Whoever said L3 is easier than L2 is full of it

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I have heard most people say that L3 is easier than L2. I don’t get it. I have already done more than 200 hours of study and I am nowhere near ready! L3 is sooo much harder than L2.
 
You’re right, they are full of sh!t. I think that’s the consensus of most people while they are studying for L3.
It’s not that the material is harder, but the exam is much more subjective and you need to spend more time studying for it in order to really master the material. It’s basically like studying for 2 different exams at once (essay and multi-choice).
I spent a ton of time just getting used to the essay format and learning how to answer the questions like CFAI wants you to answer them.
 
Hey,
DO CFAI expected answers to AM questions differ from those given within Schweser Practice Exams? I have not started Practice Exams, yet, but I am planning to take them before doing Past CFAI exams
thanks,
M.
 
I swear, everyone that has never taken a CFA exam, but is aware of its existence says “I heard Level 3 is easy.” I haven’t figured out who they are hearing this lie from.
 
steph96 Wrote:
——————————————————-
> I swear, everyone that has never taken a CFA exam,
> but is aware of its existence says “I heard Level
> 3 is easy.” I haven’t figured out who they are
> hearing this lie from.
This used to be somewhat true. If you look at past years the pass rate for level III was much higher than II. Of course, level II used to be essay too back in the day.
This is certainly not true anymore and pass rates reflect this. Unfortunately, if you are talking with an old school charterholder they still assume level III is a cake walk.
 
I think this perception was formed on the basis of pass rates. Like mwvt9 points out, the passing rates for Level 3 have been declining, which indicates that the light at the end of the tunnel is probably further than it used to be.
I still like the probability of either me or the person next to me passing the exam rather than 1 out of 3. Back in the day, though, it was like 3 out of four would pass. With that knowledge up front, that would be a huge confidence booster, but if you were the 1 that failed, I think you would definitely be ashamed to admit it.
 
agreed 100%. L3 is tougher than L2. It’s both the amount of material and subjective nature of the material that make L3 difficult. Unfortunately, I listened to those people who say L3 is easier than L2 and started studying late for L3. but now I am playing catch up by spending at least 20hrs/week.
 
for me, level 3 was the most difficult to study for. there was less structure and some of the written portion took a long time to get used to. i’m not sure that i got any ips questions exactly right while i was taking practice tests. (and i took just about everyone i could.)
however, i was also the most confident after taking level 3. probably couldn’t tell by my paranoia in conversations here after the test, but i felt the most confident about my chances of passing and about the afternoon session of level 3 than any other test.
so i don’t know what this means. studying for level 3 was absolutely brutal. i felt like i was never sure where i stood. i wasn’t sure if i was grading myself too easily. and the pass rate sure shows it was not easy. but for me, i thought level 2 test was harder, but was easier to study for. I realize this doesn’t make much sense but that’s how it felt to me. and i just wanted to post something on af because i missed it.
 
I don’t know. At least at L3 I am not completely lost. Muliple regression and time series - spent gobs of time and got under 50%. The foriegn currency stuff took way too much time for me to grasp. Derivitives - don’t know how I got above 50%. All I can say about L2 is thank god for accounting, corp finance and equities. Other than that, my head was spinning.
I agree with the point that I have no idea where I am in my L3 progress. L2 seemed nice and compartmenalized; L3 just seems like a mish - mash of LOSs. I am hoping that during my review it all comes together. A man can hope, right?
 
I think it was prior to 2007 that L3 was easier than L2.. it was no longer than case since 2008.
I passed L3 in 2009 and I can tell you it is much, much harder than L2…
 
Last year the essay portion was tough. The multiple choice section was between level 1 and 2 in difficulty (closer to level 1). Doing well on the essays is the key to passing Level 3.
 
goes to eleven Wrote:
——————————————————-
> I don’t know. At least at L3 I am not completely
> lost. Muliple regression and time series - spent
> gobs of time and got under 50%. The foriegn
> currency stuff took way too much time for me to
> grasp. Derivitives - don’t know how I got above
> 50%. All I can say about L2 is thank god for
> accounting, corp finance and equities. Other than
> that, my head was spinning.
>
> I agree with the point that I have no idea where I
> am in my L3 progress. L2 seemed nice and
> compartmenalized; L3 just seems like a mish - mash
> of LOSs. I am hoping that during my review it all
> comes together. A man can hope, right?
So glad I’m not the only one thinking this…
Anyone who says Level 3 is easier to prepare for than Level 2 is having a laugh!
I wanted to believe that it was easier before I started seriously studying, but I know better now ):
Preparation for this exam is a killer, even though I started my prep from the CFAI books earlier than for Level 2. I seem to be taking a lot more notes this time, in fact I’m close to burn out from note-taking…no time for friends/girlfriend - I’m a nightmare to live with atm…I can’t wait to revert to my normal laidback self once this exam is destroyed in June…
This is going to be one tough nut to crack, particularly essay portion - bullet points for sure!
Good luck to all!
 
maratikus Wrote:
——————————————————-
> Last year the essay portion was tough. The
> multiple choice section was between level 1 and 2
> in difficulty (closer to level 1). Doing well on
> the essays is the key to passing Level 3.
I agree with this. I thought the afternoon section was relatively easy. I would also say easier than level II (test takers from 2008 seem to agree with this also).
The morning was very difficult though (at least I wasn’t certain on many questions). I remember calling my wife at lunch and telling her that if I didn’t stomp the PM section then we were doing this all over again.
That said, after the PM section I was like cfasf1. I felt like I passed, but played it close to the vest.
 
I am not sure if I completely agree on ‘the PM session is easy’.
I have scored relatively good points in the morning session.
Failed in ethics in the PM session.
For me, the trickiness of the PM session is more brutal than the relatively straighforwardness of the AM one.
 
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)
Click to expand...
That is just not true. I have the physical copy of L2 and its 2000 pages.
 
Although LIII material is deemed by many to be “more interesting” than previous levels, I think the saying “Level III is easier than Level II” was a cruel joke/rumor/urban legend started by some group of SOBs a while back.
 
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