This is the last of three exams offered by the CFA Institute (formerly the Association for Investment Management and Research (AIMR)). This exam (in addition to other requirements) must be passed for an individual to become a CFA chartholder. The CFA Program is a globally recognized standard for measuring the competence and integrity of financial analysts. Level III explores portfolio management in great depth. You must demonstrate a working knowledge of the portfolio management process, from calculating investor constraints, objectives, and capital-market expectations to making asset-allocation decisions.

Time Limit:	6 Hours
Number of Questions:	Approximately 120, plus an essay.
Minimum Passing Score:	Determined each year by the AIMR.
Passing Rates:	As of August 2004, 64% passed Level III.
Format:	50% Multiple Choice/50% Essay
Prerequisites:	Passing grade on CFA Level II exam, and a U.S. Bachelor's degree or equivalent.
Corequisites	Three years of qualifying work experience must be obtained.
Exam Date(s):	June
Exam Results:	Usually provided within 90 days.
Official Exam Website:	CFAInstitute.org

(Click Here for CFA Level I and II exam information)

• Acquisition • Derivative • Fixed-Income Security • Hedge

• Merger • Modern Portfolio Theory • Portfolio Manager • Real Estate Investment Trust - REIT

1. When must the required three years of qualifying work experience be completed in order to become a CFA chartholder? View Answer

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2. Is there any difference between a Chartered Financial Analyst and a Certified Financial Analyst? View Answer

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3. I am interested in pursing the CFA charter, but I do not have a degree in business... View Answer

CFAInstitute.org: CFA Program - The official site for the CFA program at the CFA Institute website. Includes everything you need to know about achieving the certification.