Yes, you must do this, but this is actually useless advice. HOW to practice the AM is what is key. Again, I stress that your practice MUST absolutely result in your writing only one or sentences ONLY in response to each question or prompt. The “guideline” answers are misleading because they are full sentences and actually run on a bit. If you look only at these “guideline” answers as examples of correct answering, you will TOTALLY SCREW THE POOCH on exam day. The guideline answers are far too wordy and explanatory for what, actually, CFAI wants and will accept. You really can’t practice well until you force yourself first to think of the answer (don’t think while answering!) and then write it down nto the one or two sentence bullet point format. Then you pass.
Oh my… even my practice AMs are very long but shorter than the guildline answers. Closer to 3-5 sentences. If only I knew and really believed it really has to be 1-2 sentences. Why give so much paper space? That’s is just evil.
HAHAHAHAHA ohhh the truth hurts. Another one of CFAI’s do as I say, not as I DO. So writing “guideline” like answers will end your AM. I must have missed that memo.
While providing us with long guideline answers,CFA institute does say “Keep your answers short (bullet points and incomplete sentences are acceptable).”
It does not rule out the possibility that answers that receive full credit may be shorter than guideline answers.Of course guideline answers are long,and writing that much will make you run out of time(.You could still pass if you get 100% in 6 or more of them, writing like guideline answers,coupled with a good showing in PM.But that should not be the aim.)
Probably CFA institute should say"explanatory answer" or "guideline for answer"and suggest what at a minimum,would fetch full credit.Third party providers do that.(Schweser?)CFA Institute does not do that and instead suggests bullet points and incomplete sentences are acceptable.
Just knowing the answer is not enough to get it right, you really need to be able to explain the answer and support/justify it correctly. A lot of people get the answer right but can’t articulate why it’s right, that’s why we see a lot of <50% in the AM.
The difficulty at this level is outside of the text book. It’s not impossible to pass on your first try, I did.
I know everyone is different, and this may or may not be helful for some who are preparing for Level 3 in 2016. I passed Level 3 the first time with the following:
Diligent study for 10-15 hrs/wk from December through early June
Took a full week off before the exam to study (mainly doing/reviewing practice tests)
Used Schwesser notes for 70% of study time. Remainder of my study time was doing sample questions in the CFAI texts, practice tests and reviewing answers.
Watched the Schwesser online videos and took notes in the workbook/slides that went with it. This helped when I was burned out reading but still needed to make progress with my studies. I used my notes on the slides to review during the last 4 weeks.
Took the 5-day Schwesser Dallas review class (very helpful). The level 2 Dallas 5-day was not helpful at all for me, but for Level 3 was invaluable.
Took every CFAI AM exam I could get my hands on, plus Schwesser AM exams (6-7 total) and reviewed answers carefully
Took the CFAI PM exams that were available from CFAI
The keys to passing IMHO are as follows:
Be well prepared. Focus on the core ideas of the curriculum. The test will focus on the core “middle of the fairway” concepts, so don’t waste time on the minutia. Get the key concepts down pat.
Learn to write clearly and concisely using CFA language on the AM section. Use bullet points. Only answer the question that is asked. Don’t give one answer and then justify another answer.
Time management on the AM section. Focus on picking up every point you can. This is a game of picking up enough points to pass, not get every single point possible. Skip sub-sections of questions that are too time consuming or that you don’t know the answer to. Wasting time to get zero or very few points will not help you pass. Skipping 2 or so sub-questions will not kill your score. Use the saved time to pick up easy points elsewhere.
As I started each AM question, I wrote down the target time I should finish the question (1 point = 1 minute). I used this method to pace myself through the AM portion of the exam.
Nail the PM section. Everyone I know who passed the first time did well on the PM section. You need to stay in the game in the morning, and crush the afternoon. Work quickly in the afternoon, but time will not likely be an issue if you are well prepared. I finished about 45 minutes early in the afternoon.
I didn’t sleep at all well the night before, probably because of nerves, but adrenaline carried me through the test.
This test is very passable, but it requires solid preparation and good execution on test day.
So that you can better compare to your own situation, here is a little about me:
English is my primary language
I work full-time as an equity analyst
My undergraduate degree is in Economics
I have an MBA (2003)
I have 5 children (4 still at home in middle and high school), so life is pretty busy.
I am 49, and passed level 1 in 2002 (150 hrs), Level 2 in 2013 (450 hrs - this was a bit of overkill but I had to relearn a lot of Level 1 since it had been so long) and Level 3 in 2015, each on the first attempt.
I typically am a good test taker
I had great support from my employer (a week at Dallas 5-day, and a week off to study just before the exam).
yup … that must be the most difficult thing. There is virtually no answer sheet that’ll show you the exact short hand/bullet writings that CFA will accept!! You kind of need to just come up with the short/bullet form on your own. My suggestion is you practice completing each section within alloated mins (which is same as the points … meaning if question has 3 points, you’re suppoesd to finish it in 3 mins). That will force you to write in short hand/bullet style.
It is like how do i write the sentence the shortest/compact format - chopping off certain words/parts & still make sure the reader understands what i’m trying to say.
My advice is to not take L3 lightly, but don’t be afraid of it. A lot of candidates don’t take L3 seriously and then are surprised by the difficulty of the material. If you study, learn the material well, and practice like crazy, you’ll do alright. Word of advice: get your hands on as many prior years’ AM exams as possible and work them multiple times. It’ll pay off on exam day. Good luck!
I just got the books last Friday but has anyone counted the number of pages? The books seem shorter. Not saying that this will be easier but I was surprised by that.
Get off this forum, it does nothing but cause anxiety, has members who perpetuate the idea that they are smarter than the average CFA candidate for being on a forum (this one is a complete joke guys, just so you are aware), and complain that the exams are full of tricks and is unfair, when it is one of the most fair exams out there.
The truth is L3 content is an enjoyable read for anyone who is interested in portfolio management. Yes, you will have to study, and it’ll feel like work, but it will be fine. The AM section is tougher because it is written, but with enough practice, you will be fine.
It is the hardest of the exams and the easiest too.
AM was so difficult. I did 9 practice AM exams, and other extra essay questions. The difficulty lies in managing the initial adernaline rush so that you can coherently answer the questions. I would advise you to spend much time on this area. Do not overlook details, even considering the type of pen to use.
PM was extremely easy if you were prepared. L1 and L2 were very difficult exams to prepare for, but they were not too bad to take.
I cannot say it is difficult to get full credit since no one gets their exams back.
Listen, you sound very anxious and you can use that in your favor. Start early in your studying. Take control of your destiny by giving yourself every chance to succeed. If you start late, or don’t put the proper hours in you have no one to blame.
FYI…I was fairly certain I passed L1 and L2…I did not have a clue on L3 until the results were emailed to me.
Buckle up, keep your head down and don’t look up until June 2016!
