I think this year’s level III pass rate was the worst ever, and this declining pass rate has been a trend across all levels in recent years. CFA say it’s down to candidates not preparing properly but I’m not sure: the structure and content of many of this year’s level III questions seemed quite different from previous questions I’d seen (and a bit unfair to candidates). Passed levels I and II first time but failed III badly and see no point in re-registering: even if I prepare well can’t be confident I’d pass. Seems like the CFA designation was earned much more easily in previous years (again CFA wouldn’t agree), but maybe they’re happy with lower pass rates, a sign of “toughness” and more fees from re-sitters… Any views ? Buy a lottery ticket instead ?
When the going gets tough…
While the variability of the relationship between study time and exam results seems to increase dramatically at Level 3, it really just comes down to a difference of format and breadth. I would definitely not go so far as to say it’s not worth it. Which questions do you feel were unfair?
regg Wrote: ------------------------------------------------------- > I think this year’s level III pass rate was the > worst ever, and this declining pass rate has been > a trend across all levels in recent years. > > CFA say it’s down to candidates not preparing > properly but I’m not sure: the structure and > content of many of this year’s level III questions > seemed quite different from previous questions I’d > seen (and a bit unfair to candidates). > > Passed levels I and II first time but failed III > badly and see no point in re-registering: even if > I prepare well can’t be confident I’d pass. > > Seems like the CFA designation was earned much > more easily in previous years (again CFA wouldn’t > agree), but maybe they’re happy with lower pass > rates, a sign of “toughness” and more fees from > re-sitters… > > Any views ? Buy a lottery ticket instead ? Let me guess you used schweser?
I am way past any conspiracy stuff, i.e. CFAI wants to limit number of shareholders (and keep fees coming in) so they continue to lower passing rates. I do wonder about the process of constructing a test where passing candidates perform the majority of the morning section well under 50%. I am all for a difficult test. I think the program is great. But I question the quality of the test with such a (what apperars to be) a ridiculously low MPS. Especially in the a.m.
I thought the exam was extremely fair. There were no curve balls; everything in the exam was covered in the curriculum. Everyone is different, but if you didn’t study the curriculum from the CFAI (in its entirety), then you have no right to complain. Third party study note providers are not the curriculum. Period.
I think a lot of people including me had stereotype thinking that level 2 is most difficult, last year when I was asked by people who had no idea of CFA which level is most difficult, I also said level 2. That thinking leads to loose preparation. For me, the effort I put into level 3 is least compared to level 1 and 2.
Agree with CardShark. The test was an absolute beast, but having read through both CFAI texts and Schweser I recognize that relying on study guides is insufficient at this level. And it has nothing to do with CFAI purposely testing outside the parameters of the study guides. It’s just that the material at Level III is so broad it’s quite difficult to summarize it in a useful form. You really do need to know what gambler’s fallacy is, and the fact that Schweser deemed it uminportant did not make it any less testable.
Billy Collins Jr. Wrote: ------------------------------------------------------- > Which questions do you feel were unfair? I passed, but there were a couple questions in the AM that were pretty “questionable” 1) Tax question in the last part of the first question wasn’t covered anywhere in the curriculum 2) Economics question that required that you memorized indicators (didn’t have much to do with understanding economic concepts) 3) The institutional asset allocation question was sketchy, where you had to circle the increase/decrease asset classes…but it was really vague Also in the PM, there was basically a whole item set on taxes which was new material in 2010 (I think it’s the one classified as PM - Individual). Overall though, I felt like the test was fair and that I was prepared to at least come up with something to get me points in the AM, and to at least narrow it down to two choice and make a reasonable guess in every multiple choice. I only used Schweser.
regg, Saw your post heading and figured it would be someone that failed LIII 2 or 3 times. After passing the LI and LII on first try and just failing LIII once, you should give it at least one more shot. I passed LIII this year on the 2nd try (passed LI and LII first try as well). My score this year doesn’t look great on the admittedly very general 40/60/80, but I’m confident I got at least 70% of AM portion correct: the first 2 questions were absolute softballs…exacty what you should expect from the IPS stuff and they even made the numbers easy. So I’m with CardShark in that I thought the exam was very fair with no real curve balls. (The 2 bond hedge last year was a doozy of a question for me.) And as I’ve said elsewhere, I used Stalla almost exclusively. Anyway, give it another shot. You’ve spent too much time to stop after just one fail at LIII.
