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Passed level 2 FINALLY! time for L3, guidance please!

So I finally passed level 2, didnt think this day would come. I have heard that L3 is very diferent than l1 & l2, any suggestions on dif study methods or what to expect? My method studying for L1 & L2 was just practice & practice.

Would appreciate your feedback! 

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Here’s my all in comprehensive guide to passing the level three exam…

step 1: study.

there ya go. 

¯\_(ツ)_/¯ It be like that sometimes.

yeah i think that was a given. Thanks 

layi01 wrote:

yeah i think that was a given. Thanks 

Give it a couple of weeks would ya? The curriculum isn’t even out yet - chillllllllll.

¯\_(ツ)_/¯ It be like that sometimes.

Try to approach it with passion and eagerness to learn . L3 try to brainwash you to be a real wealth/portfolio manager.

Im sorry to tell you that valuation methods and analysis you learned in L2 might not work in realty, because markets are efficient. L3 communicates this reality.

People who pass L2 really start being annoying in the L3 forum. It’s not like you’ll start preparing right away. Even the registration isn’t open yet. 

We rise again

layi01 wrote:

So I finally passed level 2, didnt think this day would come. I have heard that L3 is very diferent than l1 & l2, any suggestions on dif study methods or what to expect? My method studying for L1 & L2 was just practice & practice.

Would appreciate your feedback! 

I’m happy you passed your Level 2 exam.  But keep in mind most folks here are waiting for their Level 3 results so they are still feeling literally the way you felt on Monday.  Would you have wanted someone asking you for Level 2 advice when you hadn’t even passed it yet?

I think you’ll find people more willing to engage this discussion after the Level 3 results are released.

From my perspective - study harder and focus more on what went right with level 1 and level 2. I failed lvl 1 once and lvl 2 twice - that taught me some important things.

My approach (which is a bit different from all other in here I guess).

1) Read the CFA curriculum. All the books - cover to cover. Get that done by Christmas. 

2) Make your own notes (mine was around a 100 pages). 

3) Take as many mock exams as possible (and end-of-chapter questions) - if you have more than 10 mock exams, then you can do them 2-3 times without it getting too easy. Though many questions do become a bit repetitive. It takes many hours to do it this way, but hey I passed in my first try. It takes many more hours to fail and try again.

Hope you were good with the pensions chapter at L2. L3 is full of it. And when I say good, you need to understand that stuff super well.

oh god….

Congrats on passing, now here’s some general advice: know your audience.

We haven’t received results yet, so now is really not the time to jump into the L3 forum to ask for advice. Come back in a few weeks.

Equityhacker wrote:

Try to approach it with passion and eagerness to learn . L3 try to brainwash you to be a real wealth/portfolio manager.

Im sorry to tell you that valuation methods and analysis you learned in L2 might not work in realty, because markets are efficient. L3 communicates this reality.

They are far from efficient. They might be efficient in theory but reality and history have proven otherwise. If they were efficient no one could achieve any alpha. 

11th time Level 2 Retaker wrote:

Equityhacker wrote:

Try to approach it with passion and eagerness to learn . L3 try to brainwash you to be a real wealth/portfolio manager.

Im sorry to tell you that valuation methods and analysis you learned in L2 might not work in realty, because markets are efficient. L3 communicates this reality.

They are far from efficient. They might be efficient in theory but reality and history have proven otherwise. If they were efficient no one could achieve any alpha. 

i think he was joking about markets being efficient.

¯\_(ツ)_/¯ It be like that sometimes.

Understand prospective L3 takers now might be a bit annoying but…I think its valid to start asking these questions now since many who are waiting for their L3 results are still on this forum.

For those who do pass L3, I’m sure some of you might come back, hang out and contribute regularly. But I am also sure a large part of those who passed L3 exams would ‘graduate’ and move on from this forum?

I wouldn’t mind L1 posters asking for advice before I get my L2 results. I can reply if I want to and if I was bothered by it I could ignore these requests. 

Imagineer wrote:

Understand prospective L3 takers now might be a bit annoying but…I think its valid to start asking these questions now since many who are waiting for their L3 results are still on this forum.

For those who do pass L3, I’m sure some of you might come back, hang out and contribute regularly. But I am also sure a large part of those who passed L3 exams would ‘graduate’ and move on from this forum?

I wouldn’t mind L1 posters asking for advice before I get my L2 results. I can reply if I want to and if I was bothered by it I could ignore these requests. 

Go focus on getting drunk and partying - not posting on an Internet forum.

¯\_(ツ)_/¯ It be like that sometimes.

Not quite true. Last year, many who passed Level 3 continue to give advice for the followers. I think you should be patient until the result comes out. You have passed 2 levels.You should know by now what study method works best for you. 

Absolutely loving the saltiness right now from my L3 brethren.  This test has beaten the wide-eyed innocence from us all. 

Hey guys, listed below is the order of emotions that most candidates experience it comes to CFA Exam Results.  For the cream puffs who just passed Level II, congrats.  But be mindful of where the Level III candidates currently stand.  After L3 results come out, you’ll get a lot of advice/guidance from those who passed.  But now is not the time to ask for tips.  Better yet, how ‘bout you put on your analyst hats and check out the post-exam threads from last year (or the year before that, etc.).  

************************************************************

Passing Level I – awesome!

Passing Level II – on top of the world!

