Returning CFA Level 3 aspirant after failing 2010 exam

sam.cfa

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Hi All,
I am a returning CFA Level 3 aspirant after failing 2010 exam. I hope to pass the exam in 2014, will register as soon as CFAI starts accepting candidates for 2014.
Anyway, can anyone give me a overview on what has changed since 2010 June exams to 2014 June exams? Any big changes in the structure or anything I should know??
Thanks!
 
my advice - don’t even think about this, it is completely irrelevant. you need to completely start fresh as though you have never seen the material before. THERE ARE NO SHORT CUTS. <- that was my motto
that was my strategy when I passed last year after failing the year before. And it’s too early to be studying. Just enjoy your summer.
 
@sam
Changes in curriculum matter most when you are retaking next consecutive year… any more than, better to take it afresh, specially for Level 3. If you start with ‘this topic is same’ attitude it also implies ‘I have done it before’ and therefore you tend to be less ‘attentive’ to it forgetting that your ‘doing it before’ was NOT enough - that is why you could not pass! Secondly, the ‘new matter’ does not necessarily mean it is also ‘new IMPORTANT matter’ for this year on which you have to be more attentive or spend more time. Finally, you don’t wish open a page /book and feel ‘oh I have done it before’ and prejudice yourself even before you start preparing it for 2014 and slacken your preparation mood at the onset.
Another problem of not following what DoubleDip says above, is that you will either feel burned out or bored sooner than later if you start with the attitude of most of ‘IT’ I know forgetting that the focus and content /pattern of next year’s exam will have nothing in common with what you have already taken in 2010. In fact it is strongly advised that for better psychological advantage you should also use newly bought material and practice everything again - after all you have to go a full year ahead with same level of motivation (it may seem a trivial matter but it has a great impact) . You won’t like to look back and feel unhappy now and then So, why bother and increase your studying complications, let your previous knowledge help you in going dipper than before and cover the next year’s curriculum better than what you did in 2010 and hence be more confident of passing this time. 2010 is past and forget it… look towards 2014 with new hope and confidence. Best wishes.
 
Thanks DoupleDip & mygos,
I agree that it will be better not to look for changes in the curriculum and do it all over again without bias, since it has been 3 years.
However, on the second thing (about when to start preparation), I can manage to give about 8-10 hours a week. I know thats less, but thats why I was thinking of starting early.
Any comments? thanks.
 
@sam
“I can manage to give about 8-10 hours a week

It is almost double the time that even CFAI advises for average candidate based on feedback of successful candidates. There is more than 50 weeks, with average of 10 hrs per week you have at least around 500 hrs of study time while honestly one requires around 300-350 hours to clear Level 3, What you should worry about are:
1. First analyse your strengths and weaknesses based on your performance in 2010. Self-evaluation of these are essentila for effective planning.
2. Then PLAN your schedule and priorities for the full preparation period (preferably book and topic-wise based on exam weightage and your strength & weaknesses) till the exam day. Take your time to finalise the schedule till June 1, 2014 centred on Study Session importance and preference order as decided by you (i.e. if SS 4 is your first topic in your priorities allot no. of hours and days you will need to do first reading and so on) till review of all topics is over , for Level 3 crucial is your practice of Morning session (no short-cuts possible) so around 50% of your study time should be reserved for practice tests and past papers. Finally last two years (2013 & 14) sample and mock exams under actual exam conditions in Masy 2014. Last week for final revision and CFAI Mock of 2014. You are done. While planning keep in your mind your other commitments like family obligations, rest periods etc. for which you may need some days /time ;
3. Once planning is done, stick to it, come what may with as little flexibility as you can afford. Since you will be repeating - 80% of topics will be similar or even same as 2010 - so avoid the tendency to either skip or underestimate it even while first reading. Otherwise you may find that despite all planning your scores in the past papers and Mock (when you do it) will be lower than you wish it to be!
4. You will not only be able to do it well in this available period but also may feel previlaged than the majority who can start this early even if they wish to do so and find that you have more than enough time to face the challenge.
5. Don’t start with any prejudices and biasedness whether it is about time or your capability or even difficulty level, after all around 50% are passing every year. Be positive and consistent in your study approach and avoid rushing thro’ to avoid burning out by April next.
Hope it helps.
 
Sam - I think some of the others have given solid advice. But to answer your question,
I don’t know what changed from 2010-2011.
For the 2012 exam, the Behavioral Finance material got a makeover. It seems like the underlying concepts are fairly similar, though.
For the 2013 exam, the Corporate Governance material got a makeover. It focuses less on BoD’s resposibilities, and more on theories of rights and justice. It’s a light read, and will probably be lightly tested.
We don’t know yet what will change from 2013-2014.
Best of luck to you.
 
Dear Greenman & Mygos,
Thanks a lot for your post. I did not login for last 3 months hence the delayed reply.
Finally I have made up my mind to appear for L3 in 2014.
Hope to see you around for more informative posts.
Cheers!
 
sam.cfa wrote:
Hi All,
I am a returning CFA Level 3 aspirant after failing 2010 exam. I hope to pass the exam in 2014, will register as soon as CFAI starts accepting candidates for 2014.
Anyway, can anyone give me a overview on what has changed since 2010 June exams to 2014 June exams? Any big changes in the structure or anything I should know??
Thanks!
Honestly, i think the curriculum has changed but not by much, only in the details, there are always changes to minor sections but i wouldn’t spend my time and effort reading those up because if you kept your 2010 study guide i think it’s worth to re-invest in new ones, so just study the new material and forget about the past!
Best of luck,
NANA
 
Out of curiosity, could you let us know your reasoning behind firstly not continuing to try after failing in 2010 and now why you are giving it another shot? If its something you are comfortable disclosing of course.
 
Well, I finished my MBA in June 2010 and started working in a new country….too much socialising kept me away from the book, hence did not try for 2011
In 2012 I was changing job and went another new country, this time, adjusting to the new job kept me away from books, and skipped 2013 too
Now I have a lot of time as I have most of my work under control at office, also the Investment banking scenario is dull in this region since the crisis (like other places)….so thought of finishing this unfinished business
 
BEST OF LUCK~~~
Just study the exam like you have never taken it before.
I hope you pass this time and not have to look at the books ever again!
 
Based on what i’ve seen from the past mocks, the exam seems to be a bit more thorough in testing now, this might be read as more difficult. I would not underestimate it and give it as much time as you can. No point in dragging it on another year. Good luck
 
Thanks all for your wishes, I too hope that I clear level 3 this time.
Although I had planned to start in Nov/Dec, it got delayed…but now I want be completely dedicated to my schedule.
Cheers!
 
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