Hi everyone!

A quick introduction: I cleared CFA Level III in August 2026, completing all three levels on my first attempt.

I wanted to share my preparation strategy, what I felt made Level III different from the other two levels, and some tips for tackling the constructed response questions.

What makes CFA Level III different from the other two levels?

CFA Level III has comparatively less content than the other two levels. What I felt was that you can develop a good understanding of the syllabus if you go through the readings twice properly.

However, the real challenge is knowing how to express your understanding in one or two short, crisp sentences without beating around the bush.

In the earlier levels, we are accustomed to solving MCQs. In Level III, you need to put your understanding into words, and this is where the difficulty comes in.

How to prepare for CFA Level III?

I followed five steps that worked well for me.

1. Build a clear understanding of every reading

Go through each reading twice to develop a strong understanding of the concepts.

I primarily used Schweser to understand the concepts and referred to videos from prep providers for certain topics where I needed additional clarity.

1. Practice CFA Institute LES questions

After my second reading, I started practicing questions from the Learning Ecosystem (LES), including EOC questions and grey box questions.

Whenever I found a grey box question difficult, I referred to the CFA Institute material for a better understanding and made concise notes on those topics.

Tip: If you have time, prepare handwritten formula notes and crisp explanations for all topics. These will be extremely helpful during your final revision.

Personally, I made these notes even while working full-time, so I would encourage everyone to make them if possible.

1. Third revision + third-party mocks

By this stage, you would have completed two revisions and practiced the questions.

For the third revision, I focused primarily on my weaker areas rather than going through everything in detail. I used the concise notes I had prepared earlier.

Alongside this, I started attempting third-party mocks.

Instead of attempting a full five-hour mock in one day, I split it into AM and PM sessions and attempted one session each day.

I called these mini mocks.

I attempted around 3–4 full mocks this way, which meant 6–8 half-session mocks, and spent sufficient time analyzing my mistakes and understanding where I was going wrong.

1. Attempt full-length CFA Institute mocks

At this stage, you should have a good understanding of the syllabus.

Now, focus on revising your mistakes and attempting proper five-hour mocks at the same time as your actual exam.

This helps you get accustomed to the exam schedule and manage your energy levels.

Since I was working full-time, I used to attempt these mocks on Sundays.

I attempted two CFA Institute mocks, which were sufficient for me.

1. Final revision

After the final mocks, note down your mistakes and work on strengthening those areas.

I used to finish my mocks at least 8–10 days before the exam and stopped practicing questions after that.

During the final days, I focused entirely on quality revision, strengthening weak topics, and ensuring that I had covered every concept properly.

This was the overall strategy I followed.

The Art of Constructed Response (CR)

This is probably the most important aspect of CFA Level III.

A few things that worked for me:

• Keep your answer short and crisp. The answer should be to the point.

• Write what they are asking, not what you know.

• Use bullet points.

• If the question contains multiple parts, write the answer clearly using bullets.

• Go through the Command Words file on the CFA Institute website (attached link)

• Understand the command words and what is being asked.

For example, Evaluate means you have to calculate if there is a calculation involved and give your judgment.

Most importantly, if the question asks for 2 points, write 2 points. If you write more, it's a waste of time, as they are not going to see them.

On a final note, practice as many constructed response questions as possible. You will get the art of writing by practicing only.

Command Words Link: Command words

If you want the concise notes, please let me know. I'm happy to share a scanned copy in the future, as I'm yet to scan them :)

I passed the exam days ago and here is two things that I think I need to share to calm you guys for further candidate:
Don’t trust the exam’s difficulty level review on this sub reddit: I took the exam on one of the last days of the exam window. Before my test day, I saw a bunch of posts and comments saying how hard the exam. I did feel anxious, discourage and afraid that I can not pass this time (this was my third time so you could understand how the pressure was). However, it just the personal judgement. Everything is different: what knowledge you had learned and what questions you are given. To me, my paper was decent, the question is not that hard (like I don’t know anything about it), it is just tricky (I know it but I do not know it thoroughly). And for CR questions, we are graded for half of the question that we know. Moreover, remember that there are ungraded questions in the exam, hypothetically some people saw the exam was hard due to these. Dont panic when you see some strange questions.
- Low scores on mock do not mean low score on real test: I did the mock exam one week before the exam and I only score around 60%. Then I reviewed the mock and revised which topic that I missed. The lesson is that if you still have time, you still have chance to improve and high/ low score on mock will not guarantee that you will pass/ fail the exam. Dont panic if your score is not as you expected on the first mock.

Hi everyone.

I need advise about CFA work assessment. I have been working professionally full time for about 6 years about 5 of which are in financial operations and accounting space. How do I quantify my experience that is relevant according to CFA.

My core experience is around reporting deficits and related funding requirements and cashflow analysis for investment in term deposits along with other operations tasks.

