Need some much needed guidance. First L3 attempt- Schweser- Band 4 2nd L3 Attempt - Schweser - Band 7 I just finished the last study session using the CFAI textbooks. As I read along I also finished the EOC questions. I didnt take handwritten notes during the text reading, only highlighting, underlining and notes on the side pages. I have the 2010 schweser textbooks , obviously I dont have time to go through those but I sticky tabbed all the end of chapter questions to use those. - I also have the old AM exams, and Schweser practice exam book 1 and plan on buying the mock/sample exams. I dont know if I have enough time to go back to page 1 of the books and make notes, not detailed notes, but kind of like my own secret sauce with major calculations and points ( lists etc). I was thinking spend 20 days on this ( 4 days per 5 books), I do NOT need to do any more ethics since ive always gotten over 70 on the exams and i just finished reading the actual ethic book twice ( subway to and from work for the past 3 months). So the next 40 days is to be spent on books 2-6. Do you think 20 days on review/note taking then 20 days on practice exams is good ( last 5 days I have off from work ). What would you guys do given the above situation? Consider you have about 2-3 hours 4 nights of the week, and about 5-6 hours each weekend day ??
go for practice exams. My strategy would be do all the exams and review them twice, learn all the formulas, do ethics, corp governance and GIPS, Secret sauce reading once, EOCQs from CFAI and mock and sample exams offered by CFAI. Good luck bro. I hope we will pass come august
How hard did you study for your first and second attempts? What would you recommended everybody to know before taking level 3?
also on my third attempt! Also used Schweser for my past two attempts. Now am using CFAI texts, currently lagging a little behind with SS 12,13,15,16,17 to go. Plan on completing these in the next two weeks and then commence my review which should be faster as I have been putting down notes on the margin. Culminate with mock/sample exams and with time to spare, hopefully, Schweser exam books.
BiPolarBoyBoston Wrote: ------------------------------------------------------- > How hard did you study for your first and second > attempts? > > What would you recommended everybody to know > before taking level 3? For the first attempt at L3, I was still in a happy " I passed L2 " mode and was under the impression L3 would be a breeze. The 2nd time around, I did study much harder, but I started late ( March) thinking that since I wrote it already and the LOS didnt change much that I needed only to study a bit, I only improved from a band 4 to Band 7 I think it’s just practice & confidence. By going through the actual text books, it gives me that relief knowing i’ve covered everything possible and I wont have that " What happens if CFAI tests something shchweser was light on". Dont get me wrong you can get a pass on just schweser, but that is if you master all the material inside and out, for guys like me who take longer to learn stuff, the text books really helped me out though. Good luck guys & gals
This will be my first attempt and the strategy will be the same as always. I started studying in November by the reading every single page of the CFA curriculum. That is, I do not go to the next page unless I am confident I understand everything I just read. I proceed to do EOC questions thereafter. I am now in the beginning of my first full review, where I TAKE NOTES of every single page and formulate an answer for EACH LOS, which an explicit focus on the command words. The process is long and tedious but I break it down to components of the curriculum, and go one by one. I don’t jump to sample exams too early, I don’t find them useful unless I have a strong foundation of knowledge. The only third party material I use is Schweser sample exams (which are worth every penny) I don’t take chances, every LOS is fair game, every page of the curriculum is a potential question. Good luck folks, time to crush this beast. Now watch me do it! HAAAA!!!
Did you take offiicial sample and mock CFAI exams in 08 and 09? What were your scores?
“I am now in the beginning of my first full review, where I TAKE NOTES of every single page and formulate an answer for EACH LOS, which an explicit focus on the command words. The process is long and tedious but I break it down to components of the curriculum, and go one by one. I don’t jump to sample exams too early, I don’t find them useful unless I have a strong foundation of knowledge. The only third party material I use is Schweser sample exams (which are worth every penny” I agree witht he above strategy but how long do you think it will take you to finish these detailed notes? Since I already read through the material and highlighted/underlined the important parts I am only going to take notes on these. **I don’t jump to sample exams too early, I don’t find them useful unless I have a strong foundation of knowledge** - This is so true and I think was one of my MAJOR downfalls for the first 2 attempts, where I would do the practice exams with the answer beside me and treating it like it’s a review. Thats why I believe spending time on notes/review to gain that solid base would make the sample exam process that much easier to go through and hence build that needed confidence. I guess I will make it 4 weeks of thorough review notes, and last 2 weeks ( which includes 5 days off from work ) hammering practice questions.
