Anyone else feel like they aren’t studying as much for L3 as they did for L2 and L1??? I feel like I’m not studying as much…
Totally agree! I don’t know why…however I just feel I am not putting the same amount of energy into L3 (I am). Maybe due to the material is largely qualitative?
probably right, which is why it should be trickier b/c all the minutae and details. It’s a trick. i know it is.
I found myself spending a lot of time trying to memorize than to understand.
Agree. Not studying as much as I did for L2 or L1.
studying. what?
…and not retaining anything either. Funny how L3 seems to be a lot more about memorization. It’s not that I don’t understand the consepts when I read them, they all do make sense. But the problem is remembering all the minutia, advantages, disadvantages…
dear level iii test takers: i studied for level iii last spring. i passed. i am now a CFA charterholder. now, i do not have to study. this means i get to work out during my evenings and spend my weekends visiting friends. good luck!
chihuahua Wrote: ------------------------------------------------------- > dear level iii test takers: > > i studied for level iii last spring. i passed. i > am now a CFA charterholder. now, i do not have to > study. this means i get to work out during my > evenings and spend my weekends visiting friends. > > good luck! Thanks so much for your input… We’re really glad you chose not to make a comment like “oh yeah, I felt the same way last year but it turned out to be no big deal…” or “I really wish I would have spent more time memorizing the names of cognitive traps because I barely passed because of them”. Keep up the good work–we really appreciate the contributions! Say what’s up to your friends for us when you visit them on the weekends…
A few of you are picking up on the major difference between Levels I/II and Level III. Level III is far more qualitative in nature so the readings seem longer, fewer formulas to memorize, etc. Yes, you need to know how to calculate the expected return for an IPS and dissect some corner portfolios, etc., but Level III ties it all together in a PM context which can’t easily be tested quantitatively. Personally, I was very concerned about the qualitative nature of Level III going into the exam last year. Thankfully my concerns were for naught as I passed on the first try. I attribute my success to reading every required CFAI reading at least once and covering as many practice problems/exams/etc. as I could get my hands on before test day.
Just remember that about two thirds of successful L2 candidates fail L3. That’s a pretty good motivator to study. But the best motivator I’ve heard so far is chihuahua’s post. Next year I will NOT be studying this s*** anymore. during the first week of June I will be drinking Coronas with lime on a hot sunny beach or maybe poolside, and someone reading this will be locked in a dark room studying for their 4th or 5th year in a row because they didn’t work hard enough or smart enough in 2008. That’s my motivation.
Damn. That just helped me feel like I NEED to get my sh*t together so I’m not back here again! Hey Piels25 - so did you do both Schweser and CFA required readings last summer? What did you think of the Morning Session - were you expecting to see that many IP questions?
Great to hear guys; I feel like I’m slacking just a bit on L3 too, even though I really like the material. I think part of it is that I’m doing Stalla videos on CD rather than going to live classes, which makes it really easy to put off doing the video because some other thing just came up. I’d do the classes, but I just don’t want to do 9am-5pm on saturdays, since I know my brain won’t absorb the last 2 hours much. I am comfortable with qualitative stuff as much as the quantitative stuff, but I’m a little nervous about not knowing how they are going to test it, other than that there will be short essay problems as well.
I am going to kick CFA’s ass this weekend. I am going to switch my phone off at 5pm today and, post- a 6.30pm-7.30pm workout at the gym near my office, I am going to grab a gourmet hamburger and hit my office again for some heavy CFA action. Tomorrow I have a CFA class 9am to 5pm and then I will hit the office again to go over the notes and relevant Schweser. Probably until 11pm-12am. Sunday, I am going to speed-read all the remaining Schweser material (leaving all the questions for later). Monday, I may switch my phone back on, if I feel I’ve earned it. The next two weekends are basically out for social / travel reasons, so I’m taking a stand now.
how the heck do you do a 8 hour class? That is sickening. I would lose all focus after the first 2 hours if that… that’s why i like the lecture cd’s, i can watch it when i want to.
Agree that it is not the most efficient method. It is, however, a very easy way to rack up SOME hours. Maybe 8hrs in a class is equivalent to 4hrs in private. Also, sometimes I am not really trying to learn the material, but rather to identify those (few) parts of the syllabus which I can afford to (almost) ignore. The teacher will often say “if you know what’s on this slide, that is really all you need for this reading”. Just like that, I save time.
“Agree that it is not the most efficient method. It is, however, a very easy way to rack up SOME hours. Maybe 8hrs in a class is equivalent to 4hrs in private.” This is one of the reasons why people study too many hours for the CFA and are still underprepared. I don’t understand why you don’t just study privately if you think that’s twice as efficient.
newsmaker Wrote: ------------------------------------------------------- > “Agree that it is not the most efficient method. > It is, however, a very easy way to rack up SOME > hours. Maybe 8hrs in a class is equivalent to 4hrs > in private.” > > This is one of the reasons why people study too > many hours for the CFA and are still > underprepared. I don’t understand why you don’t > just study privately if you think that’s twice as > efficient. Thanks for the advice. Two things: i) Easy answer is that I would occasionally prefer to sit in a room and simply listen for 8hrs, than study privately for 4hrs. It leaves me with more stamina to hit the books afterwards. ii) Passed Level I (>70% all areas) and Level II (>70% all areas except econ). I didn’t spend 250hrs on either. So, I think I neither dedicate too many hours nor underprepare. I’m one of few people on this forum that has the nerve to say that he finds CFA quite easy.
Thanks for the advice. Two things: i) Easy answer is that I would occasionally prefer to sit in a room and simply listen for 8hrs, than study privately for 4hrs. It leaves me with more stamina to hit the books afterwards. ii) Passed Level I (>70% all areas) and Level II (>70% all areas except econ). I didn’t spend 250hrs on either. So, I think I neither dedicate too many hours nor underprepare. I’m one of few people on this forum that has the nerve to say that he finds CFA quite easy. Good answers. I had similar experience with L1 and L2, and if you’re spending less than 250 hours per exam and studying in a way where many of those hours are really only half hours in terms of studying efficiency, you must be quite smart. Hats off. I studied as efficiently as I thought possible and still spent about the same amount of time you did, while getting marginally lower results. That said, for people not as gifted as you (including the large majority of testtakers), I think it would be a bad strategy to intentionally engage in inefficient study methods. You just happen to have a very large margin for error!
bchadwick Wrote: ------------------------------------------------------- > > > I am comfortable with qualitative stuff as much as > the quantitative stuff, but I’m a little nervous > about not knowing how they are going to test it, > other than that there will be short essay problems > as well. bchadwick, I think the greatest challenge for you will be to try to keep your answers short, in the space provided. Judging by your posts, you like to write a lot. Not sure if you will have enough time at the exam.