(Waiting for Level III results) – excruciating

Passing Level III – thank god I’m done with this sh!t

************************************************************

#bestwishes

hashtag wrote:

Hey guys, listed below is the order of emotions that most candidates experience it comes to CFA Exam Results.  For the cream puffs who just passed Level II, congrats.  But be mindful of where the Level III candidates currently stand.  After results come out, you’ll get a lot of advice/guidance from those who passed.  But now is not the time to ask for tips.  Better yet, how ‘bout you put on your analyst hats and check out the post-exam threads from last year (or the year before that, etc.).  

************************************************************

Passing Level I – awesome!

Passing Level II – on top of the world!

(Waiting for Level III results) – excruciating

Passing Level III – thank god I’m done with this sh!t

************************************************************

#bestwishes

I’d put it this way - The revised 10 circles of hell (formerly only 9!) - now, yours, for one easy payment of $1,000.00!!

1. The first circle of Inferno: The Noble Caste
2. The second circle of Inferno: Lust
3. The third circle of Inferno: Gluttony
4. The fourth circle of the Inferno: Greed
5. The fifth circle of the Inferno: Wrath
6. The fifth circle of the Inferno: Heresy
7. The sixth circle of the Inferno: Violence
8. The seventh circle of the Inferno: Fraud
9. The ninth circle of the Inferno: Treachery
10. The tenth circle of the Inferno: Waiting for your level 3 CFA exam results; 
Here wandering are the souls of those who vividly replay every second of a three hour exam whereby differentiated lies have integrated into the former candidates memories. “should I have used a pen? Did the weight of the exam booklets smudge my answer? DID I FORGET TO CIRCLE SOMETHING?! What if the proctors caught me staring at the candidates chest who sat next to me!”… This soul finds no rest. They physically, mentally, and spiritually embody every layer of the former layers of hell. Their soul is fat, they drink excessively, and stay awake all night fearing for their job. 

Dante, scared of this final level of hell, decides to kill himself. He has simply seen too much.

 

 

¯\_(ツ)_/¯ It be like that sometimes.

Equityhacker wrote:
Im sorry to tell you that valuation methods and analysis you learned in L2 might not work in realty, because markets are efficient. L3 communicates this reality.

“I’d be a bum on the street with a tin cup if the markets were always efficient.”

-Warren Buffett

rgk wrote:

Equityhacker wrote:
Im sorry to tell you that valuation methods and analysis you learned in L2 might not work in realty, because markets are efficient. L3 communicates this reality.

“I’d be a bum on the street with a tin cup if the markets were always efficient.”

-Warren Buffett

Regime changes! Buffet made a bulk of his fortune when capital markets were in their development phase. Replicating his performance in today’s market environment might be a tad more difficult, if even possible. 

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

Congratulations. It is a huge achievement. My advise is:

  • start thinking acting like a charterholder as you are one step away 
  • Know that like many I personally believe level 3 is the hardest challenge 
  • focus on your writing speed and your ability to compose answers to the point and concisely
  • pay for help as you are one step away. I used mark Meldrum and his method made writing all much understandable in the level 3 concept
  • Don’t skip major calculations and even minor . Know the formulas no matter how dreadful
  • Don’t focus on quantity of mocks. Rather focus on the quality you can extract from them. 
  • People prepare to drop questions, try to drop very few 
  • most importantly don’t let ego in the way. Many approach this exam as a 50 percent plus pass rate but know that you are competing with really talented individuals who have passed level 2 

pass or fail next week, I wished someone had given me these tips at the start. 

Hi Cosmic,

Did you make your own set of written notes?

MM’s vids and review vids are excellent but the lack of a proper set of written notes at L2 was very fustrating for me. I used 11th hour notes as the base towards the exam date and supplemented with the important stuff from MM vids. 

saurabh03121992 wrote:

Hope you were good with the pensions chapter at L2. L3 is full of it. And when I say good, you need to understand that stuff super well.

This is so funny but for a minute there I was like; what pensions? There was no pension chapter whatsoever in level 2 LOL Got scared now that I realise that somehow the big and detailed pension chapter dropped off my mind this soon LOL I hope the details did not, I was good at it!

CEO10K-DAY wrote:

10. The tenth circle of the Inferno: Waiting for your level 3 CFA exam results; Here wandering are the souls of those who vividly replay every second of a three hour exam.

if your exam was just 3h long, you might need to walk through the 11th circle of inferno: the L3 retake. 

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

I would add to number 10 the constant churning through the mind of those questions where you left the exam hall and still aren’t sure whether you got the answer CFAI were looking for (ethics I’m looking at you!), compounded by not being able to discuss or disclose any of the exam afterwards

Your written session was 6 hours long? Mine was only three.

¯\_(ツ)_/¯ It be like that sometimes.

lord protector of the heavens deliver us from retaking level 3.

CEO10K-DAY wrote:

Your written session was 6 hours long? Mine was only three.

My exam was 6hrs long but yours was apparently only 3 and consisted solely of constructed response questions  

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

Codtrawler87 wrote:

CEO10K-DAY wrote:

Your written session was 6 hours long? Mine was only three.

My exam was 6hrs long but yours was apparently only 3 and consisted solely of constructed response questions  

Do you always miss the forest through the trees like this? 

¯\_(ツ)_/¯ It be like that sometimes.

CEO10K-DAY wrote:

Codtrawler87 wrote:

CEO10K-DAY wrote:

Your written session was 6 hours long? Mine was only three.

My exam was 6hrs long but yours was apparently only 3 and consisted solely of constructed response questions  

Do you always miss the forest through the trees like this? 

I’m just trolling the troll :)

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