To those who have already started...

CFA Level III
#1

Hi friends, it’s high 50s band 9 mock guy again! Glad to have passed level 2 on the second try. To those who have started studying, I have a couple questions I would like to get clarity on from the “horses mouth”

  1. I know level 3 is less number crunchy, but by how how? Would you say it’s half the formulas? 1/3?

  2. I have heard that it’s much more real-world and much more about application. Thus, do you guys feel there’s a need to go back and review level two again real quick?

  3. to those who bought schweser but are also reading CFAI curriculum side by side: should I? I haven’t So much as cracked open CFAI books for 1 and 2 but is it needed here?

  4. I see the schweser books are much shorter. All the books combined is like only 1200 pages of material compared to 1800 for level 2. Are any of you guys already through the first pass of schweser?

Thanks all!

TOMMY

#2

  1. fewer formulas but more definitions, I would say.

  2. I wouldn’t go back to review Level 2. If you are itching to get started than I would say dive into the Level 3 material. You will need more time for mocks and revision given the written element of level 3. You really have to practice writing quickly and succinctly. You can review the L2 material you feel you need as you go along.

  3. I didn’t read the CFAI materials at any level, much less in tandem with Schweser. I just don’t have that kind of spare time.

  4. Passed L3 in June. However, I didn’t even start studying until the December prior.

#3

  1. I would say about half as well

  2. It is much more “real world” relevant. I enjoyed it the most of all 3 levels. Level 1 was just terrible and seemed to be like nothing more than a test to weed out the lazy folks. DO NOT go back and review level II. Its a waste of your time. Use those hours to pound level III material. I know this because I reviewed level II before starting level III. I realized it was a waste once completing level III study. Big waste.

  3. A question that’s asked 100 times every year. It depends on how you learn, and your ability to analyze, understand, and retain information. For me, I did not touch a single CFAI page until level III. In level III, I only pretty much used BB’s, EOC’s and their end of reading summaries. Despite what some will tell you, I strongly believe you can very easily get by with Schweser alone. People who used them, and failed, will say otherwise but without trying to offend that audience I will simply say they probably did not put in the full effort required.

  4. If you are through your first pass already then seek therapy (kidding). I know people get anxious because its the final leg of the race but don’t burn out. Furthermore, be very careful on how you benchmark your progression relative to other candidates on this forum. Typically consistent posters/contributors on this forum are the cream of the crop. If someone says they’ve read the curriculm 3 times by April don’t feel behind or like you’re failing, because I bet they are lying. Go at your own pace and stay true to yourself. Start on 11/1, and study 2 hours a day, 6 days a week, and you will pass with flying colors. Well, as long as you put in an honest, disciplined effort. Period.

Last thing, level III has materially less pages than level 2, however, do not underestimate it. They cram tons of information in those pages and it takes much longer to digest than level II. Every reading and session is linked to the other and you need to piece it all together in various ways. It can be VERY difficult for some to wrap their heads around this distinction and it frustrates many. For me, it was relatively easy. I find that people with the most experience in the industry suffer the most. They refuse to accept the CFAI mindset and stubbornly want to go with how their employers trained them.

Good luck!