I will sound like the biggest dumb@$$ but i felt the same in spite of failing Band 3. Band 3!!! I knew i’d lose points on the 2-3 A.M. essay i missed due to time mismanagement and wordy writing (will take the hint of using bullet points next time). However, I found the P.M. section so easy (finished about 45min early) that deep down inside i had a grain of hope that studying since November, classes, hand written notes and practicing the numerous past exams might pay off. I have no idea how i did that poorly when i felt i knew almost everything. Would have loved some transparency in the grading process so i can learn and get my $h!t together for a pass. Wish there was some kind of feedback system for all the $$ the Institute gets form us
vik - same as well. i wrote long, wordy answers on the first 5 AM questions and got between 50 and 70 and did bullets on the rest (cause I was short on time). i got greater than 70 on all the remaining AM questions. Kind of strange because I had remember no issues with the first five AM questions, and if anything, I had thought they were easier. as I said above and somebody pointed out, the waffle and padding at the beginning of essay answers may actually hurt candidates. the graders may take that as an answer (wrong one) and then move on and not read further.
I do believe the graders have hundreds if not a thousand papers to grade so if they cannot find the answer quickly, they may just deduct. It seems like the CFA Institute wants to be tough on grading so it kind of makes sense that graders don’t spend too much time looking for an answer.
I wish to say to all of above posters who are trying again, ‘Go Ahead’ this time you will succeed. But it may help you if you understand some basic points regarding the Level 3 exam before you embark on this journey.
Many posters above claimed they prepared thoroughly and answered the questions in the exam (specially AM paper) confidently , expecting a pass but scores did not reflect that and they failed. This brings out some crucial and critical points regarding preparing for and attempting the Level 3 papers that you need to consider on priority if you wish to change the outcome in 2015:
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While preparing you unsuccessful in covering every aspect of the LOSs specified by CFAI . Lvel 3 requires a thorough understanding of the topics /areas you cover, it is better to cover 6 areas 100% than covering all areas 70% or 75%. Unlike Level 1 or 2 the AM paper in level 3 is such that it tests not only your understanding of the concept but also its application and often the question has a few critical key-words / conditions to arrive at the correct answer (some L3’ers call it trick questions ). So, whatever you do, do it thoroughly.
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In the AM the term ‘essay question’ is in fact a misnomer as answering the questions in AM do not require you to write ‘essay’ on any topic. The more to the point is your answer, better credit you will get for your answer. What matters is how exact is your answer with regard to what has been asked strictly, not how exhaustive is your answer to what you think has been asked. That is why ‘key words’ play more critical role in answering and preparing level 3 AM paper. That is why most of despite being confident of you answered best did not turn out to be so for scoring!
3 The most critical aspect of preparing and acing the Level 3 papers is to know “What CFAI wants you to write to get a better score?” If your answer, though you think is 100% right if not as per CFAI’s requirement (you may say ‘liking’!) and focus (as is evident from previous years model answers given by CFAI) you will NOT get the score you think you deserve. That is why it is not only critical to prepare for passing Level 3 by practising as many past papers and sample papers you can , but also you MUST compare with the CFAI model answers to score your paper and see (and take note of) what is lacking in your answer. Practice further to overcome the shortcoming by removing the deficiency in your answering style and contents. After staunchly following up on this will soon give you the style and focus of writing to score high in the actual exam. Write the most pertinent point first and so on. Also remember if it has asked for two factors or reasons give only TWO factors / reasons and don’t waste time on writing more. You won’t get ANY credit for writing more rather you will end up short of time at the end! An warning though, the model answers by CFAI are too exhaustive and you don’t need to reproduce it, just look at what are the essential points and grasp the style. Use bullets for time management and better scoring chances (as some one pointed out rightly that the grader may not be necessarily a native English speakers)/ Moreover, you get no credit for writing flowing or beautiful language that is why ‘essay’ paper is a misnomer.
