Study tips for CFA Level III

Just use CFAI books and avoid all these so-called summarized readings from the likes of Schweser, Allen or what have you. After all, these providers just copy mostly verbatim the CFAI curriculum anyway … so where’s their value add? If you are to buy new study resources, I strongly recommend the test bank or mock exams.
For test banks, Schweser and Allen have got very poor content (e.g. very wordy, repetetitive questions) and clunky user interface (e.g. ugly, unsightly, poor navigation, etc.). For mock exams, just use the ones published by CFAI.
There are other new providers which presumably provide better content and usability than the ones mentioned above like rapidquizzer, analystnotes, finquiz, etc.
Having said that, you do not necessarily have to choose one as the more testbank you use the more questions you have to practice with including if you must, Schweser and Allen. I think all of them has got trial use so you can try before you buy. Then, you can choose one or two after trying a few.
The key to success is reading the material at least 2x and practice, practice, practice.
 
Hank Moody wrote:
Just pay very close attention to the miserable passing rate of candiates who already survived Level II.
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I was thinking about that and it’s a sure fire way to kill the high that comes from passing Level 2.
 
QNA2012 wrote:
Just use CFAI books and avoid all these so-called summarized readings from the likes of Schweser, Allen or what have you. After all, these providers just copy mostly verbatim the CFAI curriculum anyway … so where’s their value add? If you are to buy new study resources, I strongly recommend the test bank or mock exams.
For test banks, Schweser and Allen have got very poor content (e.g. very wordy, repetetitive questions) and clunky user interface (e.g. ugly, unsightly, poor navigation, etc.). For mock exams, just use the ones published by CFAI.
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I could not disagree more with the above quote.
I used Schweser for both Levels 1 and 2, and I think they did a fabulous job of summarizing the material. CFAI material is too verbose–it’s like drinking from a fire hydrant. The Schweser did a good job of getting you what you need to know. However, I also believe that the most important thing is to pass the test–not necessarily understand all the material. Most people who finish the test will probably only end up using about 30% of the information that they learned in the curriculum, and most of that 30% will be learned OJT.
I recommend Schweser for all Level 1 and 2 test takers.
However, I do agree with the last statement. If you have limited funds, then go with a good question bank and the practice exams. Between the Qbank, the questions in the Schweser notes, the Practice exams, the CFAI mock exam, and the EOC questions in the curriculum, you should have no dearth of questions to answer. I think I answered about 2,000 questions, just for Level 2 alone.
 
ddrobinett wrote:
I used Schweser for both Levels 1 and 2, and I think they did a fabulous job of summarizing the material. CFAI material is too verbose–it’s like drinking from a fire hydrant. The Schweser did a good job of getting you what you need to know. However, I also believe that the most important thing is to pass the test–not necessarily understand all the material. Most people who finish the test will probably only end up using about 30% of the information that they learned in the curriculum, and most of that 30% will be learned OJT.
I recommend Schweser for all Level 1 and 2 test takers.
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This is a sure way to fail the L3 exam.
 
sooraj wrote:
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.
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May be its little early to say what could be a holistic approach to take up L3 with absolutely unbeatable chances of pass since results are not out. Yet I can’t resist giving my piece of advice. I took L3 for the 2nd time this year. In 2011, one of my friend & I, only studied from SCH. He passed but obviously I didn’t. So it totally depends whether to study only from CFAI books or from SCH. It depends person to person. When I got flunked last year (it was the first time ever for flunking any exams in my history) I wanted to leave no stone unturned to pass in 2012. Though I already had gone through SCH, I again began to read SCH chapter wise. Here I complemented my studies with Blue Boxes & EOCs from CFAI books (believe me I did not even know what blue boxes & EOCs were in L1 & L2….it was absolutely only SCH with first attempt pass in both) as I moved along. After finishing once with SCH & Blue boxes in mid-December (except GIPS & ethics) I started reviewing again. But here’s the main part, even after given one try in June-11 (with 2 time revisions of SCH study) & onetime skimming through SCH + Blue boxes (till December) lot of concepts was unknown to me. So in panicky mode I took CFAI books for DEEPER understanding of the stuffs. I was taking concepts on a random basis. As in, whatever stuff or concept I could think of (or based on the discussion here on AF) I went thru it again. This time, off course from CFAI books, I was totally shattered to know the shortcoming of basics in SCH books. General idea was well versed in SCH however the cut knowledge which we need to clear L3 was not there. Come March-12, I realized that I have to almost cover the entire CFAI books which were perhaps necessary. Here I felt that I have really wasted my time with SCH & should have only studied from CFAI had I known it before.
L3 is a beast. There is no short cut. Only SCH is absolutely NO NO, IMHO. Don’t even try your luck if you really want to avoid the potential guilt afterwards if luck doesn’t favor in the exam results. My friend (he was an IIT+ IIM pass out) still doesn’t know lot of concepts of L3 even though he has cleared all levels of CFA only reading SCH. Not to forget he passed so obviously reckoned better. As far as number of hours, I really never understood why so much stress on it. It varies widely. If recommended hours are 300, does this means that if you very well cross that your chances are real. NO.
If I don’t pass, scrap above post. Will have to look upto for something different again. :(
 
