I dont think I was quite as dead in the previous 2 Levels. Gone through all CFAI Books and most of the EOCs AND Schwezer Questions (4 more chapters to go). And I feel I remember nothing… This is by far the most painful level for sure.
I understand that you are doing all the CFAI EOCs and Schweser Qs. Did you read all the CFAI books and Schweser books? Or did you just read the CFAI books?
I read all CFAI Books and used schweser as a supplement , to glance through if the material in the Books got too verbose. All in all, there are about 3-4 chapters for which i completely skipped CFAI because their organization (or lack thereof) and/or excess detail made no sense and making notes for them (which i painfully did for all chapters - in previous levels too) was effectively copying down the whole chapter.
Me too! I read all the CFA text + schweser + took notes. I have 3 note books, and for each LOS question, I answered each in a sentence or two. I eventually gave up writing note books, since it was too much. Im on my second read now. I think I have the first part down, but the boring stuff, I have no idea what they’re talking about…
Me too. I have studied more for this level than I and II and while I feel like I could have an incredibly intelligent conversation with any type of asset or pension manager and understand the portfolio management process extremely well; I remember nothing when I look at some of the exams. Especially the minutia like the Taylor Rule or Hockenberg-Schlomenberg model (whatever that thing is called). Or how about remembering all the return attribution formulas or even the taxes. Too much. The only math I can do real well is derivatives because it’s the only thing I find useful and have done professionally.
Oh, and I would like to thank the institute for adding currency return formulas in all kinds of derivations in every other reading rather than one place and making them sometimes contradict each other. Also DC + LC + (LC x DC) is really (1+LC) x (1+DC), so if you earned 10% on your equity and 5% on your currency, your return is 15.5% or approx 15%, why the stupid formula. I also have three pages on hedged returns. So thanks for that CFAI.
sebrock Wrote: ------------------------------------------------------- > Also DC + LC + (LC x DC) is really (1+LC) x > (1+DC), so if you earned 10% on your equity and 5% > on your currency, your return is 15.5% or approx > 15%, why the stupid formula. I also have three > pages on hedged returns. So thanks for that CFAI. The formula is really stupid !
sebrock Wrote: ------------------------------------------------------- > Oh, and I would like to thank the institute for > adding currency return formulas in all kinds of > derivations in every other reading rather than one > place and making them sometimes contradict each > other. > > Also DC + LC + (LC x DC) is really (1+LC) x > (1+DC), so if you earned 10% on your equity and 5% > on your currency, your return is 15.5% or approx > 15%, why the stupid formula. I also have three > pages on hedged returns. So thanks for that CFAI. It’s (1+DC)*(1+LC) - 1.
I firmly believe that the reason behind the information overload in the CFA program (especially level III) is that CFAI is trying to make both CPA and CFP certifications useless. I have both of CPA and CFP certifications. CFA level II (Financial Analysis and Reporting, and tax sections) covers almost entire CPA curriculum and CFA level III covers entire CFP curriculum and a lot more. I don’t think anyone would want to pursue CPA or CFP certifications after passing CFA.
^ you should’ve waited before taking CFP and CPA
I did all the courses required for the CFP fall of last year and am sitting for the actual exam in November this year (after I pass LIII). I would definitely say that the CFP has much more detail in the insurance, retirement planning, estate planning, taxation, etc. and yes some does overlap but it definitely provides you with a different type of knowledge, and a lot of the specifics are, critical especially in financial planning for individuals…
cfaboston28 Wrote: ------------------------------------------------------- > ^ you should’ve waited before taking CFP and CPA yup! It was a stupid rush on my part.
cfaboston28 Wrote: ------------------------------------------------------- > ^ you should’ve waited before taking CFP and CPA People like to collect designations and he is one of them I guess. Ashwin - Do you work in any of these fields yet?
We still have almost 2 months to bring it all together. Did you expect to know the material when the most important (and likely extensive) part of the studying is still in front of you? Relax, keep studying, do a boatload of practice problems and push it to the end. You will likely end up as you did with the first two levels.