Do Not Let Up for Level 3 job, interview, beginning, challenge

adehbone

As my final post on these forums, rather than focus on advice for specific study strategies which vary from person to person, I’d like to focus on what helped me get through this arduous Level 3 study and exam challenge: personal attitude and approach. From the very beginning I imagined that I was faced with the opportunity of a lifetime and no matter what I was going to leave it all on the field so to speak. Maybe you can envision this as having an upcoming interview for your dream job/firm, taking a one of a kind person on a date, climbing the highest mountain or some other once in a lifetime, exhilarating accomplishment. The good news is that you’re on the cusp of achieving that accomplishment. It is within your grasp, you just need to put in the necessary preparation and close the deal. You might be an unknown underdog challenger up against Muhammad Ali, but you’re in control of your own destiny and eternal glory lies on the other side.

The bad news is -- do not underestimate the Level 3 Examination. Yes, the pass rate may be more generous at 46%, but every individual sitting for this particular exam has proven their aptitude by passing Levels 1 and 2. Moreover, from my experience, you’ll never feel prepared enough. Your practice exam scores can fluctuate wildly. For instance, I sat for the Schweser Live Mock Exam and scored 85%. However, my future Schweser practice exam scores, in Books 1 and 2, fluctuated between 60% - 80%. There was no observable trend of improvement sequentially from exam to exam like my previous preparation for Levels 1 and 2. It almost appeared like a variable on a random walk. The uncertainty surrounding the AM session is absolutely off the charts, both in topics covered and the presentation of the particular vignettes and questions. One positive is thank you to the CFA Institute for being consistent with covering both the Individual and Institutional IPS sections in the AM, because that reduces “some” of the uncertainty.

I just recently passed Level 3, however I’ll admit that studying the Level 3 material and passing this exam was more difficult for me personally than the previous levels combined. And, for full disclosure, last year during the morning session of the Level 2 exam I let my nerves get ahold of me during the morning session and I had to run to the bathroom to vomit. However, once I relieved those nerves I washed my face with cold water, looked in the mirror and said you can't give up now, get back in there! I sprinted out of the bathroom back to my seat, corrected my mistakes on previous questions and crushed the exam.

This post is by no means meant to be discouraging. If you’ve made it through Level 1 and Level 2 you have the discipline, ability, intelligence, and nerves of steel to pass the Level 3 exam. My advice to all those who sit for the Level 3 exam in the future is not to underestimate this final obstacle in the CFA Program. You’re nearing the end of the tunnel, dig your heels in, power through, and grab your final prize. After passing Level 1 and 2 you have your opponent dazed, make sure you do everything in your power possible to knock him out. In my opinion, there’s nothing more valuable than being a person who finishes and closes when the opportunity presents itself. Don’t let your opponent get up or gain momentum. Keep him down, you have him stumbling, and finish the job you’ve started.

I hope this helps, good luck!