- Finally, as a retaker learn from your past mistakes but don’t let your result and shortcoming overpower you and give a sense of defeat. You are now better placed than the new takers in terms of what you already know, the knowledge of contents and exposure to papers in actual conditions. You know what is lacking or where did you actually ‘failed’ (no one fails totally as you must have got good performance in some parts) and need only to prepare to address those failings. Rest all is in your favour. You will do it, just have confidence and don’t ever lose motivation (as that is the biggest risk you have to mitigate to pass this time).
Best of luck.
gzcavalier,
go back to it. definitely do not stop here.
my tips… start early. November or so. do not be influenced by what appears to be a majority who says that it’s possible to start in February and yet pass … duh, maybe, but if you retake, you may want to be on the safe side.
I just passed L3 and I have to admit, i did it without any too deep-dig-down analysis of how you must answer the AM questions, this does not mean that the command words are not important. they ARE IMPORTANT. but keeing this in mind, and practising Schweser questions etc with this mindset should help you win this.
what is also important - and I am amazed to see that this point is typically completely overlooked by the posters in this forum - that you score god-damn-well in the PM session. cause if you do that, it can save you from a bad - not a desastrous - AM attemt. basically, it can save you from a WTF moment. this is my theory, but I am confident that if you know the original material in and out (CFAI - not Schweser), then you should pass within the next 2 attempts.
since you came so far - do not stop.
definitely don’t stop. study the material thoroughly and train yourself to cross subjects easily.
the more you mix and cross-think, the topics will sort themselves out and you’ll find it easier.
L3 is basically PM, Assets, and Ethics.
always be thorough (100%) and ask yourself how the topics tie into each other.
True, that is the point maybe so many of us miss…
Everybody thinks, CFA degree would cost 3-4 k, and after 3 years I am done ( IF you can pass all in 3 years). Compare to a master program that you have to spend 50-80 k……
But the point is what are the chances that everyone can finish it in 3 years. An average MBA or Mfin is gona take 1-2 years and usually they have Co-op which would pay 20-30 k of your tuition….
So after maximum 2 years, you will end up with a master in your hand, some work experience, and one extra year to make up the 50-60 differences…
There is also some other differences, in today industry a master is a must in your resume but CFA is a good to have, and more importantly during your master you are always out there talking to ppl and do your networking with your classmate , profs, and ppl in the industry. During the master you receive feedback and you need to work reasonably to finish the program….
Vs. CFA degree that you should always sit alone in some corner, and there is not that much of the feedback to work on, beside a website that keep choosing you for the survey all the time RANDOMLY and keep asking you to bring your passport……
ah yes, hard core candidates are a gluttony for punishment. that’s right… never say die!
Not possible that any of you chaps may have written answers in the wrong place in the answer books per chance? Just sounds like you’re so sure you nailed the questions, and whilst I get the point about short answers, mine were certainly not short and I scored mostly >70% in the AM exam… just a thought!
To be honest, I was thinking about this alot but I have some good marks between those Qs below %70
Topic Max Pts <=50% 51%-70% >70% 1 Portfolio Management - Individual 20 * - - 2 Portfolio Management - Individual 19 * - - 3 Equity Investments 17 - - * 4 Economics 15 * - - 5 Portfolio Management - Institutional 16 - * - 6 Portfolio Management - Institutional 16 - * - 7 Fixed Income Investments 11 - - * 8 Portfolio Management - Asset Allocation 15 * - - 9 Portfolio Management - Risk Management 15 * - - 10 Portfolio Management - Monitor&Rebalance 19 * - - 11 Portfolio Management - Individual 17 - - * Item Set Q# Topic Max Pts <=50% 51%-70% >70% - Alternative Investments 18 * - - - Economics 18 - - * - Equity Investments 18 - * - - Ethical & Professional Standards 36 - * - - Fixed Income Investments 36 - - * - Portfolio Management - Individual 18 - - * - Portfolio Management - Performance Eval. 18 - - * - Portfolio Management - Risk Management 18 - * -
Ignore CFAI material, it is a complete waste of your time
I failed Band 4 and Band 9 and passed this year. Difference: I got out of Schweser and supplemented with Stalla. I hate that it’s mobile, but the content is much better at synthesizing the material. Consider your 3rd time around using a different provided. The readings will seem a bit more fresh that way.