You know, I’ve heard everyone talk about L2 as “the hard one.” But I’m not so sure anymore. At least on L2, I had a clear idea of what I know and what I didn’t know. Here I think I know stuff but am not sure if I know it well enough to pass.
i agree that it is much harder to know when you’re ready to write the L3. level 2 was hard, no question. I think both exams are grueling but they are different beasts. apples to oranges.
Level 3 is hard too b/c you’re not use to the new Essay format…
L2’s material is harder no doubt. L3 test may be harder because of the subjectivity and having to compete against studs who passed L2. L2 has alot of people who passed l1 that will never pass l3. l3 is a superior pool so you have to know the material better to beat others.
plus the quality of writing BS on the essay part…that to me is key to passing this exam… L2 you can practice for hours the mechanics…but writing BS…now that is a piece of art…
So far I think Level 3 is harder. I’ve taken the CFAI written exams for 2004-2007 and the subjectivity is a problem. I don’t think I’ve gotten one required return problem right yet…maybe I’m mentally slow, but I had no trouble with the level 2 plug and chug.
I think you guys have the points down pat. The material in L3 is harder, for instance my MC scores are about the same or even higher than L2. But it’s the written part and all the subjectivity that comes with it. Plus theres the fact that you literatly are looking at a blank white paper if you don’t know what their talking about or how do to do something (I have a few times) rather than an MC question that you can use some for of decuctive reasoning. It f’s with your head to skip questions…you start panicking quicker.
L2 is easier. It’s a bunch of discrete things you either know or don’t. At no point do you have to put it all together. L3 on the other hand, is all so interconnected. I hate it.
Well I am drawing from two people I’ve talked to who passed all 3levels (the others who have their designations I haven’t bothered asking), both has mention Level 2 was the hardest in their opinions.
L2 was easy 
i think the content is L3 is easier. i dont think that there is a single concept that i had trouble understanding, it is just a matter of memorizing it all. L2 there are concepts that took me at least alot of time to grasp. L3 is more difficult IMO in that the essays are so ambiguous. CFAI says it is a “myth” that there is the CFA way and then the right way…well I know most of these essays but am struggling to come up with the “buzzwords” and dont always agree with the answers. i guess that it the biggest problem, there was nothing in L1 or L2 that i didn’t agree with, there is alot of material/solutions in L3 that I disagree with. it might have to do with my industry experience as it is very relevant to the L3 material.
in hindsight 
The next one to achieve is always the hardest. End of story.
Exactly Pimp… Level 2 is a step up IMO from level 1 and requires a deeper understanding of the material, it’s presenting in a potentially more confusing manner and requires a more detailed performance at exam time. Level 3 has a far more ambiguous side to it that requires “judgment” IMO what the CFAI is trying to do is try to throw you into a series of situations that may not be too far off from what you could find yourself in in real life.
jamespucyk Wrote: ------------------------------------------------------- > Exactly Pimp… Level 2 is a step up IMO from > level 1 and requires a deeper understanding of the > material, it’s presenting in a potentially more > confusing manner and requires a more detailed > performance at exam time. Level 3 has a far more > ambiguous side to it that requires “judgment” IMO > what the CFAI is trying to do is try to throw you > into a series of situations that may not be too > far off from what you could find yourself in in > real life. lets not go into “CFA” vs “Real life”. What CFA is trying to do is not to test the material, but rather your intelligence in the same way as GMAT is testing it.
You give the CFA to much credit…
Mr.Good.Guy Wrote: ------------------------------------------------------- > You give the CFA to much credit… i took both CFA test and GMAT and i see striking resemblance in the way the questions are being asked.
I hope so…then maybe I can score better on the GMAT.
Well they do hire psychologists who are experts at asking questions in such a way to test if you truly know the material.