Study tips for CFA Level III

R

radicaldreamer

New member
Joined
Jun 18, 2026
Messages
0
Reaction score
0
Hello AF,
This is my first post on this site. I just received confirmation that I passed the Level II exam today, and before you start hating on the wave of L2 passers like me that are beginning to invade this board (I honestly don’t blame you), I humbly and sincerely request a few minutes of your time to hear me out and give me some advice here. I noticed that it’s common for people who pass Level III to abandon this forum as quickly as possible, so this gives me a two-week window to learn everything I can from potential Level III passers about study tips and strategies that worked for them.
It goes without saying that a profane amount of time and effort are basic requirements for average people like me to stand a chance at a pass. What I am looking for are specific strategies and tips on how to best use that time and effort. For example, I prepared for L2 by reading the entire CFAI curriculum, doing all the Schweser practice questions and a few practice exams, and still I felt insufficiently prepared for the exam, specifically on how to parse the obfuscating vignettes and filter out all the chaff in them.
I will start early. I will do tons of curriculum/Schweser practice questions and tests. Beyond the obvious, how else can I better prepare myself for the L3 exam?
Thank you all very much in advance, and I wish the best of luck to all of you eagerly awaiting L3 results on Aug 7.
 
I would start off by ditching Schweser. I think the quality of Schweser diminishes as you progress through the program. I passed the first two levels the first time, but I am a level 3 retaker this year. The first time I took level 3 I relied heavily on Schweser as that was the strategy that got me through the first to levels. I found their practice exams aren’t worded in the same style and don’t focus on the same material as the CFA mocks, practice tests and actual exams. This year I read the circulum twice in most study sessions. Did all the blue box examples, EOCs, mock exams, practice exams, and previous actual morning exams (which are available on the CFA website). Obviously I don’t know if I passed yet, but i felt much more prepared than my first attempt at level 3. Good luck!
 
That’s not what I want to hear but you might be right. I just passed L2 on my first try and I want to stick with Schweser because it got me here. But I know that it was less helpful in L2 and I had to use the CFAI books a lot more than in L1. It just feels wrong to change my study methods now after not failing any of these yet.
 
Cool…. I also passed L2. I am a strong believer of CFAI text books and that is the way to go!. That’s the reason why CFAI came up with 3 levels. CFAI’s principle is “Do you underdstand the finance theory or you just want to pass the exam?”. Schweser focuses on “marketing their product”.
Whatever, if you don’t understand theory, you take a break in L2 or L3.
Correct me.
Thanks.
 
I think OP needs to wait a few weeks.
You’re asking advice on how to better yourself for Level 3, when no-one knows whether they’ve passed or not. I wouldn’t rely on strategies that may not have worked for that candidate.
And don’t worry, there will be ppl willing to give advice in the first few weeks of receiving results.
 
I am a first time taker of level 3, so I do not know how effective any advisce will be. However I would say this - a lot of the curriculum appears quite straightforward - as you read it you will think, “of course, that makes sense” however, you must be able to combine your knowledge of several topics and express yourself clearly and concisely. Unlike 1 and 2, where you could take a punt if you did not know something, in level 3, if you do not know the answer you are left with a blank page - you can try to bs, but from what I have seen it is often not worth the time.
There is also a lack of feedback in the Written sections, you might think you are killing it, but only be scoring 30% - and you only find out after the fact.
Something I would try to do would be to actually write an answer for the written questions as you practise - instead of just thinking, “oh yeah the answer is…” force yourself to write an answer, it’s surprising how long it takes, and how hard it is to articulate your answers to some questions.
Many people who sit the level 3 exam have never had issues with time in any exams previously (myself included) In all previous CFA exams, I was usually finished with at least 45min-1hour left, plenty of time to review, and more importantly, I was not under stress due to the clock. In the AM section however, I only had 15 mins to review when I finished the paper, and many people on here reported not finishing, or only just finishing the paper. So being able to answer quickly is key.
Hope this helps, if I pass I’ll try to add more details that I found helpful.
Congrats to all level 2 passers, and good luck next year!
 
Pls guide when Scheweser comes out with its sudy material & Question Banks
 
Be certain to read the entire curicullum at least two times, even if you intend to buy Schweser. Basically, a good chunk of L3 (mainly books 2 and 3) is conceptual and some of this material is written in CODE. It’s hard enough understanding what CFAI wants you to know, let alone trusting Kaplan to interpret it for you.
The other thing, and this won’t matter much right now, is to practice as many actual AM exams in the final 4 weeks (not Schweser’s but CFAI’s). There’s understanding the material, and then there’s knowing the sneaky, bizarre way those questions are worded.
Level III is basically a hazing ritual. You’ll understand this when you have to compute the return requirement for a rich European family, or fuck around with global micro attribution shit in volume 6, or try to make logical sense out of Capital Market Expectations.
There’s some very cool stuff in Level III, but then again, there’s a grab bag of things that makes you feel like you’re vacuuming up loose parts from the other levels. Level III is fun because you feel like you’re in the senior class and you’re brimming with confidence that you beat Level II. But by May, you’re frankly tired of the whole program and you want to be done with it.
 
