This CFA Level 3 cheat sheet distills the CFA Program Level III curriculum into a fast, printable rundown of the portfolio-management and wealth-planning facts examiners test most. It's a premium cheat sheet built by Capital Prep — the one premium prep we trust — and it's yours free. Reinforce it with the rest of your free CFA Level 3 toolkit: the practice test, study guide, and flashcards.
CFA Level 3 exam at a glance
- Question sets: 11 item sets + 11 essay sets (20 scored, 2 unscored); 44 scored MCQ items
- Format: Item-set vignettes plus constructed-response essays; computer-based
- Time: Two 2h 12m sessions (4 hours 24 minutes total), optional break between
- Result: Pass/fail with topic-level summary; Minimum Passing Score set by the Board (not published)
- Cost: About US$1,140 early / US$1,490 standard (2026; verify at cfainstitute.org)
What’s on the CFA Level 3 cheat sheet
- Specialized Pathway (30-35%) — the pathway you pick at registration — Portfolio Management, Private Markets, or Private Wealth; the single largest block.
- Asset Allocation (15-20%) — asset-only, liability-relative (surplus), and goals-based framings, the economic balance sheet, MVO, and rebalancing corridors.
- Portfolio Construction (15-20%) — passive vs active, Active Share vs tracking error, LDI and immunization, and implementation shortfall.
- Derivatives & Risk Management (10-15%) — the four option structures, pay-fixed swaps and swaptions, and reading Value at Risk correctly.
- Ethical & Professional Standards (10-15%) — the Code, Standard II(A) MNPI, soft dollars, the Asset Manager Code, and GIPS.
- Performance Measurement (5-10%) — Sharpe and information ratios, Brinson attribution, and the SAMURAI valid-benchmark test.
How to use it in your final week
- Front-load the heavyweights: your specialized pathway (30-35%), Asset Allocation, and Portfolio Construction (15-20% each) together drive most of your score — review those sheet sections first.
- Drill the memory hooks on sight — the three allocation framings (asset-only, surplus, goals-based), the four option structures (covered call, protective put, collar, straddle), and reading a 95% VaR correctly as a threshold, not a maximum.
- Rehearse the essays: for each ethics or portfolio scenario on the sheet, practice writing a one-line recommendation plus its justification under time, since Level III rewards a clear answer.
- Read the sheet the morning of the exam for a final pass on the formulas — Sharpe, information ratio, and implementation shortfall — then simulate the two-session, 4h 24m timing so the pacing feels routine.
The cheat sheet is your review layer — your CFA Level 3 practice test drives the exam-readiness ring at the top of this page. Download it, review, then take a full practice exam (or drill with the study guide and flashcards) to see where you stand.
CFA Level 3 cheat sheet FAQ
Yes — the CFA Level 3 cheat sheet is 100% free to download as a PDF, with no sign-up required. It's part of Career Employer's free CFA Level 3 toolkit alongside the practice test, study guide, and flashcards.
It condenses the highest-yield Level III facts into a quick reference: the three asset-allocation framings, portfolio construction and immunization, the four option structures, Value at Risk, the most-tested ethics standards, performance ratios, and your specialized pathway — organized by the topic areas CFA Institute weights the exam around.
No fixed percentage is published. Level III is graded pass or fail, and the Board of Governors sets a Minimum Passing Score each cycle through a standard-setting process. Because the cutoff is undisclosed, aim to score comfortably above passing on full-length, topic-weighted practice and rehearse the essay format before test day.
No — the sheet locks in the facts and formulas you draw on, but Level III also has constructed-response essays that reward a clear, justified recommendation. Use the cheat sheet to memorize the frameworks, then rehearse writing concise structured answers under time with the practice test and study guide.
Click the download button (or the preview card) at the top of this page to open the PDF instantly. Bookmark this page so you can find it again in your final week before the exam.
References
- 1.CFA Institute. “CFA Program — Level III Exam.” cfainstitute.org, 2026. ↑
- 2.CFA Institute. “Level III Specialized Pathways.” cfainstitute.org, 2026. ↑
- 3.CFA Institute. “CFA Exam Dates and Fees.” cfainstitute.org, 2026. ↑
- 4.CFA Institute. “Code of Ethics and Standards of Professional Conduct.” cfainstitute.org, 2026. ↑
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