I’m trying to figure out why I’m having so much trouble passing 3 after passing 1&2 w/absolute ease and whether anybody else has had similar experience. For 1&2, I knew the curriculum inside/out, could do all problems and apply all concepts w/ease. I expected to pass both levels and did so w/no problem. For 1&2 I used only schweser notes. For 3, I used schweser the first time and after failing bought the cfa materials for round 2. Didn’t help I still failed. For level 3, I knew the curriculum just as well (if not better) than 1&2 and could do all problems (w/ full understanding of underlying concepts/formulas). I expected to pass w/no problem. When I got the test, it seemed like the questions were presented in a manner that was different than the study materials. It was like my worst nightmare. The way I think of it is that level 3 requires an ability to think outside the box whereas 1&2 did not require this. Though I was fully prepared for level 3 going into test day, I knew the moment I finished that I failed and I ended up doing so miserably. I estimate that I scored in the vicinity of 50% each time whereas I’m sure I scored close to 90% on levels 1&2. Has anybody else had a similar experience? If so, any insight as to how to overcome? Does taking a class or joining a study group help one to react better to questions that are presented much differently on the test than they are in the curriculum? I’m afraid to commit so much time yet again, but don’t want to give up. Any insight would be greatly appreciated.
what was your ratio of Schweser or third party study materials to CFAI materials on each level?
Levels 1&2 used schweser only. First try at 3, used schweser only. Second try at 3, used cfa materials only.
confidence shun, being able to actually KNOW the material not regurgitate formulas
i think that may have something to do with it. a balance between the two I think is best. 100% CFAI is too dry and long and boring, but "When I got the test, it seemed like the questions were presented in a manner that was different than the study materials. It was like my worst nightmare. " I got this exact feeling the first time I wrote L2 and used only Schweser to prepare. I also got extremely worried right before the exam because I cracked the CFAI EOC questions and tried to solve them using what I learned in Schweser and had a VERY difficult time. During the exam, I felt all panicky because of what and how they were asking the questions and this did not help. I passed L2 comfortable having done all EOC questions and using CFAI as primary with Schweser for support (imagine that, just what Schweser explicitly tells you to do) I am actually banking on failiures from many candidates that only use Schweser for L3 and were fortunate enough to pass 1 and 2 using only schweser. the test is from the CFAI books. The CFAI books are the primary resource and I believe the trend is that CFAI is testing more heavily towards their books. I think we all know someone who has passed the entire curriculum using Schweser only, but with this test only offered once per year, do you really want to bank on them? If I were you I would get all CFAI EOC questions down pat. For the more important topics use both CFAI and Schweser and take loads of practice exams. I think you got it this year! What were you past bands?
Although I agree that some of the questions were out of left field, you can’t really “blame” Schweser when half the exam (morning) is in a format that is available for the past 3 years. If you really know the material, keep taking practice tests and you will nail it.
How many times did you do EOC? Did you do the samples also? How many times Did you use flash cards/notes. This test is not recognition and it is recall with in time limits For how many past years did you do the practice tests? For the first and second time, in how many sections did you get >70? Did you get > 70 in FI, Equity, Ethics, Derivatives and AI What was your scores in Individual and Institutional. I hope these are not too many questions. Just trying to analyze
what are you trying to be some sort of analyst or something?
hobokenchris i can only imagine your pain man…sounds like you invested a ton of time…it helps to have a study group ( speaking of which i dont belong to one- i use AF as mine)
I went back and spent a lot of time looking at folks who have and passed and failed in 2009 and 2010 and these are some of things I have learned
drk Wrote: ------------------------------------------------------- > I went back and spent a lot of time looking at > folks who have and passed and failed in 2009 and > 2010 and these are some of things I have learned go on
agreed, drop some knowledge on us
I’m worried that I may be in the same boat. This is my first time at L3: I’ve done every EOC and I’ve actually done 65% of them at least twice, majority of the examples, also done 1,100 finquiz questions. Monday I started the 2008 exam even after seeing some of these questions on the schweser DVD’s I still got my ass kicked. Different world, my had killed me, the amount of time is tight and some guideline answers are short, I put down allot and other guidelines were very long and not sure if I said enough.
cpepin save this kinda talk for after june …CMON no excuses u give it ur best shot and let the cards fall where they may…
drk Wrote: ------------------------------------------------------- > I went back and spent a lot of time looking at > folks who have and passed and failed in 2009 and > 2010 and these are some of things I have learned huh? did you just faint or something
drk Wrote: ------------------------------------------------------- > I went back and spent a lot of time looking at > folks who have and passed and failed in 2009 and > 2010 and these are some of things I have learned i did the same thing and I
The most important thing you must know for L3 is that
As mentioned earlier, half of the test is not just recognition but recall. What that means is if I ask you to write the seven steps in the due diligince of AI. you should be able to recall those 7 steps. Most of us if we read multiple time, we can recognize whether one step is there or not in the due diligince process but to recall 7 points it does take some good rote study. Whether we like it or not, believe it or not. This is truth. Second - I am sure every one knows it but practice tests make a lot difference for level III compared to any other test. I am sure some people have passed with out lot of practice tests but these tips are for average students not exceptions Third - The importance of EOC if you have studied Schweser cannot be ignored. This is super important. I hope this helps
good i swore a cfai sniper got to him,…
Thanks for all the feedback. Just to sum a few points from other posts: I don’t remember my bands from the two times I failed, but they weren’t good. I’m not taking L3 this year. Too shell shocked from 2007 and 2009 failures. Plan to step back up in 2012. Seems that EOC and practice exams are especially important for L3. I’ve always done eoc thoroughly so I don’t think that’s the problem. I hadn’t done a lot of practice exams aside from those provided by cfai. Are there practice exams available aside from past exams cfai provides? Do Schweser/Stalla provide practice exams and are they worth they money? Also, do most people use schweser/stalla in addition to cfai study materials for L3? Lastly, is cfai ever going to offer L3 twice a year? Really uncool that L1 is offered twice a yr, but not L3.