Level III Constructed
The constructed response portions of the Level III examination (morning session) include questions with varying structure and point values. Questions are organized in groups related to a case or vignette that describes investment challenges facing hypothetical individuals or institutions. Each question begins with a command word that corresponds to the command words contained in the curriculum LOS.
Today’s CFA examination questions are less open-ended and of smaller point values in order to sample more of the assigned curriculum. Questions are often presented in template format to assist candidates in following the logic of the application being tested and to give candidates an idea of how much writing is needed to adequately answer the question.
Today’s CFA examinations cover all of the broad topics in the CFA Program curriculum. Candidates must answer the entire set of questions， each based on specific readings. This policy is consistent with the premises that the CFA examination takes a generalist approach to investment analysis and portfolio management and that all successful candidates have mastered the same curriculum. One of the strengths of the CFA Program often cited by employers is that charterholders are knowledgeable even in investment topics in which they are not expert.
Candidates today are also given an indication as to how much detail is required to successfully answer a question. For example， questions may state， “Discuss three reasons...，” and the candidate will have a good indication of how much discussion is necessary. Although it may appear that the constructed response and problem portion of the CFA examinations has remained constant since the founding days of the program， today， the candidates’ responses require a higher degree of specificity.