-
Practice Exams (mid April until Exam)
-
CFAI old AMs (mid April until Exam)
-
your own flashcards (February until Exam)
-
Do: BSAS Mock, S2000 posts
-
Avoid: FinQuiz
practice practice practice. I used Schweser’s online question bank to make sure I actually learned from reading, and then reread/relearn things I didn’t know well enough. You’ll do well to have done 50% or more of all of their practice questions in each section.
When I took the mock exams, I went by section. So I reviewed Econ, then did it from multiple PM mocks and multiple AM mocks to make sure I got the material. Didn’t allow me to report my results to AnalystForum, but I passed, and that’s what mattered.
Are you able to get the Schweser vids standalone without the rest of their content?
Only advice if you have backgroud is that to solve old exams
Never give up - you can learn understand the material and pass the exam with only 2 weeks left and 100 - 150 hours if worst comes to worst
Learn from the schweser books making sure to do all the questions at the end of the chapter in both schweser and official cfa and try and do all online questions from Fitch learning too. As many pm as possible timed and am more to get a sense of how tough timing is in exam
Go full throttle in your prep - CFAI, Schweser, FinQuiz, practise AM papers and understand what the question ASKS and answer to the point short and sweet. No matter how badly you fared on the AM, dont lose hope and go head on with PM.
Do as many written response questions as possible, if not for learning the content then for learning how to do them. With that being said make sure you will kill the pm session. am is new but pm is still half your grade and will make or break you.
Finquiz was such a waste of money
Do all 10 year AM tests + as many mocks/sectional tests as possible
The mocks yes, but the notes and the summaries are pretty good. The best I found out there. Can’t beat CFAI curriculum though.
Know that Level 3 is easier than Level 2. I studied 60-65% as much and passed.
I would say highly focus on studying for the essay questions on the AM, think about how they want you to answer and really hit that section hard. Cracking the AM is the key to the exam.
No classes, no bootcamps, no strategy sessions, no study groups. Don’t waste your time or money. If you want a good, cheap self-study program, my strategy was the same for all 3 levels, as follows:
1.) Read every chapter thoroughly in Kaplan books once through and do end-of-chapter questions right after (can’t speak for other providers but I trust Kaplan so I used it). Most people would take notes but I just scribbled notes in the book – whatever floats your boat.
i.) By the way, never once even opened CFA curriculum books except to tear out the end-of-chapter questions (see below). Kaplan gives you the material you need in a very clean, digestible fashion.
2.) Once completed, I ripped out the back of every end-of-chapter summary in Kaplan books and made a faux “study guide” by stapling them all together and highlighting, which I then read through countless times thereafter (even brought this with me on exam day to study on my break – it was like my bible). Combine this puppy with the Kaplan Quicksheet and you’re golden, Ponyboy. Rinse and repeat until you know the formula to calculate the number of futures contracts to buy/sell better than you know your own name.
3.) Found every practice exam I could ever get my hands on, completed and reviewed them over and over and over – I did 13+ practice exams (AM+PM) for all 3 levels plus all end of chapter questions from the CFA curriculum. Some do the blue box questions for L3 also but I barely skimmed these. I didn’t think they were much of a value-add but others will argue against this. Again, you do you.
i.) This is particularly crucial for Level 3 because you NEED to practice AM or you’re toast. This is what saved me since my PM wasn’t actually too hot unexpectedly. As discussed in several other threads, you are only doing yourself a disservice if you do not find and do all old CFA AM exams issued by CFA Institute – they literally give them to you on their website!!! You’re an utter fool if you don’t take these.
Key to Success : Always start as early as possible, especially for Levels 2 and 3! I started in November for L2 and January for L3 (I would’ve started earlier but I had to sit for Series exams, as well).
With this advice I can hopefully save a few souls going forward – my strategy wasn’t flawless but it certainly worked for me (3 for 3). Feel free to PM me with any specific inquiries.
With that, I bid you farewell my fellow AFers. I will be back to assist come 2016 - enjoy your CFA-free lives.
Don’t overstudy and don’t overthink the exam. Despite what people say, the exam is not designed to trick you and test you from every angle. The exam questions are solveable if you do all the CFAI e-o-c questions and as many mock exams as you can get your hands on. I didn’t time myself on an entire mock (sometimes I tried to answer questions in the “allotted” time) but I also know when to move on if I don’t know an answer.
Use your study time wisely - questions, questions, questions. Review the answer and see if you can solve the question correctly afterwards.
My process for a first time pass on all 3 levels:
-
Very thorough reading of CFAI text (used Kaplan for L1 only)
-
Take detailed notes on every reading
-
Do all blue box and EOC problems
-
Once steps 1-3 completed begin review
-
Study notes and make flash cards of key items from notes
-
Rework all blue box and EOC problems
-
Do all problems provided by CFAI on their website
-
Do last 3 year AM sessions provided by CFAI while reviewing. When I reviewed a topic, I went and did all the associated problems from the last 3 years morning papers. Did not do them on a timed basis
-
I never did one mock exam. I think they are a waste of time. I think people would be better served spending that time learning the material. Just my opinion and I don’t expect that others would agree with it.
-
Time yourself on every problem in the morning, move on when each problem’s time allocation is up. You cannot spend too much time on any one problem. That will kill you.
Agree with most here…mocks, mocks and more mocks. For L3, I also did something I never did for the other 2 levels and paid really close attention to the LOS. I spent the last 3 days before the test going over each LOS and making sure I could do what was expected and could produce an answer on command if that was essentially the question being asked. For L1 and L2, I wasn’t as fixated on that piece. I think it helped me with the AM.
i think these are all good advice, but for many people like me - tough to have all the time, to really do all EOC, blue box etc etc. I passed in 2nd try - to save time, i went with Sch notes (much more compact), some EOC (did as much as i could), and only really 2 or 3 AM (from last 3 yeras), and did two PM sesson fully. In retrospect, should have done possibly 2x more AM & PM - that can really help to find out any gaps in your reading (if you’re using SCH or other compact notes).
While reading the SCH notes, i also did SCH end of chapter questions (they’re way too easy, but helps to learn the materails) and plus some QBANK from Finquiz - i found the qbank help you retain the materail a bit .
I did this:
-read kaplin and make formula cards (I found I could remember theory forever but forgot formulas quickly)
-do kaplin end of chapter and CFAI end of chapter questions
-make additional q cards on topics that are difficult for you ( very point form)
-repeat above one more time
-start practice exams at the end of April and continue to review q card
i tried to have a good general knowledge of all topics but I did not have them mastered and I passed fairly easy. For someone like myself it was to hard to keep all that knowledge in my head of the extreme finer details. I think if you know it all generally well you will do okay. The mock exams let you know where your at.
best of luck
I did this:
(Sept - Jan): Read CFAI books highlighting as I went, and reading/doing blue box questions
(Jan - March): Reviewed chapter by chapter making study notes (longer) and flashcards (key concepts, lists, formulas) Studied flashcards on train to and from work daily.
(March - April): Flashcards on the train. EOC questions.
(April - June): Flashcards on the train. EOC questions in the week. Timed mock exams over the weekend.
Practice timing your AM mock exams over and over. I did this and still rushed to finish on exam day. If I didn’t practice I would’ve spent too long on some questions, instead of having the mindset to move on.
Remeber, rather take a fresh stab at new 18 points, than try to get the last 3 points on a question you’re struggling with.
Don’t read anything that I write. It’s all wrong.
Including this.