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LM01 Alternative Investment Features, Methods, and Structures

LM01 Categories, Characteristics, and Compensation Structures of Alternative Investments

LM01 Corporate Structures and Ownership

LM01 Derivative Instrument and Derivative Market Features

LM01 Ethics and Trust in the Investment Profession

LM01 Fixed-Income Instrument Features

LM01 Fixed-Income Securities: Defining Elements

LM01 Introduction to Financial Statement Analysis

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LM01 Market Organization and Structure

LM01 Organizational Forms, Corporate Issuer Features, and Ownership

LM01 Portfolio Management Overview

LM01 Portfolio Management: An Overview

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LM01 The Firm & Market Structures

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LM02 Analyzing Income Statements

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LM02 Code of Ethics and Standards of Professional Conduct Profession

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LM02 Fixed-Income Cash Flows and Types

LM02 Forward Commitment and Contingent Claim Features and Instruments

LM02 Introduction to Corporate Governance and Other ESG Considerations

LM02 Investors and Other Stakeholders

LM02 Organizing, Visualizing, and Describing Data

LM02 Performance Calculation and Appraisal of Alternative Investments

LM02 Portfolio Risk & Return: Part I

LM02 Portfolio Risk and Return Part I

LM02 Security Market Indexes

LM02 The Firm and Market Structures

LM02 Time Value of Money in Finance

LM02 Understanding Business Cycles

LM03 Aggregate Output, Prices and Economic Growth

LM03 Analyzing Balance Sheets

LM03 Business Models & Risks

LM03 Corporate Governance: Conflicts, Mechanisms, Risks, and Benefits

LM03 Derivative Benefits, Risks, and Issuer and Investor Uses

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LM03 Fixed-Income Issuance and Trading

LM03 Guidance for Standards I-VII

LM03 Guidance for Standards I–VII

LM03 Introduction to Fixed Income Valuation

LM03 Investments in Private Capital: Equity and Debt

LM03 Market Efficiency

LM03 Portfolio Risk & Return: Part II

LM03 Portfolio Risk and Return Part II

LM03 Private Capital, Real Estate, Infrastructure, Natural Resources, and Hedge Funds

LM03 Probability Concepts

LM03 Statistical Measures of Asset Returns

LM03 Understanding Income Statements

LM04 An Introduction to Asset-Backed Securities

LM04 Analyzing Statements of Cash Flows I

LM04 Arbitrage, Replication, and the Cost of Carry in Pricing Derivatives

LM04 Basics of Portfolio Planning & Construction

LM04 Basics of Portfolio Planning and Construction

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LM04 Introduction to the Global Investment Performance Standards (GIPS)

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LM08 Currency Exchange Rates

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LM08 Yield and Yield Spread Measures for Floating-Rate Instruments

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LM09 Income Taxes

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LM09 Option Replication Using Put–Call Parity

LM09 Parametric and Non-Parametric Tests of Independence

LM09 The Term Structure of Interest Rates: Spot, Par, and Forward Curves

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LM10 Valuing a Derivative Using a One-Period Binomial Model

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LM12 Applications of Financial Statement Analysis

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LM12 Yield-Based Bond Convexity and Portfolio Properties

LM13 Curve-Based and Empirical Fixed-Income Risk Measures

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2023 CFA Level III Exam Format

By Arif Irfanullah, CFA

Posted on 06-01-23 at 6:24 pm

Dear Level III candidates,

CFA Institute shared with us the following information about the 2023 Level III exams:

We wanted to share some information about the format of the Level III exam that candidates will see in the February 2023 window and beyond.

The look of an item set and essay set will not change with the Feb 2023 exam.
The item sets will still have a vignette followed by 4 multiple choice questions, and the essay sets have a vignette followed by a varying number of essay questions, typically 3 or 4.
What will change is how they are presented. Current state presents 11 essay sets in the first session, followed by 11 item sets in the second session.
Beginning in Feb 2023, the essays and item sets will be mixed in each session, with either 5 or 6 of each type within a session, still totalling to 11 per session.
There will be no set order within a session – it will all be randomized. So one candidate may see an item set first, followed by an essay, while another candidate may see an essay first, followed by three item sets, and so on.
I put an example in the table below showing this difference, with E being an Essay and IS an item set.
In addition, essay questions are no longer embedded in the vignette. There are a series of tabs and the first one houses the vignette, followed by three or four tabs numbered one through three or four that house the question and the response box.
All essay sets are worth 12 points. In CBT we no longer tell the candidate the further point breakdown by question. They generally range from a minimum of 3 points to a maximum of 6.
The best place to see what it looks like to the candidate is through a Prometric website tutorial. Be sure to view this on a regular PC, not a mobile device. Use the link below then scroll to the Tutorial section and click on the link. After starting the tutorial, click the green box on the bottom right that says “Start the Test”. Question number 5 is an example of what the essay questions look like: https://www.prometric.com/test-takers/search/cfa

(Above points and below diagram have been provided by CFA Institute)

You may also reference this page on the CFA Institute website: click here

Following the CFA Program Exam format changes for the 2023 LIII Exam, IFT has made changes to its mock exams. The CFA Institute made these changes, so it is necessary to incorporate them into IFT Mocks. We attempt to provide an exam simulation that tries to match the format, difficulty level, and duration of the actual CFA exam. Working through mocks helps you develop your test-taking skills, and keep you grounded toward your objective of understanding the curriculum; identifying your weak areas.

Please see the document at this link to read about the changes to the IFT Level III mock exams: IFT Mock Exam 2023 Changes