hi all, it is my results. For AM I really find it difficult as it was very different from the past few years exam paper. For PM, I think it is easy, I just done it in 45 mins, and I am so confident… but…
Anyway, anyone can give me advices on prepare for AM section? I have done 5-6 years past paper for twice times…
preparation for the next yr attempt:
I will first refresh my memory by reading my own notes in half to one month.
read the CFAI books [I didn’t read it before]
Do the BB and EOC questions [what is BB? is it the questions in the CFAI books? EOC is the questions in Sch…?]
Do much AM past paper as possible [from 2006 to 2015, any suggestion? lesser or more?]
How to prepare for PM? I found that most of the pm mock questions are repeated
I read the books very slow. I spent a month to finish one book. But when I finished the 2nd book, I will forgot the materials in the 1st book and so on. Are there any efficient way to memorzie better? Luckily I only have to refresh memory and pratice more for the coming yr.
You finished our PM in 45 mins!!! That might be the root of your problem - the exam is for 3 hours - 180 mins, and somehow you finshed it in 45?
You had 4 below 50% < in PM, which would be very very difficult to overcome - because that was the easier section. I think you’re rushing things - i find it tough to beleive, an exam designed for 180 mins, someone can finish it in 45 mins. I took almost 3 hours, and perhaps had like 10-20 mins left at the end & i had above 50% in every question in PM. What i think is happening to you, you’re dong it too fast, and not reading all the details/“tricks” or common traps.
I failed on 1st try and passed on 2nd. On 1st try, i too had bad grades in PM (i had 3 or so below 50%). PM is easier to fix/improve upton, by practicing mock - you need to try to hit everything above 50% in PM - to offset tough AM session.
Within AM - i see many complaints this year with sooo many below 50%. That happened to me as well when i failed - it could be i think 1) handwriting, which is not legible 2) you wrote too much, and not sticking to the point. My this year attempt, i took time to make sure handwriting was reasonable, and secondly use bullet points, and wirte down formulas - basically small compact logical sequence (similar to guilde line answer).
I only really practiced last two yeras AM sessons, and i passed. The thing you need to be prepared - the exam questions types might be slightly differnt. YOu need to pratice the process 1) time mgmt 2) compact writing format and 3) trying to determine what they’re asking for quickly. One thing i did do this year differently - i found 2nd or 3rd questions rather comfusing, i skipped them rather than wasting time, and went through whole exam, quickly answering the ones i knew well and then coming back to the harder one (most of those i left blank). I ended up getting 4 less than 50% in am (those are the ones i found hard), but at same time had like 5 or 6 above 70% (i’m guessing those i found easy, but this time made sure i scan through those and answer them to pick up easy points).
As someone who’s native tongue is not english, I don’t blame you. Even I couldn’t understand the wording in some of the PM questions. And to finish AM within the time limit would be nearly impossible.
I finished PM in about 1 hour 15 minutes. Not sure how someone could finish in 45 without rushing through questions; especially with the language barrier. You should definitely have taken more time. Reread/recalculated each answer, etc.
In my preparation I read Schweser twice, did all CFAI BB and EOCs, all Schweser mocks, two Finquiz mocks, and 2009-2014 CFAI mocks. Felt really good going in and coming out of the exam.
I actually finished in that 45min mark as well for the PM. What I did though was head to the washroom and literally sit on the toilet to calm myself down. Tell myself that if I leave now I’m a fool. I decided to redo the morning essentially as opposed to reviewing the answers I already took down, avoiding any bias and causing some second guess. When I finished it the second time I reconciled what I head and realised there were some questions I read the first time as most v. least likely, high v. low, whatever, you get the picture. I adjusted accordingly and wrapped it up at the 2h 15m mark. I got a passing mark yesterday (AM was a shit show) but I finished with everything over 70 except for Ethics for the PM. I know if I would have left at the 45min mark I’d have gotten a different email notification.
