Hello Mister Walrus Wrote: ------------------------------------------------------- > At the risk of sounding like a punk, I will > present this theory based on my observations of > people I know who have CFA charters: > > 1. L2 is the hardest for people who are actually > smart > 2. L3 is the hardest for people who just work > hard > > It just seems like L2 material is really easy - > it’s just tedious to learn. It does, however, mean > that anyone who spends enough time studying can > regurgitate enough correct answers to pass. > > From what I have heard of L3, it is conceptually > harder, but is less tedious than L2. Furthermore, > it is a written test, so it requires a > non-superficial understanding of the material. > Because of this, people with greater ability to > understand complicated concepts are more likely to > pass L3. > > I’m just thinking out loud here. Of course, I > might be completely wrong. I sort of agree with this assessment and wanted to expand on it a bit. By way of background - I passed L1 in Dec '07, L2 in June '08 and L3 a few months ago. I also have an MBA so I’d seed a lot of the L1 and some of the L2 material in various finance and invesment classes before. I also have an undergrad degree in history. Level 2 definitely is more about learning formula after formula, while L3 has the morning session which requires synthesis and interpretation. I would contend that L3 is a bit easier for people who are comfortable with and good at writing (in English), and less so for those with more quantative backgrounds - math majors, engineers, IT folks etc. Again, just a theory, but I found my liberal arts and writing background to be extremly helpful for the L3 morning session which some others found a real barrier to passing this test.