CFA Level III Private Wealth Practice: Item Sets and Essays
Prepare for the 2027 CFA Level III Private Wealth 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, assumption or explanation.
Use Finance Prep for 2027 CFA Level III common-core and Private Wealth pathway item-set practice. Work from shared household facts, answer four three-choice questions per case and review the reasoning for each alternative. The free practice resource provides 11 fixed cases and 44 questions.
These are original independent Finance Prep questions, not official CFA Institute questions, copied live-exam content or exam dumps. Finance Prep is 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 . |
Match your level, pathway and assessment
Choose this exam path when your registration uses the Private Wealth pathway. Its client discovery, lifetime planning and transfer decisions differ from the Portfolio Management and Private Markets pathways. Use the curriculum year assigned to your registration.
The official Level III exam combines item sets and constructed responses. This offering assesses case-based multiple-choice decisions; it does not assess your independent written answers or provide a complete mixed-format Level III mock.
| Practice task | What to resolve |
|---|---|
| Household funding | Separate economic wealth, accessible cash and essential commitments. |
| Tax-aware investment | Use the stated owner, basis, tax rules and payment dates. |
| Concentrated wealth | Compare after-tax diversification with liquidity and control constraints. |
| Family transfers | Identify who owns assets, who may act and which beneficiary rights bind. |
| Common core | Apply allocation, construction, performance, derivatives and professional duties. |
Read the plan through its binding constraint
Start with the client’s ranked objectives and the person legally responsible for each payment. A valuable private company cannot meet a cash deadline without a permitted source of funds; a trustee’s power is not the same as a beneficiary’s preference. Then calculate the feasible choice and explain why the alternatives fail under the case assumptions.
For pacing, the app offers an editorial 11-case, 44-question block in 132 minutes. Actual Level III sessions contain both question formats. Use separate written-response practice from your authorized candidate materials.
After a case, record the missed fact, calculation convention or authority boundary. Rework it without the answer before trying a fresh case. Correct guesses and recognition on a repeated set are reasons to review, rather than evidence of passing readiness.
Written-response practice
For 2027 CFA Level III Private Wealth 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 840 written parts across the common core and Private Wealth pathway. Each case carries 12 editorial practice points. Practice is untimed; item-set practice remains a complementary format.
Continue on web or mobile
Public questions and utilities are free to read. The app has a limited preview; an active Finance Prep subscription or access pass includes this bank and the other Finance Prep banks during its access period. Subscribe on web or mobile and sign in with the same account across devices. Use support for sign-in, refresh or access help.
In this section
- CFA Level III Private Wealth Cheat Sheet: Funding and TransfersReview household funding, after-tax cash, concentrated positions, fiduciary powers and transfer decisions for Private Wealth cases.
- CFA Level III Private Wealth Exam Blueprint: 2027 ScopeMap the 2027 common core and Private Wealth pathway to calculation, client-planning and fiduciary decision tasks.
- Free CFA Level III Private Wealth Practice ExamTry 11 original Private Wealth and common-core cases with 44 three-choice questions and explanations for every alternative.
- CFA Level III Private Wealth Practice Updates and FeedbackRead the dated Private Wealth item-set release history and send private feedback about a case, calculation or explanation.
- CFA Level III Private Wealth Official Resources: 2027Find the current pathway outline, exam format, candidate curriculum, errata and professional standards, with a purpose for each source.