When importing a Mass Effect 2 character into Mass Effect 3, the character will be brought forward exactly as it was left off. A level 30 character in Mass Effect 2 that is imported into Mass Effect 3 will retain its level and abilities, and can immediately start working toward the new level cap of 60.[3] Any credits or resources that an imported character had in Mass Effect 2 will be reset in Mass Effect 3.[4]
In terms of gameplay upgrades, only the primary ship upgrades for the Normandy SR-2 (Heavy Ship Armor, Multicore Shielding, and Thanix Cannon) will transfer to Mass Effect 3. Other gameplay upgrades such as research upgrades will not transfer.[7]