Some people have tried to compare different prep providers for the L3 exam. I have only used IFT, Wiley and LevelUp.
As you might guess from the topic, I used LevelUp the third time (2019). This time I passed at almost the 90th percentile. The difference? Laser focus on the curriculum.
I rang Marc up on the day I got my result last year. I felt I nailed the exam (2018) somewhat. But my efforts didn’t result in a pass. After speaking with Marc, it took me another two to three weeks to come to terms that I should take the exam again. But much more, I was so concerned about his price. Boy!!! That’s a significant price tag. But when I spoke to some candidates that had used Marc, I paid. I’m glad I did. So what was the strategy?
Use the videos and curriculum together. FYI, Marc’s videos are not short sound bites. Some videos can go for as long as 3 hours, particularly for a long chapter. So the key is to start as early as possible. I listened to the videos and read the curriculum. But come to think of it, that’s like going through a chapter twice, which makes the concepts stick.
I worked every BB at least 3 times. EVERY BB. I worked the EOCs at least twice. That way, there’s really nothing the examiners throw at you that you do not have at least some form of the curriculum-based answer. Remember, using the right terminology can make a difference between a pass or fail.
He doesn’t do mocks. If you are looking for prep providers with mocks, Marc is not the man for you. Instead of working mocks, Marc will tell you to work the BBs, EOCs and White text examples over and over and over and over.
The Bootcamp is not a magic bullet. Going to the BC without prior study is not an optimal decision. He moves so quickly. So if you haven’t studied, the best thing you’ll get from the BC is the binder and the IPS workshop. The IPS workshop is amazing. Once you get a hang of it, you’ll never miss an IPS return question again. Trust me.
Yes, I know some of Marc’s students that didn’t pass. Marc demands a lot of hard work from the candidates. A LOT. I practised with lots of papers and pens, that I lost count of how fast the pen’s ink ran out. So handing Marc your dollars is no substitute for some very tedious work. However, like me, with an almost 90th percentile score, the feeling is sooooooo amazing.
For the 2020 L3 candidates out there, IMO, from the last exam, I think the CFA examiners are heading in a direction whereby if you do not rely significantly on the curriculum, you are decreasing your chances of passing.
That was a helpful post. I failed L3 this year for the first time, and I know i’m going to take it again in 2020. I’m viewing 2020 as my last shot based on where I am in life. So, I’m leaning towards your guy.
Sounds like you spent as many hours prepping in both 2018 and 2019 as you did on your first try. Is this correct? My hope is that I won’t have to spend another 600hrs since I somewhat know the curriculum, but what are your thoughts? I’d love to know what the pass rate for re-takers is. I’m assuming it’s got to be higher than 56%
The key piece of information here is rather do the BBs and EOCs thoroughly and multiple times, instead of spending too much time on mocks.
I cannot agree more. Though I was discouraged going into the exam having prepared without any 3rd party help, in the end the curriculum and the practice provided by the Institute (without any extra expense) proved to be sufficient for a pass. Not a 90th percentile pass, I might add, but a comfortable one.
I’m happy that such a valued instructor as Marc seems to be of the same opinion.
I’m just wondering op how many hours you studied? Did you log them?
The bottom line is that it’s up to the candidate to put in the work.
No prep provider – not Marc LeFebvre, not Mark Meldrum, not Nathan Ronen, not Schweser, not Wiley, not Fitch, not yours truly, not anybody – can ensure that you will pass if you don’t put in the work.
There are instructors whom I admire: Peter Olinto, David Hetherington, Andy Holmes, Richie Owens, Marc Lefebvre, Darren Degraff, Darin Miller, and others. They’re competent, dedicated, articulate, skilled.
But none of them will guaranty that you will pass the exams unless you put in the serious work on your own.