1. Structure
The level 3 exams are computer based testing. There will be two 2.25 hour sessions with an optional break in between.
Entry requirements
To register for your Level 3 exam, you need to have passed Level 2.
Syllabus
Below is a syllabus overview detailing each topic and their approximate exam weighting:
| Level 3 topic |
Approximate exam weight |
| Ethical and Professional Standards |
10-15% |
| Economics |
5-10% |
| Equity Investments |
10-15% |
| Fixed Income |
15-20% |
| Derivatives |
5-10% |
| Alternative Investments |
5-10% |
| Portfolio Management and Wealth Planning |
35-40% |
At this final level, the ten key topics are combined, depending on their level of interrelationship, to form advanced knowledge areas, or study sessions. That’s why they differ from the form and structure of topic areas at Level 1 and 2. These knowledge areas are highlighted below:
Code of Ethics and Standards of Professional Conduct
Study the framework for ethical conduct in the investment profession so you understand and can apply it. You’ll also learn the recommended procedures designed to prevent violations of the Code of Ethics and Standards of Professional Conduct.
Ethical and Professional Standards in Practice
You’ll examine case studies to reflect on the practical application of the CFA Institute Code of Ethics and Standards of Professional Conduct (Code and Standards) in real-life scenarios.
Behavioral Finance
Behavioral finance provides insight into how emotional biases and cognitive errors could influence individuals’ perceptions and investment decisions. Being aware of behavioral biases may help in understanding client goals, in constructing investment portfolios, and in identifying inconsistencies in investment decision making and market anomalies.
Private Wealth Management (1)
Identify the process of private wealth management and how to construct an investment policy statement (IPS) for the individual investor. This area also focuses on investment strategies applicable across a wide range of localities.
Private Wealth Management (2)
This session examines the considerations and risks associated with concentrated single asset positions. You’ll be presented with strategies for managing concentrated positions in publicly traded common shares, privately held businesses, and real estate.
Portfolio Management for Institutional Investors
You’ll be given a framework for understanding institutional portfolio management. Concepts and practices important in determining the investment policy statement (IPS) are presented for different types of institutional investors.
Applications of Economic Analysis to Portfolio Management
Study the process of setting capital market expectations and explore major tools of economic analysis. You’ll be introduced to the application of neoclassical growth theory to develop economic forecasts and think about how economic forecasts can be integrated with equity valuation techniques to value an equity market.
Asset Allocation and Related Decisions in Portfolio Management (1)
This session introduces you to asset allocation and provides a conceptual framework for understanding asset allocation considerations and key implementation approaches.
Asset Allocation and Related Decisions in Portfolio Management (2)
The asset allocation decision is affected by multiple constraints that present practical challenges to asset allocation. This session examines the effects of these constraints and presents adaptations to address them by institutional investor type. It also looks at how to assess performance using market indexes.
Fixed-Income Portfolio Management (1)
This session explains the role played by fixed-income securities in portfolios and focuses on the two primary types of fixed-income mandates (liability-based and total return). It covers approaches, risks, and challenges associated with both immunization of single and multiple liabilities and the indexation and laddering of a fixed-income portfolio.
Fixed-Income Portfolio Management (2)
Building on the what you’ve learned on the previous level, you’ll examine yield curve and credit strategies for fixed-income portfolios. Portfolio management strategies, which are based on the investor’s expectations regarding the level, slope, and curvature of the yield curve, are demonstrated.
Equity Portfolio Management
You’ll focus on the role of equities in an investment portfolio, three major approaches (passive, active, and semi-active) used to manage equity portfolios, and the evaluation of equity managers.
Alternative Investments for Portfolio Management
You’ll learn the characteristics of alternative investments and discuss concerns related to specific types of alternative investments.
Risk Management
You’ll examine framework for risk management, focusing on the concepts and tools for measuring and managing market risk and credit risk.
Risk Management Applications of Derivatives
Supporting your outcomes of the previous session, you’ll learn risk management strategies using forwards and futures, option strategies, floors and caps, and swaps.
