takers who are not comfortable with their writing skills often struggle with the essay-based format of the exam. This is why one of the most important aspects of preparing for the exam. You should also prepare by taking mock exams. Additionally, it is very important that you study the CFA Institute syllabus extensively. Finally, you need to remember to manage your time carefully when you are taking the exam.

Prepare for the Essay Questions

One of the most important things that you can do to ensure that you pass the Level 3 CFA exam is to prepare for essay questions. You should do this by coming up with your essay topics from the CFA syllabus and outlining the essays before writing them. This may not be very fun, but it is effective preparation for the exam.

Take Mock CFA Level 3 Exams

You should also take several mock CFA exams before your actual test date. It is important that you take these exams under the same conditions as the real test. You should give yourself the same time limits. Also, you should not let yourself look up any answers on the computer or your phone. While it may be tempting to do so, you are only cheating yourself out of the most realistic mock exam experience possible.

When you have completed your mock exam, you should grade yourself according to the grading rules of the actual exam. It is important that you not cut yourself any slack when grading your own mock exam. You need to identify where your strengths and weaknesses are so that you can adjust your preparation for the real exam. You can take mock exams at regular intervals before your real exam date so that you can further fine-tune your preparation for the real thing. 

Study the CFA Institute Syllabus Extensively

Studying the syllabus from the CFA Institute should be an important part of your exam prep. All the material on the Level 3 exam will be taken from the syllabus. Not only does the syllabus states everything that you will need to know to pass the exam, it even includes extensive explanations. It is important to study these explanations, as you will need to understand why the guidelines listed in the syllabus exist. You will need to show the reasoning behind these guidelines when you are answering the essay questions on the Level 3 exam.

Manage Your Time Carefully When Taking the Exam

Many test-takers struggles with finishing the CFA Level 3 exam on time. This is one of the reasons that taking mock exams under realistic time constraints is so important. It will help you learn how to manage your time when you are taking the exam. Even if you manage your time well, you will likely be short on time when taking the exam. Keep in mind that it is okay to leave a couple of questions blank on exam day if you genuinely do not know the answers. It is still possible for you to pass the exam in this circumstance. 

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