How to prepare for CFA level 3

Where does one get the past CFA exam AM papers?

Google

Ahh!

Here is one on CFAI web page, you must be creative to collect a couple of those. Don’t forget to download guidance answers.

https://www.cfainstitute.org/programs/cfaprogram/courseofstudy/Documents/level_III_essay_questions_2014.pdf

Thanks Flashback, yes the 2014, 2015 and 2016 are available for me as I have registered. I’ll search for earlier ones, too.

To be honest the essay paper looks definitely scary.

Through Google, you will find a Chinese site with exams going back to 1999 or so

Saying this without knowing if I passed or not: after a few practice sessions you’ll start to see that there are very specific ways to answer the AM questions. For example, on an IPS question you’ll know that there are probably 3-4 key points you need to address, all of which are likely addressed in the text. Or, for a return requirement, you’ll get a hang of the cadence you need to go through to develop it. That’s why practicing AM is so important: knowing the process of developing an answer is as important as knowing the material. I started practice Q’s and Mocks 2 months ahead, I wouldn’t wait til 1 month ahead like people advise for 1&2 as being enough.

Just study Kaplan.

The difference is in the lack of M/C’S precision. If you’re asked, “what’s the best car – mercedes, bmw, toyota?” That’s very different from “What’s the best car. Justify your answer with 2 reasons. There is only one right answer, and 5 possible justifications.”

To prep for that, do everything that worked for you in L2, but by April 1. Then start working through past AM exams. It’s maddening how little progress you make. 3 hours to write. 3 hours to grade. Then you do another the next day and only 6% of it is on things you learned doing the last one. You just need so much time and energy to conquor that format. I started to feel good 7 weeks after my “break the ice” AM, and did 9 i think, but IPS questions for another 6 or so.

the key is not to underestimate L3 !

better be over prepared than under… i guess…