Trading, Monitoring, and Rebalancing
You’ll learn how managers and traders interact with markets, choose appropriate trading strategies and tactics, and measure success, and also discuss the ongoing monitoring and rebalancing of the investment portfolio.
Performance Evaluation
You’ll learn how to evaluate the portfolio management process through performance measurement, performance attribution, and performance appraisal.
Global Investment Performance Standards
The final session provides a grounding in the requirements and recommendations of Global Investment Performance Standards.
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For more information please visit the CFA Institute website launch.
2. Study packages
Whatever your learning style, we have a study package for you.
Do you prefer structured learning? We offer classroom, live online or a blended approach. Or do you prefer self study? Then we offer a distance learning package where you can study at your own pace.
Our flexible study packages have been designed to maximise your time, keep you on track, and help you pass your exam. Whichever study package you choose, you’ll receive high quality Schweser study materials, recordings, and continuous support right up to your exam. To see which study package is best for you, please see our infographic launch.
Study methods available for this qualification
picture_as_pdf Study method comparison chart
people
people
Classroom
Structured teaching keeps you on track and motivated with scheduled classes.
- Classroom tuition
- Classroom revision
- Schweser study material
- Pass Protection
- Recommended Package
£3,014.00
(£2,549.00
excl. VAT)
Buy now
laptop
people
Blended
Structured teaching keeps you on track and motivated with scheduled classes.
- Live online tuition
- Classroom revision
- Schweser study material
- Pass Protection
£2,504.00
(£2,129.00
excl. VAT)
Buy now
laptop
Live Online
Structured teaching keeps you on track and motivated with scheduled classes.
- Live online tuition
- Live online revision
- Schweser study material
- Pass Protection
£1,990.00
(£1,700.00
excl. VAT)
Buy now
laptop
laptop
Distance Learning
Self study at your own pace and when it's convenient with OnDemand videos.
- OnDemand tuition
- OnDemand revision
- Schweser study material
- Pass Protection
View Distance Learning 5 day trial ›
£820.00
(VAT not applicable)
Buy now
Or you can choose an individual revision course without the supporting Kaplan Schweser study materials.
Classroom Revision only
Classroom revision without the Kaplan Schweser study materials.
£1,500.00
(£1,250.00
excl. VAT)
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Live Online Revision only
Live Online revision without the Kaplan Schweser study materials.
£990.00
(£825.00
excl. VAT)
Buy now
Timetables - Classroom and Live Online
Classroom tuition courses take place over six days (from 9-5pm) or 14 evenings (from 6-9pm). Classroom revision courses take place over five days (from 9-5pm) or 10 evenings (from 6-9pm).
We offer a wide variety of classroom tuition and revision dates covering weekday, evening, and weekend options. You can also “mix and match” course dates between classroom groups, if required, in order to avoid missing a classroom date due to an unexpected commitment.
date_range View timetables
location_on Classroom location
We have classes in London:
For further information on mainland European classes, see our partner website Top Finance launch.
Optional extras
We offer a number of optional extras that can be beneficial as part of your studies:
Schweser Mock Exam 5 and 6
The Online Schweser Mock Exam is as close as you can get to the actual exam in format, difficulty, and length. With our new simulation, it will help to develop your test-taking, identify your weak areas as well as giving you a real exam experience. After the simulation, you can view answer explanations and check your score compared to those of other candidates.
1-2-1 tutor sessions
A one hour 1-2-1 meeting with your tutor, either at our training location or online, within the last two weeks leading up to your exam. You can get your final questions answered before the exam day.
£90.00
(£75.00
excl. VAT)
Texas BAII+ Professional Calculator
One of the recommended CFA Calculators, as well as the calculator that will be referenced in classes.
£60.00 Including UK delivery
(£50.00
excl. VAT)
Inhouse training
Our public classroom courses run in central London. Like many of our courses, we can also offer these courses inhouse for your team or organisation. Please contact us on 020 7920 3060 or email us at citybookings@kaplan.co.uk to find out more about how we can help train your team.
