Obviously this is a peculiar time in this forum, since many of the users are counting down the days until they find out if they are going to be charterholders soon, and others of us just cleared the significant hurdle of L2.
I'm in the latter group, and I don't subscribe to the "burnout" school of thought which suggests I don't start on L3 until November or December. Based on what others have written, I want to make sure I read and do all the EOC questions from CFAI, and then as a second pass I may use Schweser Notes or another provider's notes.
So I'm starting on the Behavioral Finance books, and I feel like I landed on another planet with respect to the rest of the curriculum. Did anyone else feel this way? I mean, there are quite a few readings in a row with no end of chapter questions, and full of strange filler copy like: "Those who have endured one of my behavioral finance presentations will have heard me rant and rave over the pointlessness of forecasting. I have finally got around to putting pen to paper on this subject."
I mean, the material is somewhat interesting in terms of cocktail party conversation, but it's really hard to see (without EOC questions) how a hodgepodge of results from psychological tests works its way into the exam. Is it strictly definitions of terms, such as frames and overconfidence?
Maybe someone waiting to hear their L3 results could shed some light on this seemingly disunified collection of material for an L3 noob.作者: bboo 时间: 2011-7-13 16:36
I am too burnout ot respond. And shark bit from being inthe program for too long.作者: thommo77 时间: 2011-7-13 16:36
elcfa pretty much nailed it.
You will see questions based on this type of stuff soon enough. Knowing the behavioral stuff cold can score you a lot of easy points on the AM section.
Make sure you memorize the psychological traps, ego defense mechanisms, and the heuristics/biases. And don't confuse which is which. That will get you probably 10-20 free points and its not very hard.作者: bkballa 时间: 2011-7-13 16:36
Wait till you get to the one about how forecasting doesn't work. Anyway, enjoy this part - it's much more conversational and less formal. I liked the behavioral stuff.作者: Roflnadal 时间: 2011-7-13 16:36
In terms of testing, you would likely read a situation along the lines of two analysts discussing their outlook, expressing opinions, etc. You will then have to identify, based on their quotes, which behavioral trap(s) they are falling into.
Yeah, the curriculum, studying experience, and exam is quite different than either LI or LII.作者: wake2000 时间: 2011-7-13 16:36
Make sure you know "gambler's fallacy," even though it was not discussed in Schweser.
