Just received your CFA Level 3 results? We hope it’s good news.
Commiserations to those who did not pass, you’ve worked so hard on this so far, do take some time to overcome your disappointment. You’re too close to the end to give up at this stage!
Passed CFA Level 3? Congrats on your amazing achievement 🙂 We’re so glad your hard work, persistence and dedication paid off all these years.
Here are 5 things you can do to maximize your CFA charter credentials.
In order to be become a CFA Charterholder and be able to use the CFA designation after your name, you’ll need to meet 3 other the following requirements aside from passing CFA Level 3:
Have at least 4,000 hours of experience, completed in a minimum of 3 years
Submit 2-3 professional references;
Apply to become a regular member of CFA Institute (cost US$275 per year), as well as a local CFA society.
For more details, check out: What Exactly Are the CFA Charterholder Requirements?
#2. Get your work experience section right
CFA Institute has updated the work experience requirements in 2020, so do make sure you’re aware of this when you apply for regular membership.
Currently, the work experience requirements for CFA Institute’s regular members are “at least 4,000 hours of relevant work (or university, if applicable) experience, completed in a minimum of 3 years.“
Immediately, some questions may spring in your mind:
What work experiences are considered relevant?
Must the experience be consecutive years?
What about university experiences? How many hours does that count?
And so on. Check out our extensive CFA work experience requirements guide to make sure you get this right in your CFA charterholder application.
#3. Update your CFA status correctly on resume, LinkedIN & business cards
Even if your CFA charterholder application is pending, you can update your CV/resume with “Passed CFA Exam Level III”.
However, there are no “passed Level 3” digital badges available. You can claim your CFA charterholder digital badge once your charterholder application has been approved.
Confused? It’s best to refer to our guide on how to correctly update your CFA status on resume/CV, social media and business cards to avoid getting sanctioned by CFA Institute.
#4. Boost your job search and salary
Did you know that our CFA salary research has shown that candidates who passed CFA Level 3 or are CFA charterholders earned on average 53% more than those who had yet to pass CFA Level 1 exams, even after taking into account work experience levels?
Whether you’re looking for acareer switch,asking for the next promotion, or justinterviewingfor a new role in general, here are a few things you need to do to boost your chances for success:
Update your CV and LinkedInwith your shiny new CFA charter;
Knowhow to land interviews using your updated CFA Program qualification;
Keep up thenetworking with your new CFA society membership.
That said, theCFA charter is not a golden ticket to jobs, you need to put the work into tapping your network, interviewing and being able to demonstrate your applicable skills that will add value to the interviewer.
#5. Stay up to date, network or contribute
Did you know that our estimated Level 3 minimum passing score for Nov 2022 exam is 59%? We deduced this with our methodology thanks to results submissions by our readers.
Having experienced the lack of support while studying for our CFA exams years ago, we started300Hours with the goal of guiding CFA exam candidates through this tough but prestigious exam.
We would welcome any keen contributor with open arms 🙂 If you’d like to share your personal CFA charter story, just send it in tocontributions@300hours.com.
Any CFA notes you’re happy to share? Send it to contributions@300hours.com
We are delighted that you’re finally becoming a CFA charterholder – one of the best feelings in the world 🙂 What are your plans next? Comment below!
Meanwhile, you may find these related articles of interest:
CFA Salary: How Much Does A CFA Charter Increase Your Pay By?
How To Become a CFA Charterholder
Here’s 16 Alternative Courses You Can Do Aside from CFA
Whether you're sitting for Level I, Level II, or Level III of the CFA® exam, CFA Institute recommends that you allot, at minimum, 300 hours for study for each level.
Many CFA charterholders consider the Level 3 CFA Exam the most difficult because of the time and thought needed to answer the constructed responses successfully. While the typical Level 3 CFA Exam pass rates are the highest of the CFA Exams, only around 56% of CFA candidates pass the exam.
Across the six-to-nine months that you should spend studying for the CFA Level III exam, you should plan to devote at least 344 total hours (the average study time) to your Level III prep. If that number seems daunting to you, then consider spreading your studies across nine months instead of six.
Level 1 ranges from 22%-49%, with a 10-year average of 39%; Level 2 ranges from 29%-55%, with a 10-year average of 45%; Level 3 ranges from 39%-56%, with a 10-year average of 50%.
Meanwhile, CFA Level 2 most difficult topics are typically Financial Statement Analysis, Portfolio Management, Ethics and Derivatives. Finally, CFA Level 3 hardest topics are Fixed Income, Ethics, Equity Investments, Alternative Investments and Derivatives.
No, studying for any CFA exam in less than 6 months will not give you enough time to adequately prepare unless you have a relevant background in the curriculum. According to CFA Institute, candidates study on average 348 hours for the Level I exam, 364 hours for the Level II exam, and 365 hours for the Level III exam.
Are 3 months enough for CFA Level III? Three months can be enough time, but usually, it takes a candidate at least six months to prepare for the CFA Level III exam.
Average pass rates tend to fluctuate. Level 1 pass rates have hovered around 37% Level 2 pass rates have been around 45% Level 3 pass rates have been better around 52%
Each level is a single-day test, split into morning and afternoon sessions, lasting about 3 hours each. Level I is more difficult to pass, with a historical rate of around 41% and dropping to 37% recently.
After removing the effect of work experience, we found that on average: CFA candidates who passed Level 2 saw an increase of 34% in total compensation; CFA candidates who passed Level 3 or Charterholders earned 53% more than those who had yet to pass CFA Level 1 exams.
Career aspirations: While there is certainly overlap in how business school graduates and charterholders apply their expertise, MBA programs are generally ideal for professionals who want to pursue management positions in any industry. A CFA designation suits professionals dedicated to working in the finance industry.
Ideally, you would take 6 months to a year to study for the Level III CFA exam, but it's possible to prepare in 3 months if you have the right study plan and study materials (i.e. study with Wiley's CFA Program Exam Review).
The CFA Level 3 exam will be administered two times a year. A candidate can take the exam a maximum of two times a year and six times in total (for each level). In total, there is no limit to the number of times you can take the CFA Level 3 exam.
The CFA Level III exam is the last in the series of three exams conducted by the CFA Institute. Coupled with at least 48 months of relevant work experience, successful completion of the final level yields a charter membership.
I think that a level 3 CFA certificate can be very beneficial for anyone who wants to pursue a career in finance. It can help open doors to new opportunities and provide a person with the necessary skills to excel in the field.
Enter the appropriate level: “CFA Exam Level I / II / III”. Leave this field blank. Enter “Passed” if you would like to indicate the level you have passed. Enter the month and year of the date you passed the exam.
If you are an active charterholder in good standing:
Include your charterholder status in the certifications or education section of your resume as “CFA® charterholder, CFA Institute.” You may also include the date your charter was issued.
Introduction: My name is Patricia Veum II, I am a vast, combative, smiling, famous, inexpensive, zealous, sparkling person who loves writing and wants to share my knowledge and understanding with you.
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