I have read the schweser notes on the main ethics part (code and standards). I am not sure what to do next. Guidance from AF ethics superstars is needed. Do I: 1. Go straight to qbank and hammer questions with no end 2. Go back and revise schweser again taking notes and really try to memorize the key points of each standard 3. Go to EOC questions and concept checkers 4. None of the above and alternate strategy Thanks for the input.
1, 2 and 3 Don’t forget to read the actual code and standards.
- Read the actual source material in CFAI Vol 1
famosa Wrote: ------------------------------------------------------- > 4. Read the actual source material in CFAI Vol 1 I will do this for sure. It wasn’t going to be my next step though.
^ completely agree 4. Read the 9th edition handbook or the actual CFAI text (they are the same so whatever you have) You will realize how much Schweser doesn’t cover. Then do all the 42 questions Schweser has in Book 1 they are pretty neat and then the CFAI 60 odd
Definitely read the original ethics material. The big surprise for me last year was that I got < 50% on the ethics section. Blew me away. I had gotten >70% on all practice exams plus >70% on L1 and L2. But somehow they blasted me on L3. Fortunately, I still passed, but I normally take Ethics for granted as a given.
I should have been more clear. I have already read the original text (almost all of it) and I have reviewed using schweser. Now I am looking for the next step. The same thing happened to me last year bchad. I was REALLY pressed for time last year and let ethics go by the wayside only to go <50%. After going > 70% on level I , I thought it was an area I could slack on. While my overall strategy worked last year (I am here aren’t I?), I don’t want to repeat that performance. I find this section even more important at level III with the vagueness of the IPS questions. I am hoping to do really well on ethics and GIPS this year.
Yeah…for the next 4 week my lunch breaks at work are going to consist locking myself away and working on Ethics and GIPS. First I am going to re-read the Schweser Book 1. Then I am going to hammer away at the Ethics questions in Book 1. Then read the Standards Handbook reading and do the questions in the CFAI book. I have already done the CFAI book GIPS questions so I will read over those again. Then I will hammer away at QBank Ethics and GIPS questions until I put a bullet into my brain. After all that if I end up with 6 out of 12 in Ethics on the exam I will be more than happy. I expect to do a little better on GIPS because the questions probably aren’t as…what’s the politically correct word…tricky.
people completely overthink ethics. just use some common sense and do all the qbank problems you can and you will do fine. that said, i’ve heard from numerous people that L3 ethics is hard as hell and quite bizarre
Ethics at L3 is needle in the haystack kind of stuff. As in, you’ll know the right answer for sure if you happen to remember the key phrase halfway down the left-most column of p 57 in the CFAI text. If you don’t remember reading that phrase, then you’ll have to rely on sound judgment and the principles of CFAI ethics to determine what is the better of two good answers.
i only read ethics once and work on the problems forever. worked like dream.
I second CFAMonster, we have read ethics many times (in past 2 levels and now for L3), and then the only reason we go wrong in the exam is that we don’t know the exact answer in the scenario provided, so its better to make yourself aware of as many scenario possible which you can get by doing more questions, be it EOC or schweser or Qbank…
Thanks for all the input.
have to agree that I don’t see a ton of value added in hammering ethics too much when it’s our third pass and there’s so much more to worry about. One exception might be the Asset Manager code, which they seem to like to hammer in practice questions. Maybe I’m beign naive. I’m thinking maybe check out that Schweser video and re-reading once the week before the test…other than that just facing questions in practice exams.
i’m realizing (although i should have already known) how huge ethics and gips are after having done an afternoon session practice exam. freaking 3/10 vignettes… and i’m horrible at gips. not good.
15% of the exam in total. GIPS can be had. I am hoping to do well here. Just takes some time.
True that, if you’re throwing GIPS in w/ ethics then ignore my previous comment.
mwvt9 Wrote: ------------------------------------------------------- > famosa Wrote: > -------------------------------------------------- > ----- > > 4. Read the actual source material in CFAI Vol > 1 > > I will do this for sure. It wasn’t going to be my > next step though. good advice. dont forget GIPS too…expects some easy marks just need some memory works.