How many people thought L3 was harder than L2? I don’t know if I underprepared, but I thought L3 was brutal.
I think L3 is much more difficult than L2.
They’re both pretty hard; L2 gas the advantage that you have a better sense of how well or poorly you are doing and what is required for you to do better. That’s a lot harder at L3. I was just as nervous at L2, but more fearful of not passing at L3.
Different beasts. In some ways 2 is harder and in some 3 is. I am bias, but on the net I say 3 is, just because the competition gets that much more intense.
I did better on Levels 1 and 2, but for some reason I felt L3 was easier. The PM was definitiely easier than L1 and L2 multiple choice. As for AM, I thought I was well-prepared using Schweser exclusively, taking the Schweser mocks, and the old CFA tests. One thing I think that helped was that I didn’t worry if there was something I didn’t know on the AM section. I thought the two individual IPS questions I was well-prepared for based on practicing with Schweser tests and old CFA tests. All I can say is that what worked for me could probably work for anyone else. I bought Schweser’s premium package with weekly online seminar and Secret Sauce. Also what I think was a tremendous help was that I went through Schweser notes multiple times. Each time I went throught the note I would WRITE DOWN anything I was absolutely unsure of including formulas. Doing this a few times resulted in about 50 pages of my own notes. I would then go through my own notes and look at the topic I had written about, and then rewrite the notes’formulas from my memory. I can’t overemphasize how importing this method was for me. When stuff popped up on the test that I felt others may feel was obscure, I was prepared for it. WRITING builds your retention and helps you with the concepts. As for CFA text, I only consulted the it when I couldn’t understand something from Schweser or my own notes. I am no smarter then the next guy. I just went into studying for this leaving nothing to chance. Yes it takes time (started in OCtober each year so I could have gone through the notes a full time before the weekly Schweser seminar started), but I really had no anxiety going into the test because I was so drilled on this stuff. You can do the same. Hope this helps.
I barely passed Level II (MPS of 58) on the third try, really the fourth since I began to prepare one year but realized it was a lost cause in May and did not bother to take the exam. Level III I passed with an MPS of 65.7 on third try. Therefore I think Level II was more difficult.
I find level 3 more difficult because of the written response questions. If I know the material good I can get through the multiple choice questions no problem. But even if I know the stuff good, I can have issues putting pen to paper. This really wasn’t an issue this year, but it concerns me for next year. As far as the difficulty of the material itself, I think L2 was harder. When you get into that pension stuff and foreign exchange translation, and arbitrage, and memorizing all those cash flow formulas and the black scholes, treynor, ect… it makes me want to puke thinking about it.
L3 is harder.
What bchadwick said.
L3 is harder. Coming up with a verbal response is always harder than picking from multiple choices. L3 has way too many lists to memorize.
I thought the material for Level III might have been a bit more difficult but I thought the Level II test was harder. I wasn’t surprised by any of the questions on Level III, whereas for Level II (took it in June '07) I thought they tested a lot of the end of the chapter fringe material which really annoyed me. Level I was far and away the easiest.
Level III is harder.
I think it kind of also depends on your background… I am from engineering background and didnt know what credit and debit were before started studying for L1… studied my ass off for L1… Once that was in place L2 was fun to go through as the fundamentals were clear. L3 reading wise is easier, pardon me if I say to an extent boring, to read the texts… but you read whole chapter and you dont have a single thing that’s 100% concrete like a formula or anything for that matter. You only sort of train your brain to match your subjectivity to the answers that are in the back of the book… so bottomline is comparing L2 to L3 is like comparing apples to oranges whereas comparing L1 and L2 is pretty straightforward and for most L2 is more difficult. (for me L1 was more difficult as I didnt have any background)
I found L3 a bit harder because of the AM session which we didn’t have in L2. The content in L3 is though easier that L2.
Another vote for L3
i’d say level II was harder only because the volume of material is much greater. but it isn’t a wide margin.
I found L2 material much harder. I studied to the point of insanity before I could pass L2. L3 material was easier and more interesting to study. The L3 essay format is a pain ofcourse, but that sentiment is universal so I dont think doing less than spectacular in essay puts u at a disadvantage because everyone has the same problem. In sum, I found overall L3 experience way better than L2.
I found L3 material immensely more interesting, which is nice, but the exam itself is comparable in difficulty, just in a different way.
bchadwick Wrote: ------------------------------------------------------- > I found L3 material immensely more interesting, > which is nice, but the exam itself is comparable > in difficulty, just in a different way. New perspective brought in here: “L3 material is more interesting”…looking forward to the materials!!