L3 vs L2

that’s quite a novel there. But it’s 750 hours a bit excessive there..
 
iteracom wrote:
that’s quite a novel there. But it’s 750 hours a bit excessive there..
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hehehe… i’m only gonna do that once!
i meant 750 hours in total across 250 for level 1, 500 for level 2 (assuming you fail and study again).
 
spaiydz - I don’t think we necessarily disagree here. If I understood you correctly, you stated that Level 3 may be a little easier to game. I guess that could give borderline candidates a shot at passing, but it all comes down to L3 volatility again.
I mean, if you’re bordeline(and smart), you may have a better shot at passing by using the techniques you mentioned. However, if you’re well prepared, the ambiguity of the test may prevent you from getting full marks on a lot of stuff you know well. If they test some foonote you don’t know that well, you may not have many extra points to compensate for that.
I do agree that L2 Accounting and Derivatives are challenging but, in my opinion, once you understand them well, you got them. That’s a 6 out of 6 for almost every vignette. Quant, FRA, and most of derivatives can be a walk in the park for the well prepared candidate. In L3 that may happen, but CFAI may take 5 or 10% of your test here and there by overweighting some obscurity or by unclear wording. It’s like CFAI wants to test everything the way they test Ethics.
So the bigger volatility might mean that more underprepared candidates will pass, and more overprepared will fail. For risk averse candidates that may be a tough deal.
I don’t know. I just feel that, for L3, there is no mock score that can make us feel absolutely positive that we passed after the exam. But I also assume they are pretty hard graders for AM, so I may have a bias there.
 
Judge Smails wrote:
I passed L1 Dec 09, L2 June 10, then failed L3 last year.
L1 - everyone knows it’s relatively a joke
L2 - i never sniffed CFAI curriculum, just read schweser and did 1.5 schweser practice exams, passed no problem
L3 - f’ing brutal. Failed first try band 7, biggest shock of my life.
My take is that L1 is plug and chug, L2 is harder but can be “gamed” if you’re intelligent and know test taking strategies (it is multiple choice after all). L3 has crossed into the territory of “too difficult”. Anyone who passes L2 and puts more than 200 hours into L3 should pass. The pass rate should be ~75%, in my opinion. Based on the majority of the comments here, many people who got “wrong” answers actually had deep understandings of the topic and just didn’t recall one tiny element, or overlooked that tiny element, or felt the question was subject to interpretation. As someone who will shortly have an elite MBA degree and doesn’t “need” the CFA designation for his career, my feeling is that they are losing a lot of great charterholders by tricking up the L3 exam.
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What is f’ing brutal is reading your self-promoting sh!t.
As someone who will soon have an elite (whatever the f#ck that means) MBA and doesn’t ‘need’ the CFA designation for his career, my feeling is that all current and future CFA charter holders are the winners while you continue to fail and therefore remain excluded!!!
 
curriculum level 2: 3500+ pages
curriculum level 3: 998 pages (including ethics that you`ve already seen)
 
negra wrote:
curriculum level 2: 3500+ pages
curriculum level 3: 998 pages (including ethics that you`ve already seen)
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So you are writing the same comparison on all the old L2 vs L3 threads? Nice.
 
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