mp2438 Wrote: ------------------------------------------------------- > guys, this has been discussed endlessly. Level 2 > is the toughest curriculum, Level 3 is the > toughest exam. Move on. +1
level 2 was the hardest level 3 was the most stressful IMO
Ill tell you what I think in August about level 3 but they each appear to be hard in their own way: Level 1: Was the hardest for me because I was a liberal arts grad with no experience with this type of testing, studying, and subject matter. I greatly underestimated that amount of time and work it would take me just to pass level 1. I can read 900 page Russian novels and write 100 page papers about them pretty easily. But learning stuff like hypothesis testing and basic accounting seemed like climbing everest at the time. Needless to say I walked out of the exam the first time I took it. The second time I was much better prepared. Level 2: Was the hardest for me because the exam is an enormous leap from Level 1. I would never have expected that I would have to be so well prepared and that it would take me so many readings and so many practice problems to become proficient with the material. Some topics I read perhaps 10 times. While not that much in Level 2 is completely new to you as it may be in level 1, the depth is much greater. Some topics remained a bit above my head. Still, unlike level 1 I did not underestimate that it would be hard and started very early. I knew it would be hard so I wasn’t blind sided by it, unlike with level 1. I put in 400 hours of quality studying time. This was a first for a B student like me. Level 3: Was the hardest because it required me to connect all the dots. It makes you memorize things like GIPS just to not have you be tested on it. Formula’s that were level 2 stuff that you nearly forgot about about come up out of nowhere.
mp2438 Wrote: ------------------------------------------------------- > guys, this has been discussed endlessly. Level 2 > is the toughest curriculum, Level 3 is the > toughest exam. Move on. yup, couldn’t agree more.
chad17 Wrote: ------------------------------------------------------- > In all seriousness though, if there was a Level 4, > what could the CFA Institute possibly add to the > curriculum? I hope it doesn’t happen, but just > hypothetically speaking … Could be something along the lines of a watered down CQF. Quant is lacking on the CFA. But I would quit if they added a L4. I’m so done with this program.
mp2438 Wrote: ------------------------------------------------------- > guys, this has been discussed endlessly. Level 2 > is the toughest curriculum, Level 3 is the > toughest exam. Move on. +one more. L3 essay was a beast - I’ve never been pressed (hour+ at least every other session) for time and was writing until the last minute. The L3 morning session is no joke.
jcole21 Wrote: ------------------------------------------------------- > mp2438 Wrote: > -------------------------------------------------- > ----- > > guys, this has been discussed endlessly. Level > 2 > > is the toughest curriculum, Level 3 is the > > toughest exam. Move on. > > > +one more. > > L3 essay was a beast - I’ve never been pressed > (hour+ at least every other session) for time and > was writing until the last minute. The L3 morning > session is no joke. I had exactly the same experience. With AM & PM for both levels 1 and 2, and PM for level 3 I was able to finish in enough time to retake the test again and double-check every answer. For L3 AM I was scribbling to the exact second they told us pencils down. Further, for those that say L2 has the hardest material while L3 has the hardest test, I suppose my question is: who cares? You have to take the test to get to the next level, so who cares how easy or difficult the material is? Easy material, difficult material, somewhere in the middle – it doesn’t matter; really, all that matters is whether you’ll be successful on test day. And given that standard, L3 is by far the hardest level to pass.
Me thinks a good testable subject for ‘Level 4’ is an open-ended essay type of questions on financial statement analysis. In real life, FSA is an ‘open-ended’ problem. But in L3, the open-ended questions on FSA does not exist. No real-life FSA problems will be presented as multiple-choice questions like L1 and L2. chad17 Wrote: ------------------------------------------------------- > In all seriousness though, if there was a Level 4, > what could the CFA Institute possibly add to the > curriculum? I hope it doesn’t happen, but just > hypothetically speaking …
I think the toughest one that might hold you back a while is Level III. Otherwise, if you are serious about passing exams and concentrate on what you are doing, and stick to your study plan, passing all 3 levels is not a tough task.
Generically speaking all are tough and depending on your background and strengths will determine which is hardest. The old saying holds fairly true: Level I they qualify you to death Level II they quantify you to death Level III they bore you to death
Level III is the toughest. Need to put in twice as many hours as for Level II.
Level 1 was a lay-up. Agree with the statement that Level 2 had the toughest curriculum but Level 3 was the tougher exam.
Level 3 AM tougher in difficulty than Level 2; Level 2 difficulty > Level 3 PM !
Overall Level 3 exam tougher to clear due to the increased competition between candidates who have already cleared levels 1 and 2.
3 > 1 > 2
Level III by a mile - most time spent on, worst matrix, completely bombed morning session.
Level 3 is the toughest for me, NO CONTEST!
Level 2 has more technical concepts so I can see why some people think the curriculum is “harder” but level 3’s exam is more difficult. The morning exam leaves very little room for guessing.
I have never gotten <50% for any topic for Levels 1 & 2, but got a few <50% for level 3 despite investing significantly more time and effort.
Bear in mind this is just my opinion so other people may disagree but let me just tell you this, if you passed Level 2 with relative ease, do not get overconfident and think that level 3 will be a walk in the park. I know quite a few people that cleared level 2 in their first attempt but failed level 3.
- L3 was an easier read than L2 and therefore effort spent on L2 was slightly more than L3 (for me)
- Passing L3 is however tougher (and subjective) than passing L2 due to AM format being different from PM
I personally breezed through LII, but LIII exam was excrutiating.
Exactly, look I’m not trying to scare any L3 candidates but you have to take into account that you are competing against people who are capable of clearing the first two levels and have the extra motivation to get this over with.
My seniors used to say Level III is not that difficult and Level II was toughest but it has been opined in recent years now that Level III is the toughest. Interestingly, seniors never complained about Schweser for Level III whereas these days it is clear that many questions on the exam were not at all covered in Schweser (though mastery of Schweser should result in comfortable pass).