CFA Level III exam-day guide
CFA Level III · Prepare for the day ahead.
Your checklist
Valid passport
CFA Institute admission requires an unexpired international travel passport with your photo and signature, and the name must match your registration exactly. Confirm the name-matching and expiry rules with the provider before test day, and do not rely on a national ID card.
Approved calculator (plus backup)
Bring a CFA Institute–approved model (Texas Instruments BA II Plus family or Hewlett-Packard 12C family) and, if you own one, a second approved calculator or fresh batteries. Confirm the current approved-model list with the provider, since it can change.
Appointment confirmation details
Know your exact appointment date, time, and test-center address. A printed confirmation may be requested at check-in; confirm whether it is required with your test provider and keep it with you regardless.
Printed directions and a backup route
Save the test-center address offline and plan a route with at least one alternative. Test centers are often in office parks or business districts with limited signage.
Plan to arrive early
Arrive well ahead of your appointment to allow for check-in, ID verification, and a secure-storage procedure. Confirm the exact recommended arrival window with the provider - candidates who arrive after the appointment time may be denied entry.
Leave prohibited items behind
Phones, smart watches, notes, formula sheets, and study materials are not permitted in the testing room. Confirm in advance whether the center offers lockers or storage, or plan to leave these items at home or in your vehicle.
Break refreshments
A light snack and water for the optional break help sustain focus across two long sessions. Confirm the center's policy on bringing food and drink into the building before you pack them.
Comfortable, layered clothing
Testing rooms can be cold or warm. Dress in layers and avoid items with excessive pockets or metal that may slow security screening.
Calculator configured and rehearsed
Set your preferred decimal places and computation method (Chn/AOS) the night before, and rehearse the keystrokes for time-value-of-money, NPV, IRR, and bond functions so you are not learning them under time pressure.
A single-page personal 'final review' sheet
Prepare a short list of frameworks and formulas you tend to forget - for personal review only. It stays outside the testing room; nothing written may be brought to your seat.
Rest plan for the night before
Protect sleep over extra cramming. Fatigue degrades constructed-response writing quality and calculation accuracy far more than one additional hour of review helps.
Plan the day
Confirm your appointment date, time, and test-center address, and lock in transport and parking. Check your passport expiry and confirm your registered name matches the passport exactly.
Take one final timed mock under exam conditions - two sessions back to back with only a short break - to rehearse pacing rather than to learn new material.
Stop starting new topics. Consolidate ethics, your weakest two topic areas, and the formula list you keep forgetting. Shift your sleep schedule toward an early start.
Pack your bag: passport, approved calculator(s), spare batteries, confirmation details, snacks, layers. Lay it by the door.
Do a light review of ethics and your personal framework sheet only. Review the mechanics of the exam (session lengths, number of constructed-response items versus item sets) so nothing is a surprise.
Eat a normal dinner, avoid alcohol, and go to bed at your usual time. Set two alarms plus a backup.
Eat a real breakfast with protein and slow carbs. Hydrate moderately. Avoid heavy caffeine if you are not used to it.
Leave earlier than your mapping suggests, aiming to arrive well inside the provider's recommended window. Leave phones, watches, and notes in the car or at home.
At check-in, keep your passport out and follow the proctor's instructions precisely. Use the pre-exam tutorial to verify your calculator, screen, and writing materials before the clock starts.
For constructed-response questions, read the command word (calculate, justify, compare, recommend) and answer that verb explicitly. Budget time per item in advance and move on when the budget is spent; an unanswered sub-part earns zero.
Show your calculations and state assumptions briefly - partial credit is available on constructed-response items. Write something for every sub-part rather than perfecting one answer.
Take the optional break unless you are on a strong roll. Eat, hydrate, walk, and avoid discussing questions with other candidates. Use it to reset pacing assumptions for session two.
Item sets: answer every question - there is no penalty for guessing. Flag and skip anything that consumes more than about a minute and a half, then return with remaining time.
Reserve the last few minutes of each session to confirm every question has a response and to check for sub-parts you skipped.
Rules to check
You will be admitted only with a valid, unexpired international travel passport bearing your photo and signature, with the name matching your registration. Confirm the exact document requirements with the provider before test day.
Only approved calculator models are permitted in the testing room. Confirm the current approved list with the provider; unauthorized models will be confiscated or may result in disciplinary action.
No notes, formula sheets, study materials, phones, smart watches, or other electronic devices are allowed at your seat. Only writing materials supplied by the test center may be used - confirm with the provider what is supplied and whether additional sheets can be requested.
The exam is delivered in two timed sessions with an optional break between them. Confirm the exact session lengths and break policy with the provider, and note that time spent in the tutorial or break is separate from exam time.
Once a session begins, you generally cannot leave the testing room except for an approved reason with an escort, and the clock does not stop. Confirm the test center's policy on restroom breaks during a session.
Scoring combines constructed-response and item-set performance, and constructed-response items can earn partial credit for correct method and reasoning. Confirm the current section weighting with the provider rather than assuming a fixed split.
There is no penalty for incorrect answers on item-set (multiple-choice) questions, so never leave one blank. Constructed-response sub-parts left blank score zero.
Suspected misconduct - including bringing prohibited materials, communicating with other candidates, or sharing exam content - is reported and can void your result. Do not discuss specific exam questions at any point, including after the test.