Respective Conducting Body
CFA Level 3 Exam Pattern 2027 — Complete Question Paper Structure
Understand the marking scheme, section weights, question distribution and time strategy for CFA Level 3 Examination
Exam Pattern at a Glance
Exam Mode
Online (CBT)
Language
English & Hindi
Negative Marking
None
Sections
4
Section-wise Pattern
| Subject / Section | Questions | Marks per Q | Total Marks | Time (approx) |
|---|---|---|---|---|
| Subject Paper 1 | 11 | +1 | 11 | 68 min |
| Subject Paper 2 | 11 | +1 | 11 | 68 min |
| Subject Paper 3 | 11 | +1 | 11 | 68 min |
| Subject Paper 4 | 11 | +1 | 11 | 68 min |
| Total | 44 | — | 44 | 270 min |
Time is indicative. Candidates can attempt sections in any order in CBT mode.
Marking Scheme
Correct Answer
+1
marks
Wrong Answer
None
marks
Unattempted
0
marks
Marking Scheme
+1 / 0
Example Calculation:
If you attempt 26 questions, get 20 correct and 6 wrong:
Score = 20 × 1 = 20 marks
Skip questions you're unsure about — negative marking can reduce your score significantly.
Time Management Strategy
You have approximately 368.2 seconds per question on average.
| Phase | Time Budget | Target Questions |
|---|---|---|
| First pass (attempt easy Qs) | 162 min | 31 Qs |
| Second pass (attempt medium) | 81 min | 9 Qs |
| Review & guess | 27 min | Remaining |
Year-wise Pattern Changes
| Year | Questions | Duration | Key Change |
|---|---|---|---|
| 2025 | 44 | 270 min | Current pattern |
| 2024 | 44 | 270 min | No major change |
| 2023 | 40 | 270 min | Section added |
Pattern history is approximate. Always check official notification.
Difficulty Distribution
Approximate question count: ~18 Easy | ~20 Medium | ~7 Hard
Based on difficulty level: easy. Actual distribution may vary.
Frequently Asked Questions
Ready to Practice CFA Level 3?
Now that you know the pattern, test yourself with full-length mock tests, detailed syllabus, and previous year papers.