To pass the CFA exam, you have to look for the CFA study materials. Apparently, there are many free CFA materials scattered on the internet. 300 Hours is one of free CFA study materials. By the way, is 300 Hours enough for CFA Level 3? Let us read this text below to get the answer.
CFA Level 3: A Quick Overview
CFA Level 3 is a computer-based exam that held twice a year:
- May and August in 2022.
- February and August from 2023 onwards.
Unlike CFA Level 2 which is heavily quantitative and calculation-based, the real challenge in CFA Level 3 lies in the more qualitative nature of the questions combined with half the paper being a constructed-response format. You need to understand what CFA Level 3 is about to beat it.
Is 300 Hours Enough for CFA Level 3?
Is 300 Hours enough for CFA level 3? It is enough for some people. However, there are some people who said that they need more CFA study materials. For your information, 300 Hours provides a free CFA exam study planner. Of course, a study plan is a must-do for all CFA candidates to track their progress, target improvements and manage time. The 300 Hours have made and shared their free, personalized CFA study Planner tool which has been used by over 50,000 happy candidates.
The 300 Hour study planner will assist you to predict your CFA exam score, track your study efforts, and benchmark your mock exam scores against historical candidate data. Also, it will assist you to map the curriculum that you have covered, identify weak spots and auto-prioritize.
Apparently, there are some features available on the 300 Hour Study Planner, including:
- CFA exam calculator guides
It is going to allow you to learn more BA II plus or HP12C calculator guides. When it comes to choosing the proper calculator for your CFA exam preparations, usually it can get confusing and overly complicated.
- CFA exam tips
The 300Hours has approximately 10 commandments for all levels. It is not strange if the CFA exam offers a painful process of studying and passing all 3 levels of the exams. What you must do is to simply how to prepare for each level to maximize your opportunity of passing.
- Free probability distribution tables
Need to note that common probability distributions may be a nightmare for some people, mainly if you are new to statistics. Here is the following list of probability distribution tables that you have to learn on how to use for Level 1 and 2:
F-Table at 5%
F-Table at 2.5%
What Is the CFA Level 3 Format Like?
CFA Level 3 exam consists of vignettes with multiple-choice questions and constructed response questions in total. These are split into:
- First session, 2 hours 15-minute exam time with 8-11 constructed response questions;
- Second session, 2 hours 15-minute exam time with 44 multiple-choice questions.
Constructed-response (essay) questions are basically non-multiple-choice questions, where you have to write concise answers to the questions and show your calculations. The second session is the same format as the level 2’s item-set questions.
All topics are tested in the morning and afternoon exam sessions. That said, there is a big shift in emphasis from topics on Investment Tools, for example: corporate finance, FRA and quantitative methods, to portfolio management and wealth planning.
How Difficult is CFA Level 3 vs CFA Level 2?
CFA Level 2 is difficult for the sheer number of materials you must learn and know how to calculate, whereas CFA Level 3’s curveball is the constructed-response format and the more qualitative nature of the questions. But, after you have learnt how to answer succinctly in the CFA Level 3’s constructed-response format, on balance, CFA Level 2 is probably the more difficult paper.
What are CFA Level 3 Pass Rates Like?
Based on the research, since May 2022, the latest pass rate for CFA Level 3 is 49%, with an average of 50% for 2010-2022. We get information that since 2021, there has been a step change in historical trends of CFA pass rates for all levels, thus it is best for you to check out the latest updates.
How Much Does CFA Level 3 Fee?
For your information, the exam fees for CFA Level 3 are $900–$2,500. It will depend on how early you register. Also, there are other optional additional fees to consider, such as rescheduling fee, physical copies of the curriculum, and third-party study materials.
What is the latest CFA Level 3 Curriculum and Topic Weights?
|CFA Level 3 Topic Area||Topic Weight in 2023|
|Financial Reporting & Analysis||–|
Recently, there is interest about the changed CFA Level 3 weights, it is possible to test all topics more evenly (excluding PM & Fixed Income), maybe done as a move to prevent the candidates from dropping topics. For those who consider using previous year’s books to study, it is worth referring to the latest 2023 CFA curriculum changes article to check how much the curriculum has changed over the year.
How Many Hours to Study for CFA Level 3?
Based on CFA Institute’s 2019 Candidate Survey, the average CFA Level 3 candidates studied for 344 hours. But based on our experience to improve chances of passing, studying for a minimum of 350 hours over 4-6 months is more common. For the students, working professionals and parents, we highly recommend you to look at the CFA Fast Track Plan as a guide. Also, you are able to use the latest updated Free CFA Study Planner to customize your study plan.
Is There a Maximum Time Gap Between CFA Level 2 And CFA Level 3?
The CFA program does not impose any time limit between levels, or impose any time limit to complete all levels, which is helpful to have such flexibility. But candidates also may lose motivation if they take a too long a break between exam levels.