Shocking Fail Result

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hohohohow

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After months of studying, and passing both levels 1 and 2 on the first try, I was shocked this morning to find out that I failed in Band 3. I’m in utter disbelief that I would have done so poorly after devoting similar amounts of time and energy to this level as the first two. I’ve already submitted my retabulation request. Coming out of the test, I was very confident, recognizing almost all of the material and had the answers in mind. If anything, I would have expected a band 9-10 fail, but something about this poor of a result is not sitting right. Beyond requesting retabulation, I feel powerless since there isn’t any opportunity to challenge the grade or defend my answers. I wish there was more transparency in the grading process. I plan to retake in 2015, redoubling my efforts, if there’s nothing else to be done. Does anyone have any suggestions? Thanks.
 
Do every previous AM exam you can get. Do every blue (or whatever color they are now) boxes in the CFAI books. Do the weekly online class with Marc LeFebvre or his live review course in Omaha. I failed Band 4 in 2012 and passed in 2013. Learning how to approach the level 3 exam is just as important as learning the material.
 
Thanks flowbe, I appreciate and that you’re speaking with relevant experience here. Once I get over the denial stage of this result, I’ll register and follow your advice, ambitious as it is. That should reduce the degree of randomness I’ll face on exam day. I used a prep provider successfully for L2 so not having one this go-round may have been detrimental.
How did your study habits differ between the two L3 attempts? Did you notice a significant improvement in your knowledge level the second time?
 
how did you do on the afternoon session since there is no reinterpretation for wrong answers
 
Not great, <50 on Econ, Equities, Ethics, Fixed Income. 51-70 on Alt Invstmts, Port Mgmt - Performance Evaluation. >70 on Port Mgmt - Individual, Port Mgmt - Risk Mgmt.
I’m experiencing an uncomfortable cognitive dissonance right now–thought I did well (even very well) and am facing this extremely contradictory evidence. My initial reaction is to not believe the result, thus my nearly immediate retabulation request. It feels like someone else’s result.
 
Did you write your answers in the correct place in the AM? If not you should have all <50% and that could be what happened.
 
in 2012, i failed level 3 with band 2 after 5 months of solid schweser preparation.
in 2013, i used cfai books for EOC and schweser for notes and i failed band 6
in 2014, i used CFAI ONLY! (books, eoc, mocks) and i PASSED!!!!!!!!
 
I had 3 >70 sections, and 1 50-70 section in the AM. When I answered, I used the lined space following that section’s questions, clearly numbering which questions my answer corresponded to. When there was a template, I used it. Of course, without seeing the booklet, I can only rely on memory, making me lament the lack of transparency.
 
It is usually a shock at L III as unlike popular perception, L III requires more time & effort than previous levels.
All the best for the future.
 
sorry to hear that. do not give up!
i was band 4 last year and passed this year. i think you should focus on the cfai textbooks, its contents are more thorough. good luck next year!
 
CFAIIIWhiz wrote:
It is usually a shock at L III as unlike popular perception, L III requires more time & effort than previous levels.
All the best for the future.
Click to expand...
I actually studied less, but I have math/quant background and quite a few years of work experience.
Level 1 ~250h
Level 2 ~300h
Level 3 ~200h
All passed on first attempt with similar score distribution.
 
I only studied Schweser except for Ethics. Schweser was great for PM. I only got one topic less than 70% and was a 67% on it. However, the AM was tough and I would probably barely pass if the PM Multiple Choice was not part of Level 3. I would recommend doing many AM practice tests (forget about PM) and at least doing the CFAI book for Portfolio Management Questions and essays. There were quite a few questions taken from the CFA book (I went back after the test!)
 
The first time I studied the same way as I did for Levels 1 and 2. Going thru the books until I thought I had learned the study session. Obviously, I failed the exam and I feel like a lot of it was due to this study approach.
The second time I did the online weekly Schweser class and did nothing but CFAI blue boxes and EOC problems between classes and reviewed them. Practicing tests and working problems (CFAI books, not Schweser) is the key to passing level 3.
hohohohow wrote:
Thanks flowbe, I appreciate and that you’re speaking with relevant experience here. Once I get over the denial stage of this result, I’ll register and follow your advice, ambitious as it is. That should reduce the degree of randomness I’ll face on exam day. I used a prep provider successfully for L2 so not having one this go-round may have been detrimental.
How did your study habits differ between the two L3 attempts? Did you notice a significant improvement in your knowledge level the second time?
Click to expand...
 
Sorry to hear that. I was worried about this happening to me. I knew the material inside and out, but on exam day, I couldn’t eat lunch (no money) and it gave me a splitting headache and had to really try to focus on the PM section. I was confident in my answers but worried in the back of my mind if that might have hurt me. Ultimately I passed, and did very well on the PM.
I give this example because to me it sounds more like it could be an issue with your test taking than knowing the material. There’s all sorts of things that could have thrown you off unkowingly. Did you do many timed practice exams that mimicked exam conditions as close as possible?
 
You need to know how to phrase answers the way they want and key words they are looking for. It is not an easy exam at all but it takes a ton of practice on the AM to really master the writing portion and how to articulate your response to earn the points
 
Exactly how I felt when I sat for the exam the 1st time. Bombed it band 2
 
This was my first legit attempt at Level 3. I couldn’t sleep at all last night because I was so afraid I would fail even after preparing more than Level 1 + 2 combined. Here is what I did:
  1. Read CFAI and also did EOCs
  2. Read Schweser + did their questions
  3. Went through mocks while re reading schweser again
  4. Re did EOC from CFAI
  5. Did a total of 10 mocks and got 65-75. Note Schweser mocks are a very good learning tool and by doing all 6 you hit most of the major topics. Also make sure to do them as well.
If I fail doing the above, then god knows what I would have done the next time around.
 
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