I'd read the Schweser notes for maybe 2-3 chapters for each level for. Watched only one Youtube video related to the CFA (kinda) (+ Andy. Mark Meldrum Video Series: He is a PhD who runs his YouTube channel. The level 3 CFA mock exam is just one three-hour section and does not include. ENG - 2019 IFT Video CFA Level 2 - 2019 Schweser CFA Secret Sauce Level 3.
Comments
- I used Kaplan for L3. Definitely could have been better, but it did the job!
I felt that the Kaplan text seemed to have missed out a lot of the L3 syllabus. Especially evident when taking essays, I often come across a question that I had no clue about, and reading the CFAI syllabus helped.0·Share on Google+Share on TwitterShare on Facebook
I see, thanks. Did you open the L3 official books at all?I used Kaplan for L3. Definitely could have been better, but it did the job!
I felt that the Kaplan text seemed to have missed out a lot of the L3 syllabus. Especially evident when taking essays, I often come across a question that I had no clue about, and reading the CFAI syllabus helped.0·Share on Google+Share on TwitterShare on Facebook- @rhuang2 yes - reading specific topics that I wanted to go into more detail / better understand.0·Share on Google+Share on TwitterShare on Facebook
- edited August 2015Schweser is great for every level if that kind of material is your thing. The videos + books are great, you won't ace everything based on those alone, but they get you over half way there. My trick has been Schweser books + videos then the 7city/fitch learning 2 day final prep course (which is basically grinding out questions on the most tested topics) and there in class mock if you want the extra help. Things i didnt like were Schweser online mock exam for level 3, but everything else mentioned above was good. Also i would say secret sauce is limited in usefulness and i never really got around to using it, even though on the surface it seems like a useful product. The reason for this is over half the questions are probably not even covered there, so you are better off using the quick sheet + your notes, + slides (i use slide packs from videos, print them off and keep best ones that cover really important material).
I went through books and videos up until day before test, while mixing in mock tests during the last couple weeks and the fitch learning 2 day in class question grind the week before the exam. I dont like the way it is usually recommended, study many months before, stop like 4-6 weeks before and work on tests, that sounds like recipe for failure, but we all learn differently, and my way is a bit more grueling, but i end up really knowing the material well. A lot of the questions are some of the less emphasized topics, and reviewing all material even up until the end will keep a lot of stuff fresh in your mind when test day comes. In a perfect world, i would do
1) Schweser books + vids about 3-4 months before (you do this first cause its light, and will make the CFAI books easier to understand, no need to do questions at this point unless you feel like it).
2) CFAI books and end of chapter questions 2-3 months before
3) Schweser books + vids + questions in Schweser books + questions in slide pack that comes with vids about 1-2 months before
4) In the last 3 weeks-ish Schweser books + vids + cfai questions and mocks + any other mock exam you can find + 2 day in class. Also reviewing your own study package during last couple days. Step 4 should be about 150 hours, it should be grueling and almost like a full time job.
That is a lot of studying, but you can't really fail0·Share on Google+Share on TwitterShare on Facebook - I used CFAI material as my main source, and did my own notes. I would agree that Schweser is not reliable.0·Share on Google+Share on TwitterShare on Facebook
- Dayton, OhioPosts: 103Jr Portfolio ManagerI used Kaplan for all my studying for level 3. But their essay sections of the mock exams are not that great. So i would stick with the past 3 years essays for practicing essays. The multiple choice part of the schwesser mocks was pretty decent though.0·Share on Google+Share on TwitterShare on Facebook
- After today, I have failed level 3 three times. Two of those times, including thr most recent exam, I used Schweser. What I have learned is that for Level III, the Schweser essay questions and practice exams (for the essay portion) were not as helpful as they were for the multiple choice questions. I felt they missed on preparing me for the essay portion. What I found most useful and wish I would have practiced more with were the past CFAI morning session exams. These were the real thing so when I took the actual exam, I was familiar with the layout and question format. While I didnt pass, this time around I will spend more time with the CFAI exams and I will incorporate some of Justin's suggestions above such as the 2day prep course of Schweser's Windsor week.0·Share on Google+Share on TwitterShare on Facebook
- It really depends on multiple factors like student/full time job, spouse, kids, social life, background, etc. I would have failed CFA level 3 exam if I had studied from CFA books but that is because I found them too verbose and I just cannot digest CFA books. My friend loved CFA book and hated Schweser. We both passed. He reads much faster than I do. It takes me 15 minutes on a page because I get stuck with every line and over analyze so I need less words for my style.
Schweser worked great for me. It is definitely not perfect by any standard but if you understand the material then Schweser is decent. I love their QBank at all levels because they check your concept right away. Granted it is not in the essay format etc. but if you create a quiz of 100 questions or so from 5-10 topics then you start to get in the grooves. I bet you there are people who would fail miserably with Schweser and they need CFA books or 7city etc.2·Share on Google+Share on TwitterShare on Facebook If there is one thing I really like about Schweser, it's the question bank. It can really put you on the right 'mental frame' for exercising your mind on the topics. For Level III, of course you can't rely solely on this but I still feel it can be useful.
