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Post exam - how’d it go?

For me, AM seemed pretty straightforward with a few difficult questions, but PM felt substantially harder and had some serious curveballs! 

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Exact same for me. Thought the AM was fine, I left one four point question blank and otherwise made an attempt at every other question. Finished up with about 5 minutes remaining  

The PM was torture. It actually started out ok but around the 3rd or 4th item set things went a little sideways. I was definitely surprised at some of the topics they covered. 

Agree with AM, much more straightforward than I expected. Also, now im convinced that MM is the golden standard (never used his mocks for lv1 lv2), crazy, his mocks were spot on. Thank you MM. 

PM i thought was easier than CFAI Qbanks, mocks, MM pm mocks, finished all 60 MC in less than 2hr, did i overlook anything??

Thought it was straight forward overall. 

I used level up and Marc made you go over all white text, BB and past exams - pretty much everything he said happened.

so no question where I thought what the hell is this and a few tricky ones but if you’re aware of the past curve balls the institute threw - you were able to spot those. 

Now the waiting begins ….

Pm ethics was hard! 

I have to report all of you to the CFA Institute for violating the Standards of Professional Conduct. You should know as 2019 Level III Candidates you cannot discuss the test.  Therefore I am reporting all of you and I hope they will fail you so I can pass…..JKing!

When looking around the room I was amazed I wasn’t the oldest one taking the test, I am 35.  Then on the other side of it everybody taking Level III I talked was taking it for a second damn time.  It was my first time.

I did 11 mocks, and I thought AM went well, but that PM Ethics man!  I’m amazed how they can trick me on things I have read like 20 times at this point.

Retaker here, sat last year, trying again this year.

I thought AM was all right.  Started off good and then seemed to get progressively harder by the last 3-4 questions.  Not sure if that’s actually the case or just me not knowing the latter material as well, maybe both.  Finished with just over 20 mins left, including taking two bathroom breaks, but I did leave one 6pt question blank, couldn’t remember the material and didn’t want to bother wasting the time to try.

Also thought PM was harder than I thought it would be.  Seemed to start off rough but then settled down after the first 2-3 cases with only a few curve balls later on.  Finished with about 40 mins left.  I don’t think that the change they announced about not all cases having 6 questions effected anything other than taking a little longer to finish the PM.

In the end, hoping to get about 55-60 on the AM and 75-80 on the PM. 

There were some questions where what they tested wasn’t the hard part, but it was deciphering the question to understand what they were trying to test that made a medium difficult question a hard one. 

I second this, had no idea what some of them were asking. expecting a band 10 as I’ve sat this before, also with band 10 and overall I felt it went the same way.

AM content wasn’t the hardest, but I can’t say I was familiar with it all

I thought the morning was brutal. I apparently didn’t manage my time well and found myself with half an hour left on question 6.  But in the afternoon, I cruised through it. I did not find the multiple choice hard at all.  I think I had maybe 4 questions that I needed to go back to to double check my response.  I don’t think I’ll pass, however.

AM not what I expected. For me personally, harder than all past am mocks 2007-2018.

PM in line with cfai mock A and B meaning trickier than I expected.

Passed L1 and L2 first attempt but I am sick when I  think about this one. 

Retaker here.

AM is ok I suppose. Couldn’t figure out a 7pt question, but made a reasonable attempt on the rest. Was quite surprised a certain topic ended up on the last question - if you know what I am talking about. Hasn’t it always been a PM question? Since when did it become AM? Well I guess starting 2019 it has.

PM - ethics…this has always been my strong point, but even I had doubts this time. There goes my ethics adjustment. The middle was okay, and then there were the last 20 questions - holy crap, you have to bring your A game for those.

IMO if you are those that just skim the text and do the past exams over and over, you may want to rethink your strategy. The way they structured the exam this year requires you to know the material inside out. I mostly applied knowledge that I learned throughout Nov - early May. That’s not to say you shouldn’t cram in the final month, but the cramming can only get you so far. They are asking you questions in a way you haven’t seen before, and without a deep understanding of the material behind it you are just gambling on each questions i/o an educated guess. In other words, if you can’t reverse engineer to apply your knowledge, then you better be 100% solid in your plug and chug and the easy marks (e.g. IPS constraints) to stand a chance.

