标题: Studying for Level 3 [打印本页] 作者: pawn 时间: 2011-7-13 16:24 标题: Studying for Level 3
Anyone have any advice on studying for the lvl 3?
I want to start now as I hear that level 3 is an even greater house of pain than lvl 2.
What is the difference between studying for lvl 2 and lvl 3 especially due to the different testing format.
Thanks
(Sorry... noticed that there was another post on "Preparing for the Level 3 while working"
I wanted to ask the differences, and advice, of the studying methods between lvl 2 and lvl 3)
Edited 1 time(s). Last edit at Monday, July 26, 2010 at 11:56PM by joseph213.作者: Darien 时间: 2011-7-13 16:24
prepare to get reamed作者: Valores 时间: 2011-7-13 16:24
joseph213 Wrote:
-------------------------------------------------------
> Anyone have any advice on studying for the lvl 3?
>
>
> I want to start now as I hear that level 3 is an
> even greater house of pain than lvl 2.
>
> What is the difference between studying for lvl 2
> and lvl 3 especially due to the different testing
> format.
>
> Thanks
>
> (Sorry... noticed that there was another post on
> "Preparing for the Level 3 while working"
> I wanted to ask the differences, and advice, of
> the studying methods between lvl 2 and lvl 3)
Just beware you will burn out if you start now. Trust me. It doesnt matter if you have been in the program 5 years or 1.5 years you will burn out on Level 3. This happens to everyone. If you start now, come March and April you will fade hard and like I said before you will burn out.
As others in this forum, i do not know if this method works or not but here is my advice for whatever it is worth.
Start early (September) and study about 30 pages a day from the CFAI textbook. There are about 2500 pages (Including questions and answers). For me it takes about an hour to read 10 pages so about 3 hrs a day for the first reading. Read with a highlighter and underline important ideas. This way by November you are done with the first read. Take a break enjoy Christmas and New year and start your second read in January. This time around it should be easier and focus on the highlighted material. I also took handwriten notes during the second read. If necessary read summaries from Stalla or other sources (found this useful for sections on Corporate governance and Emerging markets).
Look at the sample questions on the CFA website, especially for the AM section. Browse a couple of exams but actually time yourself on one of the exam. I used the actual sample example from an AM section and Mock exam for PM section as one exam.
Whatever you do the material is too vast to remember on exam day and the exam is way harder than all the sample exam but if you read the entire material from the original source at least twice you go into the exam with a lot of confidence. To me it is not just about passing but the confidence that I know this material which is important. If I do not pass this time around I am sure I have put in the time to pass it next time around. Just my point of view. Good Luck!作者: thommo77 时间: 2011-7-13 16:24
LII is like a day at the beach. LIII is like the first 15 minutes of Saving Private Ryan.作者: liangfeng 时间: 2011-7-13 16:24
mossy695 Wrote:
-------------------------------------------------------
> LII is like a day at the beach. LIII is like the
> first 15 minutes of Saving Private Ryan.
Um. Wow. I could not have said it better if I tried.作者: PalacioHill 时间: 2011-7-13 16:24
"LII is like a day at the beach. LIII is like the first 15 minutes of Saving Private Ryan."
Heard the same thing in L2 forums after passing L1.
I'm planning on L3 harder than L2. I've heard from a lot of smart CFA+MBA people I respect that L3 was the worst....I'm going to keep that mindset.作者: wake2000 时间: 2011-7-13 16:24
the misconception is that level 3 is the hardest. what people don't realize is that level 4 is the most demanding and requires the most studying.作者: Analyze_This 时间: 2011-7-13 16:24
not terribly worried about level 4. sure, it's more material but i feel that i do well in swordfights, so pm portion will be fine.作者: Roflnadal 时间: 2011-7-13 16:24
There are sword fights in lvl 4??? Son of a...作者: Colum 时间: 2011-7-13 16:24
^well you only get a sword and they get pistols...作者: skycfa 时间: 2011-7-13 16:24
june2009 Wrote:
-------------------------------------------------------
> "LII is like a day at the beach. LIII is like the
> first 15 minutes of Saving Private Ryan."
>
> Heard the same thing in L2 forums after passing
> L1.
>
> I'm planning on L3 harder than L2. I've heard
> from a lot of smart CFA+MBA people I respect that
> L3 was the worst....I'm going to keep that
> mindset.
Could you ask one of those people if CFA > MBA?作者: Analti_Calte 时间: 2011-7-13 16:24
We still have to wait another 2-1/2 weeks for our results, but for what it's worth, here's my take on L3:
* In general, the concepts in L3 are easier to understand and pick-up compared to those in L2.
* What makes L3 tougher than L2 is the sheer volume of material. It's borderline overwhelming.
* As you're going through the material, write out your own cheat sheets of "lists". There are a lot of lists in this level (different categories of hedge funds, reasons for trading fixed income securities, behavioral finance phenomena, traps in economic analysis, different types of investors, different types of algorithmic trading approaches, etc. etc.) and you need to get down the lingo. The Schweser cheat sheet provides some of the key lists, but not all. L3 is a very terminology driven level.
* Start early. I started late October and really used every month. The caveat is that we have 2-yr old, so most of you single guys/gals can probably get a away with a late November, early December start.
* Even if your company won't pay for a premium study package, consider spending extra out of your pocket for the Schweser video workbook. It basically boils down the whole level into one gigantic Powerpoint that highlights the key takeaways. I found it invaluable.
* When taking notes and making your own cheat sheets, don't use a laptop. Do it the old fashion way - pencil and paper. It sounds funny, but training your hands to do more handwriting will be important when you have to hand write for 3 hours on the actual exam. Most of us haven't hand written much of anything since we were in grade school because of the PC, so don't underestimate this "physical" exercise.
*When reading an essay case, don't assume any information that is actually not provided and be careful of inadvertently injecting your own prejudices and bias to the case. This will make your life a lot easier Good example: You have an IPS case regarding a couple in their 40s with $20mil in assets and 2 children. If the case says nothing about them wanting to leave a bequest to their children (and there does not seem to be any other legal situation), you don't have to recommend for the legal constraint that the couple seeks counsel for estate planning. Simply saying "no apparent legal constraints" is a good enough answer.
* Finally...If you do end up passing L3 and you have a family, acknowledge their sacrifice and consider buying your spouse and kids some very nice gifts to show your appreciation. If I'm fortuntate to pass, that's what I'd do.作者: bodhisattva 时间: 2011-7-13 16:24
"* Finally...If you do end up passing L3 and you have a family, acknowledge their sacrifice and consider buying your spouse and kids some very nice gifts to show your appreciation. If I'm fortuntate to pass, that's what I'd do."
nice idea. I hadn't though of that. In the unlikly event I pass I will be sure to buy my wife something nice.