With regards to Schweser notes, I feel they are useless for someone with my style, as I prefer to read the real source of material (CFAI text) and make the notes myself - which takes a lot longer but gives me the confidence I need that I am reading from the same source as the exam questions.
3·Share on Google+Share on TwitterShare on Facebook- edited August 2015@edulima The issue i have with that is i really do not know what info is important till reading Schweser notes and videos. So much time can be wasted on untestable material, i would rather be reviewing stuff 5 times that will be tested instead of once or twice going over each and every detail including a lot of minutia. Maybe I am not good at figuring out what is testable, what isn't at first glance, and that is why I need Schweser material to guide me, i cant first find out what is important just before doing the exam while doing practice papers, i need to know early and get my head wrapped around this stuff, and avoid all the noise (which is a large percentage of CFAI books imo).
Anyway, everyone studies differently, I am just pointing out why i need Schweser material, but i know a lot of people work the way edulima does and have great success.
I think the reason people say Schweser is less useful as you go through the levels is cause you need to have problem solving abilities to get through the other levels, where level 1 is just a knowledge quiz. So yeah, Schweser can't give you problem solving abilities, they can't give you a high IQ, there are a lot of things they can't give you, and for level 3 they certainly can't teach you how to write. But if you have level 3 videos you will find out game changing information to pass level 3 writing, if you pay attention to David Hetherington, it is really the only place you will get info like this unless you go to class (and even then his info is better if it sinks in while you watch it).
I have posted links to good videos if you dont know who he is, or value he can add to level 3 experience. This guy really gets it, and i get shocked when i find people who dont like him, this guy IS CFA level 3. In some ways though, this info here in these youtube vids could already be enough for you to figure out what you need to figure out regarding the writing portion, although the other vids give more examples of writing plus everything else that comes along with them.
*Not sure if i should have videos linked in these posts, i had just copied site address but it appears it is embedded into the post unintentionally.3·Share on Google+Share on TwitterShare on Facebook - Agree it would come back to how you study. I have casually started my L3 prep and well, I am using the Schweser vids and notes. I will read curriculum for Ethics and some of the PW material. But I will review the blue boxes and attempt all the CFAI EOC questions.
The curriculum does contain a lot of noise in my opinion.0·Share on Google+Share on TwitterShare on Facebook - Orange CountyPosts: 32Jr Portfolio ManagerHere's the 2016 version of the how to pass Level III:
I just started studying about a month ago from the Schweser notes, and I have to say that Level III seems like a whole different kind of vile beast to slay. I also cried into my pillow for a few hours when I saw that pensions are making a comeback via ALM (although at least I won't have to reconcile PBO between IFRS and GAAP ever again).1·Share on Google+Share on TwitterShare on Facebook
In January 2017, I found out that I passed the 2016 December CFA Level I exam. The results email arrived shortly after 3am my time, and I’m fairly confident that my excited/relieved screams woke up everyone in my building. Why the excitement? Asianet channel. Out of the nearly 60,000 candidates who sat for the exam, only 43% of them passed, which means that 57% (roughly 34,000 people) are left wondering what they did wrong. People contact me for advice often, so I figured I might as well share my process here.
What is 'CFA'?
CFA stands for Chartered Financial Analyst. The CFA® designation is a well-respected, globally recognized financial credential. To become a charterholder, you have to successfully pass three intense investment-related examinations and have four years of experience in the investment decision-making world. Everyone has their own motivations for trying to become a CFA® charterholder. For me, it’s mostly about formal finance training, credibility, and my future plans for ReisUP. While I have four years of experience as a hedge fund analyst, I don’t have a finance degree or an MBA. I feel that obtaining the CFA® designation and all the knowledge that comes with it will make me a better analyst and business owner.
First
Let me preface the rest of this post with the following:
I’m a fast learner and pretty good test-taker, historically speaking.
I’ve always used this sort of 'funnel method' (broad to condensed) to study for things. It’s time-consuming, but has yet to fail me.
My job allowed me to multitask to the max, so I was able to study while working.
I did not intend to study for only one month. I initially planned for three, but life, business, and CFP® coursework took priority in Sept/Oct 2016.
November was not fun. Cramming the entire curriculum into just one month made for a grueling and utterly exhausting experience that left me practically dead to the world for about a week afterward. It also meant that I was completely MIA socially.
I am in no way recommending that anyone study for just one month. However, if life gets in the way and a month is all you have, here’s living proof that it can be done.
HOW WELL DID I DO?
