The Chartered Financial Analyst Level III exam, which is only offered in June, is the last in the series of three tests that CFA candidates must pass. A successful score on the test, combined with at least 48 months of relevant work experience, will yield a charter membership.The Level III exam is given in two parts – one in the morning, the next in the afternoon. The morning session consists of 10-to-15 essay questions that are divided into multiple parts. Each portrays a situation, and then asks the candidate to resolve it. The afternoon session has 10 items, each consisting of a case statement and six multiple-choice questions. The exam covers ethical and professional standards, asset classes, portfolio management and wealth planning. Portfolio management and wealth planning make up 45-55% of the test. Behavioral finance, risk management concepts, and individual and institutional wealth are all covered. Investment policy statements, economics, asset allocation and evaluating portfolio performance are also important. Asset class questions comprise 35-to-45% of the test, and include alternatives, derivatives, equity and fixed-income investments. Portfolio management of these assets receives greater focus nowadays. For example, an entire session covers the management of active and passive fixed-income portfolios. Ethical and professional standards account for the final 10% of the questions. Since many of its questions are posed in essay format, the Level III exam is considered difficult. The best approach is to master topics related to portfolio management, and practice the essay questions. The CFA Institute provides essay questions from previous years for study purposes.