My advice is CHILL! you just got your results yesterday and already planning your study plan? Go celebrate!!
Schweser alone is not enough..for a first round of studying shweser will be good because it cruises you through the topics..for 2nd or 3rd round, refer to the textbook more since u will already know what to look for. At least do all EOC questions.
CFA L3 is a different animal..u have to think as a Portfolio Manager, not as an analyst.
 
spaiydz wrote:
I think OP needs to wait a few weeks.
You’re asking advice on how to better yourself for Level 3, when no-one knows whether they’ve passed or not. I wouldn’t rely on strategies that may not have worked for that candidate.
And don’t worry, there will be ppl willing to give advice in the first few weeks of receiving results.
Click to expand...
I do agree with spaidz…it would be weird for people who may have failed, to ‘dispense wisdom’ that didn’t work for them but that doesn’t necessarily mean that one cannot say anything about L3 in general terms. By now you would have taken 2/3 of the cfa exams and decades of exams in school/university/etc…so in a way you know what works best for you already. While Level 2 material may be the the biggest hump in the CFA trilogy, level 3 content may also be quite challenging/confusing in some places warranting multiple read throughs to understand. From the top of my fuzzy head, some things to note are :
(1) AM section is short essay format (optimal to be concise/to the point not exceeding 2-3 sentences for each answer.Time management is critical here) Pencil/Pen is up to you but Pen is recommended. There is more than enough space to cross out/ re-write answers. Some questions are answered in templates, others are written on lined pages.
(2)PM section is the usual L2 format with difficulty level being about the same/or a bit higher than L2 depending on how easy/hard the AM section was. (typically: simple AM -> difficult PM and vice versa)
(3) For those of you that hated Quant or Accounting in L2…rejoice they are gone here.
(4)Expect questions to be more integrated. You may have to rely on knowledge in economics section to answer questions in other sections (to some degree)
(5)L3 is less quantitiatve than L2. More qualitative stuff is asked from you here.
(6)Blue boxes/EOC are absolutely essential as always. I cannot vouch for 3rd party materials because i never had any …..too poor :-(
(7) Sample exam answers are much more comprehensive than what will be expected from you in the actual exam.
(8)Ethics and Portfolio management take centre stage in this level. There may be some annoying formulas in portfolio management (performance attribution)..but when it comes to application it typically breaks down quite neatly.
(9) The first question sets in the exam ( AM section ) are basically always related to investment policy advice.
(10) Reading volume is about the same as L2..perhaps a little less.
(11) Be prepared to encounter random little chapters in each book that seem to be out of place. Things don’t hang together as fluidly as L2 necessarily.
(12) Make yourself comfortable with the AM section as soon as possible in your studies…especially if english is not your first language.
(13) You will not be marked for Grammar/Style of English in answering questions.
(14) You can use bullet points in the essay section.
Hope this helps and congrats on passing L2!
 
Hey Alladin,
Thanks for your comprehensive advice. Really provides a useful insight into how a newbie like me can commence preliminary prep steps.
Read elsewhere on this forum that beginning with Kaplan Scheweser and moving to the CFA Study Material would be a recommended option. Request your thoughts.
BTW, I wish you and all else on this forum good luck for the results.
Cheers,
Unni
 
Thanks a lot Alladin!
Planning to celebrate a couple of weeks and then get back to business actually..
And for all the L3 result awaiters, wish you all the very best.
 
I’d like to start really early for L3. This is it, if this goes well then nothing comes after L3. It feels like I’m preparing for THE CFA exam. It’s just upsetting to see that the pass rate appears to have collapsed for L3. It’s grinded lower for 1 and 2 but L3 fell off a cliff.
 
I used Schweser exclusively for Levels I and II and passed on first sitting. Before studying for Level III, I reviewed this forum and heard some Schweser-bashing for Level III. After thinking a while, I used Schweser anyway but was prepared to switch to CFAI materials. I ended up using only Schweser materials and felt more prepared for Level III than any other level. Yes, I don’t know if I passed yet, but I felt pretty good about the test, and if I’m surprised and didn’t pass, I would absolutely use Schweser again for Level III. I think I consulted CFAI books 1-2 times when a particular LOS wasn’t clear to me but that’s it.
 
My two cents…
Used Schweser for all 3 levels. Level I almost exclusively, level II i Used CFAI for EOC questions.
LIII is a bit different because of the material and format. Some of it is a little more open ended. I read all of Schweser, and did CFAI EOC and BLUE BOXES (the blue box examples are hugely important in my opinion). Make sure you understand and can solve those problems.
I also found that for Global Attribution, CFAI and Schweser do things a bit differently. I’d make sure to read CFAI for that part as well.
And then there GIPS…which could be a test onits own. Im awaiting results, but I feel Schweser does a great job preparing you. Just make sure to use CFAI EOC and Blue Boxes.
GL to all, congrats to LII passers.
 
I hear what u guys are saying about the Schweser Notes, but I have to ask if any of u ever tried using Schweser videos and if they were any help?
My impression of the videos were that they were good in giving u a general idea of a topic, but not enough to answer a question where u need to know the nitty gritty; which u can only get from reading the texts. Is it a waste of time watching vids when you could be reading the texts?
 
Spanishesk wrote:
My two cents…
I also found that for Global Attribution, CFAI and Schweser do things a bit differently. I’d make sure to read CFAI for that part as well.
And then there GIPS…which could be a test onits own. Im awaiting results, but I feel Schweser does a great job preparing you. Just make sure to use CFAI EOC and Blue Boxes.
Click to expand...
Global Attribution (and the Macro\Micro Attribution as well) should be studied by using the CFAI book only and all practice questions to that topic must be solved in order to gain the complete understanding. Because the problems are being solved by using a different approach from that explained in the main text.
GIPs are fu***ng trouble as well for too much to remember. You need to memorize how the presentation should look like and then to distinguish between required and recommended points.
 
A sincere thank you to all the L3 takers who posted here. Please keep the tips and suggestions and coming. Especially if you decide to leave for good after Aug 7 (whether due to a pass or due to… despair), I believe I can still learn something from your experiences.
 
Just pay very close attention to the miserable passing rate of candiates who already survived Level II.
 
You must log in or register to reply here.
Back
Top