CFA Level III Private Markets Practice: Item Sets and Essays
Prepare for the 2027 CFA Level III Private Markets pathway with separate 277-case item-set and Essay banks, suggested answers and optional self-scoring.
Updates & Feedback — See practice releases or report a case, calculation or explanation.
Use Finance Prep for 2027 CFA Level III common-core and Private Markets pathway item-set practice. Read a shared investment case, answer four three-choice questions and review the reasoning for every alternative. The bank contains 277 cases and 1,108 questions; the public practice page offers a fixed 11-case, 44-question selection.
This is original independent practice, not official CFA Institute questions, copied exam content or exam dumps. Finance Prep and Mastery Exam Prep are not affiliated with or endorsed by CFA Institute.
Choose how to practise
| Format | Learner task | Open |
|---|---|---|
| Item sets | Read a case, choose the best answer and review explained alternatives. | Use the item-set app button above or the public multiple-choice cases below. |
| Constructed response (Essay) | Write an answer unaided, save drafts and compare with suggested responses. | Open written-response practice . |
Choose the correct level, pathway and format
This offering combines the Level III common core with the Private Markets pathway. It does not substitute for the Portfolio Management or Private Wealth pathway curriculum. Use the curriculum year assigned to your registration.
The official Level III exam mixes item sets and constructed-response sets in both sessions. The item-set bank assesses case-based multiple-choice decisions. The separate Essay bank supports independent written answers; neither bank alone reproduces a complete mixed-format Level III mock exam.
| Practice feature | What to expect |
|---|---|
| Shared case | Four independently answerable questions using one set of investment facts. |
| Answers | Three choices, one best answer, with an explanation for every choice. |
| Common core | Allocation, construction, performance, derivatives and professional duties. |
| Pathway work | Private equity and debt, special situations, real estate, infrastructure and manager selection. |
| Timed mode | An editorial 11-case, 44-question block in 132 minutes; actual exam sessions contain both formats. |
Connect the investment to the portfolio
Read each case from the investor’s role: an LP allocating commitments faces different decisions from a GP financing, operating or exiting a company. Separate committed capital from cash paid, realized distributions from appraised value, and contractual protections from a counterparty’s ability to perform. Use those boundaries to choose a feasible investment or monitoring response.
After each case, separate calculation errors from missed constraints and uncertain concepts. Rework a wrong answer before trying another case. A correct guess still needs explanation review.
Written-response practice
For 2027 CFA Level III Private Markets constructed-response practice, write your own answers to case questions, save drafts, then compare with suggested answers. Optional scoring guidance supports your own review; the app does not grade your response automatically or assign an official CFA score.
The separate Essay bank includes 277 cases and 835 written parts across the common core and Private Markets pathway. Each case carries 12 editorial practice points. Practice is untimed; item-set practice remains a complementary format.
Continue in Finance Prep
An active Finance Prep subscription or access pass includes this entire bank and the other Finance Prep banks during its access period. Public questions are free to read; app preview limits are separate. Sign in with the same account on web and mobile, and use support for access or sign-in help.
In this section
- CFA Level III Private Markets Cheat Sheet: Case ChecksCheck fund fees and carry, valuation bridges, claim waterfalls, property cash flow and commitment liquidity in Private Markets cases.
- CFA Level III Private Markets Exam Blueprint: 2027Compare official Level III topic ranges and mixed exam format with the coverage and limits of the Private Markets item-set and Essay practice banks.
- Free CFA Level III Private Markets Practice: 2027 CasesTry 11 original Private Markets and common-core cases with 44 three-choice questions and explanations for every option.
- CFA Level III Private Markets Practice Updates and FeedbackSee the first 277-case Private Markets item-set release and report a question, calculation or explanation for review.
- CFA Level III Private Markets Official Resources: 2027Find the official 2027 Private Markets outline, current Level III format, curriculum corrections and professional standards resources.