标题: INITIAL PREPARATION STRATEGY FOR CFA LEVEL III EXAM [打印本页] 作者: Matori 时间: 2011-9-9 21:42 标题: INITIAL PREPARATION STRATEGY FOR CFA LEVEL III EXAM
Folks,
I know some have already posted similar threads regarding what they did to pass Level III after failing at least one time around.
However, I figured it would be worthwhile to create a separate topic regarding my successful wholesale change in preparation plan considering how many notches I moved up after retaking the exam just a year later and given the fact that I attribute my success in passing Level III the second time around to primarily ideas taken from other AF posters.
Two points I should mention before discussing my change in preparation strategy is one, my post is not meant to be construed as self-serving but rather interpreted as just another compendium of ideas or suggestions for those looking either to pass Level III next summer or just attempting somehow to raise their score anyway they can. In addition, nothing I mention here should be assumed as absolute in terms of one-size-fits-all preparation strategy to successfully pass and there are many resources from both CFAI and third-party (e.g., Schweser, Kaplan, etc.) providers that those of us have successfully used and will continue to use in the future to actually complete the program.
INITIAL PREPARATION STRATEGY FOR 2009 LEVEL III EXAM:
I) Fatal pre-preparation mental assumptions: a) Level III exam is somehow easier than Level II exam so less time can be invested and still pass (a terminal case of overconfident thinking), b) Studying CFAI EOC problems is all you need to study to pass the exam and skipping various Readings will suffice, c) No need to work through past AM exams or mocks as specific problems from past year's exams or mocks will never show up on my test, d) Who needs the LOS command words or LOS as they just take up extra pages in the CFAI curriculum
II) Actual study plan: a) Focus on CFAI curriculum but skip various Readings with no EOC problems (e.g., Reading 21), b) Work through all EOC problems three to four times around, c) Skip working through past year's AM exams and mocks, d) Skip studying and referring to the LOS or LOS command words while reading through any CFAI text, e) Started studying January 1
III) Exam testing assumptions/attitutes on Saturday: a) Skip AM morning subsection of one problem because the Institute won't grade that subsection (I assumed for some bizarre reason that a given subsection was not graded), b) Write anything down at times for essay questions because it probably sounds good and will earn points regardless, c) Go with my gut on a given multiple choice question in PM session without too much thinking
III) Total preparation time for 2009 exam: approximately 275 hours
IV) 2009 Level III exam result: Fail Band 3
REVISED PREPARATION STRATEGY FOR 2010 LEVEL III EXAM:
I) Pre-preparation mental assumptions: a) The exam will be extremely difficult in terms of depth of material covered and there may not be enough time to work through all of the AM questions, b) The Institute will test esoteric topics covered in Readings either without EOC problems or in some cases in a given set of paragraphs buried deep within a given Reading, c) My competition is motivated to pass and will study however long or intelligently it takes to be successful, d) Learn the most common LOS command words inside out and mentally seek out answers to LOS while reading through text
II) Actual study plan: a) Read CFAI curriculum verbatim and reinforce Readings (reread again) with no EOC problems (e.g., Reading 21), b) Work through all EOC problems two to four times around, c) Work through past three year's AM exams (ran out of time in early June to do current and past mocks), c) Memorize coldly the meaning of 30+ commonly used LOS command words and rereview LOS for each Reading the last six weeks before exam to ensure basic comprehension from the curriculum for each LOS, utilized highlights feature extensively from CFA e-Curriculum and printed out pages from e-Book to study from at work (I realize studying may be difficult for many to do at work) d) Started studying third week in September
III) Exam testing assumptions/attitutes on Saturday: a) Keep answers short (I used pencil for 2010 exam) for AM questions, use bullet points for each answer and answer questions in sentence fragment form where possible, and attempt to complete all questions in order not to leave any points on the table, b) Read the LOS command word carefully for each subsection in a given problem in AM session before attempting to answer the question, c) relax a little during the PM session and take a little extra time to work through questions and catch any perceived conceptual 'traps' laid out by the Institute in order to narrow down answer choices
III) Total preparation time for 2010 exam: 622 hours
IV) 2010 Level III exam result: Pass
I realize a lot's been said here (probably too much) and the study hour commitment the second time around may seem absurd if not impossible for many to attain. Looking back, 622 hours was truly overkill but I felt it necessary at times to keep the hourly volume up to ensure reinforcement of material in my circumstances. For those thinking they would never have enough time to commit such hours (e.g., 300 or more) to the program for Level III, I work full time (do not travel which may be a factor for some), have a three-year old, and my pregnant wife during this entire past winter and spring just gave birth to our second baby girl last month.作者: dvilayphet 时间: 2011-9-9 21:47
Thank you very much SFG! Very insightful post. I put around 275-300 hours this time around and scored much worse than I did...I think what did me in was the combo of poor AM time management and the "traps" in the PM section.
