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This exam is based on Itemsets and essays. The duration of this examination is also 6 hours. Both online and offline mode of exam is available. In levels I and II, there are no essay questions, but at this level, an individual has to write at least 2 essays. Essays writing at this level are regarded as challenging because of its descriptive nature of the examination. The pass rate for this exam is only 56 percent. The CFA Level III examination is conducted in both morning and afternoon sessions.

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