A Smarter Way to Pass CFA® Level III

Item sets across the Level III core and all three pathways, Portfolio Management, Private Wealth, and Private Markets, plus timed mocks, flashcards, and readiness tracking, with Savvy, your AI study partner, built in.

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Everything You Need for CFA Level III

Organized by the Level III topics and their learning modules. Level III asks you to integrate and apply, so practice with client and portfolio vignettes, then keep what you learn with spaced review.

ITEM SET · ASSET ALLOCATION
Question 2 of 4
11:20
The Lindqvist Foundation's policy portfolio is 60% equities. After a strong rally, equities are now 68% of assets and the investment committee meets to review it.
EXHIBIT 1 · POLICY PORTFOLIO
Equity target weight60%
Rebalancing corridor±5%
Portfolio value$180m
Based on Exhibit 1, should the committee rebalance equities now?
ANo, it is inside the corridor
BYes, it is above 65%
CNo, wait for the annual review
Hint: compare the current weight with the corridor, not the target.Why B? The corridor runs from 55% to 65%; 68% is outside it.60% ± 5% → 55% to 65%68% → rebalance
ITEM SET · ASSET ALLOCATION
11:20
The Lindqvist Foundation's policy portfolio is 60% equities. After a strong rally, equities are now 68% of assets.
EXHIBIT 1
Equity target weight60%
Rebalancing corridor±5%
Should the committee rebalance equities now?
ANo, it is inside the corridor
BYes, it is above 65%
CNo, wait for the annual review
Hint: compare the current weight with the corridor, not the target.Why B? The corridor runs from 55% to 65%; 68% is outside it.

Item Sets

Vignette-based item sets built around clients and portfolios, across the core and your pathway: Portfolio Management, Private Wealth, or Private Markets. Every answer is explained, right and wrong.

Asset Allocation · ConceptQuestion
What makes a rebalancing corridor wider?
Tap to reveal
Higher transaction costs
Higher risk tolerance
Higher correlation with the rest
Each one makes drift cheaper than trading.
FORGOTHARDGOODEASY
Next review in 4 days

Flashcards and Key Concepts

Flashcards on spaced repetition for Level III concepts, formulas, and the Ethics standards, so the ideas are there when a vignette asks you to apply them.

Level III › Asset Allocation
Choosing an Asset Allocation
Return after a charge for risk

The best mix for a client is not the one with the highest return, but the one with the highest return after a charge for risk.

The charge grows with the client's risk aversion, λ:

RISK-ADJUSTED EXPECTED RETURN
U = E(R) − 0.005 × λ × σ²
E(R)8%λ4σ15%→U3.5%

Here 8% − 0.005 × 4 × 15² gives a risk-adjusted return of 3.5%.

Score every candidate mix this way, then choose the highest.

RISK-ADJUSTED EXPECTED RETURN
U = E(R) − 0.005 × λ × σ²
E(R)8%λ4σ15%→U3.5%

Interactive Lessons

Clear explanations, worked examples, and visuals for Level III readings, from choosing an asset allocation to measuring performance.

Savvy, the Oncourse CFA study partner

Savvy: Your AI Study Partner

Savvy is your AI study partner for Level III. It's there whenever you need help, learns how you study, and helps you the way you learn best.

9:41
LEVEL III
12
M29
T30
W1
T2
F3
I've got today's plan ready for you.
Asset Allocation +160minEDIT
Lesson & Exercises
Rebalancing corridors • 15 min
Practice Questions
4 item sets • 30 min
Flashcards
12 concept cards • 15 min
Plan updated until Friday
Ask Savvy anything
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Always Know Where You Stand

A readiness score for every Level III core topic and learning module shows what's exam-ready and what still needs work. Timed mocks and custom quizzes close the gaps.

LEVEL III READINESSItem sets done · 7 / 8▲ 6 this week
55OUT OF 1002 of 5 core topics exam ready
Knowledge17 / 25
Coverage15 / 25
Exam Instinct12 / 25
Application11 / 25
Ethical and Professional Standards80Exam ready
Asset Allocation52Developing
Performance Measurement57Developing
LEVEL III READINESS
Item sets done · 7 / 8▲ 6 this week
55OUT OF 100
Knowledge17 / 25
Coverage15 / 25
Exam Instinct12 / 25
Application11 / 25
2 of 5 core topics exam ready
Ethical and Professional Standards80Exam ready
Asset Allocation52Developing
Performance Measurement57Developing

Readiness Tracking

A readiness score for each Level III core topic and its learning modules, built from what you know, what you remember, and what you can apply to a client case under time.

