when I started level 1, I read or heard somewhere: “Level 1 SCARES you to death” - turned out to be true “Level 2 WORKS you to death” - also turned out to be true “Level 3 BORES you to death” - well most of it was fascinating on the first read through a couple of months ago - but now I got 44 more days to do practice questions - i’m gonna DIE of boredom… The only thing driving me on is the prospect of having to do it again next year - that would just kill me… I’m just doing it to get the thing over with. ps I’ve never met anybody who’s ever heard of GIPS (except other CFA charterholders and candidates who just laugh knowingly) - and I’ve been in this game a looooooong time.
null&nuller Wrote: ------------------------------------------------------- > when I started level 1, I read or heard > somewhere: > “Level 1 SCARES you to death” - turned out to be > true > “Level 2 WORKS you to death” - also turned out to > be true > “Level 3 BORES you to death” - well most of it was > fascinating on the first read through a couple of > months ago > - but now I got 44 more days to do practice > questions - i’m gonna DIE of boredom… > The only thing driving me on is the prospect of > having to do it again next year - that would just > kill me… > I’m just doing it to get the thing over with. > ps I’ve never met anybody who’s ever heard of GIPS > (except other CFA charterholders and candidates > who just laugh knowingly) - and I’ve been in this > game a looooooong time. “and I’ve been in this game a looooooong time”. should I send you my resume then?
I “retired” young years ago. 10 years working for other people was long enough. Figured out that the only way to make real money and to have real freedom and flexibility was to run my own show. These days I don’t HIRE people, I BACK people. If somebody has an idea worth backing I have a look at - sometimes put money in - sometimes co-invest with a group of investors I put together - sometimes add value myself - eg restructure, IPO, J/V, exits. I’m not an expert in anything really - just run some funds and fiddle around in a few things that interest me. Right now I’m sitting on mostly cash + distressed debt + started buying equities a couple of months ago + a couple of VC deals I’m working on. It’s not all doom and gloom - there are plenty of opportunities out there. Now - back to GIPS…
This level is the most challenging in the sense that you have to really dig deep. the other levels pushed you through the material with harder math. this level is a mind game and its easy to feel its easier and boring. My biggest concern is that I’m doing really well with my practice problems, Q bank and EOC. While the material may be “easier” I thik the exam will be harder.
My problem with level three is the relative unfirmness of much of the data. As an example, one’s ability and willingness to take risk. This is not set in stone and while there is obviously going to be a “right” answer, I find coming up with the appropriate reading on risk to be fairly difficult.
I am really enjoying Level 3!! I couldn’t stand all the pension and accounting from Level 2. I guess cuz I’m in portfolio management most of the stuff actually does seem quite useful.
Some concepts in level 3 are important and prctical. But those materials (such as the requirements and recommendations in GIPS, the definitions of all stages in venture capital and the fomulae of various option strategies,…) of pure memorization are completely meaningless. Though some candidates can memorize until exam date just for the exam, I think most of them forget immediately after the exam. I think that even most of the CFAI’s staff can not remember these materials. I really can not understand why CFAI will test these materials of pure memorization. Moreover, for ethics and GIPS, getting high grade in the test for these materials does not mean following these rules entirely. Carrots and sticks are much more important in real world. CFAI shall rethink this issue seriously. Do you think so ?
The most important matter for judges/prosecutors/lawyers is to apply the laws correctly and/or appropriately, not to memorize the laws 100%. This rule shall apply universely. Only CFA candidates are not applied ?
I’m with Slash, I hate this level with a passion. I’d rather be overworked and overstressed but feeling somewhat accomplished like I was in LII. I feel like the day of the LII exam was the all around sharpest I’ve every been and probably ever will be. Down the road, I will obviously develope much more knowledge and practical skills within a concentrated sector, but June 6th of 2008 was probably sharpest I’ll ever be from a generalist perspective.
I hate GIPS and IPS. Other than that, it is fine
For IPS, if there are criteria clearly defined by CFAI, how can they grade the exam just according to some subjective viewpoints ? Different candidates (and CFA charterholders) may have different criteria regarding risk/return and constraints.I really doubt !
Correction For IPS, if there are “no” criteria clearly defined by CFAI, how can they grade the exam just according to some subjective viewpoints ? Different candidates (and CFA charterholders) may have different criteria regarding risk/return and constraints.I really doubt !
I hate subjectivity.
Null & Nuller, if you’re “backing” people these days, what value do you get from CFA? I’m interested why you’re doing the program if you’ve already got the knowledge you need and are doing your own deals. Hobby?
A lot of memorization plus a lot of understanding…LI and LII how I miss you¡¡¡
smokin’hot Wrote: ------------------------------------------------------- > Null & Nuller, if you’re “backing” people these > days, what value do you get from CFA? I’m > interested why you’re doing the program if you’ve > already got the knowledge you need and are doing > your own deals. Hobby? i gave a few reasons here: http://www.analystforum.com/phorums/read.php?13,941836,941914#msg-941914 the more I learn the more I realise what I don’t know. But at least I’m converting some unknown unknowns into known unknowns…
Most useful stuff I found was IPS, Fixed income, Risk management with Derivatives and Currency hedging… Interesting stuff Other than that, its so boring to read especially the GIPS etc
GIPS may seem boring but it’s also easy points in my opinion if you take the time to nail it. That’s going to be my strategy anyways!