Actual grading - a big eye opener for me

CFA Level III
#1

This was a big eye opener for me quite late in the game to be honest.

Have a look at this video from Wiley:

https://www.youtube.com/watch?v=eSHIjxAINqI, ideally, part after 12min.mark.

Even more specifically, have a look at his answer in this moment:

https://www.youtube.com/watch?v=eSHIjxAINqI&t=14m20s

How super-short, abbreviated is that?

He says he was a level 3 grader twice, so I think this might be excessively brief but it has to have some weight

I dont know about you but it seems to me I was writing way too much in my mocks… What do you think?

#2

Had a similar conflict, but I seriously doubt examiners would like to see signs. Just my opinion.

#3

I might have the opposite problem: being too brief, as I try to manage time. In the first example, I totally see how I could have omitted to state that k was constant, thereby costing me a point.

Good information, thanks for sharing.

#4

I will not take the risk to write so short answers.

I manage to complete past exam in full in 3 hours with more writing ( i know it might be more difficult in real exam conditions )

#5

can boardmembers and charterholders please kindly advise use here regarding to what the video was suggesting?

I agree with being short, but my concern with the video is that it is TOO SHORT - for example, are we not expected to explain the letters of the formulas in the exam or will get full points just like that?

Much appreciated!! smiley

#6

Previously a different former cfa level 3 grader said I needed to write more based on the time involved. The reality probably is that different graders will react differently. If you have someone who wants to go home they will appreciate short answers. Key still remains. Avoid garbage. Make sure facts are complete. Also, make sure what you say is accurate.

#7

I think if you use the exact formula as in the curriculum, then you dont need to explain the inputs

#8

Thanks Yiota, hmm the problem is we, or maybe just me, might use different letters in the formula and if that would still do?

#9

I usually go withthe same letters because that only what I know, lolB

ut if you go with others letters, then I def think you gonna need to explain them as they are out of curriculum

#10

I love this video even better

https://www.youtube.com/watch?v=z2rG5ujp_w0

#11

I am a bit confused on seeing this video.

The second part of question says “EXPLAIN”, whereas he recommends merely :“STATING” that its consistent with the management’s view. A bit confusing.

#12

I have not been a CFA grader but taught Finance classes for management students for 3 years. I have primarily two observations:

  1. Grading descriptive answers is extremely stressful (from personal experience). As a grader I always preferred to the point and short answers irrespective of the credit involved. For instance, if the answer was on the mark but too brief relative to the credit, a grader is likely to award 51%-70% of the credit. On the other hand, if the answer is quite elaborate but the grader could not be convinced that you made the key points, you would end up receiving less than 50% and more importantly closer to zero. This was my way of grading and hence I fully appreciate the kind of AM scores.
  2. It is better to complete the entire exam and receive less than perfect credit than completing just 80% of the exam and expecting to receive the perfect score.

I disregarded my own grading experience and ended up writing conventional long answers (something that I would not have the patience to read as a grader) and paid the price in 2015 scoring only 30% in AM. In 2016, I changed my strategy and thought from a grader’s perspective (the fact that I had some grading experience did help) and ended up securing 51%-70% in 6 sections.

Let good not be the enemy of the better. Don’t aim for a perfect answer as no one knows what it is. Aim for satisfactorily (confident of securing > 51%) completing your AM exam

#13

I watched the video a couple days before the exam and decided to do this on one of the questions and got 50-70 on that. I just couldn’t bring myself to answer all questions in this manner.

#14

I did exactly what the wiley video demonstrated. I got into a car accident two weeks prior to the level 3 exam and broke my dominant hand. Spent two weeks to train my non-dominant hand to the point where my handwriting was legible. As you could imagine my handwriting was really slow so i couldn’t afford to write complete sentences. I bullet pointed my answers and use commonly recognized symbols (arrow, greek letters etc.) to use the least amount of handwriting to get my point across. My extremely short answers don’t seem to harm my results. Just my two cents.

BTW, i still cant believe CFA institute refused to give me special accommodations despite the temporary disability.

#15

^ for what its worth your perseverance is impressive

#16

@kelvin: congrats on the pass and big ups to you on doing it with your weaker hand!

#17

Amazing! Respect bro

#18

I tend to disagree …I think suggestion by Daren Miller from Wiley is spot on! They are looking for key words and what’s the right answer. CFA exam is not your writing skills exam or do they care how much you know …I actively used arrows and timelines where I could avoid writing! I was done with morning 30 mins before the paper and had time to review my question answers …I wrote less than 15-20 words for all answers and passed

He was a grader and please remember all graders have to grade you uniformly …if Daren as a past two times grader says write less and to the point I’ll rather take his advice than to pass my own judgment

I was able to finish AM on time and review answers following his advice

#19

Thanks

#20

Dude, I followed his advice and got just enough time to finish all questions … but somehow my grader did not share the same view. 8/10 of my AM segments were marked <50%. I’m pretty confused right now … I could have elaborated but I would not have enough time.