Item set 5
LEVEL III MOCK · SESSION 1 OF 2
1:14:05
After the client's early retirement, which change to the IPS is most appropriate?
ARaise the return objective
BIncrease the liquidity requirement
Answer recorded, graded when you finish

Timed Mock Exams

Sit a timed, exam-style Level III mock before the real one, so you know your pace and exam day holds no surprises.

Create QuizLEVEL III
Asset AllocationPortfolio ConstructionPerformance MeasurementEthics
Questions–10+
START QUIZ
Your quiz is ready · 20 questions, 2 topics

Custom Quizzes

Build a quiz from any mix of Level III learning modules, choose how many questions, and practice at your own pace or against the clock.

Practice That Feels Like a Game

Two quick games built on CFA topics. Play one between study sessions to keep concepts fresh and find out what you haven't locked in yet.

Probe:Solve the Finance Mystery

Elle reads out one clue at a time and you say your answer out loud. The fewer clues you need, the better you know it.

1
CLUE 1
It's measured in years.
CLUE 2
It shows how much a bond's price moves when rates change.
Elle
Clue one. It's measured in years.
Elle is speaking…

Synapses:Find the Four Hidden Groups

Sixteen CFA terms, four hidden groups. Link the concepts that belong together before your lifelines run out.

Create groups of 4!
Test your LEVEL I knowledge
00:08
Sharpe ratioLoyaltyCouponFIFO
Treynor ratioWeighted averageDiligenceDuration
Fair dealingJensen's alphaYieldLIFO
ConvexityMisconductSpecific IDSortino ratio
LIFELINES
RESETCHECK
Perfect guess! Wohoo! 🎉

Learners love Oncourse

Real feedback from learners using the current Oncourse app.

James Whitaker
James WhitakerLevel III candidate

In final review, every hour matters. Oncourse used each mock to pick my next weak area, so I stopped redoing topics I already knew.

CFA
Arjun Mehta
Arjun MehtaLevel I candidate

Studying full time, it was easy to read for hours and remember little. Oncourse moved me into questions early and kept formulas coming back until they stuck.

CFA
Rohan Iyer
Rohan IyerLevel I candidate, analyst

My evenings are short after work. Oncourse turns them into focused question sets and formula reviews, so I’m not rereading the same reading every night.

CFA
Emily Carter
Emily CarterLevel II candidate, parent

Between work and my son, I get pockets of time, not hours. Oncourse fits prep into those pockets and still keeps me on pace for Level II.

CFA
Kevin Zhang
Kevin ZhangLevel II candidate

I fell weeks behind and almost deferred. Oncourse rebuilt my plan from where I actually was, and I caught up without cramming.

CFA
Hannah Brooks
Hannah BrooksRetaking Level II

After missing Level II, I didn’t want to start from zero. Oncourse focused my retake on the topics that cost me, and the vignettes finally clicked.

CFA

Get Oncourse Max

One plan for all three CFA levels. Start with a 7-day free trial on the annual plan.

Weekly$6.99per weekFor a short final review before exam day.Get started
Monthly$19.99per monthPay month to month while you work through your level.Get started

Prices in USD. Every plan includes all three levels.

Frequently asked questions

What does Oncourse cover for CFA Level III?

The Level III core on the 2027 curriculum, Asset Allocation, Portfolio Construction, Performance Measurement, Derivatives and Risk Management, and Ethical and Professional Standards, plus all three pathways: Portfolio Management, Private Wealth, and Private Markets. Everything is organized by learning module.

Which Level III pathway does Oncourse cover?

All three. Whichever pathway you choose, Portfolio Management, Private Wealth, or Private Markets, you practice its item sets alongside the core topics.

Does Oncourse have Level III item sets?

Yes. Level III practice includes vignette-based item sets built around clients and portfolios, and every answer comes with an explanation.

I'm retaking Level III. Can Oncourse help?

Yes. Readiness tracking shows which learning modules cost you points, and your plan puts those first.

Can I use Oncourse alongside the CFA Institute curriculum?

Yes. Upload a chapter, your notes, or screenshots from the curriculum or any other course, and Savvy can explain them or quiz you on them.

Does Oncourse include official CFA Institute questions?

Oncourse questions are written by Oncourse and modeled closely on the CFA exam's item sets and multiple-choice formats for each level, so you practice the way you'll be tested and build exam readiness. They aren't official CFA Institute questions.

How much does Oncourse cost?

$134.99 a year with a 7-day free trial, $19.99 a month, or $6.99 a week. Every plan includes all three levels.

Savvy, the Oncourse CFA study partner

Start Level III with a free week

Item sets, mock exams, flashcards, and Savvy for CFA Level III.

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute. CFA Institute is not affiliated with or responsible for this product.