Passing the exam for all three levels, together with the applicable practical skills modules, is a requirement to obtain the CFA letter. Candidates who are preparing for the level III exam are not evaluated on all the subjects that were part of the level I and II exams. This is particularly important for level 3, which includes an essay format, in which strong writing skills, including the proper construction of sentences and the ability to give concise answers, are essential for practicing and mastering the subject. The CFA Institute is committed to maintaining the highest levels of ethical standards and professional conduct among its members, designations and examination programs.
You can now apply to become a regular member of the CFA Institute when you pass the CFA Level 1 exam. However, for levels 2 and 3, the only additional requirement is to have passed the previous level. Not adopting a specific preparation strategy for level III is one of the main reasons why candidates who performed well in the previous two levels have difficulty reaching level III. You must have passed the Level 1 exam and completed your bachelor's degree to take the Level 2 exam. In technical terms, it's not possible to take all levels of the CFA exam if you enroll following the bachelor's degree or final year student requirement.
If you choose education as a basis for enrolling in the CFA Level 1 exam, you don't need work experience. Like the level 1 exam, level 2 is divided into two equal sessions, one in the morning and one in the afternoon. It's important to remember that all Level III candidates have already passed the first two levels. Of course, you should take into account the preparation before the level 1 exam, which has been excluded from the previous calculations. The pass rate for level III of the CFA exam usually ranges from 50 to 57%, but the most recent CFA pass rates have been lower.