Darien

I thought last year's exam was quite a bit easier, especially the morning session.

ll11

I felt better prepared for this year's exam and thought I had better answers for many of the questions. However, I managed my time terribly in the AM section and left 20 points in unanswered questions, which is way too many points to give away. In the end while I thought I passed last year and did not, I finished this test thinking I did not pass it.

I thought the ethics section was more fair this year, but also a little easier.

thommo77

This was my second time taking level 3. Last year I did poorly on the AM and aced the PM. I feel that the AM was fair but a little trickier(particularly on the Private Client question). PM seemed more difficult this year. I left early last year. This time I stuck around and double checked a few questions. I ended up changing 4 or 5 of my answers.

I feel that I had a better grasp of the material this year and it was still a very challenging exam. Only reinforces why this is a very difficult certification to obtain. I think they did a very good job of testing the material.

Windjam

This year equal to more difficult. Had enough time to finish, but believe I droped a few bombs in the process.

former

Exam seemed much easier this year compared to laster year. Time management was a big problem though in the morning but the difficulty of the questions wasnt bad at all compared to last year. PM was MUCH easier than last year...would expect 90+%. However may not be enough after horrible time managment in AM.

jmh530

^ 90% plus. Overconfidence bias?

oneboy

last year was easier...this year was about little things and correlation you can only know if you have read the CFAI text 5 times...

anyhow by experience i think a lot of us would be surprised in aug(some positively and some negatively)

mik82

Overall, I thought the 2009 was tougher, but there might be some increased knowledge bias in that. The 2010 AM was def. easier than 2009 in content, but more difficult from a time mgmt perspective. The afternoon I thought was about the same, maybe slightly easier, but less calculations than last year. In general, very few WTF moments (ala Wacc w/pension, Implied asset/liabilities, 2 bond hedge) as there were in '09.

I did notice the bigger picture more this year, when reading the questions,....like needing to incorporate the differences in duration for a life insurance IPS with a surplus and rising interest rates. That, imo, will catch a lot of candidates choosing the wrong answer.

Valores

I think that both the AM and the PM were harder this year. No doubt about it.

nannan66

I am retaker ( was in band 9). This year the exam was more qualitative. Fewer questions requried punching numbers in calculator. AM was easier compared to last year and didnt have many tricks.

PM in CFA Level 3 is very qulitative and it depends a lot on what you have learned from reading and solving end of chapter questions.

Reading study notes probably would make you guess more in pm and that's where the real catch is.