I will use your advice wisely and prepare better for next year. Thanks again, and best of luck to you and your family.作者: Zestt 时间: 2011-9-9 21:51
mp2438 Wrote:
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> Thank you very much SFG! Very insightful post. I
> put around 275-300 hours this time around and
> scored much worse than I did...I think what did me
> in was the combo of poor AM time management and
> the "traps" in the PM section.
>
> I will use your advice wisely and prepare better
> for next year. Thanks again, and best of luck to
> you and your family.
Thanks mp,
I was concerned this post would be too long or drawn out for anyone to read and I am convinced that AF provided the ideas for me to make it through round two.作者: NakedPuts00 时间: 2011-9-9 21:56
The long ones are often the most overlooked but contain hidden gems. Your perseverance the 2nd time around is really a motivating factor for me...especially after being hit hard in the face a day after results. Thanks again.作者: dvilayphet 时间: 2011-9-9 22:00
Thanks southfloridaguy, this was very helpful.
This will be my 3rd and last try, went from band 5 to 6 this year. But This time, I am willing to put in the commitment and I am in a similar situation with full time job and two kids. IF you can do it, so can I.
One question I have for you is this, what do you mean by "Memorize coldly the meaning of 30+ commonly used LOS command words"?
Edited 1 time(s). Last edit at Tuesday, August 17, 2010 at 01:25PM by onelasttime.作者: bkballa 时间: 2011-9-9 22:05
southfloridaguy ...................very insightful and helpful post .......................thanks mate for actually taking time out of your celebration to write this....................Congrats on your newborn作者: onelife1 时间: 2011-9-9 22:09
The title of the thread and its content has made my day. Thanks, bud.作者: smuggycfa 时间: 2011-9-9 22:18
This is great, thanks so much, congratulations!作者: mkytz15 时间: 2011-9-9 22:23
Well done. I went from band 5 last year to pass this year.作者: bchadwick 时间: 2011-9-9 22:27
Great job sleepybird and I appreciate all the kind words from everyone who has responded.作者: Howd 时间: 2011-9-9 22:32
I went from Band 3 to Pass this year.作者: RMontgomery 时间: 2011-9-9 22:36
from band 10 to pass作者: dreampak 时间: 2011-9-9 22:41
joker Wrote:
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> I went from Band 3 to Pass this year.
Awesome Joker. I'm assuming you changed a lot of things regarding prep strategy but I could, of course, be completely wrong.作者: cjs238 时间: 2011-9-9 22:46
Southfloridaguy,
Congrats on passing, sounds like you really worked hard.
I just passed level II on my 3rd try.
Do you think you could email me some of the previous year's mock exams?作者: yalo 时间: 2011-9-9 22:50
@southfloridaguy,
You said you read the CFAI curriculum and reread it again? How long did that take. Even starting in September that doesn't seem like enough time to get through all of it twice. I am impressed...作者: hoangvu90 时间: 2011-9-9 22:55
boondocksaint Wrote:
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> @southfloridaguy,
>
> You said you read the CFAI curriculum and reread
> it again? How long did that take. Even starting
> in September that doesn't seem like enough time to
> get through all of it twice. I am impressed...
