How to prepare for CFA level 3

So level 3 is clearly dif from level 1 and 2… if given a chance again, how will u guys change your approach in preparing level 3?

Thanks a lot for the advice.

Dude, everybody on L3 forum now is either addicted to the “box game” or waiting in anxiety, come back and ask the question again on 8/8 :slight_smile:

Congrats on passing L2 and enjoy your summer.

Let’s turn it another way, what you did wrong that turns you to box color checking and anxiety now? Confess :wink:

LOL…

But on a more serious note. I wish I had practiced more AM mock exams (essay) and enhanced my answer writing skills. I wasted alot of time during the AM paper because I couldn’t quickly write down answers. This has also to do with the fact that I’m not a native English speaker. I only did 3 AM mocks btw…

  • Keep calm.
  • Sleep well.
  • Drink and eat abundantly.
  • Breathe deeply.
  • Make a love frequently.

If I passed Level III, I wouldn’t change a damn thing.

Ask me again on 8/8 and I might change my answer.

  • Start earlier
  • Read CFA curriculum
  • Practice more questions
  • Do more mocks

Just registered for level III.

Sam, thanks but that does not look dramatically different from good level I and II practice. What helps to activate knowledge? What worked for you?

Dont do anything different if your strategy worked well for prior levels. People will disagree but theres no secret to test taking. Study hard, Study often, Do not procrastinate and make excuses. The one suggestion I have is to practice constructive response EARLY, OFTEN and grade yourself CONSERVATIVELY.

Its not dramatically different, other than constructed response in the AM. Just practice sufficiently and you should be fine.

This worked for me. If I dont pass it will be because I didnt practice enough and lost valuable time in the AM thinking about the questions.

Sam, googs1484, thank you both for the response.

After registration I purchased Schweser qbank for level III and this time plan to solve it to death more than once. For level II 75% of the bank was sufficient. I reviewed it briefly and noticed that there is even section for constructive response practice. Is it of any value? What is the best way (provider) to practice CR for AM part of the exam?

I also downloaded three past exams (as 2014 may probably soon disappear). Are there any lecturer dissection of the past exams? Videos for example?

Others may disagree, but the Schweser mocks I purchased for Level III were garbage compared to the EOC, topic tests, and CFA mocks. If the QBank is anything like the Mocks I’d consider returning it…

I am curious and before exam and at lunch notice what people use. In Moscow 99% of candidates use Schweser. Good it or bad it if everyone uses something, there are good chances that successful part of these people (in Russia I think on average 20-25%, but still better than in say China) are also using Schweser.

I have good feelings to Fitch for example. But it is two times more expensive than Schweser and is sold only as a package. To make a sale to me provider has to prove that they can do a miracle. To date I haven’t seen one.

to the OP - its. all about mocks.

collect the CFA past papers, buy the schweser bk1 & bk2 mocks (total 6), get the fitch ones etc… then get index folders for all the EOC & BB.

work through them all until you can write the answers out like you are are ROBOT.

curriculum is really boring, just concentrate on answering the questions.

Yep, get the old past CFA exam papers. Past three years from the CFAI website, then hunt down the rest to about 2006. Irfanullah also releases a breakdown of which CFA exam questions are still relevant for free as well.

I’m going to be in a minority saying this, but don’t neglect the afternoon item sets… I got way too caught up in studying for the ‘new’ constructed response that I wasn’t prepared for the “easy” item sets, and they absolutely crushed me (I think). In the morning, however, I finished with nearly an hour left, so morning isn’t bad if you practice a lot of past questions.

I concur that KS mocks are crap. When you see GIPS in an AM mock you know it’s jack sh*t. however, it’s still practice. Old AM from CFAI are a better way to practice however there are big changes to curriculum coming. Marc with Level up gives customers a SWEET binder sorted by study session with all still relevant prior AM questions. It’s GOLD. That’s what i suggest alongside EOCs, blue boxes, white boxes, etc. Any CR question you can get your hands on is still useful to a degree.

Drink like 30 per cent as often as you normally do.

good lucks

Balance your time between AM mocks and good performance on the PM session. I will not have changed anything at this moment. perhaps a few % of time more focused on PM Mocks in the final 2 weeks. What i pretty much did was the following:

Study in 3 day iterations: 1 day AM mock + checking and reading up on 1 day reading + EOC (50-80 pages schweser) 1 day PM mock + reading up on all errors. Every night do 1 or 2 video tutorials. before bed ( i never slept better in my life period). I did video tutorials during breakfast. IF I failed, I would spent more time on the PM sessions and readings. if it shows to be a weak point. Almost run out of time for both AM and PM.