Anyway, your question was regarding AM preparation. As someone that didn’t do so well on the AM myself (6 under <=50 and 5 >70) all I can say is Schweser is a great tool when it comes to hammering out questions on the MC format. That’s all I pretty much used. That and the qbank. The issue I think (this is just theory really) is that Schweser does cut out some of the fat and assume you should have a grasp on steps that probably net you some points on the exam (labelling this, showing this step, whatever). I don’t have any regrets as to how I spent my time as I am not afforded the luxury of putting in 500+ hrs (kids, job). I did the old exams as well but I’m terrible with mocks in that I NEED to know the answers as I go. I can’t sit there for 3hrs and churn out an exam unless I’m forced to on the first Saturday of June. I know different strokes for different folks but if I was given the ability to study an infinite amount of hours, what would have gotten my AM mark into the stratosphere would have probably been working the CFAI book questions to the bone. I just did a one over on those questions due to time constraints again but I think those questions are the key to the AM. It offers the largest sample of questions. Face it, those old exams are only 50-60 questions judging how far you go back. I think getting into the mindset of the wording of the questions obviously is going to help you. Schweser isn’t writing the exam, so why do their qbank (yeah, I’m a hypocrite but I don’t have to impress any of you!).
I am sorry for misunderstanding. I am not mean to show off. I mean that I really understand the questions, therefore I finish the exam very quick. But the results tell me that I am wrong. But in CFA level 2 exam, I done it in 2 hrs, I feel very confident, and then I passed will a good grade, 7 section over 70%, so I am very sad on the pm section.
Nulry, I don’t know where you are geographically in the US, but do consider taking a class. The essays are very tricky, and there is a certain strategy to attacking those. Personally, I used NYSSA classes for Level 2 and 3. Passed both times. I also took NYSSA’s essay writing workshops with Nathan Ronen for Level 3.
While studying, make your own notecards. DO NOT BUY SCHWESER NOTECARDS, THEY’RE USELESS.
I read CFAI text, with exception of derivatives, by end of Feb, then read Schweser by end of April. Try to have Schweser read by April 15. By April 15, you need to be done with reading, and commence doing FULL (AM and PM) mock exams. I did all 6 schweser mocks, the live schweser mock, CFA papers from 2008-2014, and the 2 PMs provided by CFAI. Additionally, you must do the BB and EOC from CFAI. This is how I prepped for the PM. When doing mocks, try to simulate the real exam as best as you can. Time yourself. Do both AM and PM on same day. REVIEW them. Learn from your mistakes.
I second what prozario and others said regarding you rushing the PM…SLOW DOWN. There are no bonus points for finishing early. Check your work.
Hope this was helpful, it’s how I prepped for and passed Level 3.
Yeah my suggestion would be show some humility when writing the PM. Walking out of an exam less than 1/3 of the way out is considered reckless in my books. You can’t tell me you did a practice item set in April and wondered how the hell you got 2/6 only to look and see you misread 3 of the questions as least likely. You may know the material but tests fuck with your mind. We’re not cylons my friend. I say for the PM you crank out as many qbank questions and CFAI MC questions as possible. You can also use Allen CFA though that was really my “I’m in the crapper and there is an app to do some questions while pinching a loaf” qbank. I probably did 2,000 Level III questions in total but come test time I fell into some traps the first time or misread a question initially.
Leaving 45min early to me is the equivalent of those movies where a guy knocks some one and instead of kicking him while he’s down, decides to show off to the crowd. Well you know what usually happens in those played out scenes. You walked out of the afternoon exam, patted yourself in the back and said “fuck yeah, I can calculated a straddle like no ones business” though in actuality the question asked for a strangle.
Nulry, it reminds me of my experience last year. I was so amped at the AM pace I finished PM very quickly. I felt very confident last year and to my suprise ended up with a band 5 as well. Probably, the most demoralizing experience ever. This year, on AM I did better, but was still ugly. Only advice I can give on AM is answer the CFA way as directly and quick as possible. I spent a lot of time transcribing their words to prepare. Obviously on PM slow down and re-read the question! I finished PM with only 10min to spare. This year I left the exam thinking it was really hard, much harder than last year… but maybe it was a good thing, because I caught their curveballs. Ended up smashing the PM and passing.