标题: Key comments on CFA 2006 L3 Exam （ZT) [打印本页] 作者: ditto025 时间: 2006-6-9 08:14 标题: Key comments on CFA 2006 L3 Exam （ZT)
The following comments are from one of GCC's L3 students who also joined in GCC's L2 class back in 2005
Essay Portion
1.Very Similar to 2005 Exam, except less vague and easiser than 2005 (Best practice is to do the 2005 Old Exam on the relevant LOS)
2.Very Well Distributed – many different sectors of PM all covered
Total of 12 essays:
Long Portion - Only SS9 (PM – Individual): 36 mintes & SS 10 (PM – Institution) on Pension 24 minutes
Most other essays: range between 12-18 minutes; only a few (2-3) under 10 minutes
Most Portfolio Management except for Risk in Item set; assets included equity and economics
3.Many of the concept tested: Uses Circle Correct/Incorrect – plus 1 or 2 reasons out of between 3-8 choices – fairly straight
4.Key is to understand the basic concepts well and clearly; only difficult calculation is the PM Individual similar to 2005 PM Individual
5.Time management is challenging – there is one set of problem that did not have time to do (about 15 minutes);
Multiple Choice portion Observation:
1.Much easier and straightforward compared to the item set from L2 last year (and presumably L3 based on comments from test takers from 2005); very straightforward and do-able if one understands the basic concepts well
2.Emphasis on testing and understanding of basic definitions and concepts; calculations all are very straightforward and nothing fancy
3.Though straightforward in testing basic understanding of concepts, need to think about implications. One needs to think about what it means and then apply it. One cannot just read the statement and then comment. Double negative traps – so must consider the question carefully.
4.Very even distribution, with 10% to Fixed income, 10% Derivatives, and 10% Ethics, and the rest at 5%
5.Time management is challenging; in simulation exams, can finish many item sets during practice in about 2/3 of time (12 minutes); but actually takes about 18-20+ minutes for each item set including time to do checking; require between 6-9 minutes to do reading, so actual time to do problem is between 9-12 minutes or 1.5 to 2 minutes for actually doing the problems
6.Many of the questions are straightforward answering the Yes/No; Incorrect/Correct on different statements within the reading of the item set essays; Many of these are 2 Questions in 1; some 3 questions in 1. 3 Questions in 1 come from 1 comment having 2 elements to it. If understand basic concepts well behind the comments, very straightforward
7.Item sets for each section tested have comments on 3 different topics, each covered by 2 questions in the item set. Very well distributed and many topics within the tested sections are covered.
8.Item set essays on average about 1 page long.
9.My strategy for doing item set is to read the questions first. Then start reading the essay. Once read the essay and meet the relevant section of the question, zone in on that portion and then answer question. Very effective and focused.
10. Cannot finish exam – due to time constraint. Left 4 questions uncalculated and guessed‘c’on those questions.
Overall Comments on 2006 Level 3 Exam:
1.Overall a very good test. If one understands the basic concepts behind the LOS, one should do OK. Test is very well distributed and many different sections/LOS are tested.
2.Based on the 40/60/80 method discussed on AnalystForum, the Minimum Passing Score (MPS) from last years 2005’s result from L2 and L3 seemed to be in range of mid-50's.
3.For 2006 L3 test, based on comparison with 2005, believe the MPS will be significantly higher. If average top 1%/10% (reference benchmark) is 90%, then expect MPS to be in range of low 60's to mid 60's (using 70% x 90% = 63).