I actually did not reread the CFAI curriculum twice, just certain Readings (e.g., Reading 21) I deemed high risk for potential testing on the exam. That said, my rereading of the curriculum was only a few hundred pages.作者: ayodayo 时间: 2011-9-9 22:59
ShurmonMcCoy Wrote:
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> Southfloridaguy,
> Congrats on passing, sounds like you really worked
> hard.
> I just passed level II on my 3rd try.
>
> Do you think you could email me some of the
> previous year's mock exams?
Shurmon, I have the past two year's worth (can't remember if mocks were even offered in 2008) of mocks and can e-mail to you. Let me know your e-mail and I will send.
Edited 1 time(s). Last edit at Wednesday, August 18, 2010 at 04:15PM by southfloridaguy.作者: brainsX 时间: 2011-9-9 23:04
southfloridayguy: Did you use Schweser books? to reinforce CFAI readings?
I have found that reading only CFAI text, one gets lost in the sheer volume and details and loses focus.作者: AnalystForum 时间: 2011-9-9 23:08
onelasttime Wrote:
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> southfloridayguy: Did you use Schweser books? to
> reinforce CFAI readings?
>
> I have found that reading only CFAI text, one gets
> lost in the sheer volume and details and loses
> focus.
OLT, I did not use any outside test prep like Schweser. Since I failed Level III once (even though my comprehension of the curriculum material was fairly poor from 2009 studying) I reasoned that going through CFAI text second time around for 2010 was at least some reinforcement in light of the volume and details.
Since you mention it, one bit of self-talk that I do recall while restudying for 2010 exam was that if I keep persevering through the volume and details from CFAI text, the extra time and effort would eventually pay off.作者: dvilayphet 时间: 2011-9-9 23:13
Southfloridaguy,
Thanks a lot. My email is sanelijo@gmail
I work in Boston and have been dreaming about Florida. What's it like working in finance in Florida? Is Miami the big the finance city down there?作者: tarunajwani 时间: 2011-9-9 23:18
ShurmonMcCoy Wrote:
-------------------------------------------------------
> Southfloridaguy,
> Thanks a lot. My email is sanelijo@gmail
>
> I work in Boston and have been dreaming about
> Florida. What's it like working in finance in
> Florida? Is Miami the big the finance city down
> there?
Shurmon, check your inbox. I haven't worked in any US cities outside of Atlanta, GA and South Florida. From my experience working in both corporate finance and wealth management in South Florida, my opinion is that finance opportunities down here are quite dispersed and that private banking tends to predominate other finance jobs like private equity, hedge funds, fund asset management, and corporate finance.
The weather is great but the pay may not be as high as more centralized finance hubs like London or NYC.
Edited 1 time(s). Last edit at Wednesday, August 18, 2010 at 04:53PM by southfloridaguy.作者: genuinecfa 时间: 2011-9-9 23:22
Bump.
I will read this post every time I am depressed to motivate me. I have already started with Ethics.作者: dyga 时间: 2011-9-9 23:27
Southfloridaguy,
Thanks for sharing your thoughts and relative strategies. Your post is certainly a motivation to all who are on the home stretch of this program! I especially like your comments around "memorizing coldly the meaning of these higher frequency command words" --Wow! I couldn't agree more!!作者: fishmarket 时间: 2011-9-9 23:31
isn't it a violation of standards作者: Wendy01 时间: 2011-9-9 23:36
HI SFG,
Thanks for sharing your learning and thoughts. I was in Band 3 this time. Messed up big time in morning session.
One thing i needed to confirm, as you said that you wrote your AM session in Pencil , so wanted to confirm that is answering the morning session in pencil allowed, as i am more confortable and swift with pencils.
Regards
Akshat作者: BelalM 时间: 2011-9-9 23:40
SFG,
thanks for sharing your story...622 hours is what I cannot reach...
if you dont mind could you pls post your results here..? all>70%?作者: dmrktrading 时间: 2011-9-9 23:45
Also, when your guys refers to CFAI EOC questions, do you refer the end of chapter questions from the curriculum? Or Some additional books you will get if you take the review classes provided by CFAI?