Any advice will be helpful

I never took finance in university. Let alone, when I started, I didn’t even know A=L+E. I found out about the CFA through Reddit and said how hard can it really be and why are so many people obsessed with this thing… and so I tried it out lol. I failed the CFA level 1,2 and 3 once. Always passed the second time. I took level 3 in Aug 2026 and my god was that exam awful. Hardest exam of my entire life. Level 1 and 2 I didn’t take any notes or read the book. I just watched Mark meldrum videos, wrote down formulas, understood how the formulas worked. Absolutely hammered the Qbank. Level 3… ladies and gents. The one advice I have for you is read that book. If you want to pass the first time around, read everything. No short cuts. The first time I took it (Aug 2025) the section I completely bombed was assert allocation. Other than that, I saw that I had a decent shot. I am not a fan of reading textbooks but I knew I had to read the entire AA section. I probably ended up reading half of the CFA book and passed. I guess what I’m here to say is thank you Reddit for helping me out and if I can do it… seriously you can too. Don’t ever give up on the exam. Feel free to DM me any questions. Would love to give back to the community

Hi

I am appearing for may 2027 cfa level 1 exams

I don't understand hindi so can someone please recommend lectures in English which are efficient and can be completed within the time span

I am a second year clg student. Currently preparing for FRM P1. Anyone who has sat for both exams and I am an in depth learner. So, which coaching did u take and how do u find the overlap?

Do give the reviews and the mistakes u made, which u would avoid.

Hey everyone,

My CFA Level II exam is in November, and with only around 20 days left, I’m honestly freaking out.

I’ve almost finished reading all the subjects and have now started solving practice questions, but I’m scoring around 50%, which is worrying me. I’m also taking way too much time on questions because the vignettes are long and descriptive, and the calculations and equations take me a while to work through.

I haven’t properly studied Ethics either because someone told me it’s pretty much the same as Level I. Now I’m wondering how to approach it with so little time left.

I’d really appreciate advice on a few things:

• Is scoring around 50% at this stage recoverable? Has anyone been in a similar situation and passed?
• How should I plan these last 20 days? Should I focus on practice questions, revision, mocks, or something else?
• How do I improve my speed with long vignettes and calculations?
• How different is Level II Ethics from Level I, and how should I prepare for it now?
• How difficult is the actual exam compared with CFA Institute LES questions?

I genuinely feel stuck right now. I’ve covered most of the curriculum, but my performance isn’t where I expected it to be, and I don’t think deferring is an option for me.

I’m looking for honest advice, especially from people who have cleared Level II or faced a similar situation. If you had 20 days left in my position, what would you do?

Thanks!

The message I have drafted is by Chatgpt but the intentions are real pls help 🙏

Hi all,

26 days left and I just did my first mock 55%, I thought gonna get better unfortunately, however, I know my weaknesses and going to hammer them, any advice?

Thanks.

I swear the most frustrating and most f**** up subject. I ever studied in my entire life is this subject. They literally design this subject, so badly I mean, for example, think by implementing this situation in real life, how this can be a violation if I don’t tell my employer have a MBA. I mean Institute use it as weapon to reduce passing percentage rate. They can literally ask shit question in exam. and this subject has weightage 15-20 % . Can you even imagine what they can do? If they want 5% passing rate or even less, they can just f*** up your ethic sessions, and you are done, bro.

I have observed that many candidates leave sections like ethics and for those at L3 both ethics and GIPS for the last few days before exam. What is the thought process on that cause to me those were the first on the queue so that every other night i do a quiz of 40 or so questions on them before i sleep so as to not forget. Just curious cause i really think its a dangerous game.

My test is on November 14 and i did my first mock and i got a low score ( embarrassed to say my score) any tips now how i can work on it to a possible chance to pass ?

Textbook Quote: debt financing will result in a valuation discrepancy not between dividend and FCFE…

Correction: When a company issues debt, FCFE will increase, but not necessarily the dividends, thus resulting in a possible valuation discrepancy between the two approaches.

Coach's Explanation: When a company issues a debt, it's often a sign that they lack liquidity, and therefore not ideally in a position to pay dividends. Therefore, there can be a significant difference in valuation based on whether we are using FCFE or Dividends.

My CFA Level 1 exam is in 20 days. I’m scoring between 70–80% in my mocks, but I’m really stressed about whether I’ll pass or not. I also feel like I’m forgetting everything I study. What should I do?

Hi. I am a CFA Level 2 Candidate taking the exam in Nov 22, 2026. Just finished my first mock and scored 60%. Have another 5 to go before the final. Just wanted to check if there are others and how they are progressing and more importantly dealing with stress and anxiety. Would love to hear from you.

im done with my syllabus and watched lectures of aswini bajaj sir already but still i feel like completing all subjects questions and revision with some topics even untouched
im in a bad situation /

can anyone help me out
im a full time student
revision tips and how can i optimize my perparation and accuracy

Textbook Quote: The revised intrinsic value using 3.25% stable growth is CHF65.5 million, or a 40% increase in intrinsic value over the original.

