I have been through several topics at this point which say “explain, or discuss” and then proceed to grill you on quantitative questions. I can’t think of all the examples, but the most recent one was when i was reviewing futures prices given lease rates, convenience yields, storage costs, etc… Anybody have any insight as to whether the institute is true to their “command words” on the LOS for L3? I don’t want to waste time understanding calculations i don’t have to.
Jesus I have to beg for replies every time… Seriously does anybody have insight here? Futures calculations like i mentioned above, contingent immunization strategies, and others all have qualitative LOS keywords but then quantitative EoC questions and Qbanks. What gives?
I know you want someone who took L3 to tell you what they think given their experience but guy you gotta remember your 1 & 2 asked the hard question… not to write down a formula or definition but prove your comprehension of the idea… I wouldn’t try so hard to game the system. but full disclosure I wrote L2 twice so I’ve been wrong. I do know a friend failed L3 right around the same time he was admitted to the MIT MBA program…
i think you’re reading too far in between the lines. read the material. all of the material. whether its all schweser or all CFAI or some combo doesnt matter. IMHO you should cover it all at least twice. then change over and take mocks and practices at some point. how much good can it do to alter your strategy depending upon your interpretation of the word “explain” versus “illustrate?” Remember this test is given globally. Many ESL people pass this exam. I doubt they focus on these adjectives.
I have already ready everything twice and have been doing practice exams for a week. The LOS command words are SUPPOSE to be there for a reason. In level 1 and 2, it was not very often that they would not say “illustrate, demonstrate, or calculate” but then require such calculation. It would just be nice to know, but I guess that won’t happen. This test is subjective on every count compared to the last two, not amused.
Expect the unexpected…enough said
Angry man, up in here, up in here.