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

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.

justin88

Last year Band 7, passed this year:

Strategy

1. Didn't memorize any formulas, understood concepts as they last longer and LIII is about understanding and application rather plug and chug

2. Made my own notes, revised them numerous times as exams approached

3. Visited AF regularly, participated in the discussions, even reading posts can be helpful to understand concepts (for eg. backwardation, contango discussed on AF in a much better way than explained in CFA text)

4. In addition to preparation for acing PM, prepared myself to score decent marks on AM with practice to write succinctly with bullets

5. Timed myself for AM tests and attempted to finish within 3 hours

6. Started with studying late night and evening nap but shifted to early morning and day time study 2 week before exam to get used to full day exam timing


Time

1. Started early in January, covered every LOS, didn't leave anything assuming will not be tested

2. Took two week off from work (all the more helpful as I lost one full week three weeks before the exam due to sickness)


Course Material / Problem Solving

1. CFAI texts exclusively for the readings, examples and EOCQs

2. Schweser for EOCQs

3. Schweser practice tests (timed Vol 1 and some tests from Vol 2)

4. Questions from Q-Bank only with high difficulty level

5. Timed all past AM exams, Sample exams available on CFAI website

PalacioHill

2009 - band 2 [used mostly schweser]
2010 - Pass [CFAI texts+EOC (2 runs), CFA sample exams, CFA past papers from 2006]

Iginla2011

Band 6 last year, passed this year with some luck

1. CFA texts first, supplement w/ quick Schweser reads if necessary
2. do all of end-chapter CFA questions and repeat on if required
3. do EOC questions on Schweser
4. Do ethics/gips at the end of your study.
5. Do all the past CFAI exam from 2000
6. do as much as mock exams
7. do SchweserPro Level 3 2010 (even though some of the Qs are a bit easy)
8. Time is key, if not sure, skip, do not miss easy marks

Zestt

I failed in 2009 and passed this year.

I think the big difference was the confidence. By confidence I mean not having exam nerves. I actually knew more in 2009 than this year but the difference was that I wasn't as nervous (there's always some nerves). If you can do a mock exam through your local society, *DO IT*. It made my exam experience much much easier.

Oh and since there's so much memorization, using flashcards and mnemonics was VERY helpful. Some people are against flashcards and memorizing lists but if you can memorize all of them then you will have excellent familiarity with the entire curriculum. Just knowing what was being referred to was huge.

mcmc

Band 10 last year, barely passed this year

1. CFA texts first, supplement w/ quick Schweser reads if necessary (do not waste $$ on new notes).

2. do most of end-chapter CFA questions, sometimes, if qualitative, just check the answer, but make time for them.

3. Do IPS (individual and institutional) at the very end of you study. Follow CFA examples closely, do not rely on Schweser for this.

4. Do ethics/gips at the end of your study.

5. it's better to spend a lot of time on IPS and get it right on the morning exam, then to rush through it just to get all the questions done, imho.

6. do a Schweser mock exam at one of the locations.

7. do all CFA sample exams.

8. save some time for review.

9. concentrate on main ideas behind concepts/formulas and their relationship to each other and pm overall, not just memorizing concepts/formulas themselves.

Windjam

Third time was the charm for me as well, after back-to-back band 10.

Relied on mostly Schweser last two times. My study plan this time was...

- Read CFA texts in entirety (tried to only skim history/background, non-test material)

- Did as many EOC Qs as possible. Definitely Ethics, IPS, Equity, FI, Derivatives

- Did all CFA mock and sample exams

- Re-took AM sections of 2007, 2008, 2009 exams as simulated 3-hour exams

- Reviewed Schweser summaries and CFAI summaries at end of sections

- Supplemented some areas with Schweser

- Last, but certainly not least, read over and over a few of the good threads on AF

former

I didn't use anything else but CFA Curriculum.I just did all the EOC questions.I started my review from April and completed by June 4th. I feel excited that I was able to pass.I didn't do any practice exams or sample exams.I just make sure I understand every knowledge points in the curriculum - not just calculation but knowledge points,i.e. adding security to the portfolio and how to judge whether it should be added or not and actually there was a question on that this time.

The key I think is to understand the knowledge points fully without any questio marks. I think the benefit of doing practice exams is to help you control time and pace,but overall I don't think it helps on your knowledge points. You don't want to waste your precious time in doing questions that would appear on real exams at a almost slight chance,so why bother?

But you gotta do all the EOC questions and make sure you understand them and understand why the question is asked.There is some similar pattern between the real question and EOC question at least the logic.

liangfeng

Band 7 last year

Did CFA end of chapter questions during initial reading of curriculum and did them all again at review.

Went through the old essay questions until the answers were memorized.

Repeated all CFA website mocks and samples until I passed

NakedPuts00

This was my second try on Level 3 and I finally passed.

On my first try, I only used Schweser Notes. I was very confident after the exam but I failed with a band 5. I almost fell off from my chair because my average score for the practice exams were all above 70. I think I failed because my answers are too brief and not to the points they were looking for.

On my second try, I read the CFAI texts and did a lot of practice exams just as the previous year. This year I took my time and explain my answer in detail, but I ended up not able to finish my exam (there were at least 2 questions at the end I had to write something randomly without making any sense). I also felt confident right after the exam, but as time went by and after comparing answers with others, my confidence started to weaken and turn into fear. At the end, I thought I would fail but it surprised me to the opposite.