Whoever said L3 is easier than L2 is full of it

Looking at it logically, any exam with three levels. The difficulty I thought would always be ascending… People writing each level have cleared the previous level, so its more stiffer competition as you go up the levels. Atleast thats how I felt.

And my first failure came in level 3 last year with a band 10 - thank god I crossed it this time around :slight_smile:

just registered and downloaded the ebook. The cirriculum does look much less than level 2. We will see how hard it can be.

You’re in for a surprise. Trust me.

true. And page count is usually the best predictor of difficulty level.

He was being facetious…


And maybe you were too and I look stupid lol

L3 mad easy

The pass rates thing is BS. Only L2 passers take L3, so you need to look at it cumulatively. The number of L2 writers that will pass L3 first go is <25%.

L3 is significantly tougher than L 2 because of the integrated nature of topics. Plus the AM exam is different in nature and the exam questions seem to be structured in a way that you have to read “between the lines.” That adds to the pressure of the AM exam. And again the syllabus is so integrated it is very difficult to judge what question you may face on the exam. A solid preparation effort is required for L3, period.

What does this mean?

Here are some (slightly paraphrased) questions from the 2013 AM session. Please explain where you have to read “between the lines”:

  • Determine the nominal after-tax required rate of return for the coming year.
  • Provide two reasons that tax regulations favor an immediate gift rather than a bequest.
  • Calculate the annual GDP growth rate using the Cobb-Douglas production function.
  • Explain the effect of the yield curve shift on the economic surplus.

^ I’m with magician. You only need to read between the lines if you have a reading comprehension problem. It’s a fair test.

^ I agree too. Dont have to read between the lines, but definitely have to read the question well enough…

^ Very true. Very, very true. And answer specifically what its asking. Extraneous information is fatal.

I think that after the 80% pass rate in (what was it?) 2006, CFAI said no way jose that happens ever again and it hasn’t. Hasn’t even come close. i admit that whenever I see a CFA Charter on someone’s wall, i check the date – was it 2006?.

Totally agree, L3 is not harder than L2. It is just the AM session that makes it harder and of course it is because of the wording… it is not that hard to achieve a pass rate in PM session, I would say easier than L2…

you just said it was not harder then went on to explain why it is in fact harder. As an L3 candidate either you haven’t written it or you have failed at least once so it can’t be that easy. I did manage to pass with a decent score but I also put in 1200 hours of studying, I think it’s the hardest. Of course everyone’s entitled to their own opinion, but those that say it’s easy either havent written it, wrote it 20 years ago, or are hoping you under study and fail.

As long as L3 AM session will be essay questions, L3 will be more difficult than L2.

Let me put it this way:

AM: Multiple choice & PM: Multiple choice ==> L3 is easier than L2

AM: Essay & PM: Multiple choice ==> L3 is harder than L2

AM: Essay & PM: Essay ==> forget about CFA, try CAIA or MBA…


^^Comparing Level 2 Exam to Level 3 Exam, he’s saying that…

* L2 would be harder than L3 if it was all multiple choice

* L3 IS harder than L2 due to the essay component in the morning

* if the whole exam was structured as an essay without any multiple choice, then the Charter would be too difficult (and other designations would be more worth your time + effort).