So folks, if you really want to finish L3 off, put in the hours!

Agree. 

I was pretty pleased with the order of the AM questions, and when i was going into the final 5 questions, i was maybe 15 mins ahead of schedule. Left maybe two or three four point questions open. 

PM was fairly straightforward, tho ethics can always mess you up, but i did catch what they were going for with the more tricky ethics ones. Had about over an hour left on the PM, recalculated every question, even caught one mistake. Pretty happy all in all. 

Gut feeling wise - I did L1 twice, and L2 twice, first time band 9 and 10 respectively, second time easy pass. My gut feeling is leaning towards passed… 

Uuuugggh, 2 months now…

Nervous_af wrote:

AM not what I expected. For me personally, harder than all past am mocks 2007-2018.

PM in line with cfai mock A and B meaning trickier than I expected.

Passed L1 and L2 first attempt but I am sick when I  think about this one. 

Same situation as you and I echo this completely.

There were portions of the first three questions in the AM that I just did not think would be asked and panicked a little. After that though (except for a certain part of the final question) I gained some confidence back.

PM I felt like I was educated guessing a lot of questions in the first 3 item sets or so after eliminating one option, but felt I made up with the last half. I just really don’t know though.

I caught one real dirty trick though they had in one of the PM questions and felt proud of myself for it. At risk of ethics though I won’t say what section (though I guess broad topic areas would be okay without going into what it was asking?).

A certain four point question in the AM was pure regurgitation of a memorized formula. I skipped it in my notes at least 50 times thinking no way in hell would they ever test us on this. Sigh.

There was a certain qualitative question (4 points) that I always struggled with, even though it wasn’t the hardest of questions.

Besides these two, I think AM was fine. It was more quant than past AM exams. It was a race against time towards the end for me - I had around 35 mins to wrap up the last 3 questions, but I finished. Probably 60-70.

The PM was a really well put together exam. The questions tested familiar topics, but you really had to think about some of them, and the answers sometimes made me second guess my original choice. I don’t think any mocks could have prepared you for this type of exam besides a deep and thorough understanding of the core material. I guessed around 5-6 questions. Probably 60-70.

Overall, it’ll be tight, probably a 50-50 shot depending on how some of my guesses worked out. It was a hard test and a grueling day with tight bladder control and internal plumbing management.

Tactics wrote:

It was a hard test and a grueling day with tight bladder control and internal plumbing management.

Definitely. My section was released for lunch break 1st (thank god), raced out the door and dashed along with 10 other ppl to use the bathroom. It’s funny looking back on that now, but at that moment it felt like crap.

failed, afternoon was very good and morning was bad, but I marked the afternoon answer sheet using black pen and apparently the Scantron machine only reads pencil… expecting band 10

Tactics wrote:

A certain four point question in the AM was pure regurgitation of a memorized formula. I skipped it in my notes at least 50 times thinking no way in hell would they ever test us on this. Sigh.

part of my daily study ritual was writing out formulas, diagrams and lists (such as things to game ratio, benchmark qualities, etc). happy a lot of the items i wrote down over past 150 times made it on the exam. I think i know what question you’re referring too, and yes without the formula u are toast

AM was very straight forward but did require some expanded thinking and reasoning. I feel it was on par with past exams. You had to know the material to get these questions 100%.

PM was more difficult than expected. They phrased and presented questions in a way i’ve never seen. Had to really dig deep. I think it was filled with traps. I changed at least 6 answers after reviewing the text and spotted the traps. 

Hats off to the test writers. Every question was well written and understandable.

AM: In line with expectations, finished about 40 ministers before and had time to review some of my answers. Left 4 points blank where I had no clue.

PM: initial 1/4 or so was not the greatest experience, but then it went better. Had a tough time with Ethics..

An investment in knowledge pays the best interest - Benjamin Franklin

I found the exam OK. Very surprised if I don’t pass but you never know. There were many difficult questions, especially in the PM. Results day will again consist of multiple trips to the bathroom. 