I cant believe some one putting in less effort because the curriculum appears easier??? Come on guys when u reach L3 u know that UNLESS YOU GIVE YOUR BEST YOU ARE NO LIKELY TO PASS IT.
AJ8888 Wrote: ------------------------------------------------------- > I cant believe some one putting in less effort > because the curriculum appears easier??? > Come on guys when u reach L3 u know that UNLESS > YOU GIVE YOUR BEST YOU ARE NO LIKELY TO PASS IT. especially since all of the “really” smart people that passed L2 less than 1/2 pass L3. That is shocking!
The only question on the whole exam which really looked like it came from Mars (to me) was the last part of the first question (the tax thing). True, some of the questions maybe had a unique presentation or style, but the underlying material was fair. It sounds like this is your first crack at it. I would not despair. I failed last year and it was a bitter pill to swallow (as it is for most of us). However, I just figured it meant I needed to get better and set about attacking it with an improved plan. Although I did much better on this year’s AM (due to better prep), I would not say it was any harder than last year. When you are on the “FAIL” side, it is natural that you are a little annoyed at the whole thing, but when you get the “PASS”, then you will feel a lot different and will be proud of what you accomplished.
I think the tax question in the morning was pretty poorly worded but the concepts that they were trying to test were covered in the curriculum. The second institutional IPS question was also not well worded and it looks like several of us failed that question. The leading indicators question trips me up because for the last few months, there have been so many articles about the leading indicators pointing to a “double dip” recession. Wish they had printed these articles in March/April. As for the OP, I would not give up at this stage. Go back and review what you did wrong. Read through the forums for study tips, come up with a good study plan, stick to it and go kill the beast. The material is easy but you need to know it really well.
stop being a girl and just retake it. have some confidence…imho
Ako Wrote: ------------------------------------------------------- > stop being a girl and just retake it. have some > confidence…imho …not that there is anything wrong with being a girl! *looks around to make sure wife is not around* I wouldn’t mind seeing more girls 
Take a little time to relax, reflect and enjoy life and then come back at it in November or December when you’ve had a chance to distance yourself from it a bit.
artvandalay Wrote: ------------------------------------------------------- > Billy Collins Jr. Wrote: > -------------------------------------------------- > ----- > > > 2) Economics question that required that you > memorized indicators (didn’t have much to do with > understanding economic concepts) > I had a big booyah moment when I saw that question… http://www.analystforum.com/phorums/read.php?13,1163513,1163513#msg-1163513
artvandalay Wrote: ------------------------------------------------------- > 1) Tax question in the last part of the first > question wasn’t covered anywhere in the curriculum I agree this question was strange. I had no idea where it came from. > 2) Economics question that required that you > memorized indicators (didn’t have much to do with > understanding economic concepts) Right, you had to recreate the process described in the curriculum to arrive at a valuation. I agree it relied on memorization (in fact because of this I chose not to put too much effort into remembering the formula) but you can argue that if you are unable to come up with a value after having gone through the methodology, then learning that study session is pointless. > 3) The institutional asset allocation question was > sketchy, where you had to circle the > increase/decrease asset classes…but it was > really vague Actually I seem to recall that question seemed straightforward but I won’t argue since my score hardly supports my competence in this area. > Also in the PM, there was basically a whole item > set on taxes which was new material in 2010 (I > think it’s the one classified as PM - > Individual). Again, completely bombed this and don’t recall any of the PM questions in the afternoon session. > Overall though, I felt like the test was fair and > that I was prepared to at least come up with > something to get me points in the AM, and to at > least narrow it down to two choice and make a > reasonable guess in every multiple choice. Yup. The only question that seemed really off the mark was the tax thing in the first question. I did not see anything like that in the curriculum.
CFA Jay, i noticed u mentioned that you had 2000-2008 morning sessions from CFA…do you still have them? where did you get them from and are they the ACTUAL morning CFA level 3 exams? Appreciated…