CONGRATUATION!!
Before we lose you for good on the forum, can you please share your study strategy for new level III candidates like me?
Detailed strategies will be very much appreciated.
I’ve yet to take Level III, but these two entries from two years ago are an excellent place to start…
http://www.analystforum.com/forums/cfa-forums/cfa-level-iii-forum/91314226
http://www.analystforum.com/forums/cfa-forums/cfa-level-iii-forum/91314266
Get the print version of CFAI text and beat them into the ground, work every blue box and EOC question multiple times. Take every old exam you can get your hands on. Practice writing. Consider doing Mark LeFebvre’s review (I didn’t, but had him for two weekly seminars in Dallas - the materials he prepares are incrediblly helpful).
Those are great summaries and I largely agree with them. The biggest change I made at L3 was to rely more on the CFAI curriculum and less on Schweser. Schweser’s explanations are very clear and concise, but the CFAI EOCs are invaluable. Also, the CFAI text should be your primary resource for everything related to IPS, GIPs and ethics.
I started early and my strategy involved reading a given section from both CFAI and Schweser. I would then answer the EOCs and write a summary of each section as I went along. Anything that I found challenging from the readings/exercises would be highlighted in my section summary.
Use the search function and you’ll find more threads on exactly this topic than you’ll be able to read in a lifetime!
Edit: Also, I disagree with all those people that say Schweser isn’t enough at L3 or that you need to shift your emphasis to CFAI text. If it ain’t broke, don’t fix it. If you were successful at Levels 1 and 2 with Schweser, stick with it. I used Schweser primarily at all 3 levels and never had issues. Be smart though - use the EOC’s from the CFAI text as there’s no reason not to. If something wasn’t covered in Schweser but it’s mentioned in the EOC’s, skim for it and see what CFAI has to say about it.
dont get nervous on exam day kid. Own the moment
You’ll get sidetracked with work, family, life and motivation – so give yourself some room for error and start early.
Start early and work your ass off. It’s so worth it!
Find what works for you.
I started March 1st. Tried CFAI books and fell asleep. After CFAI book 2 I switched to Schweser. One pass through schweser, Qbank, self made note cards on Quizlet. Approx 10 mocks in April/May and then referring back to Schweser when reviewing Mocks. Passed on first attempt. 40/60/80 score of 72% and did better in AM than PM. 8/11 > 70%.
No EOC, No Blue Boxes, No “Pounding the CFAI Books into the ground”… Just learning and practicing the material in what I thought was the most efficient way possible for me, then repeating over and over. From March until the test I was studying approx 2-3 hours each weeknight and 8-10 hours each on Sat and Sun, so although I only used predominantly Schweser, my “total hours” number was up there, for those who keep track of that. Effort=Pass.
^8/11 > 70 in AM - awesome!
^^ Best advice on this forum. Have done this for all 3 levels, and have passed consecutively.
I went obsessive steps further and printed out every single EOC quiz and every practice test/ mock/ etc. that I could find ( and you can find them if you know where to look ) and worked them all. Further, for each level, I kept a binder where I took notes on each and every reading (never skipped a reading, even if I felt like I knew the material). In the notes, I would print out, cut out, and tape in each of the in-chapter example problems. I kept the binder organized with dividers for each study session and each reading. After completion of the reading, I reread all of my notes in the big binder, and then condensed that big binder into a smaller one with key notes/ formulae/ and anything that I knew was important. I also pulled a John Nash move and had about 50-60 note cards taped up on my wall in front of my desk, but that’s another story…
Seems crazy, is crazy, but I went 3/3 in 3 years while working full time, so there’s that.
I used exclusively videos and practice tests/problems for all 3 levels and went 3 for 3. I hardly read a word of schweser notes or the CFAI incredibly boring text. The couple times I tried to read something, I would end up napping instead 5 minutes later. Videos kept my attention way better.
Make a schedule and try to stick to it. Thats the most important thing. Only you know how much time you are willing to put towards these tests. Just study. There is no general magic formula to pass these things, it will be different for everyone.
do morning exams from 2007 onwards starting in late april. Good to brush up and keep taking exams throughout May. Don’t ever underestimate the morning exam. Know your keywords and answer with keywords and to the keyword being asked with BULLETs. Don’t get bogged down by GIPS.
Then you’re gonna pass.
There is nothing special about my strategy and I think most people’s strategies would be smiliar.
In summary,
Start early
Study every day
Do a lot of exercise
Also, be sure you dont study 2 days before the exam and run for 5 K or something to make yourself exhausted so that you can have a very good sleep.
In my case, I studied until the day before the exam day so I was not able to put myself to sleep and had no sleep for 2 days… drank coffee to keep myself awake in the monrnig session but was physically exhausted in the afternoon and had to use mind power to prevent myself from distracting…
Try to start early… Readings are less than L2 and L1 but the readings are long… Watch Videos (used Irfan Videos for L2 and L3), take notes, I used Schweser for all Levels and worked for me… Although failed L2 in first attempt (used only CFAI books)… Do Grey boxes problems as they guide you what you will expect in exam questions… do EOC problems at least twice. Finish at least 6 to 8 weeks before exam day… and do past CFAI AM papers (most reliable) practice early also for the essay part. Good Luck
Like everyone said here, you NEED to finish the materal by end of April if not mid April. Spend 2 weeks refreshing on the materal (although you should have been before anyways as you went). Then, do CFAI Mocks and Practice exams back from 2008, over and over until you understand all the problems.
* finish reading and making notes by 3/31, doing EOC questions along the way
* spend next month reviewing your notes
* only practice exams and problems in May
both of these points are the truth
schweser is definitely enough, but make sure you do the blue boxes and EOCs, if they cover something not in schweser or if you notice that schweser is light on a topic, brush up by reading the cfai text
reading cfai cover to cover seems like a massive waste of time though
Passed 2012. Stuck only with CFA books. No Schweser, except PM practice exams. Anytime I did pick up Schweser, I found the materials confusing and misleading.
Basically, my advice is to not take any shortcuts whatsoever. Also allow about 8-9 months to prepare. Treat the AM exam like the 13th Study Session and allow an extra month just to learn how to take it.
When doing the AM practice, make sure to write out the answers in full on at least 1 of your practices.
I just bullet-pointed my answers in the practice to make sure I had the right ideas, without ever writing answers out in full. In the actual exam, I was a bit surprised at how long it took to write out fully compared to just bullet poiting.
I typically finished the AM practices with about 45 minutes to spare, and after the first question on the real AM, i was already 20 minutes behind and had to spend the rest of the morning playing catch-up.