Seriously a great post. Something to keep coming back to. Thanks everyone for their contribution!
i just printed this whole thing out and decide to follow you guys’ footsteps
Brilliant summary by NES. I did on very similar lines, cleared Level III on first attempt
Thanks everyone for your advices. I have one question. Is the Schweser material, including their practice exams, good enough to pass Level III? I used Schweser both for Level I & II, and personally I like it how they try to concentrate on the most important topics, unlike the CFAI material which has 10-15 pages for a certain topic and about 2/3 of it is just bs. I was able to concentrate more when using Schweser than CFAI materials
Where can I find old CFA Level III exams?
In my opinion Schweser alone isn’t good enough for L3. I failed twice using Scweser only and this year I passed using only CFAI books. It is information overload but it needs to be read for a thorough understanding of the syllabus. I passed L3 in '08 and I can tell you that the following is very importantt: 1) Go through CFAI books at least twice. I did it once thoroughly over the year (highlighting important info, facts, formulae etc.) and then the second time I reviewed the important stuff. If you can slip in a third read then that is excelllent, I didn’t manage to! 2) Do all online practice exams and the mock offered by CFAI… it will earn you a few % points and it all counts! 3) The morning paper is going to be a b*tch! Be prepared and accept it. While doing past papers you may think that the paper is easy and wonder why people did so badly. The issue is around the intensity of the day, hidden tricks and TIME MANAGEMENT. Manage your time effectively and you will be fine Hope this helps! Crazy CFA
Crazy, CFA you still lurk around on AF?
Equity, Once in a while Weening myself off… it’s like being weened off life support!
Start studying now. I started in January and wished I got an earlier start. I read through the CFAI material and the cooresponding Schwesser notes. Then at the end re-read the Schwesser notes twice, took all the Schwesser practice tests and the exams you buy from the CFA website. Also I would look at the old essay questions to get a sense of how it might look on the real exam. The AM section of the exam is brutal. I really thought I was going to fail after the morning.
Lots of great advice, my two cent: it is OK to copy and paste the fact as part of your answers. Kept is simple and to the point, when you do practice exam, make sure you WRITE out your answers. Good luck to all of you!!!
- start at a decent time (i personally started in march) 2. allow time buffer (i adjusted my time table all the time) for your readings 3. allow enough time for practice exams (do enough till you are comfortable) 4. time time time (do not go over time on short answers ~~~~ , time urself on each question) 5. ace ur mc (minimul requirement to pass the exam, level 3 mc is way easier than 1&2, u are likely out of the game if u cannot perform in the afternoon) 6. don’t get distracted…u are competing me ppl in their 20’s…most of them know what they really wanna for their life, and they are all smart…and hard workers…and they are physically strong as well. (i was in the library from 9am till 8pm everyday for the last week, and all the guys i saw there did not even move for a whole day, and they went to the library earlier & left later than me…) best of luck:)
I’m going to go a totally different way with this. I’m a big advocate of not stressing out - - that’s what would tank me - - to go into a test heavily stressed and then panic. I did the online Schweser class and read the Schweser material. That’s all i did from January when the classes started until they ended first week of May. Never touched CFA books (Schweser rocks - rocked for L2 last year and obviously did the trick this year for L3). Best part of online class is that it gives you a good schedule to go by - - i need schedules or it doesn’t get done. I didn’t take any days off work and i didn’t study at all on the Friday before the test - - went to dinner with friends and then to bed early. Went into the test relaxed. I generally test quickly so i got thru the AM with a couple minutes to spare. So i was able to go into the PM session not overly stressed. Also refused to discuss/debate AM questions at break as i knew i’d get annoyed if i thought i missed a bunch of stuff and then convinced myself that showing up for the PM session was a waste of time. I don’t think i’m a genious by any stretch - always had a very specific study approach that involved packing as much in at the end as possible without burning myself out - - bit of a tightrope walk. For me, the CFA books are way too cumbersome and if i spent 6 months reading them cover to cover, i’d actually remember nothing and be worse off - - pissed off and then heavily stressed. I do think there is such thing as overstudying for this thing. Schweser (would guess Stalla as well) hit enough topics deep enough that you clearly can pass with it alone (and no, i’m not a paid representative of schweser - - although i will accept monetary compensation for more bullish commentary in a later post!) So in sum, my schedule was: Jan-May: Schweser online class, reading Schweser books First two weekends of May and weeknights 8-10pm: re-reading Schweser books (bc i forget movies i watched two weeks ago) and doing questions/some from Q-bank but not many Last few weekends and weeknights: doing all Schweser practice tests (6 full tests in all); and CFA AM practice tests; Using 40/60/80, I scored pretty much inline on the actual test as i did on the practice tests - - 66% AM and 70% PM (did ~2-5pts better on practice tests - never graded AM practice tests though). Not the top of the class but i think pretty far from failing. Last week: after work did all the online CFA practice tests (not sure how helpful these were but they got me in the rhythm at least) Friday: took off and went to dinner with friends Test day: cracked a little and flipped note cards in the parking lot but it was worthless Never tallied hours but i would guess ~200 hrs maybe - pro’ly inline with CFA recs. So clearly not advice for everyone but i do think trying to minimize the stress level on this thing is key. I know if i went into the test having studied 700 hrs or whatever some do, I would put so much pressure on myself to pass that i’d likely panic. Again, i don’t have a photographic memory - - in fact, maybe the opposite. Cramming works for me - as long as i don’t overdo it and lose sleep. So if you think you learn better/test better with a similar approach as me, don’t overdo this thing. Continue to hit the gym, spend time with the kids/wife/husband, don’t skip the weekend in Disney etc etc. I did give up my Friday night Whiskey Sours which i don’t regret - - just made that one at 6pm on test day even better . . .
