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CFA Level III mixed question format

CFA Institute lists two 132-minute sessions with a mixed distribution of item sets and essay sets.

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Read the mixed structure

Level III structure
FeatureCurrent official description
Whole exam11 item sets and 11 essay sets
Each session132 minutes
Session mix6 item sets + 5 essay sets, or 5 item sets + 6 essay sets
Set value12 points per set

Avoid the old all-writing-session assumption

Rehearse switching between selected responses and concise written answers within one practice session. Both tasks rely on their vignette facts. A plan built around one entirely written session and one entirely multiple-choice session does not match the listed mixed format.

Keep a set average distinct from a question limit

132 minutes across 11 sets gives a nominal 12 minutes per set before any chosen review reserve. Sets can contain different tasks; this average is not an instruction to spend identical time on every response. Use the supplied requirements and point information in rehearsal.

Answer the requested task

For original written practice, identify the requested action, use the relevant case facts and give the necessary reasoning or calculation. A long general summary can miss a specific request. The command-word worksheet below is original preparation support, not an official scoring rubric.

Keep pathway and core content in the plan

Match the official topic outline to the pathway selected at registration. Use current official samples to understand presentation, and keep the Academy’s deeper learning examples separate from official exam material.

Further references