CFA三級(jí)考核考生在實(shí)際業(yè)務(wù)中怎樣權(quán)衡個(gè)人或者機(jī)構(gòu)投資的收益與風(fēng)險(xiǎn)，對(duì)整個(gè)投資進(jìn)行綜合跟蹤評(píng)估和各種不利有利因素的權(quán)衡抉擇。而這些權(quán)衡選擇的標(biāo)準(zhǔn)在CFA教材學(xué)習(xí)綱要和考綱上都詳細(xì)羅列出供考生學(xué)習(xí)。
　　早期CFA三級(jí)的考試是單選形式，考生根據(jù)要求選擇答案，但是隨著金融行業(yè)的發(fā)展，需要處理的問題也越來越復(fù)雜，單單提供單選的答案已經(jīng)不能滿足現(xiàn)在金融行業(yè)的要求。考核的難度會(huì)越來越大，需要權(quán)衡的問題點(diǎn)會(huì)更多，這也就是為什么CFA三級(jí)的閱卷要CFA持證人來閱卷的原因，CFA三級(jí)考試沒有最后的答案只有更好的答案或更好的投資決策。
　　Level II 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.