L3 Exam Student

I just gave my L3 exam. Of all the 3 levels, for me L3 was the most boring/painful to study. I have heard from people ( who have passed all 3 levels) that L3 is easier than L2. But during my study, I never felt that for a minute that L3 is easier. Your own mileage will wary. L2 is really hard to master, but I felt, that once I mastered the concepts, I could retain them. I don’t know whether I will pass the L3 exam, but I know that with the proper guidance and a good instructor, L3 exam can actually be passed with less pain as opposed to L2. I obviously did not have the luxury of this guide, hence I am not sure whether I will pass or fail. My plan is, if I fail, I will resume my study about 3 weeks prior to the exam for my take two. There are lot fewer concepts to master in L3. With L2, no matter who is your instructor, you just have to read and read until you understand the concepts yourself. There was a lot to master in L2. With L3, you really need a proper plan to tackle both morning and afternoon sessions. Number of new concepts to master are lot fewer. For example, with L2, accounting stuff is really cruel. You don’t have anything like that to worry about in L3. I think for those students are time constrained and want to make best use of their time in prep for L3 exam, I could probably help. I feel, with proper guidance and a teacher, L3 exam could be passed by studying for last 3 weeks. (Assuming you have read the notes once before the start of the 3 last weeks) But key is to get the right instruction and help. I am the first one to admit that this is a risky approach and very lofty goal, but I believe it can be achieved, especially for someone who has passed L1 and L2 in first attempt and enjoyed the process. Finally, I think anyone who struggled with L1 and/or L2, would need to spend lot more than 3 weeks. (Probably start in Nov)

for a test that is only given once per year, why handicap yourself by INTENTIONALLY only starting 3 weeks out?

careerchanger Wrote: ------------------------------------------------------- > for a test that is only given once per year, why > handicap yourself by INTENTIONALLY only starting 3 > weeks out? +1, this ranks up there with some of the worst advice I have ever heard of for studying for the CFA exams.

Mr-Z Wrote: ------------------------------------------------------- > careerchanger Wrote: > -------------------------------------------------- > ----- > > for a test that is only given once per year, > why > > handicap yourself by INTENTIONALLY only starting > 3 > > weeks out? > > > +1, this ranks up there with some of the worst > advice I have ever heard of for studying for the > CFA exams. Thanks for being candid. But this only applies to someone who is: a) Really very confident in his abilities (hence only those that passed L1 and L2 in first attempt) b) Feels that he can find the right/trustworthy instructor who has gone through the process c) Most importantly, values his time so much (perhaps due to his job or family constraints - having a kid, etc) and does not feel he/she wants to(or can) spend the whole year studying, especially since, spending the whole year with the books still does not guarantee your success in any way. d) If someone feels, L3 curriculum is fun and doesnt mind going through it for 7 months, then obviously the above advice is worthless to them. Also finally, everyone’s different. I really enjoyed studying for Level 2 but did not enjoy studying for Level 3 at all. If money was no object and I could find a great instructor who could save me the agony of going through this for 7 months, I would take the offer! Hence I thought, I will throw it out there.

This is dumb. I dont know if youre pitching yourself as an l3 guru but your English writing skills would suggest you bombed the essay portion and don’t understand the psychological traps analysts are subject to, particularly overconfidence Although I like the range - if someone is like you them 3 weeks is fine, otherwise 7 months??? Good luck l2 guys. Hope you’re all on l3 next year and I’m not!

Jcole21 It’s ok if you do not like my advice, but atleast don’t insult my writing skills. Not everyone is as blessed as you are. I did not do so great in the morning session, but my afternoon session was lot better. And I am hopeful about the results and trying to keep a positive attitude, I am not overconfident. If I were a stock analyst, I would understand my limitations. Here’s my public record of picking stocks: http://caps.fool.com/player/huddaman.aspx Riyaz jcole21 Wrote: ------------------------------------------------------- > This is dumb. I dont know if youre pitching > yourself as an l3 guru but your English writing > skills would suggest you bombed the essay portion > and don’t understand the psychological traps > analysts are subject to, particularly > overconfidence > > Although I like the range - if someone is like you > them 3 weeks is fine, otherwise 7 months??? > > Good luck l2 guys. Hope you’re all on l3 next year > and I’m not!

And by the way, Level 3 morning session doesn’t grade you on your writing skills. It’s no doubt challenging, but doesn’t require a PhD in English to ace. You still need to think from an analyst or even a financial planners perspective to do well in Level 3. jcole21 Wrote: ------------------------------------------------------- > This is dumb. I dont know if youre pitching > yourself as an l3 guru but your English writing > skills would suggest you bombed the essay portion > and don’t understand the psychological traps > analysts are subject to, particularly > overconfidence > > Although I like the range - if someone is like you > them 3 weeks is fine, otherwise 7 months??? > > Good luck l2 guys. Hope you’re all on l3 next year > and I’m not!