rahuls wrote:
sooraj wrote:
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.
Click to expand...
May be its little early to say what could be a holistic approach to take up L3 with absolutely unbeatable chances of pass since results are not out. Yet I can’t resist giving my piece of advice. I took L3 for the 2nd time this year. In 2011, one of my friend & I, only studied from SCH. He passed but obviously I didn’t. So it totally depends whether to study only from CFAI books or from SCH. It depends person to person. When I got flunked last year (it was the first time ever for flunking any exams in my history) I wanted to leave no stone unturned to pass in 2012. Though I already had gone through SCH, I again began to read SCH chapter wise. Here I complemented my studies with Blue Boxes & EOCs from CFAI books (believe me I did not even know what blue boxes & EOCs were in L1 & L2….it was absolutely only SCH with first attempt pass in both) as I moved along. After finishing once with SCH & Blue boxes in mid-December (except GIPS & ethics) I started reviewing again. But here’s the main part, even after given one try in June-11 (with 2 time revisions of SCH study) & onetime skimming through SCH + Blue boxes (till December) lot of concepts was unknown to me. So in panicky mode I took CFAI books for DEEPER understanding of the stuffs. I was taking concepts on a random basis. As in, whatever stuff or concept I could think of (or based on the discussion here on AF) I went thru it again. This time, off course from CFAI books, I was totally shattered to know the shortcoming of basics in SCH books. General idea was well versed in SCH however the cut knowledge which we need to clear L3 was not there. Come March-12, I realized that I have to almost cover the entire CFAI books which were perhaps necessary. Here I felt that I have really wasted my time with SCH & should have only studied from CFAI had I known it before.
L3 is a beast. There is no short cut. Only SCH is absolutely NO NO, IMHO. Don’t even try your luck if you really want to avoid the potential guilt afterwards if luck doesn’t favor in the exam results. My friend (he was an IIT+ IIM pass out) still doesn’t know lot of concepts of L3 even though he has cleared all levels of CFA only reading SCH. Not to forget he passed so obviously reckoned better. As far as number of hours, I really never understood why so much stress on it. It varies widely. If recommended hours are 300, does this means that if you very well cross that your chances are real. NO.
If I don’t pass, scrap above post. Will have to look upto for something different again. :(
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Thank you Rahul! Thank you very much for that piece of warning :) I dont intend to buy from any prep provider in L3, I am going to just use the Qbank actually apart from multiple rounds of EOCS and Blue boxes! I must be a little (a lot actually) thankful to God/Luck since in L2 I actually did not read those blue box questions well enough. As you said, No NOT AGAIN - I wont make that mistake :)
And again, wish you the very best for your results mate.
 
rahuls +1.
If you wanna pass the L3 hurdle i highly recommend to use the Schweser Practice Exam Book 1 & 2 as a complement to your CFAI books. These are actual golden eggs! You will find ALL tips to pass the exam. Moreover, each problem has the same CFAI real exam format, being explained in detail. The provider gives you so many details which you never find in either CFAI books or the Notes. This will raise your chances highly to write the AM session well (subject to your efforts and time management)
 
seems odd the ua_bender is overzealous in pushing Schweser…i can only guess he’s associated with schweser commercially somehow…look at his language of “so many details you never find in CFAI books” and “…will raise your chances highly…”
CFAI specifically mentioned that the exam is solely based on the curriculum readings so his point of “never find in CFAI books” is a bit of a criminal advice…and the assurance that raising one’s chance is close to sounding like a scam.
You made your point about Schweser at your point of view, so ua_bender give it a rest.
 
QNA2012 wrote:
seems odd the ua_bender is overzealous in pushing Schweser…i can only guess he’s associated with schweser commercially somehow…look at his language of “so many details you never find in CFAI books” and “…will raise your chances highly…”
CFAI specifically mentioned that the exam is solely based on the curriculum readings so his point of “never find in CFAI books” is a bit of a criminal advice…and the assurance that raising one’s chance is close to sounding like a scam.
You made your point about Schweser at your point of view, so ua_bender give it a rest.
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I can vouch to some extent on the “never find in CFAI books” part.
What he probably means is that Schweser’s practice exams are careful in trying to explain how the exams are graded. There are many things, especially on CFAI book 1, that seem very subjective - Schweser has some clues on how to approach the level of wililngness and ability to take risk - it almost builds a framework for that. CFAI teaches the stuff with more content and examples, but don’t exactly tell you how to answer questions that may appear bordeline. This may sound amost irrelevant now, but it’s info you might want to know when doing mocks and past exams.
CFAI gives you all the content, and Schweser may give you some extra hints on how to use your knowledge to get points. I’m not saying it’s something critical or that it will be the best use of your time, but it can be helpful.
If you have the time and want to buy anything from Schweser, their practice exams are easier their best product, in my opinion. Practice exams are probably the best use of your time at L3, and those are pretty decent (Secret Sauce is good too).
IMO, the best preparation materials are CFAI stuff - past exams, mock and samples. After that it’s probably a tie between other practice exams (like Schweser’s) and EOCs and BlueBoxes. On L2, I felt that knowing all EOCs and blueboxes well was almost a sure pass - in L3 you need a little more - there are all kinds of lists and relationships that may not be suited to a bluebox or EOC, but are suitable for an AM question.
 
QNA2012 wrote:
seems odd the ua_bender is overzealous in pushing Schweser…i can only guess he’s associated with schweser commercially somehow…look at his language of “so many details you never find in CFAI books” and “…will raise your chances highly…”
CFAI specifically mentioned that the exam is solely based on the curriculum readings so his point of “never find in CFAI books” is a bit of a criminal advice…and the assurance that raising one’s chance is close to sounding like a scam.
You made your point about Schweser at your point of view, so ua_bender give it a rest.
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Could you please be so kind to distinguish the Schweser Notes from Practice Exams? Thank you for your very hard mental endevours in advance.
The CFAI books do not provide any clue how to answer the AM session. Schweser’s do. Moreover, Schweser provides some rules of thumb you need to remember in order to answer correctly the problems related to individual investor IPS construction and calculation - it is very helpful. Since you are a L3 candidate i assume you’ve missed the point. Sorry.
 
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