I passed L1 in Dec 2003, L2 in June 2004 and L3 in June 2006. I failed L3 in June 2005 even though I took it very seriously and put in 400 hours. Yet, I got crushed. For the first two exams I used primarily Schweser and the ethics book. I never cracked a CFAI book. Although I had heard that I should use the CFAI books for L3, I decided not to change my behavior. I figured 90% of the material was in the Schweser guides. If I increase my study time to 400 from 300, I will pass. I felt very good going into the L3 exam. I proceeded to have one of the worst days of my life. I was not prepared and did not have a clue as to how to approach the exam the following year. How could I fail an exam that I put 400 hours into. I did not half ass this in the slightest. I was pissed. In August, I found out I had failed. If they had provided a band, I would have been in the bottom half. I signed up for 2006. I needed to fight complacency and study differently. This is how I crushed the 2006 exam: 1. I signed up for the san francisco analyst’s class in January for $900. I decided to keep the books closed until January. I vowed to sit in the front of the class and to be 100% prepared for each weekly class. I would have read the Schweser guide, CFAI text and all of the CFAI end of text questions. 2. I decided to reuse schweser. The guides are 50% off the second time. 3. I did all of the end of chapter questions multiple times. The questions in schweser are so simple. The textbooks are more difficult yet they do not compare with the actual exam. Yet, they do prepare you. 4. I designed my own flash cards. SS on front. Answer on back. Of course, many SS cannot be put on a card, yet the flash cards helped me focus on answering the ss question. Its funny, yet I never studied the SS questions when passing L1 and L2. I knew the material, yet never from a SS perspective. 5. I worked out regularly. The flash cards were perfect for the exercise bike. It is Sooooo important to work out and clear your head. 6. May: Testing. Do the schweser tests. I actually only took one online test. They scare the crap out of me and are expensive. I prefer the schweser. Just make sure you time yourself. 7. May: Do the AM tests and compare and contrast them. Learn to calculate the pre-tax and post-tax rate of return. Know how to calculate a rate of return based upon a certain cash need in the future. The first question in the test will be the longest with the most points. It will be an IPS question. If you know how to jam on this question, you will save time for the remaining question. 8: Last week: Review two schweser books per day. Put together one page cheat sheet. (not to bring into exam yet for quick review in car). You will crush it with this. (1) Schweser for readings (2) CFAI texts for questions (3) work out (5) Flash Cards (6) May - testing and review of guides (7) take as many classes as you can. I took the SF analyst’s weekly class and the schweser one.
> > You will crush it with this. (1) Schweser for > readings (2) CFAI texts for questions (3) work out > (5) Flash Cards (6) May - testing and review of > guides (7) take as many classes as you can. I > took the SF analyst’s weekly class and the > schweser one. regarding the class. i took the sf society class for level 1 and thought it was useless. 1/2 the teachers were good the other half sucked. their mock test was horrendous. it was 6 hours on saturdays i could have used rereading and doing questions. i guess i learn better this way. is it different for level 3? i’d consider taking the class if i was convinced it was better at level 3. i found schweser’s video classes moderately helpful, but at least i could pick which classes i wanted to watch.
SF Class is what you make of it. For me, it was golden because I needed something to motivate me and keep me on track after failing in 2005. I passed because of my work outside of the class. I paid for the class myself and so it was blood money. I was going to be prepared for each class prior to attending. The SF class did say that their pass rate for students who attended all of their classes in 2005 was 90% versus a 55% rate.
thanks. jackson.
Big Babbu Wrote: ------------------------------------------------------- > AFJunkie Wrote: > -------------------------------------------------- > ----- > > “Throughout the CFA Program I’ve learned that > > you’re either a) fully dedicated and committed > or > > b) you’re going to fail. If you’re not going to > go > > all out, you may as well not bother.” > > > > So so true, I’m immortalizing this quote by > Shads > > right now > > No offense, but this quote couldn’t be further > from the truth. There are many people on this > board who are fully dedicated and committed and > did not pass. Not everyone is able to make this > program the top priority in their lives. I’ve been > in this program for 7 years now I think, and I’ve > been fully dedicated and committed through the > entire process, but it will never take priority > over my family or job. One day I’ll finish. Others > in the same situation have already done as much. Just because you are in the program for 7 years and take your priorities does not mean you were not dedicated and committed. This is my 7th years now and I have been in the similar situation. I have a lot of respect to you and this kind of dedication, committment, and resilence. We shall never ever give up.
