I have passed levels 1 and 2 using Schweser. I have found it to be very useful especially since the manuals are concise and to the point and I already am familiar with most of the concepts. However, I know that some people have suggested that Schweser did a poor job at level 2 in 2007 especially pertaining to Treynor-Black stuff etc. Given that when I register for the exam I will receive CFA study materials automatically, would it make sense to order Schweser as well? I borrowed a Stalla from a coworker and tried to use it but its not the same for me as Schweser. Any suggestions?
I used stalla for L2 and loved it. using it for l3 this time around. nobody really covered the TB model question well enough, but it was a bullsh!t question, if you ask me. i wouldnt hold it against either study aid. if you liked and passed with schweser, stick with it.
i knew before level 2 that schweser didn’t cover PM well. otherwise it was invaluable. i wouldn’t think of switching midstream personally.
I love Schweser, but I’m going to give CFAI a crack. If the going is too slow, I’ll switch back.
I first went through all the readings but did a lot of the revisions with Schweser Schweser has done a good job on many chapters exclu AI which was sprinkled with errors but I remember that derivatives was very well covered for ex it is key to go through all the assigned problems in the readins though, Schweser practice exams are just not enough for L3
@ needhelp If you care about the nitty gritty details; by all means read the CFA curriculum books that are provided. I like Schweser because it focuses on what you need to know to pass the exam. If i ever wanted to get into details, i can always refer to the CFA books. “some people have suggested that Schweser did a poor job at level 2 in 2007 especially pertaining to Treynor-Black stuff” - Some people just get fixated on little details and thats prolly why they fail (score on sections you know first and leave the tough questions for the end). All questions are equally weighted, so you want to get the most score in little time. Who cares if you blew the PM section. Atleast you PASSED the exam
sorry to break this to you but you will have to memorise an unbelievable amount of nitty gritty details (the famous laundry lists) whilst being able to put everything into perspective
As far i know, the exam is balanced: 50% memorise, 50% what you understand. That’s always been the case. Besides, L2 was more 60/40 game. 40% what you know, 60% of how you take the test. I’ll have to crack the L3 books to figure…
Any suggestions as to what books we should be looking at for the “essay” part. Don’t think we can get our hands on the old exams.
have a look at the old exams: http://www.cfainstitute.org/cfaprog/courseofstudy/essaylevelthree.html 2007 Level III - Guideline Answers (PDF) 2006 Level III - Guideline Answers (PDF) 2005 Level III - Guideline Answers (PDF)
below the link to the CFAI ethics self test - I drilled it until I got 100%, you can take it as often as you want http://www.cfainstitute.org/memresources/pdprogram/ser.html###1 http://webapp2.aimr.org/aimr/Register.asp?SESSION=1056824018437627
Thanks Bambi! =)
I got a question, many L3 takers in the past have strongly recommended reading the CR for use of “language” CFA is looking for. Which study sessions is this strategy most recommended for? Behavioural Finance? Individual and Institutional Investors? Asset Allocation? Equity? Fixed Income? Alternative Investment? Derivatives? Portfolio Decisions? If you had to choose, which ones would be the most important to read from the texts, and which ones from Schweser? I ask this because I just got through Derivatives from Schweser. It wasn’t too bad but still alot of work. I can’t imagine reading about options and swaps from the CR. I’m already miserable enough!
Hi ID10T / anyone who is using Stalla for L3 Please can you give me a feedback on your experience with Stalla for level 3 so far ? Regards biddu
Hi UAECFA, Based on what I have read till now, it is difficult to make a clear recommendation. My strategy is to keep focusing on Schweser and use CFAI CR as reference and also for topics were Schweser is not clear enough. But regarding Behavioural Finance I intend to read the whole of CFAI CR.
Thanks for your comment Dreamer, I’m with you, focusing more on Schweser. The only difference is I’ll be reading CR on topics I know well. I figure I can get through it faster and pick up extra knowledge rather than get bogged down on things I’m trying to figure out. If I’m unclear on something, I’d rather re-read Schweser or answer q-bank till I get it and then go to the CR. Behavioural Finance would be a good read, but what else from the CR would be a must to read? Does anyone have good insight or experience from this?