Sample Item Sets 2003 by CFA Level 3

Teacher

Chairman

About Course

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The CFA Program includes a series of three exams; Levels I, II, and III. The exams:

Are offered annually — at test centers around the world — on the first Saturday in June. The Level I exam is also offered in December.

Must be passed sequentially.

Are available in English only.

The exam content, learning focus, and question format increase in complexity with each level.

Curriculum Content and Learning Focus

An example showing the increase in complexity is the ethical and professional standards curriculum content. This content is similar for each exam level; however, candidates are ask ed different types of questions:

Level I tests your knowledge of the ethical and professional standards.

Level II tests how you apply those standards to situations analysts face. Also

Also Level III tests how you apply the standards in a portfolio management and compliance context.

In general:

Level I exams consists of basic knowledge and comprehension questions focused on investment tools; some questions will require analysis.

Level II exams emphasize more complex analysis, along with a focus on valuing assets.

also Level III exams require synthesis of all the concepts and analytical methods in a variety of applications for effective portfolio management and wealth planning.