3. Exams, sittings and resits
Exams
The exams are computer based testing and run two to four times a year. For more information on the frequency of sittings please refer to the CFA Institute launch.
Please be aware, it's your responsibility to register with the CFA Institute® launch for exam entry with the cost
of the exam depending on the date of registration. There is also a one-time program enrollment fee when you register for the CFA Level I exam for the first time.
Exam results are available within 90 days of the exam date. All candidates receive a “pass” or “did not pass” result as well as details as to performance per topic.
You’ll need to pass Level 2 of the CFA Program before registering for Level 3. There is no limit to the number of times you can take each exam, and you can take as much time as you need to complete the program.
How long does it take to pass?
The examining body recommends around 300 hours of study for each level in the CFA charter, although some candidates will need more or less time, depending on their individual backgrounds and experience.
It is possible to complete the CFA Program in two years but with a recommended study time of 300 hours per level, it takes most people three to four years to complete the three three levels.
What are pass rates like?
Passing Level 3 takes dedication and commitment. Of those who took the exam in June 2019 the CFA Institute reported that the global pass rate was 56%. As a prep provider, we are not able to report our own pass rates in accordance with CFA Institute guidelines.
What CFA resits are available?
We do everything we can to help you pass your CFA exam first time. However, should you need a second chance, then don’t worry. With Pass Protection, there are lots of ways we can support you as you prepare for your exam resit. For further information, please refer to our pass protection policy launch.
picture_as_pdf CFA Resit Enrolment Form 2022
Can Kaplan help if I fail an exam but studied with another provider?
If you have failed elsewhere with an approved prep provider, we'd like to help save you some money. We're pleased to be able to offer you 50% off our study packages. You'll just need to send us an invoice from your previous prep provider.
Register now for 50% off
4. Study Materials and Delivery Costs
We offer a comprehensive range of study materials to enhance your learning experience. They’ve been designed to keep you on track and stay motivated on your learning journey. These include hard copy books as well as online resources on Schweser’s study portal.
Classroom, Blended, Live Online and Distance Learning packages all come with core materials, including:
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Getting Started Guide
Explains how to use the resources effectively to maximise your chance of passing the exam.
-
Schweser Online Study Portal
Includes dashboard with activity feed and performance metrics
-
Schweser Online Mock Exam 1 – 4
Practice taking the computer-based test before exam day with the online Schweser mock exam. This realistic exam simulates the interface, format, difficulty, and length of the actual CFA exam.
-
SchweserNotes™
Clear, concise study notes and examples that cover every learning outcome statement (downloadable as eBooks as well as in print). These notes also include module quizzes and topic assessments which can demonstrate your level of mastery of a topic and where you need to focus additional attention.
-
Quicksheet
A compact study tool summarising key formulae, definitions and concepts (available online, downloadable as an eBook as well as in print).
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SchweserNotes videos
Reference videos to supplement the Schweser Study Notes. For every learning outcome statement there is a short video where a tutor guides a student through the content and explains how to solve the examples.
-
SchweserPro™ QBank
Thousands of online practice questions designed to assess and adapt to your understanding of the curriculum.
-
Schweser Checkpoint Exams
Three key tests that you will be prompted to work through online during your studies. These mimic the difficulty and format of the actual exam. Performance reports then highlight your understanding and weak areas where more review is needed.
-
Schweser's Secret Sauce®
Take this compact book anywhere you go, printed or eBook, for a concise review of the CFA Program curriculum. Secret Sauce provides insights and exam tips on how to effectively prepare and apply your knowledge on exam day.
Additional materials come with the following packages:
-
- Tuition classroom recordings
- Revision classroom recordings
- Tuition course slides
- Mindmaps and Q&A book
-
- OnDemand Tuition with Workbooks
- Online Revision with Workbooks
Delivery costs
Materials are delivered to the address you provide us (and must be signed for on delivery). For detailed information on delivery prices please refer to our delivery page.
