Has anyone finished LIII only to look back and feel like they threw up almost everything they learned over the course of this journey?
I’d agree with that. There’s so much that I don’t regularly use, but I’m sure it would come back pretty quickly if I needed it
Good to hear someone else shares my thoughts. I’ve considered buying all of the secret sauces again just to refresh.
Libre27 Wrote: ------------------------------------------------------- > Good to hear someone else shares my thoughts. > I’ve considered buying all of the secret sauces > again just to refresh. I actually read the level 2 secret sauce before the interview a few weeks ago…As dspapo pointed out, I took the level 2 3 months ago and already forgot how to calculate current swaps…
I always thought about this. If you made all the charterholders retake L2 without any prep, what is the % you think would actually pass?
^ Unless you actually teach the stuff, I’d say 0% for any level.
really? even 0% at L1? At least the people who passed L1 recently should be able to pull it off.
Well, your question confines it to ‘charterholders’. My answer was - if the charterholders retake any level.
ah yea. should have been more clear. you’re right
I think there is a high probability that most charterholders should be able to clear L1 with very little or no review. It pretty basic stuff and no complicated concepts. L2 and L3 is a different ball game and become more detailed. I wouldn’t bet money on people clearing them without atleast a little review.
buying secret sauce every now and again is quite a good idea. What we need a secret sauce for all levels combined (and be less than 350 pages).
Maybe I am too pessimistic, but I’d still say 0% for the people who passed any level and retake the same level without any prep a year later. Maybe with some prep probably increase the rate significantly higher but without any? No. 0% is bit harsh, and maybe I could give some more but I wouldn’t bet on it.
I helped some friends study for l1 about 6 months after I took l2. Hypothetically they could have put cfai practice exams on a projector and written down their own answers to save money. Hypothetically, I could have operated the laptop. And hypothetically, had I done these things I would have scored high 80’s on all the sample exams with no prep.
Libre27 Wrote: ------------------------------------------------------- > Has anyone finished LIII only to look back and > feel like they threw up almost everything they > learned over the course of this journey? Well, probably only 10% or so of the material (less?) is useful to any given person, since we all have different jobs. As long as you retain that 10%, then it’s still good.
Lost almost all of my l2, l3 retention, but so far I’ve always found that once you grasp a concept, it’s always very easy to pick back up again.
Libre27 Wrote: ------------------------------------------------------- > Good to hear someone else shares my thoughts. > I’ve considered buying all of the secret sauces > again just to refresh. http://www.amazon.com/s/ref=nb_sb_ss_i_0_31?url=search-alias%3Dstripbooks&field-keywords=cfa+institute+investment+series&sprefix=cfa+institute+investment+series I recommend these as reference books to keep on your shelf rather than study guides. It’s effectively the CFA curriculum condensed and stripped of end of chapter questions etc.
Yikes, I don’t want to re-read the whole curriculum!
Do the whole thing again and become a CFA Squared. That entitles you to use a picture of Chuck Norris on your resume rather than just Ted Nugent.
Do the whole thing twice for chuck Norris? Nah. I’ll do it for Jimmy McMillan. That would entitle me to put “Rent is damn to high” at the top of my resume in a 72-point font.
I’ll say 20% for L1, 1% for L2/L3. Even though you may have known it inside and out back in the day, it doesn’t mean you will know it in a test environment with no prep. Heck, you may know it inside and out the day before after studying for 6 months and you never know what kind of questions they will show you on exam day. The first time I took L2 I thought I was really good at derivatives. I scored >70 in this area and failed with a band 8. A year later, re-studying derivatives took a lot of time. It’s not like it came back instantly. I had to put in a lot of hours to get to the same level of proficiency. I felt just as confident (maybe even a little more so the second time) with derivatives and I scored in the 50 - 70 range. But I passed. So after years of having the charter and not being exposed to 90% of the material on a regular basis, I would venture only the very few knowledgeable/genius types would pass L2/L3.