I hate level 3

Anyone else find the material really dry? This level is all about memorization. At least with L1 and L2 you could memorize things with quantitative reinforcement. This level is just straight up memorization. It’s going to be useless to you after 2-3 months following the exam. With the other levels you learn skills that can be utilized later on (to some extent). I have a bad short term memory. I always hated memory courses like history, biology, psychology, etc.

This is particularly true with GIPS.

This exam, in my opinion, is the oppositve of memorization. It’s about thinking. Try memorizing, and not understanding at a deep level, and one is guaranteed to fail.

I kind of like it personally. The exercises seem kind of silly but I think they are actually pretty practical applications to investment management. It’s hard to learn but I will be glad to know all of this stuff. Also I got sick of accounting on L2. I think level 3 and the exams in general are pretty decent within the limitations of a self-study program.

L3BeatIt Wrote: ------------------------------------------------------- > This exam, in my opinion, is the oppositve of > memorization. It’s about thinking. Try > memorizing, and not understanding at a deep level, > and one is guaranteed to fail. In order to for you to apply your knowledge, you have to memorize a significant amount of material. Think about all of those lists that you have to memorize. As Bankin’ pointed out, GIPS is a prime example of useless material. The rainman would kill this test.

Slash Wrote: ------------------------------------------------------- > memorize. Ask Bankin’ pointed out, GIPS is a prime > example of useless material. I’m under the impression that GIPS is pretty important for institutional investment clients. Do you have a better system? Not saying it is interesting :wink:

The material itself is not useless, it’s just pointless to memorize all of it. If you want to verify GIPS compliance you would probably have a checklist.

Slash Wrote: ------------------------------------------------------- > > > The rainman would kill this test. This made me laugh.

I find level 3 the most interesting of all the 3 levels

Slash Wrote: ------------------------------------------------------- > The material itself is not useless, it’s just > pointless to memorize all of it. If you want to > verify GIPS compliance you would probably have a > checklist. I’ll agree with that. My thought is that the material mainly sucks right now because we are in the middle of it for another month or so. Also because it is spring time and all of our friends are out enjoying the nice weather. But when you are hiring analysts for your company sometime down the road you might appreciate if they have an intimate knowledge of relevant theories/regulations/recommendations in the industry. I guess I’m just saying it is what it is and we have to suck it up to benefit later. No harm in venting though of course!

Dwight Wrote: ------------------------------------------------------- > Slash Wrote: > -------------------------------------------------- > ----- > > The material itself is not useless, it’s just > > pointless to memorize all of it. If you want to > > verify GIPS compliance you would probably have > a > > checklist. > > > I’ll agree with that. My thought is that the > material mainly sucks right now because we are in > the middle of it for another month or so. Also > because it is spring time and all of our friends > are out enjoying the nice weather. > > But when you are hiring analysts for your company > sometime down the road you might appreciate if > they have an intimate knowledge of relevant > theories/regulations/recommendations in the > industry. > > I guess I’m just saying it is what it is and we > have to suck it up to benefit later. No harm in > venting though of course! Yeah I agree with you. I’m just a little disappointed because I think that it’s a downgrade from the other levels. Though I am definitely venting, it is mostly in an objective manner. I had this impression from the start of my studies.

GIPS aside, I think this is the most interesting material of all three levels. I find myself much more able to stay focused when reading and actually enjoy much of it.

^^ I won’t argue with GIPS importance. The tax code is important to CPA’s . They don’t have to memorize all of it every year. Anyway, IMO testing the ability to regurgitate material dumbs a test down. I expect more application, compare, contrast, etc. (I say that and almost guarantee 5% of the exam will test random GIPS facts re: pre 1/1/2001, er 1/1/2005…) I guess my point is just that I can give my 6 year old a handwritten list of 10 bland statements w/ dates and promise her that if she remembers 70% of them on a quiz this Sat I’ll buy her the new DSI she has been stoning me for. …and I would bet good money on her crushing that quiz. I would then triple the bet on either that she would have no way of applying any of the statements on that list or that a week later she forgets them all. So what good was the quiz other than to get her her new toy?

interesting or not, this is the playbook for the higher decision making levels of our industry. if you don’t find it interesting then portfolio management is probably not the career goal that would be most fulfilling to you. This is valid, who says everyone in the industry is striving to be a portfolio manager? If you want to be an analyst then you probably liked LII better.

Dwight Wrote: ------------------------------------------------------- > I kind of like it personally. The exercises seem > kind of silly but I think they are actually pretty > practical applications to investment management. > It’s hard to learn but I will be glad to know all > of this stuff. > > Also I got sick of accounting on L2. > > I think level 3 and the exams in general are > pretty decent within the limitations of a > self-study program. Nahhhh, I hate it. I will not remember much of it. It is dry. Your learn most of this things by practicing. This is why it keeps changing YOY. Wait and see if you do not pass this year, you will have to study at least 40% new stuff. Hopefully you pass!

If this was just vignette style I would feel a lot better. I can handle that but to pull answers straight out from thin air!!! daaah

I am a lawyer, and I had to memorize cases and names of cases on my law exams. Do I do any of that in practice? No.

It’s not like CFAI can customize the exam for each individual candidate based upon what they do in order to make it more relevant on a personal basis. It is what it is.

Slash Wrote: ------------------------------------------------------- It’s going to be useless to you > after 2-3 months following the exam. Oh yeah, enjoy it while it lasts, cause that crap is coming right back up after the test. You won’t ever use 95%+ of it.

whats a DSI? Is that a new technical indicator?