LEAVE YOUR LEGACY BEHIND - WHAT WORKED FOR YOU?! KEYWORD: GUIDE

1) Do you need to read the CFAI readings thoroughly for L3? No

Subject to the exception I make in (2) below, you don’t need to read the CFAI books to pass.

Schweser + CFAI EoC + couple of CFAI mocks was more than enough for all 3 levels.

2) Is Ethics really that difficult? From the perspective of a native English speaker, no.

When I started L1 a colleague charterholder told me Ethics was critical. Worried by his advice, I was extra thorough - read the CFAI text in detail and wrote detailed notes. Fortunately, this proved invaluable - barely had to do more than skim Ethics in L2 and L3 as a refresher.

Ethics is pound-for-pound the best topic to know well for the exam - know it well and you can fly through the Ethics item sets, banking plenty of time for the tougher questions later on.

Personally, I found Ethics the easiest topic on each exam (contrary to many on here).

3) Are mock exams helpful? Schweser mocks aren’t helpful - avoid. CFAI mocks invaluable, but I only did 2 before each exam.

4) Can you pass with less than 300 hours study? Yes.

I managed to pass with <250hrs for each level. Of course this varies person to person, but if you have a background in finance, work less than 60hrs a week, don’t have kids and are discplined enough to allocate, say, 8hrs each Saturday for 6 months (and 2-3 full days pre-exam), it can be done. Personally, it helps I had an understanding wife.

5) Tackling the AM: When I started each section of the AM, I wrote what time I needed to move onto the next question. Eg if I had an 18 minute question at 10.30am, I wrote 10.48am at the top of the page so I knew when to move on. Remember, you get partial credits in the AM - if unsure, at least write up the formula, take an educated guess, etc then quickly move on!

For level 3 I only used Schweser videos, didn’t do much reading. I did make notes during the videos and after each video I did schweser EOC questions. Beginning of April started doing mocks, in total I did 8 of them. Took 2 weeks off prior to the exam. Ethics I did at the beginning of these 2 weeks. It was just enough for a pass. The key is to know yourself well enough in order to select from the available tools. There are so many of them and there is little time. Pick the ones that will help you to build confidence for the exam.

I had a slightly different experience.

  1. CFAI BOOKS - Only did some of the EOCs. Otherwise used Schweser, not great but pretty much the only 3rd party option at this point. I hear Wiley/Elan is doing L3 material at some point, they were great for L2, might want to check out.
  2. MARGINS - Nope
  3. COMPARE DIFFERENCES - Agree
  4. NOTECARDS - Just took some notes going through Schweser, read through week before.
  5. MOCKS - Didn’t do any designated mocks but did go through most of the last 10 years of old exams, by topic. IMPORTANT TO DO THIS. ALSO TIME YOURSELF, I DIDN’T AND RAN OUT OF TIME ON ESSAY PORTION LEAVING A FEW THINGS BLANK.
  6. GIPS - Read through a summary of it right before exam. Hit or miss. Don’t waste too much time.
  7. ETHICS - Spent critical time on the (within final few days of exam), around 8-10 hours. Still only got 50-70% though I think that includes GIPS. Should have spent the time on something else.

Other things…don’t freak out if you run out of time and leave a few things blank on essay. I did and passed. Even though I did not ‘ace’ the PM; actually got grilled on a couple of sections that I barely knew (ran out of time to study).

Cram the week before. This worked for me. Take the week off work and just live and breathe CFA.

DO OLD EXAMS NOW

Here’s what worked for me (>70% in Everything)

  1. Open Curriculum and Past AM mocks

  2. Memorize everything

  3. Close Curriculum and mocks

It helped that I had 4 weeks off from work

Fixed that for you.

Do all of the questions, review the answers, repeat. A lot of the exam is mechanical!

Start early and over practice the AM.

Hey.

This my first and probably the last post in this forum.

Feel its like my duty to share WHAT WORKED FOR ME.

  1. Its completely TRUE that scheweser books are more than enough to score above average scores in all levels of exam. This is especially crucial as it reduces so much of required hours of study. Although CFA ciricullm books are excellent, you can study them out of passion later. for exam oriented study scheweser covers everything. Afterall we all are working professionals here and after returning from office its hard to have enough energy left daily to study from ciricullum. i have never read single page out of the ciricullum.

2.Read and revise at least three times before the exam. my short term memory is good, so for level 3 i have followed this time table. i started in april and i started slow and gradually picked up speed and interests. you dont want to get exhausted one month before exam. you should be at your best as u get close to exam. so i started late. from april 1 to may15th. first round of study from schweser. then two days of practice exams. then first revision of all books in ten days. followed by all remaining papers. totally i did 10 papers. 6 schweser. 3 past year AM. and one mock exam. At last third revision in 3-4 days. you are good to go.

  1. most important thing i noticed in level 3 is to study in order of ciricullum. i mean you must start with private welath managment, than insitutional than capital market expectations and so on. because the portion is constructed so beautifully, if you go in order it helps to build a perspective. i have seen people who start studying with fixed income and than equity and than something else. i feel thats not a good idea. going in order will be easier to understand and to rememeber.

