First time on this forum and I wanted to see what people would recommend for a class to pass L3:
I had passed both Levels 1 and 2 on my first try with studying only on my own with the Schweser books (no online material used) and tried the same thing for Level 3. I read the books multiple times while writing over 100 pages of hand written notes and scoring around 65% on about 4 full tests (would say about 250-300 hours overall).
I came out thinking I did well on AM but not great on PM whereas it looks like I did the opposite and totally bombed the AM while scoring well enough on PM probably to pass. I honestly came out of the test thinking that it was completely different than the Schweser mock exams as well as the mock exam provided by the CFA website (told my a few people I know who also took it that they felt the same way)
I see a lot of people suggest Level Up bootcamps but I don’t think a 4 day class (or any other cramming class) is for me and would prefer something over multiple months to get me to start studying early (started in late February this year) plus I think I need someone to go over my essays as maybe I did not grade myself hard enough
Honestly not super discouraged as I know its a hard test but would like this to be a one time occurrence and want to get a jump on signing up for something now so I don’t forget and miss the chance. Would people also suggest I read the actual CFA material provided instead of Schweser as I see people stating its not great for Level 3?
Schweser is so woefully out of its depth when it comes to Level 3. Since the nature of the AM exam requires you to have a relatively more deep understanding of the material than you’d require for the MCQ exam, the highly condensed nature of Schweser materials really works against them. Additionally, I did one of their mocks (conducted by our local CFA society) and it was nothing like what the actual exam is like. The questions are so unnaturally complicated and convoluted. I sometimes think that Schweser is purposely being so bad at L3 since they realise that they won’t be able to earn from you once you pass L3.
If you can devote the time to studying from the curriculum, that’s undoubtedly the better option, but time isn’t a luxury which everyone has, so I’d recommend IFT (which I used this time). The prices aren’t too OTT and his videos aren’t too long-winded, but delve into the material sufficiently to give you a good understanding of it.
IMO, LevelUp is by far the best prep for the actual exam because it really drills down and focuses on what the CFA Institute material, which is the gold standard for studying for the test.
Honestly, I took the advice of several candidates last year who claimed Schweser worked well enough to get them over L3. This year, I can attest to the same. I read their materials exclusively cover-to-cover, complemented with the CFAI EOCs, BBPs, test bank and mocks, and passed comfortably above MPS.
I understand some forms of preparation work for some and not for others. From my experience though I’d argue there’s nothing strictly incomplete about the Schweser material precluding you from passing if you were to use it as your main reading material.
How is Wiley for level 3? I used it for level 2, and personally I thought their content was far better written that Schweser, and was thinking Wiley for L3. I have come across some folks on AF saying Wiley isn’t good for L3, while others mentioned that Wiley is absolutely fine for L3, making me kinda confused whether I should choose it or not. Opinions anyone?
AdaptPrep. I used AdaptPrep and never opened the CFA books except to do EOC problems. The mocks adapt to your performance. The better you do the harder the mocks get and they give you a score from 0-10. They recommend at least a 7 to pass. The AM mocks are 10 times more difficult than the actual/ mock exams of the CFA in my opinion.
The videos are great and you can print off the notes from each video.
Not to brag, I scored over the 90% for the exam.
It doesn’t matter what you use in my opinion, it is about practice,practice,practice. Focus on getting the AM answers as precise as possible using CFA keywords.
Thanks everyone for your suggestions, really appreciate it!
I don’t think money is an issue as my new firm seems like they will cover the costs but I am more interested in being able to go to a class once a week rather than watching a new video as I feel like I would get too distracted. I live in NYC so assume I have quite a few options but wanted to know if anyone recommends any particular in person class or if anyone felt like the class they took was a waste of time
I used Schweser for Level 1 and 2 which worked well. For Level 3 I don’t think Schweser is that great. The emphasis for L3 seems to be more on the detail (which there is a lot of anyway!) so this time I used just the CFA textbooks. Yes there is more to go through and I made a point of going through every example and every question and made sure I could answer them. I went through the additional questions you could download on the CFA site for equities, FI and risk management. Also went through mocks for the last 3 years and made sure I understood and could answer every question. The multi choice questions on the CFAI website were also very useful and I went through these until I knew how to answer them. The Schweser questions are very simple compared to those in the CFA books and will not test your knowledge to the same level.
Compared to Levels 1 and 2 L3 is more about application and the more questions you do the better, especially with the AM paper. I spent the last 2 months mainly doing CFA questions and revising the bits I’d forgotten. Again, depends on your own personal schedule but I was studying 1 hour at lunch and 3-4 hours in the evening. Spend the beginning of your study programming learning all the main concepts then it’s just practice, practice, practice…
As with any exam preparation start early, preferably before the new year and pay attention to the detail. Aim for over 300 hours, plan out a study program and be consistent.
I second this. I also used Schweser and passed. My only complaint is that I wish they had provided more sample constructive response questions. I felt theirs in combo with the last three years provided by CFAI was just enough. I didn’t realize people got more years of actual past exams from other sources so that would be another way to supplement with more practice in that area.
Level Up without a doubt. As mentioned earlier, it’s much much more than just a crash course. Marc is incredibly talented and has an energy level that will blow your mind. Do what I did, sign up for the entire package and sit in the front row at the boot camp. It’ll keep you on your toes for the long days put in.
L3 is all about the essay obviously. It’s incredibly hard to answer these questions in the allotted time when you already know the material. Therefore, learning how and what to write and making it a habit is what it takes to pass. Since the institute releases the Essay questions and answers, after you’ve bombed through 10 practice exams 3,4,5 times you’re answers will begin sounding like the Institutes answers. And what better answer to put down than one closest to theirs?!
I second that. Schweser was more than enough for Level III material wise, however, my issue was with their Q Bank and mock exams. Their questions felt poorly worded or their answers were not convincing. That being said, I would suggest giving priority to the CFAI blue box, EOC questions and mock exams over Schweser stuff.