The CFA Institute doesn’t release actual scores or the minimum passing score, but they do tell you which score range you achieved per topic. Scores are broken into three ranges:
Less than or equal to 50%
51% to 70%
Greater than 70%
I scored over 70% in all topics except for two: Fixed Income and Quantitative Methods. I landed in the 51% to 70% range for both. That wasn’t surprising given a) those were my weaker subjects while studying and b) I ran out of time in the PM portion and was forced to guess on a few questions that I had intended to go back to.
Why I DIDN’T purchase any third party cfa prep materials?
Well that’s kind of a lie - I bought the Schweser QuickSheet two weeks before the exam. But that’s it. Nothing else. The CFAI says you’re responsible for and could be tested on any of the information in the Candidate Body of Knowledge (CBOK), and since the CFAI puts on the exam, I figured I was best off studying the materials they provide. I’m also the type of person that can’t confidently take an exam unless I know I've covered all of the testable info (call me paranoid). Reviews of some prep providers made me wonder whether they adequately emphasize certain concepts, and I wasn’t willing to take any chances.
Long story short, I didn’t see any reason to pay $1,000+ for extra exam prep when I had already paid $150 at registration for the ebooks. I'm not into shortcuts, especially pricey ones. Spending tons of money won’t help you pass; dedicating adequate time and effort to the CBOK will.
how TO PASS THE CFA LEVEL I EXAM
Here’s the exact step-by-step process I followed. If you’re serious about studying and passing the exam, I highly recommend it.
Step 1: Print out a blank calendar
You can find these all over the internet. I initially printed out ones for September, October, and November, but only really ended up using the November one.
Step 2: Divide the reading material into pages per day
Divvy up the number of pages to read by the number of days you have left until the exam (leaving a week or two for review and mock exams). Then go through the curriculum and write down which pages/readings you’re going to do each day on your calendar. For reference, I was reading anywhere from 150-350 pages daily to get through the material in time. (I was even reading on the app while doing cardio at the gym!) Combined with practice questions, that translated to about 10 hours of study per day.
Step 3: Read through the curriculum and take notes
3,000+ pages is painful, but you’ve got to do it. I read through all of the material and took notes where necessary, even if it was just a one-word reminder. Make sure to go through the example problems in blue boxes too. They break down concepts into digestible steps and are representative of the types of questions you may see on the exam.
Step 4: Do the End-of-Chapter questions (aka 'EOCs')
I did these questions immediately after completing each reading to make sure I had retained what I read and could apply it.
Step 5:create a study guide for each topic
After finishing all of the readings, go back through your notes and create a study guide for each topic. I’m the kind of person that has to write something down a few times in order for it to sink in. So going through my notes and forcing myself to distill them down to only the most important concepts and formulas was critical to my success. I used plain white printer paper to create these and organized the guides by reading for structure. You can get a glimpse of these bad boys in this blog’s image and on ReisUP’s Instagram page.
Step 6:Do the EOCs again
That’s right, do the EOCs again after you've made a study guide for the entire topic. (I did them at least twice total, three times in some cases.) After creating the study guide, the information was fresh in my mind. It was a great way to gauge which concepts I knew well, and which ones I needed to focus on a bit more. Definitely recommend multiple passes through the EOCs.
Step 7:attack the topic tests individually
After creating a study guide for one particular topic and redoing its EOCs, I then took that subject's topic test. The topic tests are far and away what prepared me best for the actual exam. You can find them in the Candidate Resources section of your CFAI account. The Institute gives them to you for a reason - use them! Make note of any questions/concepts you get wrong and make sure to study those a bit more.
For reference, I got 80% to 95% on most topic tests except Econ (60%), Financial Reporting (70%), and Alternatives (70%) the first time around.
Step 8:take one or more mock exams
After you've made your study guides, gone through the EOCs again, and completed each of the topic tests, take a practice exam or two. I only took one mock exam the day before the actual test. I would have liked to take more, but time didn’t permit.
Step 9: The night before, check-in with yourself
I did this in two ways. First, I retook the topic tests, but only did the questions I got wrong the first time around. Second, I made a list per topic of concepts I felt a bit shaky on and needed to look at last minute. Once I was confident I had that concept down, I crossed it off. If there was a formula or something I knew I would need to glance at right before the exam, I put it on a flashcard.
Step 10:on exam day, Trust that you’ve prepared well
While walking to the testing center on exam day, I flipped through the short stack of flashcards I made the night before. There were only a handful, but they contained a few formulas I hadn’t spent all that much time on, mainly because they didn’t show up much in the EOCs. (Lucky I did, because they showed up on the exam!) Other than that, I listened to some tunes to get pumped up, then marched confidently into the exam hall.
MOVING ON TO level II?
Click here to learn how I passed the CFA Level II Exam in just over one month, what I wished I would have done differently, and my top tips to help you pass Level 2 on the first try.
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Tara Falcone, CFA, CFP® Instagram: @reisupllc YouTube: reisupllc