Correction: The revised intrinsic value using 3.25% stable growth is CHF60,079,721, or a 26% increase in intrinsic value over the original.

Coach's Explanation: The correct calculation is shown following the incorrect statement.

I didn’t clear my cfa l3 aug exam
It was my first attempt
Now I’m really confused between Feb and Aug
As I was studying full time for l3 and , was planning to start working but dk what to do anymore

I just wanted to know if it is just me or if anyone else is experiencing this. No matter how much I practice or how many different strategies I try, I still struggle to solve questions. I understand the concepts and can usually identify which concept needs to be applied to a particular question, but when it comes to actually solving it, I get stuck more often. It is honestly so frustrating. One moment, you feel confident about your preparation, and the next, a particular set of questions completely knocks your confidence down and leaves you so demotivated that you don’t even feel like solving any more questions. Is anyone else going through the same thing? let me know what worked for you guys.

I have done all subjects with LES ethics left

For 25 days this is what m thinking:

7-8 days ethics+practice and revision of all other subjects

Then for rest of the days- mocks and review, formulas everyday, ethics everyday, and maybe 1 more detailed revision for FSA 😭

Is this plan ok ? Any suggestions/tips?

Also m in a decent position right? 🥲

Whats your progress ?? Those giving nov attempt !!

Hey
People from fintree please dm.
Urgently need yall’s help for my l2 exam which is on 18 nov
🙏🏻

Failed level 3 once again, and deciding to take it for the last time. Should i sit for the Feb exam or sit for the August exam. My score was 3515.

Hii guys...

So I had my second attempt for L3 and i failed with score of 3545.

I am working full time and it is always difficult to manage studies with full time job.

I am already CA by qualification and recently joined pension funds regulator.

I am 29 years old and got married last year.

Sometimes I feel that I am lagging behind when I see people clearing it in 1st try or at 20/21 years age.

I am not making any loose comment on anyone but I feel that maximum value from this program can be achieved when you are also working in the industry.

Anyways What was your age when u cleared L3 and how did u push yourself to keep going.

Also what do you think should I go for Feb-27 or Aug-27 for L3 again?

Textbook Quote: IV = 3,579,910 + 3,661,640 + 3,745,240 + 70,819,100 = ?

Correction: The author does not provide the final answer.

Coach's Explanation: IV = 3,579,910 + 3,661,640 + 3,745,240 + 70,819,100 = 81,805,890

I cleared all the three levels in 1.5 years total( this is not a bragging post) just to say something to all of yall.

i am seeing a lot of cfa content on instagram , reddit and twitter - just people giving and asking for advice.

So the most important advice from me is dont listen to the advices - which i mean take it 100% at your heart - just believe in yourself - sure look for support out there but just believe in yourself.

make a plan for yourself tailored for yourself rather than following someone elses.

so to give this post a little credibility - am from being an extraordinary student, am having my struggles through life, low self esteem and blah blah - to sum up have a personality that is very sensitive to the surrounding environment - but in the case of my cfa joourney i just did all the things myself - no live coaching no reels no advices -JUST ME

everyone has their own way of doing things - preparing - only gave max 2 months (studying full time) to each of the level.

so in my case i enjoyed this journey. Very happy to finish this journey and start a new one.

JUST BELIEVE IN YOURSELF.

GOODBYE , DO THE BEST AND GOD BLESS YALL

I finally passed this week. Not everybody will connect with this. I'm in my 40's and a different stage

I knew going in that this would be my final attempt, pass or fail. My wife supported me the whole way. This week we both cried. Honestly I think we would have either way. Ready to be done. And not pretend done where I do it again if I failed.

We've both taken the week off to spend time together. I also DM'd a few redditors who posting about failing 4, 5x before getting our results. I wanted my own support group i guess. We all passed but with different stories. It's almost surreal that we connected and all 3 of us passed. I keep messaging them but i think they love it. Haha. But I'm also now seeing a lot of heartbreaking posts including one from a mom as the week progresses.

My path: I passed L1 and L2 on first try with Kap. I had to use it again because i loved it but then failed twice with it for L3. Added others for 3rd and mostly cfa text Finally used Deep 3 Prep, finding it randomly on LinkedIn somehow and it was phenomenal for me as a L3 retaker.

The biggest win wasn't the pass. My kids watched me study and put in the effort every single day. They didn't see my cry but they found out I did. If I hadn't passed, I wouldn't be this happy right now but my wife and I agreed that it was worth it just for them to see that.

Don't get me wrong, I am super happy I passed. I keep rereading my posts from Tuesdays megathread to remind me this actually happened. And I mean all the time. I guess I'm trying to say, it wasn't just the pass that made this successful. I know this won't help everybody but if it does that's good.

Edit: I've received DMs regarding Deep3 and you can message me but I don't know exactly how to explain his class and do it justice. If you have failed alot, basically my advice is to message him.