Leo_land Wrote: ------------------------------------------------------- > This will be my first attempt and the strategy > will be the same as always. I started studying in > November by the reading every single page of the > CFA curriculum. That is, I do not go to the next > page unless I am confident I understand everything > I just read. I proceed to do EOC questions > thereafter. I am now in the beginning of my first > full review, where I TAKE NOTES of every single > page and formulate an answer for EACH LOS, which > an explicit focus on the command words. The > process is long and tedious but I break it down to > components of the curriculum, and go one by one. I > don’t jump to sample exams too early, I don’t find > them useful unless I have a strong foundation of > knowledge. The only third party material I use is > Schweser sample exams (which are worth every > penny) > > I don’t take chances, every LOS is fair game, > every page of the curriculum is a potential > question. > > Good luck folks, time to crush this beast. Now > watch me do it! HAAAA!!! I followed the exact strategy in L1 and L2 and working on doing the same for L3. It is hard, tedious and frustrating but it is worth it. I look at the efforts from the standpoint of using these notes not only for the exam but also for the future reference in the real world. It has served me well for L1 and L2.
3rdtimesacharm? Wrote: ------------------------------------------------------- > “I am now in the beginning of my first full > review, where I TAKE NOTES of every single page > and formulate an answer for EACH LOS, which an > explicit focus on the command words. The process > is long and tedious but I break it down to > components of the curriculum, and go one by one. I > don’t jump to sample exams too early, I don’t find > them useful unless I have a strong foundation of > knowledge. The only third party material I use is > Schweser sample exams (which are worth every > penny” > > > I agree witht he above strategy but how long do > you think it will take you to finish these > detailed notes? Since I already read through the > material and highlighted/underlined the important > parts I am only going to take notes on these. > > **I don’t jump to sample exams too early, I don’t > find them useful unless I have a strong foundation > of knowledge** - This is so true and I think was > one of my MAJOR downfalls for the first 2 > attempts, where I would do the practice exams with > the answer beside me and treating it like it’s a > review. Thats why I believe spending time on > notes/review to gain that solid base would make > the sample exam process that much easier to go > through and hence build that needed confidence. I > guess I will make it 4 weeks of thorough review > notes, and last 2 weeks ( which includes 5 days > off from work ) hammering practice questions. Totally agree about not jumping to exams until I have a solid foundation…I’d much rather wait 2 more wks get through everything thoroughly and then do nothing but exams and review the last 3wks. And as was experienced w/L2 - there can be a good amount of variance in the topics covered - so practice exams can be kind of misleading heading into the exam. Though I understand having a written portion and guaranteed IPS make L3 a bit different…
Things that are guaranteed for L3 -Am is written - IPS stuff for sure - Ethics for sure and in OM multiple choice Everything else is fair game: If someone “banks” on the fact that if it wasnt tested last year and is a major topic and therefore MUSt be tested this year, then after the exam last year I made a list of stuff that wasnt covered but was expecting. In addition to the above, I will guarantee at least one fo the following will show up since it’s pretty testable material: WHAT WAS’NT COVERED ON WHOLE 2009 L3 Exam: ( notes taken at lunch time and 5:05 pm after exam) TOPICS - Micro/Macro Attribution, - VAR / Risk Management, - Corner Portfolios, - Gips Performance Presentation, - Segmentation/Integration calculation, - Option types ( covered/protective puts etc), - Life Insurance /Human Capital needs - Corporate Governance - market execution, trading strategies, VWAP - IIRC
what is IIRC? What did they ask in Derivatives last time in PM?
good grief… how could people have let this thread die? what wasn’t included on last year’s exam is absolutely HUGE… i remember both L2 and L3 i wish i knew a bunch of stuff better during the exam (L3 especially… although i can think of one particular formula on L2 that i drew an absolute blank on). you’re gonna have problems retaining all the relevent info and you’re going to miss on something you should have known (wasn’t brain-lock, was just not locking a formula down in studying even though i’d probably seen it 10 times). DON’T LET ONE OF THOSE SUBJECTS NOT TESTED LAST YEAR BE SOMETHING THAT YOU LET SLIP THROUGH THE CRACKS (AND LIKE I SAID, A FEW THINGS WILL FALL THROUGH THE CRACKS, UNBEKNOWNST TO YOU)… sorry for the caps, but i think this is the most important thread i’ve seen on here by FAR.
