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Post exam - how’d it go?

I found the AM quite challenging. Another 15 mins would’ve really helped me. That said, I was able to jump around and knock off the easy stuff first. I left a couple blank, maybe 10 points total which was unfortunate, but I doubt I would’ve gotten them anyway. It’s just such a tough exam, even if you’re prepared. You have to know the material inside and out and even then it’s not a sure bet.

I didn’t think the PM was bad, other than battling complete exhaustion for the last hour and a half. There were a few tough ones, but I thought it was fair overall. 

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I think that assumes a low/mid 60s MPS. Get 55% & 75% or vice versa and you have a good shot i think. 

I thought both exams had a few points that went right into the weeds of the curriculum.

I had to sit the both the AM and PM with no calculator, since it did a vanishing act somewhere between home and the venue, gone, vanished.

So no matter how you are feeling you did, you have for sure bettered whatever score I get.

It’s interesting seeing everyone’s take on the exam.

I’ve had some more time to reflect. I’m still feeling 50-50 in terms of pass/fail, but going back to the reason why I started the program in the first place, I would be okay to repeat level 3 next year. There’s really no point in passing if I don’t have a strong grasp of the material. The charter has no relevance to what I do for a living. While I have a basic-decent understanding of the l3 curriculum, it’s not as strong as I would have liked it to be.

If it comes to that, I’ll definitely change a few things in my study routine. I’ll stick more closely to the curriculum, and focus less on practice questions. That style of learning worked well for L1 and L2, but for L3 (especially based on the exam experience on Saturday), you need to follow the curriculum like it’s the bible to score points on less core content and odd iterations of questions tested in prior exams.

I thought the AM was a LOT harder than the previous years, which I thought had been very general in nature and this obviously went into some dark corners of the syllabus, like the Schweser mocks did. That said I got something down for everything but a “know the formula or you’re stuffed” question so hopeful for 60+, fingers crossed the bar is lowered 

The PM was OK (unless I walked into the traps you’re all talking about!!), I went through it and was pretty confident of 80% of it, so hoping to get 80-90% of this and some of the rest. Should see me through though unless I have been too generous on the morning marking.

is there an official date for results? I though it was going to be September for some reason…

well done to all, hope you’re enjoying it being over!

125mph wrote:

Burning the tree tonight.

I threw most down a garbage shute off the 10th floor. Best sound i ever heard

Haha. My partner was complaining about a similar pile from the 1999-2018, fin quiz, IFT, CFA multi exams I printed off. I think I’ll go plant a tree to make up for it lol. 

CA, FRM

Thought AM was okay, but I’m an extremely slow writer (not to mention not being a native speaker as well), after leaving out perhaps 7-10 points I barely finished just in time, hoping to score at least 65%.

As for PM, I find it relatively easy compared to mocks and practice questions provided on the CFAI website, think i’d fall in the range between 75% - 80%.

But what do I know anyway? This is just my first attempt and may likely be overconfident about my performance

…..BTW, does anyone here also think that many of the practice questions were poorly structured or ambiguous?

 

Many candidates think that practice questions were ambiguous. Thankfully that was not the case on exam!

It was tough out there, now why would that be? Perhaps, % of re-takers ramped up significantly this year and thus a new way to test them, otherwise it would become too easy. Pass rates have been going up with last year’s being 56%. The debate has always been about all round ability to perform  well under pressure and cover all topics, but now its about nitpicking minute details, not one or two but bulk of  the topics. There was a higher level of skill required this time around, and my only belief is that the re-taker pile is getting bigger. This time though, there could be a lot of quitters. 

Tactics wrote:

If it comes to that, I’ll definitely change a few things in my study routine. I’ll stick more closely to the curriculum, and focus less on practice questions. That style of learning worked well for L1 and L2, but for L3 (especially based on the exam experience on Saturday), you need to follow the curriculum like it’s the bible to score points on less core content and odd iterations of questions tested in prior exams.

It’s interesting, what you say. When I realized 2 weeks before the exam that I’m probably running out of study time, I changed my strategy, and instead of redoing the AM exams (I did 2012-2018 but just once), I made a thorough review of the material based on my notes and the EOC questions. (I did not write anything down though to spare time). And while probably everyone agrees that a thorough review of all formulas and all calculations (however “unimportant” and not core they might have seemed) was helpful, I attribute my sub optimal performance to insufficient AM exam answering routine.

Since I have read yesterday about the possible (more than possible?) reshaping of the level 3 material, I’m really down. I studied 800+ hours for this exam and apparently it was not enough. If next year most of the material is brand new, I should probably study 1,000? That’s literally not possible.

They can reshape all they want, but core topics ain’t goin’ nowhere. You’ll still have swaps and credit risk and all the other fun stuff in Derivatives, FI and Equity were just re-written in 2019 (although they should improve the carry trade section in FI). These three things represent 30-40% of the curriculum. 

AM was terrible. Im expecting 50%. time management was bad a few curve balls thrown in there.

PM was good. expecting 70%. found most questions straightforward. a few guesses here but not much.

i hope for a pass but will be borderline.

CAIA Charterholder

Second time L3 retaker, the exam left me feeling extremely defeated and angry. There was so much content that they did not test on!!! WT actual F??

