For CFA Level III candidates

Grade your CFA Level III essays in 60 seconds.

Stop guessing whether your essay answers earn points. EssayMark grades your Level III constructed responses against the same rubric CFA Institute graders use - command words, case facts, conciseness, and partial-credit logic. Unlimited submissions for $49/month.

Topic
Portfolio Management - Strategic Asset Allocation
Borderline
Score
7 / 12
Percentage
58.3%
Command Word Analysis
  • "Justify"Partially addressed
  • "Calculate"Addressed correctly
  • "Determine"Missed
Top Missed Concept

Did not link recommendation to client's stated liquidity constraint in vignette.

Structural Feedback

Answer is 40% too long. Cut restatement of the question - go directly to bullet answer.

Half of Level III candidates fail. 93% score worse on essays than item sets. CFA Institute doesn't tell you why. EssayMark does.

The essay problem nobody solved

Self-grading misleads you

You read your own answer and see what you meant, not what you wrote. Graders only see the page.

Human grading costs $250 for 6 papers

Marketplace graders are slow, expensive, and inconsistent - and 6 papers isn't enough volume.

Schweser and UWorld leave you to grade yourself

Their guideline answers are great. The act of comparing your own work against them is the hard part.

How it works

01

Paste the question and vignette

02

Paste your written answer

03

Get scored against the CFA rubric

04

Track progress over time

What you get back

A full rubric breakdown - not just a number.

Score
6 / 12
50.0%
Borderline

Command word alignment

Calculate
No final number with units shown; methodology not demonstrated.
Determine
Took a position but justification is generic, not tied to vignette.
Justify
References to vignette facts are vague - no specific numbers cited.
Recommend
Two changes proposed, but neither is concrete enough for IPS language.

Subpart breakdown

Part A
1 / 4 pts

Answer estimates 4–5% without showing work. Required nominal return calculation needs cash-flow setup, target portfolio value at retirement, and the inflation adjustment. No partial credit beyond directional sense.

Part B
3 / 4 pts

Conclusion that 60/40 is appropriate is defensible, but the two required justifications lean on a single behavioral cue. Add a second vignette-specific reference (e.g., 7-year horizon, $180K spending need).

Part C
2 / 4 pts

Bequest planning and rebalancing are valid directions, but the recommendations are not stated as IPS changes (constraints, objectives, time horizon language).

Case facts used

  • Did not sell during the 2022 drawdown (behavioral evidence).

Case facts missed

  • $4.2M post-tax sale proceeds; $850K retirement accounts; total investable ~$5.05M.
  • $180K pre-tax spending target with 2.5% inflation assumption.
  • 7-year accumulation horizon before retirement.
  • 5% state tax and bequest objective to alma mater.

Missed concepts

  • Required return calculation showing target portfolio value at retirement.
  • Multi-stage time horizon (accumulation vs. distribution) framing.
  • Liquidity and tax constraints in the IPS.
  • Concrete bequest mechanism (DAF, bequest in will, beneficiary designation).
Structure

Prose-style answers; CFA graders strongly prefer bullet points and labeled subparts. Restating each subpart label (A/B/C) earns easy structural credit.

Time

This answer would take 4–5 minutes to write - under the ~10-minute budget for a 12-point question. Use the extra time to show calculation work in A.

Grader view

A grader would read this as a candidate who understands the spirit of IPS questions but has not internalized the CFA scoring discipline: show work, cite vignette numbers verbatim, write in IPS-style bullets.

Top 3 improvements

  1. 1Show full required-return arithmetic in part A, including target portfolio value and inflation adjustment.
  2. 2Cite at least two specific vignette numbers in every justification (dollar amounts, horizon, tax rate).
  3. 3Rewrite recommendations as IPS amendments - constraint, objective, or policy language - not generic advice.

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FAQ

Is this endorsed by CFA Institute?

No. EssayMark is independent. CFA® and Chartered Financial Analyst® are trademarks of CFA Institute. We grade based on publicly documented CFA grading methodology, not on inside information.

How accurate is the grading?

EssayMark uses frontier large language models prompted with CFA Institute's documented grading approach - command-word alignment, vignette fact usage, partial-credit rules. It's not a human grader, but it catches the common failure modes a self-review misses.

Can I use my own questions?

Yes. Paste any vignette-based question and your written answer. If you provide a guideline answer, accuracy improves.

What about IP?

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