Level III is by far the hardest.
I started in November I probably doubled the standard 300-hour prescription. I used CFAI nearly exclusively I had 2 months to review and practice
I passed 1st attempt but with an average matrix This thing is hard
It is hard when you consider it as a totally different game with Lv 1 and 2.
Lv 3 needs you to show your thinking process and put it down on the paper in very concise format, which you cannot luck it out. I am a retaker myself so it took me by surprise at first (Band 7 in 2015).
Only perseverance and practice can kill this beast.
Do not underestimate the psychological effect of this final level, I have friends who passed Lv 1 and 2 in first attempt get stuck for years. The technical material is inferior to Lv 2, but it definitely takes up more of your inner-strength to overcome it. Good luck!
Was the easiest for me from the three. Besides behavioural finance. Now that’s confusing.
Edit: What’s with the new layout. I absolutely hate it. Seriously painful to the eyes.
That is new flash white trend in software design first taken by Apple and Microsoft and now all developers worldwide just follow this. Use night mode if you use Firefox or maybe even you can switch on dark mode via Duck Duck Go.
Passed CFA3 first shot using only Schweser. From reading many many posts on this subject, I believe that the source material is not that critical so long as you are actively evaluating your progress. I think you can score well on the multiple choice with hard work alone regardless of source of material. With regard to essay, I strongly suggest you get as many practice tests from as many sources as possible and do them all.
First of all, the test can be passed by anyone who passed L2, so long as you identify your weaknesses early on and work like crazy on them.
Like level 2, the level of difficulty in L3 depends on your background and skills acquired through work and education. L2 was easier for those with Finance and Accounting backgrounds. L3 is easier for those with PM backgrounds and additionally people who have a solid foundation of writing in English.
Regardless, it’s a massive amount of work. Yes the pass rate was 54% but it’s 54% of the people who worked hard enough to pass L2.
I passed L3 first time using Schweser but not by much. I work in ALM and have a masters in investment mgmt. I found the study and exam very difficult but I worked hard enough to get it done. Best of luck.
^Well said, I miss FRA and Corporate Finance a lot. Otherwise almost done with the first parallel reading of Schweser and Official curriculum. Now I just know that I know nothing. PM is not my specialty.
I didn’t do any mock exams for the afternoon session. I figured I had the multiple choice stuff down after LI and LII, and, as expected, afternoon was simple.
I focused and would recommend focusing on AM. Past exams and sample answers were amazing to get prepared for the test. Read over the answers and see what they’re looking for.
Not doing current years’ mock for PM,is not recommended but hurts the least amongst the three levels.
I found Topic Based tests(probably include previous year’ mock exam questions?) along with Blue Boxes
and EOC questions,is free,necessary and sufficient for L3 PM.
I got >70% in all sections in PM,excluding onewhere i got 51-70 range.
FWIW ,I could not use current year’s mock.Did not want it that way though…
I passed 1 and 2 on first try. I put in as much time as I did for level 2 and failed level 3. Now I have to restudy for the entire thing. Take my advice, Study harder than you did for level 2… The material is not as technical, but it is still very difficult, can be interpretational, and is not always as it seems. You must not only know the concepts, but understand exactly how the CFAI would want you to utilize these concepts when given different types of situations.
It is not only the content of the exam, but the actual format that makes it so difficult. You are also almost studying for two different tests in a way.
Study early, study harder, do more mocks than ever before. Maybe then you will pass on your first try, but half will be back again the following year. Do Not Underestimate this exam.
Same story here, failed Level 3 twice.
Level 3 isn’t tough, the approach is different compared to the first two levels. The entire L3 syllabus is extremely integrated and missing out on the smallest part of any chapter could be tested in the AM session. There is no way to guess the answers in L3 ( AM session), whereas a bit of guessing and elimination could save you in L2.
I feel your pain my friend. I work in Valuations at a Big Four firm, have two years of experience in Portfolio Management but my area is by far FRA / Corporate Finance. That virtually disappears in Level III. However, I honestly believe that the key to Level III is mastering the AM session. I put in probably 500 hours over an eight month period (i.e. worked hard for a prolonged period without burning out). In the end I did well.
I found Level III to be tremendously boring at times. Ethics questions are much harder than Level I especially, which made it frustrating. It annoyed me so much that I completely ignored Ethics till the end, when I read Schweser twice. Needless to say, I passed Ethics too.
Average difficulty - I passed and cant remember a thing.
flashback did you really finish all the schweser and curiculum readings already??? when did you start dude… and how many hours did you put in??
I have started about mid August. Today I will finish last chapter from CFAI curriculum. I finished Schweser. Did all EOCs first time from both sources. I spent over 150 hours. Retention rate after first reading low. Result on vignette style EOCs, between 60-70 %. Not so good in open style EOCs questions, below 40 % overall. I did hand written notes, about 15 hand written pages for each part. I am studying approx. at least 3 hours per day, double by weekends. I am still far away from confidence.
That’s pretty impressive. I started just reading the CFAI textbooks beginning of August, and I have only finished book 2-4, I’m currently busy with book 5. I plan to finish all the books except book 1 by year-end, then I will use Schweser next year.
This might not be comparable. You approach is maybe as good as mine. My study style is first quick read entire material, solve all EOCs (some of those with less success after 1st reading), make notes and then re-read entire material at least once again. It works for me since level1. This time, since I have been started early so I also went through official material beside Schweser. I plan to start with portal testing latest in early March and want be as ready as I could to do it. This material is hard as hell especially for those who are not experts in PM area. The hardest and the most time consuming thing is these essay (open) style questions. If they were only vignettes, one would be able to master half a material and be solid in another part so could pass by knowledge as well as partially guessing. Unfortunately such approach is impossible to apply for AM essay questions. CFAI forces us to master over 75 % of material to have a chance to pass.
that’s very common among my colleagues who already charterholders )) can’t ask them a question, they forgot 95% of material