Okay so the thing is I ace the MCQs type questions for Ethics but do really bad in the vignette form like ridiculously bad. I was really scared for Ethics even though I practiced a lot but it made no difference. So I’ll actually call it a miracle to score 70% above in the exam. Is the difficulty level the same for L3 like L2 or it’s easier or tougher in Ethics for the PM part assuming they don’t ask Ethics in the AM section. I figured since Portfolio holds the maximum weight, AM section must be all about Portfolio.

They publish past AM exams so you can see for yourself but basically yes it’s all portfolio management but as it applies to the various topics you’ve already studied (equities, fixed income, etc). Ethics is about the same imo

^ AM must be more difficult??

In general? Yes for sure, mainly because its a different format and you are extremely time constrained. If you’re talking about ethics, you will not find any Ethics in the AM section of past published exams.

No No i was talking about AM as a whole not Ethics.

scores appear to be materially lower in the AM section and in my opinion it is harder primarily because of the time constraints. Lots of people are unable to finish every question and those that do generally do so with very little time to spare.

scores lower but since you are competing with others, what matters most is your relative score. Thus whether it’s ‘easier ‘ or ‘harder’ depends on your skill set relative to others. Some find the constructed response exam easier to pass than the multiple choice. I’ve talked to many charterholders who say L2 gave them the most difficulty and some where L3 gave them more difficulty. And I think the many on 2 and some on 3 is based on the group I’ve discussed it with not anything universal.

AM is definitely the beast it is feared to be, in my experience. No hand holding like you might’ve had in L1 or L2… i.e., few opportunities to make “intelligent guesses.” You’re forced to not only think critically but articulate the correct response quickly and succinctly. Practice!

ahhh I am concerned about it the most as well.