If you're the first out the door, that's not called panicking

Bizarre that you all found AM easy. I found it quite difficult (and most of the other people in Belgium). PM was easy. We all finished one hour in advance, all staring at the ceiling.

I’m typically the guy just reading the forum and such. But here is the debrief…. 

High level… I would be shocked  if I passed. Glad I practiced the number of AM sections because my time management was on point and will be the only thing that saves me. The problem is…. the 5 questions that I was on the fence about and double checked when I got back in my car….(Such as the AM question folks are somewhat referencing) I was 0/5. So my guessing game was way off!! 

Also… Ethics is normally my strong suit but wowzer! The whole PM section crushed me

After the AM section I felt confident yet still on the fence of passing.  So after lunch… I walked in and knew I had to rock the PM section and I would have this exam in hand. Well… the PM rocked me instead and I think I will be taking level 3 again next year…. Which is of course the same month as my wedding…. WOOF!  

As a side note…. Props to 125 mph. Great attitude and posts/help. He helped lead the way on this forum and appreciated his thoughts. Cheers to you mate! 

Super interesting! That folks in Belgium had a different take.

PM was tougher than previous years, sadly I’m a re-taker and found previous years easier in comparison. The content is not the challenging part, I think the wording was a little tricky in places so I’m not sure. Gut feeling is +/- 70% for PM, leaning toward 67%.

AM was mostly ok, some tricky wording but that just could nerves at the time, I’m guessing 55% on AM.

I’d be incredibly lucky to pass, otherwise realistically I’m expecting band 10 (based on previous experience).

Spent way too much time towards the end of my prep trying to familiarise myself with topics with a greater level of understanding, frankly that never appeared. Should have spent more time doing mock exams. Everything seems simpler in hindsight though.

I think the exam went well. I was familiar with most of the questions and was able to at least an educated guess on the remaining.

AM was Ok. Run a little out of time but I think I did ok in overall. 

PM ethics was a torture, especially the final 3-4 questions. I promptly dropped my pants and grabbed my ankles and let CFAI give it to me. Also item set #3 and #4 were difficult. 

Overall I think fine and will pass but you never know with these exams. I have to come realize from doing mocks that how I feel after doing a mock and how I score on the mock have very low correlation…I may feel like I did great and end up scoring 60% or I can feel like sh!t and score 85%. 

But there is no shame in failing that exam. Passing that exam takes quite a bit of knowledge and understanding of the material. 

It ain't what you don't know that gets you in trouble. It's what you know for sure that just ain't so.

Looking at the comments at Reddit, AM was also for those not that easy.

Also, the feedback here is quite biased no? Small group of well prepared people only giving feedback when it went well…

Aa

125mph wrote:

AM was very straight forward but did require some expanded thinking and reasoning. I feel it was on par with past exams. You had to know the material to get these questions 100%.

PM was more difficult than expected. They phrased and presented questions in a way i’ve never seen. Had to really dig deep. I think it was filled with traps. I changed at least 6 answers after reviewing the text and spotted the traps. 

Hats off to the test writers. Every question was well written and understandable.

I second you 100% - the test writers very clear in language and in what they are asking - I felt as if these were all real situations and I am asked to design/decide/construct.

a certain am case of netting portfolio positions were quite disparate - I had expected the 2 positions were close enough that you could mess up by flipping signs but that was not the case. I was wondering I got that wrong somehow…hv ne body else experience similar feeling on the question, if u know which 1 I mean?

I feel good about AM. They had a good split between easy ones and difficult ones. Taking previous mocks definitely helped out with time management. I think I was a bit ahead of the curve, so I felt good coming into PM.

The very first question in AM should’ve been an easy one, but I was not warmed up for that type of question. Sure enough, I came back to it after some time and was able to find the answer.

But PM was tough. It started out easy. I expected ethics to be tricky, so I was not surprised. But mid-way, the difficulty ramped up. It got easier towards the end of the test.

I felt so confident coming out of Level 2. But I’m not feeling so great about this one. And it’s not because of AM. It’s because of PM.

I think AM was very hard while PM was easy.