CFA dread! Retaker post

disco5

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Hey Guys - I'm retaking L3 after performing pretty miserably last year despite hours and hours of work. Fellow retakers, have you started studying? What's your plan?
Honestly, I'm really dreading taking this exam again. The thought is quite depressing. Anyone else in the same boat? L3 material, I find, just isn't as interesting as L2.
 
I failed twice on a row on band 10 due to time management in the AM. I already finished reading the fixed income and derivatives sessions. The way I am approaching the 2012 exam is looking forward not backwards to motivate myself. I doesn’t matter how many times I have taken it. I am starting fresh: there is only one exam left and I already know the material pretty well.
I liked level 2 for the valuation and quant materials, but I like level 3 the most. It is a tougher exam with current and interesting materials.
Gook luck to us all!
 
Good luck to us all indeed!
Thanks CFAFRM, like your attitude! I’m going to cheer myself up and just get on with it.
 
Guys, it would help us first-timers to know what lessons you learned.
 
Lesson learned is practice the AM essays as early and as often as possible. It is the section that most retakers struggled with the most and is the hardest to self-assess.
 
I failed the level 3 exam twice and passed it just the past year. My advice would be to know your AM component stuff inside out; you don’t have too much time to think and if you don’t know your material well you will have time issues. Additionally, for level 3, given the amount of material and the lack of questions they ask, there’s an element of luck involved. If they ask ask the stuff you are familiar with then you are good.
 
I can’t tell you everything but if you have any questions, ask away and I will try to answer it.
 
do you think there are some things that are likely to show up on the exam yr/yr ?
 
iteracom wrote:do you think there are some things that are likely to show up on the exam yr/yr ?
CFAI provides historical AM essay portion of the exam, if you have them far back enough I think your question will be answered. But i’d advise against guessing what question they will come up with. I wrote the exam 3 times and still found it hard.
 
question for retakers -
I noticed on your guys matrix summary this last summer, the am section showed an “economics” section. Thought we were done with this in Lv3.
Someone please enlighten me. thanks
 
There’s economics at every level! They changed the curriculum a bit in 2011 exam and there was more economics materials.
The only thing level 3 don’t have is quants and accounting.
 
In coming exam (2012) the part of Behavioral Finance is now changed totally. Learn it afresh.
 
This will be my third time. The AM section is the harder of the two sections for several reasons.
First, unlike a multiple choice question, you can’t hope to guess an answer. That is, you have to really understand the stuff enough to have it be nearly memorized.
Second, you have to realize that it is not as much of an essay as you think. There is really a definite answer taken straight out of the pages of the books. You may not agree with the approach in the books, but you have to know them for the exam. So don’t get creative and make up what you think is a reasonable answer. Every “justify”, “list one”, or “list two” type question is not soliciting your opinion. It is asking for something straight out of the pages of the books. If you are asked about about risk tolerance, then you look at ability to take risk, willingness to take risk, and from these two, come up with an overall risk tolerance assesment (below, average, above average). You can’t just say “high” ability to take risk because you “feel” it someway or another. It has to be done in accordance with the framework of how the Readings teach you about individual (or intitutional) IPS.
 
I do not envy you guys. I passed L2 in june, and started a full time mba, so I’m not worrying about L3 for another 2 years. life is good!
 
magicskyfairy wrote:I do not envy you guys. I passed L2 in june, and started a full time mba, so I’m not worrying about L3 for another 2 years. life is good!
“Life is good”; HA! You graduate from the MBA full of debt and lost opportunity cost and still have to worry about the Level 3 exam!
Recently passed Level 3 and decided NO MBA, Life is really good! CAIA it is.
 
CAIA is a piece of cake after the ballbusting CFA (and I didn’t even pass Level III).
 
I have been hearing that from a lot of people who wrote it. I haven’t gone through the materials yet, but I will try to crack the Sept 2012 Level 1 exam. Need some time to relax and just chill without hiding out at the library.
Hope the material is enjoyable, I would hate to go back to Level 1 and Level 2 CFA style of studying. The Level 3 CFA materials is by far the most enjoyable to read.
 
I have been hearing that from a lot of people who wrote it. I haven’t gone through the materials yet, but I will try to crack the Sept 2012 Level 1 exam. Need some time to relax and just chill without hiding out at the library.
Hope the material is enjoyable, I would hate to go back to Level 1 and Level 2 CFA style of studying. The Level 3 CFA materials is by far the most enjoyable to read.
 
So how does one go about self-assessing the answers to AM essays? Do I ensure that my answers are 75-80% alike with the model answers?This is my first try at level 3 and the thought of qualitative answers itself makes me nervous.
Your help is appreciated.
Thanks
 
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