Add to that awesome list of important topics the new stuff in the curriculum. 1. Taxes and Portfolio management 2. Estate management
I think GIPS was on there.
derswap07 Wrote: ------------------------------------------------------- > I think GIPS was on there. he is talking about Gips Performance Presentation
green360 Wrote: ------------------------------------------------------- > 3rdtimesacharm? Wrote: > -------------------------------------------------- > ----- > > “I am now in the beginning of my first full > > review, where I TAKE NOTES of every single page > > and formulate an answer for EACH LOS, which an > > explicit focus on the command words. The > process > > is long and tedious but I break it down to > > components of the curriculum, and go one by one. > I > > don’t jump to sample exams too early, I don’t > find > > them useful unless I have a strong foundation > of > > knowledge. The only third party material I use > is > > Schweser sample exams (which are worth every > > penny” > > > > > > I agree witht he above strategy but how long do > > you think it will take you to finish these > > detailed notes? Since I already read through > the > > material and highlighted/underlined the > important > > parts I am only going to take notes on these. > > > > **I don’t jump to sample exams too early, I > don’t > > find them useful unless I have a strong > foundation > > of knowledge** - This is so true and I think > was > > one of my MAJOR downfalls for the first 2 > > attempts, where I would do the practice exams > with > > the answer beside me and treating it like it’s > a > > review. Thats why I believe spending time on > > notes/review to gain that solid base would make > > the sample exam process that much easier to go > > through and hence build that needed confidence. > I > > guess I will make it 4 weeks of thorough review > > notes, and last 2 weeks ( which includes 5 days > > off from work ) hammering practice questions. > > > Totally agree about not jumping to exams until I > have a solid foundation…I’d much rather wait 2 > more wks get through everything thoroughly and > then do nothing but exams and review the last > 3wks. And as was experienced w/L2 - there can be a > good amount of variance in the topics covered - so > practice exams can be kind of misleading heading > into the exam. Though I understand having a > written portion and guaranteed IPS make L3 a bit > different… I’ve never nor will I ever do that strategy of waiting on the exams - I like to get a feel for the beast I’m dealing with sooner rather than later, and how in the world can you know that you’re ready for the exam(s) without taking one? I also feel like the last few weeks/month of taking exams and then reviewing what I got wrong is BY FAR when I learn/retain the most amount of material. I kinda rely on Schweser to pick out the most pertinent/testable topics for me - without doing that, I feel like I get bogged down in the minutiae of the CFA curriculum (which I did for the last two weeks, until today me and my study partner said “screw this” and decided to jump into the exams). My view is that it’s not humanly possible to master the entire curriculum, but it’s at least plausible that you could take the 6 full length Schweser exams and the three old morning CFA exams and understand what you got wrong and why you got it wrong - if you can do that, you pass. I’m gonna take my first one today, and frankly don’t care how I do - wanna see how it’s presented, how my mind works when I need to creatively problem solve, and then assess where I’m at from there. Just my $.02.
skillionaire - my thoughts exactly. I leave the whole month of May for practice exams - doing them, even if I do horrible - is by far the greatest review tool, at least for me. I leave plenty of time to go back over the exams I do, review which readings/study sessions I did poorly on - and study them over again…
skillionaire Wrote: ------------------------------------------------------- > My view is that it’s not humanly possible to > master the entire curriculum, but it’s at least > plausible that you could take the 6 full length > Schweser exams and the three old morning CFA exams > and understand what you got wrong and why you got > it wrong - if you can do that, you pass. +1 Just curious, how is everyone approaching the previous years’ exams? Are you taking it like a text, or simply reviewing the questions and answers?
^ took it like a test but scored between 55-60%.