INITIAL PREPARATION STRATEGY FOR CFA LEVEL III EXAM separate, regarding, wholesale, successful

Matori

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.

therecruit

coshair Wrote:
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all>70%?


I don't believe that happens at Level 3. Ever.

dmrktrading

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?

Thanks

BelalM

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%?

Wendy01

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

fishmarket

isn't it a violation of standards

dyga

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!!

genuinecfa

Bump.

I will read this post every time I am depressed to motivate me. I have already started with Ethics.

tarunajwani

ShurmonMcCoy Wrote:
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> 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.

dvilayphet

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?