  2. Please try to keep your answers short in AM session, otherwise you will definitely not complete the paper.

Congratulations to all the passed… and I agree with your points however this was what I did(I am not proud of most):

  • I read CFAI and Schweser books
  • Did EOCs, Blue Boxes, QBank, Practise Exams, 2 Mocks(Scwesser, BSAS)
  • Last 3 years Exams and more tests
  • I did not use bullets and I wrote formulas sparingly
  • I did not answer 3 or 4 sub parts either because I had a “block” or I felt I did not have enough time
  • I rushed to answer many sections with less thought assuming that I knew those topics well and I did <50% in them

I however spent maybe 50% of the time to think before writing some questions and I scored >70 in those topics but as you may note (in a previous thread) my result matrix is just an eyesore because I did not follow the recommendations above.

I am just echoing what cgy5478 said because from the day I finished the exam, I began to pray to my God that I pass!

Appreciate all the feedback - cgy5478, mfreema2 and others.

Great thread. Thanks!

Get the Schweser audio notes. Listen to it again and again. I only had time for 150 hours of book study, but I listened to the audio notes around 480 hours. I think the audio notes is the only way you can get enough exposure to the material if you have a full time job.

i read CFAI books and did the questions in them twice over, first time was during the reading and second was simply going through all questions only one more time

did all the schweser online qbank questions twice over and i always choose that question answers be revealed on a question by question basis so that i can write notes to document the concepts i get wrong and correct my understanding of them

read the schweser secret sauce and highlighted and folded key pages

converted most tables and lists of steps, relationships diagrams etc into my own version with acronyms that i can relate to for ease of memorization. its important to understand the science of memorization which usually entails coding and relating the nasty shit being memorized to other stuff u can relate to … could be your favorite car or whatever, or a catchy phrase or song words

did the CFA institute online practice questions twice over and did the mock once

created my most summarized version of typed notes which ended up being 50 pages and went through them during the last two weeks of the exam prep to the point where everything on them was locked in into my mind

once i realize any concept is there to stay in my mind for good i strike it out of my notes, so as to reduce the notes volume to only the stuff i am prone to forgetting and better utilize my time, rather than read through stuff i already know by heart and will take me at least a year to forget

finally i am very much against doing the timed simulation crap to see how you perform against the clock, i find that simply knowing how not to waste time and how to make executive decisions to move on when you come across something you cant remember or dont know is the way to go in order to perform properly. i dont believe that any of us can train our brain to process info any faster simply by doing timed tests to check on our speed

This - completely agree with the timed exam thing. Waste of time. Unless you’re testing your handwriting under stress what’s the point. You need to be disciplined in the exam and know when to leave a question and move on. I don’t think this requires simulation beforehand.

I used Kaplan books, QBank, and CFAI mocks and past exams. Didn’t touch the CFAI notes. Put about 400 hours in with a FT job and 1 yo kid. I got between 50-70 and better on AM, above 70 on everything for PM. I feel I was lucky in a sense, the exam felt written for my strengths.

I read through the books once then hit the QBank, then back to the books, then QBank and then the mocks and past exams.

Advice I’d give - know what to rote learn and what not to. Some material clearly is black and white and always has a right answer. You can memorise this without needing to apply it more than a couple of times in practice before the day. Other material - ethics for example - you need to immerse yourself in and know the hints, red herrings, etc. You have to know the relationships, know what circumstance trumps another (e.g. wealth vs. age). You can’t rote learn answers here so don’t try.

Finally don’t leave the exam room before the time is up. I reviewed my work and spotted a couple of errors. Then reviewed again, and again, at the backend of the PM exam.

What made a HUGE difference for me taking the exam the second time, was leaving the smartphone at home and going to the library undistracted. I wasted a ton of time last year checking my Facebook and wasting time.

I tested 11 different pens out to analyse how fast and how neat I write… then I practiced writing as fast as possible… All to save those valuable seconds on exam day

I went hard. Took two courses at NYSSA (writing prep and weekly). This was an amazing help

3/3 taker. There are no shortcuts, read the entire material, do questions, mocks, rinse and repeat problem areas. Key for me was absolutely just taking the time this thing requires. Hundreds of hours, staying in the office 6-9pm studying, 5 times a week, giving up most social activity on weekends. Sucks being the guy that leaves after 1 drink to get sleep for 4 months but thats just what it took for me and I didnt pass with stellar marks, just enough to make the cut. 2 weeks of study leave before the exam were crucial too, cant recommend this enough. Have a strategy and a study plan with a margin of safety and stick to it with no excuses. A lot of tips and guides on this forum but for this exam I find its not rocket science it just takes ages and comes with lots of frustrations and makes you doubt yourself continuously. A poster above me talks about testing 11 pens before the day and ok whatever works for you but that should be something really marginal - put in the hours and youll have the best shot at this! Good luck.

Like 504 leaving Kennedy onto LAX

  • read entire material (the CFAI books)

  • take notes. not on a laptop, but on a notebook with a pen. it’ll help you get into the groove of actual handwriting and writing concepts as you understand them

  • never give up. an hour left into the AM session i still around 4 items sets untouched. rushed like mad to get as much as i can and thought that it was all over for this year’s effort. still tried my best for the PM session… and that actually did the trick.