CFA Level 3 Exam Format 2026 (Mixed Sessions Explained)

Mixed format in both sessions

For recent windows, CFA Institute delivers Level III as two equal 132-minute CBT sessions. Item sets and constructed-response (essay) sets are mixed in each session — typically 6+5 or 5+6 — rather than essays-only in the morning.

Overall the exam includes 11 item sets and 11 essay sets at 12 points each. Item sets use a vignette plus four multiple-choice items (3 points each). Essay sets use bold command words and typed responses.

2026 curriculum shape

Core topics include Asset Allocation, Portfolio Construction, Performance Measurement, Derivatives and Risk Management, and Ethics, plus a large specialized pathway weight (Portfolio Management, Private Markets, or Private Wealth). Always verify the current outline on CFA Institute’s site before you sit.

How to practice here

Our Level 3 mocks are one-session timed sittings with the same mixed structure. Train MCQ pacing and written command-word answers in the same block — that is the skill the new format rewards.

All CFA study guides · Free CFA Level 1 practice exam · Pricing · Glossary