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
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.
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.