Your next major goal should be to clear the Level III exam. The next available Level III exam is in February 2025, so that is roughly 4 months away. If you feel you have a rhythm going, then don’t wait, register and start studying. If you want to take a longer time to complete the curriculum and revision then register for the exam in August 2025.
Now let us talk a little about Level III. There is a common perception that Level II is the hardest of all three exams, so things get a little easier with Level III. This is partially true in the sense that Level III is not as quantitatively rigorous. However, in my opinion, Level III is the most challenging, because candidates are now expected to apply concepts that have been studied across all three levels. Another factor contributing to Level III’s difficulty is that while the Level I and Level II exams were purely MCQ-based, the Level III morning paper requires candidates to write/type out their answers. It was possible to get lucky when responding to MCQs at Levels I and II, but there is no chance of you “winging it” at Level III.
Historically, the pass rate for Level III has been approximately 40-50%. While this is higher than Level I and Level II, keep in mind that only those who are smart enough to pass Level II take the Level III exam!
So the point is that you can’t take Level III lightly.
I’ll conclude with some study advice. I’d strongly recommend that you start your studies early and use the curriculum as your primary source. Prep provider videos and notes are good, but these should be used as a compliment – not a substitute – to the curriculum. Practicing questions from the curriculum and from exams made available by CFA Institute is also important but I’ll cover that separately. For now, I suggest that you simply get started with your Level III studies.
If you give it enough time I’m sure you’ll enjoy the material and you’ll pass the exam.
Best wishes,
Arif Irfanullah, CFA
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