CFA Level III practice test
Level III moves the focus to portfolio management and to applying judgement across a client's whole situation. The papers here cover asset allocation, portfolio construction, performance measurement, derivatives and risk, ethics, and the private wealth pathway.
101 practice questions, 1 full mock paper, each 101 questions in 3 hours. Topic practice breaks the same bank down by exam domain, and the quick test gives you ten random questions with no account.
Every question is written to the CFA Institute Level III syllabus. These are practice questions in the style of the exam, not official past questions, and SchoolRegistry is not connected to CFA Institute.
Choose your CFA L3 paper
What the questions cover
- Level III — portfolio management item sets
- The CFA L3 questions cover asset allocation, portfolio construction, performance measurement, derivatives and risk management, ethical and professional standards, and the portfolio management pathway, weighted the way the real exam weights them.
Questions people ask
Does this cover the constructed-response section?
No. The practice here is multiple-choice item sets. The real Level III exam also has a constructed-response section, where you write the answer rather than select it, so plan separate practice for writing under time.
How many papers are there?
One full item-set paper at the length of a real session, plus topic practice by study area. The live counts are shown on the page from the bank itself.
Which pathway do the questions follow?
The private wealth pathway, which is the route most candidates take. Portfolio management topics are common to all pathways, so the paper is relevant whichever one you pick.
Are these official CFA Institute questions?
No. They are written to the Level III curriculum in the style of the exam. CFA Institute does not release live questions.
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