------------------------------------------------------- > As mentioned before Level II and Level III are > very different. Here is how I would grade > difficulty of 2008 Level II and 2009 Level III. > Level III AM > Level II PM > Level II AM > Level > III PM (comparable to Level I). I would agree…those are the same tests that I took. ______________________________________________________ CFA Jay, CFA Agree with both of these guys…took the '08 L2 and '09 L3…the L2 material is by far the most difficult to grasp and most technical, but your approach to L3 is much different. It is about time management and grasping the materials…I also though the PM session was easier than say the item sets on L2, but it is all about preping for the AM. Good luck. jasonms, CFA
In terms of time management, the L3 AM session is the only session that an average candidate will run out of time, unless you write very quickly and give very precise point-form answers. My time spend on all 3 levels, L1: ~2:30 L2: ~2:15 L3 AM: ~2:55 L3 PM: ~1:15
The L2 vs L3 difficulty depends on what kind of person you are. It’s easy to have a guess at how hard it’s going to be for you. Just take a look at your scores on a combined verbal and quantitative test like the SAT, ACT, GMAT, or GRE. For example, if you scored much higher on the math part of the SAT, like a 700 math and a 500 verbal score, then L3 is going to be harder than L2 for you because you’re more comfortable dealing with formulas and numbers. For me, I scored *much* higher on the verbal side of the SAT, GMAT and GRE. My SAT was something around 550 math and 750 verbal! My mantra has always been, “I’ll let my TI-89 or Excel do the math for me, thanks.” Not surprisingly, I found L2 CFA to be *insanely* difficult, and L3 pretty straightforward. In fact, I can’t believe everyone complaining about the morning session! I was almost surprised at how simple the problems were.
^ I agree with Robert. I found L2 easier because I’m good at remembering formulas and math concepts. Even with the qualitative nature of the L3 exam, I still looked for ways to quantify them (i.e - understanding that an increase in convenience yield increases the roll return by looking at the formula). My SAT Math and GMAT quant was much higher than my verbal, so this is a data point that support’s Robert’s views.
From a person who passed L1 and L2 on the first try, then failed L3 once before passing. L3 is by far the hardest. Everyone has passed L2. There are tons of CFA charterholders who tell you that you are home free after passing L2. Well, they all received their charter prior to 2000. Its a different ball game right now. One thing you will notice is that there really aren’t a lot of test banks and questions like L1 and L2. It is a different test. You better know your sh–. Its not like you can plug a number into a formula. You might be able to get by on the first two exams with memorization, yet not this exam. You either know it or you don’t. Perhaps this is why it is so difficult to just use Schweser or Stalla on this test.
robertonderdonk Wrote: ------------------------------------------------------- > The L2 vs L3 difficulty depends on what kind of > person you are. It’s easy to have a guess at how > hard it’s going to be for you. Just take a look > at your scores on a combined verbal and > quantitative test like the SAT, ACT, GMAT, or > GRE. > > For example, if you scored much higher on the math > part of the SAT, like a 700 math and a 500 verbal > score, then L3 is going to be harder than L2 for > you because you’re more comfortable dealing with > formulas and numbers. > > For me, I scored *much* higher on the verbal side > of the SAT, GMAT and GRE. My SAT was something > around 550 math and 750 verbal! My mantra has > always been, “I’ll let my TI-89 or Excel do the > math for me, thanks.” Not surprisingly, I found > L2 CFA to be *insanely* difficult, and L3 pretty > straightforward. > > In fact, I can’t believe everyone complaining > about the morning session! I was almost surprised > at how simple the problems were. After reading various posts here, i have reached the same conclusion. There are clearly two two schools are thought. One says L2 is way more difficult than any other level, and then there is one camp which thinks L3 is most difficult. I haven’t passed L2 yet (hopefully will pass though). I thought L2 was tough, but interesting. Sounds like, I am going to find L3 the toughest. I don’t know whether i will get to find that out studying for 2011 or 2012 exam.
I remember starting LIII and almost laughing maniacally to myself about how easy this was going to be vs. LII (technical nature of material, volume of material, fact that much of LIII material repeats itself, etc.). Now I wish I spent a little more time doing practice exams… and know that i was WRONG. And if I fail and they bring Quant back to LIII – im going to commit hari kari.
It is true what people have said in the past. The materials in Level 3 seem easier but the exam is tough. They will really have to test your knowledge. For instance, certain EOC questions…you have to correctly interpret the materials in order for you to answer them correctly. It is not obvious by just reading the chapters.
riyaz Wrote: > > I haven’t passed L2 yet (hopefully will pass > though). I thought L2 was tough, but interesting. > Sounds like, I am going to find L3 the toughest. I > don’t know whether i will get to find that out > studying for 2011 or 2012 exam. Yes, you would find L3 the toughest, but the most interesting as well. There is an upward slope on the emplasis of applications when you reach to next level. In L3, they test you on how you apply the concepts you have learned from all 3 levels. Don’t worry, no need to write out the detailed calculations, but do need to remember some basic ideas of various L1&2 topics.
L3 was the most interesting to read but the hardest exam. In L1 and L2 you pick the right answers, in L3 you have to construct them. Suddenly half the exam is like baking a cake and you have to remember what to substitute depending on who says they’re allergic to the ingredients, whether you take them seriously, and how hot that particular oven gets. And if you mix it wrong, forget about the baking and decoration, you all lose 12 points. The active, more creative, big-picture thinking that IPS or portfolio construction needs is a change in perspective and approach from the other 2 levels.
L3 much more time-consuming content = same difficulty as level 2, but broader. exam harder due to the morning session
Good post - here’s the LII to LI thread in case anyone missed it: http://www.analystforum.com/phorums/read.php?12,1015512 Do CFAI texts have EOC questions in the essay format with answers, or just vignette type questions?