Hi all, Please share strategies for the Level 3 success for us new L3ers to imbibe… : )
Read the material from CFAI carefully. Read it again and underline the most important points. Try to really understand it all. Get Schweser’s note cards and go through them and the text annotating the note cards to add anything Schweser missed. Study the annotated note cards. Do all of the end-of reading problems. Do all of the practice tests offered by CFAI and review the parts you get wrong. That’s one good approach.
thanks captain… hope your scores were very good ?
I find it strange that the people who’ve already passed Level I and Level II are starting a thread a minute asking what magical potion allows one to pass Level III - I haven’t taken the exam yet, but something tells me that the winning equation is the same (holding intelligence relatively constant). Score = f(time and effort). For all the new Level III candidates asking those questions, please just relax for a bit, or at least go through the material first before asking in a month or two - you’re making us confident ones look bad.
skillionaire Wrote: ------------------------------------------------------- > I find it strange that the people who’ve already > passed Level I and Level II are starting a thread > a minute asking what magical potion allows one to > pass Level III - I haven’t taken the exam yet, but > something tells me that the winning equation is > the same (holding intelligence relatively > constant). > > Score = f(time and effort). > > For all the new Level III candidates asking those > questions, please just relax for a bit, or at > least go through the material first before asking > in a month or two - you’re making us confident > ones look bad. some of us might not have the ‘time’ part of the equation. it doesn’t hurt to ask for tips and i believe those who have passed lvl3 are more than eager to brag their recipes (if they’re still around). we may just annoy retakers and confident ones.
use alot more CFAI than schweser, or at least make sure you have a very good read of CFAI stuff. get on the end of chapter Q’s and the practice/mock exams very, very early… although in fairness, the exam itself was much easier than any of that stuff. but i didn’t feel confident going in. do not underestimate the material. i found it much, much harder than L2
Read the entire CFAI books maybe 3 times, do ALL problems in the books, do mock and practice exams. The important thing is getting the concepts down well, and the repetition of rereading was def. helpful for me.
I did not drop any ball in the CFA quest. My Advice: Adopt the same strategy that got you to L3 but make sure you manage your time very well for the AM session. I prepared very well but was still stampeded by time. Two hours into the AM, I was on the 5th question. If not for the PM I would have repeated L3. I read about this advice but still fell victim. Close to the exam, look for someone trustworthy to recount “live” experience to you. It will be painful if you fail not because you don’t know the answers but because you lack time to even read some of the questions.
skillionaire Wrote: ------------------------------------------------------- > I find it strange that the people who’ve already > passed Level I and Level II are starting a thread > a minute asking what magical potion allows one to > pass Level III - I haven’t taken the exam yet, but > something tells me that the winning equation is > the same (holding intelligence relatively > constant). > > Score = f(time and effort). > > For all the new Level III candidates asking those > questions, please just relax for a bit, or at > least go through the material first before asking > in a month or two - you’re making us confident > ones look bad. Take it from someone who passed L1 and L2 Dec 07/June 08 and failed L3 miserably, it’s not about that at all. L3 is, certifiably, the hardest level for me. You have to revamp and revise your study procedures.
“Take it from someone who passed L1 and L2 Dec 07/June 08 and failed L3 miserably, it’s not about that at all.” I have a hard time believing that (given a certain level of intelligence), time and effort aren’t enough for this level. Granted, experience and all kinds of other variables come into play regarding how much time and effort one needs, but I’m thinking if I put in the time I’ll be fine - this isn’t wizardry (sp.?) at Hogwarts, it’s a test. That being said, good luck to you and everyone else taking Level III this coming June, however they decide to prepare.
I’m not saying anything about intelligence. It’s just that if you study the same way you did for L1 or L2, I think you’ll put yourself at a disadvantage. Good luck to you too. I relied purely on Stalla for all three levels and I studied more (and harder for L3)…but I’m going to use the CFAI books this time around…
Well that’s where you went wrong - Stalla is the poor man’s Schweser (I love me some Schweser). Just kidding man, good luck.
No, you’re sort of right. Stalla is absolute crap for Level 3. CFAI/Schweser all the way.
I’ll mimic everyone else here: use CFAI readings and Schweser (or Stalla) to back up the readings… maybe even just to have for extra practice questions. And do the end of chapter questions from the CFAI materials. 2 and 3 times for practice.
“some of us might not have the ‘time’ part of the equation.” You seem to have a hell of a lot of time, if you are starting in August. I have to agree with Skill, if you passed the 1st two levels, then in order to pass the 3rd I would advise you to do what you have previously done. "If you always do…what you have always done…you will always get…what you have always gotten…
take it from another person who’s “actually been there” L3 is a completely different animal. use more CFAI for readings. start that early, and start the old exams alot earlier than you think… easier said than done of course, as it takes alot of time to get proficiency with material… i remember on exam thinking “i wish i knew the CFAI material alot better than i do” yes, time/effort/intelligence is key in any academic endeavour.
i’ve thought it thru now. still lots of schweser. and CFAI EOC’s for sure… but then you have to know the CFAI text and work in all the exams, both of which are very time-consuming. i do know quite a few though who passed with 100% schweser readings (probably had practice exams), although your margin for error is now sharply reduced
i wouldnt waste my time with CFAI on L3 except for Ethics and EOC questions (which schweser has in one of their practice exam volumes) i did not find Schweser’s L3 program lacking…except for a few errata that were corrected by April. 1. Schweser 2. All CFAI prior exams and mock 3. EOC for IPS 4. Schweser practice exams book 1 5. Q-bank (used early on, not near exam day) 6. Enjoy football season and don’t start until January that’s all you need.
Repeating what has been said: -CFAI readings are garbage… too much info with not enough focus -Use CFAI materials only for EOC questions and mock/sample exams -Use Schweser 1-6. -Level 3 is the hardest level.