Ok there are tons of posts right now of people asking for help, asking for tips and advice, what study material we used to pass, confused why they failed because they felt like they were acing the mocks. Blaming certain prep providers for having poor quality products.
The key to why we passed wasn’t because the material we used or classes we took, it was because we took the time to truly understand the fundamental reasoning behind the material presented to us by the provider of our choice. I passed using CFAI mocks and Schweser only, others passed using CFAI books only, one guy did 10 years worth of mocks 4 freakin times. One guy went to 2 different cram sessions. All that stuff is irrelevant, you need to pick something you like and is credible and spend time understanding the fundamental reasoning behind the answers based on the case facts.
Doing mocks 10x over isn’t going to help if you aren’t spending time reviewing the answers and the question asked. Ok sure you say you graded yourself “ultra conservatively” … obviously you didn’t. You have to accept you don’t know how to grade your own tests / answer the question asked so look into using a third party provider. Pay the $$ it’s worth it. Hell, Hashtag has even commented multiple times to let him grade a test and see if you still did as well as you think.
If you weren’t band 10, then I would start next year with a fresh mindset and look into getting help earlier so you can practice answering the essay questions correctly early on. Schweser had videos reviewing old CFAI mocks showing you what they believe a full point answer was and what’s irrelevant receiving 0 points.
Everyone is going to learn things differently but the fact is the people who passed knew the material and knew how to answer the questions correctly. Everyone who got crushed needs to just realize they have to change the way they approach the AM section. You aren’t going to pass just because you copy our schedule and use the same material as us, you need to pay attention to what you are reading and pick out the key words and respond according because the keywords are everything. That’s something we can’t help you with, you have to realize that and practice your approach.
AlmostDoneIII speaks the truth. L3 is about understanding, refining, failing and learning, as well as iteration. You are now a professor, no longer a student, or at least that’s what the AM session expects from you.
Preach!!! Going to take this thing again, for the third time! Going to use the alternative route of using only cfai. Schweser is good but definitely not enough. At least for me. Band 7 in 2016 and today band 5.
Thanks fellas. Been active in these forums for awhile now and I can truly say you guys keep me going. Been on this pain train since June 2012 (took a year off in 2014) so I plan to see it through.
Level 3 is kinda like going to a buffet and getting more food than you can finish. Quitting and throwing it away hurts more than if you just sit down and finish it. It’s just the lesser of the two evils.
It is not only about understanding. You may score on all 19 sections above 70% in your head, but when it comes down to putting thoughts on paper in a time-constrainted environment you may still fail. Just like there are a ton of teachers out there who know their stuff really well, but still suck at teaching it to others. To pass Level 3 you need to understand it really well - it is very true, BUT you should be also able to explain it to others quickly and concisely.
What helped me a lot is talking through problems or writing out the answers. Sometimes even on the PM practice tests and mocks.
All I can say is that the more times you take L3 the better you will know this stuff in the end of the day. I am sure the retention of this material is increadible longer for multiple retakers. And if you are in the wealth management it is a HUGE PLUS.
I will be a third time taker next June - my approach with the first two levels was to know enough to be in game - This approach has failed me twice.
The game plan now is to master the material - no more cramming in May. In order to do this I have too start ealy (like now), plus I have two small kids which complicates the matter. I am going take the next 5 months to read and reread the material. The following 3 months to mock, and finally the last two months as a final review.
I want to leave the exam with no doubt of passing - full confidence. I will win next June and then get on with my life.
Amen. Thanks Googs! “You’re the REAL MVP! (sobs)” - Kevin Durant
Looks like registration is open. Time is ticking now fellas.
For the mocks well, coincidentally enough, I was studying with 2 buddies of mine last year. Both whom passed but just barely it seems using Schweser material. And they were my grade buddies. After seeing their results I just followed their tracks and used the same material (but for this year, so i rebought the package) and used the schweser mocks and bc they had the points laid out I thought it was a no-brainer. And then David Heatherington in his video suggested against using CFAI blue box and EOC questions. I’m not pointing fingers at all, because clearly you can pass without it, i’m just back-tracking my thought process that obviously dictated my study strategy…and ultimately my demise.
Seems like you’re speaking to me, I did 10 AM mocks and band 4. I thought that if I put in hours and mocks that things would materialize. Its like when Michael Scott said “I mean I have a yacht so obviously I did well money wise.” The way I graded my papers was that if I felt I said the same thing as the answer key I’d give myself credit. No mas, I’m going to learn the subjects inside and out and learn to use the institute’s language in the AM.
You guys are inspiring me. Band 9 here. Am I crazy for wanting to start studying now? I’m pissed off by the result but it’s driving me to want to study, know the material cold and take care of business next June
Just my $.02 here, I passed after first attempt. Start early, I don’t think you can start too early. I started studying both Levels II and III pretty much as soon as materials were made available. I relied solely on CFAI and mocks and no outside materials. I read through the CFAI text through once first, wouldn’t say quickly, but not too slowly, and took notes along the way, trying not to get too bogged down with memorizing every concept. Then, I read through it a second time more slowly, and along with my notes used that to try to refine my understanding and really memorize / internalize the concepts. Everything is there in the CFAI text matter how verbose it might seem. Also, mocks are key, as many as you can and give yourself honest assessments based on the stated answers they provide.
Reading this, I want to start now but this band 10 is still give me a nightmare. This time will be do or die. Either I answer those questions or dont. I mad like HELL.