systemd does not use /etc/inittab!

According to the Fedora wiki:

systemd has the concept of targets which is a more flexible replacement for runlevels in sysvinit.
Run level 3 is emulated by multi-user.target.
Run level 5 is emulated by graphical.target.

runlevel3.target is a symbolic link to multi-user.target.
runlevel5.target is a symbolic link to graphical.target.

You can switch to 'runlevel 3' by running

 systemctl isolate multi-user.target

You can switch to 'runlevel 5' by running

 systemctl isolate graphical.target

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NOTE!

systemctl isolate is used to start one daemon and stop ALL others. Some possible targets are

# systemctl isolate 
    ctrl-alt-del.target    initrd-switch-root.service    poweroff.target
    runlevel2.target    system-update.target    default.target
    initrd-switch-root.target    reboot.target    runlevel3.target
    system-upgrade.target    emergency.target    initrd.target
    rescue.target    runlevel4.target    upgrade-switch-root.service
    graphical.target    kexec.target    runlevel0.target
    runlevel5.target    upgrade-switch-root.target    halt.target
    multi-user.target    runlevel1.target    runlevel6.target

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For more information, take a look at the systemd page on the Fedora wiki and on the project's homepage.