AM section seemed much harder than all previous years AM exams, and the PM exam was no better. It’s sad to spend so much time studying and sacrificing only to be hoodwinked on exam day. To be tested on what seems like only 60% of the entire curriculum is wholly unfair. It’s complete BS!

You are completely correct. You could have studied 50% of the curriculum and passed easy (being lucky you picked the correct sections), or studied 90% and failed miserably (being the unlucky person).

Tactics wrote:

It’s interesting seeing everyone’s take on the exam.

I’ve had some more time to reflect. I’m still feeling 50-50 in terms of pass/fail, but going back to the reason why I started the program in the first place, I would be okay to repeat level 3 next year. There’s really no point in passing if I don’t have a strong grasp of the material. The charter has no relevance to what I do for a living. While I have a basic-decent understanding of the l3 curriculum, it’s not as strong as I would have liked it to be.

That is the most 100 thing I’ve ever seen posted in here. I totally agree with you. No matter what, I ain’t quittin. I’m not the give up when you don’t get what you want type. 

¯\_(ツ)_/¯ It be like that sometimes.

Level 3 curriculum is easier to understand and definitely much less (1000 pages lesser than L2??), but L3 exam is much harder compared to level 1 and 2’s. Item sets that haunt us at level 2, feel easier in level 3. So, in my opinion at level 3, candidates should study using CFAI materials (Readings, EOC Questions, CFAI Website Questions along with previous years papers). That increases the chances to clear it.

You need to grow up if you’re complaining about the test being “unfair.” Are you joking? They can ask you whatever they want as long as it’s in the curriculum - it’s your job to learn the curriculum. If you had done that, you would have passed the exam. It’s completely within your control. If you argue otherwise, you were relying too much on luck going into exam day.

That’s pretty harsh taker19.  Fairness has to do with being rewarded for effort.  None of us are dumb at level 3 and we’ve all taken prep seriously to get this far.  What’s ridiculous is that it’s easier to become a doctor than a financial analyst with a CFA charter.  That’s what’s frustrating about the exam.  In my view, CFAI should open the floodgates at level 3. 

Hey Richard hopefully you’ll see this, I looked up and you’d  gone no doubt glad to get out of there.  Let me know your results. 

A

Retaker….I studied REALLY hard…I did every mock 2007-2018, then did 2014-2018 again.  Did the CFAI topic tests 4x.  I still probably missed 20 pts on AM part with two 7 pts questions I know I missed.  PM felt better but who is to say?  I thought it was a well put together exam from the CFA institute standpoint.  No matter how much you studied you just can’t remember everything…unless you studied and didn’t have a job.  Last year I believe top 10% on the AM section was around 67 and PM section 70+.  I hoping for a 60 on the AM and 70 on the PM.  May the test gods be with me! 

Retaker here. I failed band 10 last year with probably a 45-50% AM and 68-70% PM, and definitely think I suffered from some overconfidence as I passed L1 and L2 on the first try.

This year, I felt a lot more prepared and I do think/hope I did better, even though I felt that both the AM and PM were more challenging than last year. I disagree with those who said the questions were unclear; they were, once you catch the point they are trying to make and know the material cold. I do however think that the CFAI is evil in the way they play with our emotions, especially when you spent hours and hours studying, to end struggling with a question because of the way it’s asked and not your lack of preparation as you got it right 10 times in a row while studying for this freacking exam.

elcoelhon wrote:

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

Don’t worry, you may still be fine.
I recall that a L1 candidate (December 2018) did the same for the AM (black pen).
Later he edited his post to announce to the naysayers that he passed :)
https://www.reddit.com/user/davidbroughton96

For the record I myself used a 2B pencil instead of HB #2 pencil :)
Darker & softer lead… Very pleasant to write with, especially for the AM session :)

I guess more correct formulation what you wrote would be - from what they tested I was aware of 60%, rather than “… seems like only 60% of the entire curriculum is wholly unfair.”

May the CFA Gods be with you all in these times of dispair…

Big Dreams Require Big Sacrifices - VWJETTY

Passing the level 1 and 2 on first attempts. I have been always a borderline pass. This 1st  attempt for me was a realization that level 3 is a different ball game. Left 13 points in AM and around 15-20 guessing in PM. I m mentally prepared for another go next year.

I strongly disagree, I went in very well prepared but there were gaping holes in the material that was tested, obviously I can’t go into detail, compared to prior exams this was much less balanced. 

Samuraicode wrote:

I guess more correct formulation what you wrote would be - from what they tested I was aware of 60%, rather than “… seems like only 60% of the entire curriculum is wholly unfair.”

I strongly disagree, I went in very well prepared but there were gaping holes in the material that was tested, obviously I can’t go into detail, compared to prior exams this was much less balanced. 

Chumkayz wrote:

Passing the level 1 and 2 on first attempts. I have been always a borderline pass. This 1st  attempt for me was a realization that level 3 is a different ball game. Left 13 points in AM and around 15-20 guessing in PM. I m mentally prepared for another go next year.

Relax, the 13 points left in AM should not be an issue.
I recall a Reddit post mentioning a girl that passed last year with over 50 points left BLANK in the AM. 
Apparently she “did not get up to 50% on AM and her PM was slightly above 70.”
I can PM you the link if you’d like.