Frankly and I am sorry to say this: If it takes you so much trouble to pass this exam, maybe you should not take it at all. You are not born as a good financial analyst and passing a stupid exam with so much pain is low return on investment. It only illustrates that this job and profession is not for you at all. Nes Wrote: ------------------------------------------------------- > Hi there, > > First let me state that all three levels of CFA > are difficult. Here is how I went > Passed Level one first attempt > Passed Level two first attempt > Passed level three of THIRD ATTEMPT > > The level three exam is not like the other two. If > you dont prepare properly you will fail. > CFA institute have introduced textbooks last year > for the exam. And they did so for a good reason. > Their is a alot of volume from the textbooks and > they want to see if you can get through all of > them. > > The questions for the exams comes from the > textbooks, not schswer or any study guide you will > have. The study guides are good for doing practice > questions, and for some sections, not for all. > Textbooks are the key. > > > If you want to pass here are my pointers for what > its worth > > 1) Start early - Nov/dec is good > 2) try and read all the material quickly once, and > then do examples and then read the > material another two times > 3) the portfolio management questions are not > difficult - they are easy > If you read the textbook and go through the > examples and also 2004 - 2008 CFAI past year > sample questions on portfolio management, they are > similiar in style > 4) Behavioural finance is a big part of Level 3 - > there WILL BE A question on behavioural finance - > you must be able to identify them in situations. > 5) the portfolio management questions for > institutions are easy if you follow the > textbooks. > 6) READ THE GIPS STANDARDS - all of them four > times (they give this question away to see if you > have read it) - Their will either be a GIPS > correction question OR A GIP calculation question > - Put money on this > 7) Read the handbook on ethics at least twice - > ALSO read the asset manager code > of conduct (they combine questions with this in > ethics) > 8) AIM to read the material at least thrice and > practice writing your answers out in full for > portfolio management practice questions > 9) The morning paper needs to be written quickly - > there is no time to sit and think about answers. > write FAST but neatly, dont run out of time. > > > For the afternoon paper - be prepared for the > following questions > > Ethics X 2 - 12 questions > Fixed income X2 - normally 12 questions > Alternative investments (CFA Love this questions > - it will be there) > Bond porftfolio management (12 questions) another > CFA favourite > Derivatives (12 questions) > Equity portfolio management and Economics (12 > questions) > > I studied from Schsweser for the first two time > for level three and I failed. On the third time I > went through the textbooks. If you do the textbook > questions you will get through because the style > and concepts are the same > > On derivatives > Use the Chance & Fabozzi CFAI notes exclusively. > Solve all the problems at least twice and reviewed > the material at least 3 times. One thing needs to > be noted for derivatives. There is a ton of > material to be studied. It a big part of the > exams. Make sure you know > > > > If this helps here is a template of questions they > are likely to cover. just make sure you update for > new material in 2009 > > Morning > > Essay > > Individual > > Case study and return calculation with > constraints > Behavioural questions – separate on character - > check > Low basis stock, multiple accounts, alpha hunters, > one of those sections > Allocation of portfolio > > Institutional > > All Types > Pension questions – DB and risk > New section - check > > General Portfolio Management > > Rebalancing > Execution decisions trading > Caclulation DPS: Sharpe Grinold > Equity Portfolio management > Corner portfolios > Equity risk premiums – favourite topics > Return analysis > GIP > Economics > > Afternoon - MCO > > Ethics 2X > > Derivatives 2X - Options, forwards, swaps > > VAR 1X > > Alternative Investments 2X > > Fixed income analysis 2X > > Portfolio Management 3X > > Economics 1X > > GIPS 1 X > BRIC 1X > Corporate governance 1X > > > Good luck to all for Level 3 - dont underestimate > it. Thats my advice to all of you. > Go in prepared thats the only way.
For the IPS questions specifically… I have not seen this mentioned by others. I looked up past exam answers and the examples in the original texts. Some sections were well written and could be applied to any, say, DB plan IPS. I collected all of these “copy/paste-able” sections for the different IPSs (2hrs work, use a photocopier and a highlighter pen). I memorised them (say, 2hrs work). I regurgitated them for all IPS questions. Anything that I couldn’t just regurgitate, I made up (prob did ok, since I had seen enough past questions). I think this was good exam technique, as it took very little time, and I could be sure of getting very high marks in certain sub-sections of IPS questions.
Okay as a portfolio manager for 7 seven years I’d like to tell you Mr. Monster that if you think you can judge a good financial analyst by looking at an exam result you are pretty ignorant. Your judging skills are lacking, I wonder how well of a financial analyst you consider yourself to be. CFAMonster Wrote: ------------------------------------------------------- > Frankly and I am sorry to say this: > > If it takes you so much trouble to pass this exam, > maybe you should not take it at all. You are not > born as a good financial analyst and passing a > stupid exam with so much pain is low return on > investment. It only illustrates that this job and > profession is not for you at all. >