5. Kaplan Schweser online study portal
Kaplan Schweser’s online portal provides access to a wide variety of resources to help you prepare for your exams. It also hosts all our Live Online tuition and revision classes.
Online features
Depending on the study package you choose, features can include the following:
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View your online materials in one place and access your content in a few clicks
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Take the guesswork out of your study plan with strategically placed weekly tasks
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Track your performance against that of other candidates
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Complete tests and get instant feedback
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Access on mobile, tablet and computer
For more information on technical support available and minimum system requirements for Kaplan Schweser’s online portal, visit the Schweser portal technical support launch.
Access duration
You can access your content from 48 working hours of purchase (subject to availability) until your examination date.
6. Tutor support
We’ll support you every step of the way throughout your learning experience with us. You can contact a tutor and get the help you need within 48 working hours.
We are open weekdays (excluding bank holidays) 9:00am to 5:30pm. In addition, our classroom tutors will provide you with their personal contact details.
7. Testing and mocks
Vital to passing your exam will be attempting as many questions and mocks as possible. Depending on your chosen package, you will gain:
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SchweserPro™ QBank
Access to thousands of questions in the SchweserPro™ QBank. Adaptive and personalised technology has taken our world-renowned QBank study tool to the next level. Question difficulty adapts to a student's ability on a given topic, measuring their knowledge and keeping them motivated as they move through the content.
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Checkpoint exams
Three key tests that you will be prompted to work through online during your studies. These mimic the difficulty and format of the actual exam. Performance reports then highlight your understanding and weak areas where more review is needed.
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Schweser Online Mock Exam (1 – 4)
Four practice taking the computer-based test before exam day with the online Schweser mock exam. This realistic exam simulates the interface, format, difficulty, and length of the actual CFA exam.
As well as the material included in your study package we also have another two additional Schweser mocks. These can be purchased with your study package or when you get closer to your revision stage.
Additional Schweser Online Mocks
You can now practice the computer-based test before your exam by using the Online Schweser Mock Exam. It’s a realistic exam that simulates the interface, format, difficulty, and length of the exam. It’ll help you develop your test-taking skills, identify your weak areas, and show you just how much you’ve learnt.
After taking the mock exam, you can see how well you scored and compare your score to other candidates. You can review answer explanations and drill deeper into each question with the addition of our mock exam tutorial videos.
After the mock, many candidates also take the opportunity of a final 1-2-1 meeting with their tutor. You can find information about our mocks and 1-2-1s in our comparison table.
picture_as_pdf 2022 Study package comparison
8. Course pricing and funding options
Pricing structure
Below are our study package prices. The only additional costs will be delivery and if you decide to purchase any optional extras.
picture_as_pdf 2022 Study package comparison
| Package |
Full Price (excl. VAT) |
Full Price (incl. VAT) |
| Classroom |
£2,549 |
£3,014 |
| Blended |
£2,129 |
£2,504 |
| Live Online |
£1,700 |
£1,990 |
| Distance Learning |
£820 (VAT not applicable) |
| Classroom Revision Only |
£1,250 |
£1,500 |
| Live Online Revision only |
£825 |
£990 |
Save 10% on August 2022 Classroom and Blended study packages if you book online by 18th May 2022. Your saving will be applied automatically upon checkout.
Funding options
Your employer may fund the costs of your studies if you’re already working in a related field and want to develop your learning. You’ll need to speak to them to see if you’re eligible and confirm that they’re happy to pay for your
studies.
Our CFA packages are covered with our interest-free payment plan, providing the total cost is £500 minimum (including VAT). The plan lets you spread the cost of your studies over a period of up to 12 months, with no extra costs.
How to enrol
The quickest way to enrol is to select your course online. You can also call us on 020 7920 3060 or enrol with a form which you can download, fill out your details and email to citybookings@kaplan.co.uk.
picture_as_pdf Download 2022 enrolment form