Question for the retakers that passed this time..... failed, 2010

Iginla2011

Read CFAI first, then supplemented with Schweser (IMO, more important at this level than any other). Didn't spend all my time on IPS...I focused too much on this the first time at the expense of other topics like FI (same thing happened at LII with Equity/FSA....nailed both, but failed).

ASSet_MANagemen

What did you do differently to prepare this time vs when you failed? This was my first attempt and I failed. I am very disappointed. Don't want it to happen again. Thanks



Edited 1 time(s). Last edit at Monday, August 16, 2010 at 11:14AM by boondocksaint.

mp3bu

CFAI books are critical to L3 passing. Yea there are a few people that will only use schweser and pass but is it really worth it the risk/reward? There are not short cuts @ L3.

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CFA Jay, CFA

former

I failed Band 5 last year using only Schweser and only end of reading questions.

This year I read through the CFAI text once and right after read the Schweser to re-enforce concepts.

The last month of studying I just reviewed using the Schweser and did all the examples in the CFAI text (I think this is crucial) and all of the end of reading questions again. I also went over all of the old tests... I believe the old IPS's are the most helpfull as all the other stuff changes around.

Essay Q# Topic Max Pts <=50% 51%-70% >70%
1 Portfolio Management - Individual 35 - - *
2 Portfolio Management - Institutional 25 - - *
3 Portfolio Management - Institutional 24 - * -
4 Economics 14 * - -
5 Portfolio Management - Asset Allocation 15 - - *
6 Fixed Income Investments 18 - * -
7 Portfolio Management - Risk Management 20 - * -
8 Portfolio Management - Monitor&Rebalance 17 - - *
9 Portfolio Management – Performance Eval. 12 - - *


Item Set Q# Topic Max Pts <=50% 51%-70% >70%
- Alternative Investments 18 - - *
- Equity Investments 36 - - *
- Ethical & Professional Standards 36 - - *
- Fixed Income Investments 36 - - *
- Portfolio Management 18 - - *
- Portfolio Management - Individual 18 - * -
- Portfolio Management - Risk Management 18 - * -

mik82

3rd time was a charm this year

1st time- Started in March, only schweser , Band 4

2nd tim- Started in Jan/Feb - Only Schweser , Band 7

3rd Time, Started in Jan/Feb but put in WAY more time studying, I used the CFA texts ( read through and did initial highlights) then re-read and made written notes on highlights and did the EOC twice, I used Schweser ONLY for the end of reading questions, did not read any of the texts - Passed !!!!!!

lcai

this was 3rd time taking L3 (having failed in bands 3-5 in the past) and this year I passed.

i used the cfa readings and last years schweser since they didn't change much (although this was a bit risky). i tried to use cfa readings as much as i could but for some sections where the cfa reading was more than double schweser readings i got lazy and went for schweser instead (again risky)

i did every exam/question/schweser qbank i could get my hands on....schweser, stalla, old cfa, and esp the ones from the cfa site. at first i was hestitant to take these and 'pay' for them...i was being a cheap since i've already spent so much on these exams...but when i though about how much money and more importantly, time, it would cost if i had to re-take it again (not to mention the blow to my ego if i had to make it my 4th try) i realised money wasn't an issue.

my last strategy was during the exam. having already written it twice i had realised that the last 1-3 questions in morning were never really that difficult, what made them tough wa that i hardly ever had time for them because i would get too tied up with the first 3 questions as they were the biggies. this year, after doing the big ones, i went to the back and did the last few and found i did really well on these as they were realtively easy if i wasn't rushing....i also skipped whatever i couldn't do and went back...no need to go in order, you just need to be organised enough to remember to go back and try to get them.

best of luck to you.

NakedPuts2011

i was a band 10 last year. i did nothing different this year. read only cfai. used secret sauce for quick review then spent 6 weeks doing all am tests, mock exams and schwesher exam books 1 and 2. i did all exams twice.

cityboy

Plan for a schedule that ramps up exponentially leading up to the exam, but don't kill yourself (i.e. reading 10 hours straight for the sake of 'finishing' a section doesn't translate to success if you aren't retaining anything). From personal experience, I started late fall with CFAI material, reading ~70 pages a week but going slowly and doing every question. Finished a month before, did the sample and a practice exam, skimmed Schweser material quickly but in its entirety in a few weeks, then had 10-14 days for practice exams and review. Don't get bent out of shape over practice exam scores or a single area- I got under 50% on five sections (likely closer to 0% than 50%) and still managed to squeak by. It's a marathon, not a race, and most importantly do NOT throw in the towel come exam day. You paid the money and put in the time, this year is proof positive a poor AM showing will not seal your fate. Finally, sign up before the first deadline. No reason to give the CFAI any more money than you already have when you know you'll be back to crush it next year.

mar350

2009 (failed in Band 10)
Only used Schweser notes and practice exams
Only did the free mock/sample exams from CFA website
Did not look at the CFA old AM exams (BIG MISTAKE)
Never did a "full 3hr. straight" practice-exam on AM essay (I only did 2/3 questions at once and timed it--HUGE MISTAKE!!)

2010 (barely passed)
Read the Schweser notes first
Then did most of the EOC Qs of CFA text and read certain topics in CFA text
Did the mock and sample exams (add'l costs) offered by CFA website
Did the "full 3hr. straight" practices on 06-09 old CFA AM exams and Schweser practice-exams (VERY IMPORTANT)

wake2000

Band 10 last year. Last year did mainly Schweser material and Live online Schweser class spending about 6 hours per week for 17 weeks. Then, spent two weeks prior to exam studying morning to night about 10 hrs/day for a total of about 242 hours.

This year, From mid January to mid April read all CFAI material and Schweser online class. Did Schweser Dallas review at beginning of May (excellent review course) and used last 4 weeks to study morning to night and did all practice exams and sample exams and EOC questions. When I finished Vol 1 of practice exams, I went through and made a list of all the Sections where I got something wrong. I then used the time to go over those sections another time before taking the Vol 2 exams. Total of about 360 hours. May have been overkill given I had already studied the material but I did not want to be sitting for this thing again. So relieved I passed. I am married with two kids so taking all the time away from them was extremely hard, though I'm sure there are many out there with similar situations.