CMT® Program


The CMT Level III Exam will be held on June 6, 2019.

Level 3 Book@300x

Registration Dates

Early registration: January 3 – February 4, 2019

Standard registration: February 5 – April 1, 2019

Late registration: April 2 – May 9, 2019

Registration Fees

Early registration: $475 for members, $650 for nonmembers

Standard registration: $575 for members, $750 for nonmembers

Late registration: $875 for members, $1050 for nonmembers

Additional Fees

Annual Membership: $325

Curriculum: $225+

June 2019 Administration

Level III tests the candidate’s ability to integrate his or her understanding of the concepts identified in Level I with the practical application learned in Level II. The exam is four hours long, and consists of a combination of short-answer essay questions and multiple-choice questions.

As of January 2019, the CMT Association has discontinued its membership requirement for CMT exam candidates. You may still choose to become an affiliate member before enrolling in the CMT Program, but it is no longer required. However, member pricing for the exams differs from nonmember pricing.

For additional information about the CMT Level II Exam, please consult the Exam Information document below for selected sample questions and a brief overview of the exam structure. This document is not meant as a study guide; rather, it is offered to acquaint you with the style and format of the exams.


CMT Level III Exam Information and Samples


Knowledge Domains



CMT 2019 Level III

This chart illustrates the Knowledge Domains covered by the CMT Level III exam. Click on each domain to view sub-domain topics covered in each domain area.


Learning-ObjectiveLearning Objectives

A list of Learning Objectives appears at the beginning of each chapter in the text. These are intended as a guide to the most important concepts discussed in the chapter. An effective study method is to read the Learning Objectives as an introduction to a chapter before beginning study of the chapter. After completing the chapter, review the Learning Objectives again and write a few sentences that demonstrate competence on that topic.

For those interested in reviewing the learning objectives before purchasing the 2019 curriculum, you can do so here:

Code of Ethics

An integral part of the CMT Association’s mission is to establish, maintain, and encourage the highest standards of professional competence and ethics among our membership. As such, CMT Association members must abide by the Code and Standards and are encouraged to notify their employer of this responsibility. Violations may result in disciplinary sanctions by the CMT Association. Sanctions can include revocation of membership and the right to use the CMT designation.

Candidates should know that all three levels of the CMT Program include questions pertaining to the Code and Standards. Below you will find a link to the Code and Standards from the CFA Institute which have been licensed by the CMT Association on behalf of its members. All references to “CFA Institute,” “members,” “candidates,” “CFA Program,” etc. in the Code and Standards should be read to apply to the CMT Association and its members, candidates, programs, etc.


Candidates on Level III are required to achieve a minimum passing score on the ethics section as graded separately from the rest of the exam.  Candidates who do not pass the ethics portion will not pass the exam regardless of their score on the other material; they will be required to sit for the entire exam again. This reflects the importance of ethics in earning a charter.  Level III candidates should place an increased emphasis on the study of the CFA Institute’s Code of Ethics and Standards of Professional Conduct.

According to the CFA Institute, “the Standards of Practice Handbook grounds the concepts covered in the Code and Standards for practical use. You can use this handbook for guidance on how to navigate ethical dilemmas you might face in your daily professional life.” Reviewing the Handbook provides candidates with a comprehensive study process and commensurate preparation for professional practice.

Code of Ethics and Standard of Professional Conduct

Standard of Practice Handbook