Im noticing that the material on the L3 seems much easier. The concepts are more simple, the math is much more simple and the material is very repetitive.
I’m sure that the actual test is a killer, what with having to actually write the answers as opposed to having the multiple choice there to help you out. But just the material in itself… Has anyone else felt the same way?
charterholders at my firm say that the content is easier but the exam is harder.
I would say the material isn’t tricky the way Level 2 was tricky. Level 3 is much more subtle. It seems easier but you have know the material better (you’re writing bullet point responses for the morning section as opposed to filling in a blank).
I don’t think the content is easier or harder, but there isn’t as much. However the questions will be test you thoroughly on how well you’ve integrated the study sessions. They are looking to test you on the complete package (qualit/quant), not just solving a problem. I think that’s where L3 gets most people, its no longer plug and play or all multiple choice. It’s not straightforward, you’re supposed to analyze the problem, identify the factors, and use the correct methodology. You will be thoroughly tested on your understanding of the materials, do not underestimate the exam, its a different beast.
I think dont underestimate is probably the best advice.
IMO, L3 is the hardest exam of the three. Maybe not the hardest material, but the hardest exam. Even footnotes are game for testing (i.e. CFAI footnotes, so if you use Schweser you’re screwed). I felt L2 was the hardest material, but the exam was straightforward.
Do not underestimate level 3. You will be tested in ways that will mind f*ck you to Mars.
+1
The material is easier, but you have to know it up, down, left, right, forwards, backwards, sideways, in, out, upside-down, and inside-out.
You also have to study differently - the key is writing out your answers to questions - in bullet points is fine. Too many people can recognize things but not write them out quickly and succinctly. So practice writing.
This is my experience only. I’ve documented my struggle with the total exam program in this forum before.
Level 3 took me the least number of times to pass (2), but I don’t know if that was because it was the easiest. I was definitely more motivated since the end was in sight, so I studied the hardest. The L3 afternoon was the easiest section of multiple choices across all levels. I am 100% sure of that. I scored about the same on this part both times I took it (very well). The high weigh on ethics helps, I think there are only so many ways you can test this topic, so this section should be a gimme by now.
L3 morning was difficult because of the change in format. I think the difference between L3 attempt 1 and 2 (passing) was the way I organized my responses. The first time my paper was a mess. The second time, I only answered one question per page and clearly marked the question number I was answering. I think the key is that the graders can’t mark your response if they don’t know the question you’re answering. If they have to search for it, they will not.
So, you probably know the material–it’s not more difficult. In my case, the difference was leading the grader by the nose to my response and answering in simple bullets/sentences.
OP, the toughest exam of the 3
it is easy peasy!
my above statement contains BS as i have passed, try asking me that qn again if i have failed…
moral is dun take others words for it…just work on ur own study plan n gd luck
As I keep studying I continue to think how easy this material is. Its so easy to think that the exam will be easy. Hearing everyone’s warnings is helpful. thanks! I will expect this exam to f*ck me to neptune (or uranus) so I am going to be ready with tonnes of vaseline.
mad easy. no need to study
It’s so easy that only 50% of those that passed Level 2 can pass it.
The thing about L3 is, you don’t really know how you did when you finish.
L1 and L2, you know you are either really good or really bad quite easily. but L3, with the essay questions, you can walk out feeling completely confident and it turned out you fail most of AM at the end!
I don’t think the material of L3 is much harder than L2, i would say, L3 is easier to study, but more difficult to pass…
no way the essay section is going to be killer…there is less material and the math concepts seem easier which is nice.
word.
have you taken the L3 yet??
Last year, roughly 51% of those who took the Level III exam approached it with approximately this view.
Perhaps this year their view will change.
took it hungover like a mofo