I’ve been on this journey too long. Over the years my life has become more complicated (marriage, child, house, career, etc…) and CFA studying is becoming more onerous. I’ve been on L3 for as long as most of you have been in the program (i.e. this is my 3rd attempt at L3).
Anyway, I’ve learned a few of things about level 3 that make it harder than L1 & L2:
All the test banks suck , there just aren’t enough questions that test the depth and interconnectedness of the actual exam questions.
The end of chapter questions aren’t sufficient either , because the question are too few and there are whole sections have no way to test yourself (no Qs at all).
Time is a major constraint in the morning --this is true for most canditates. I’ve never taken longer than 2hrs for any multiple choice sessions and finished some sessions (again on exam day) in just over an hour. On the essay AM sesion I estimate that I was 20 minutes short of time on my first attempt, and had only 20 min. to spare on my second attempt. I had plenty of time when drilling at home so just be aware that test day is different, moreso than you think. Trust me --no one-- at my table/section has found the time easy in morning. I’m an incredibly fast test taker and time kills me in the essay sections.
Why am I sharing?
Rote memorization is important and absent a robust test bank flash cards are king. Let’s build our own robust test bank using online flash cards. Quizlet seems to be a good platform with public api and free apps for all smartphone platforms. I’ve already found some Level 3 cards sets that are decent, but we can do better. Here’s what I’ve found: http://quizlet.com/subject/cfa-l3/
Post if you’re willing to start contributing flash cards for whatever section you are currently studying. Pay attention to LOS topics and try to make your flash card helpful in forward and reverse.
I created a group here to share flashcards: http://quizlet.com/group/147687/ Or you can post your interest here. I’ve already shared one deck of 50+ cards. Sharing earns you Karma Pass Points!
This probably isn’t my place and I am sure you have already done everything I would suggest, but just how many practice exams did you take in your prep process? I also found the question banks mediocre at best, but I would say the EoC and blue box examples were pretty sufficient provided you had a good grasp on all of them, and if you took multiple practice exams, your essay time management should be pretty good. There is no real way to prepare definitively for the essay because a lot of it is judgement and how well you can defend your answers, however there are still CFAI buzzwords and general themes that repeat themselves, all of which can be prepared for by taking a ton of practice exams. For 6 weeks you should do nothing but eat, sleep, and breathe practice exams. You will end up reading everything again in the process if you make sure that you review both your correct and incorrect answers as you grade. Grading for me takes 2-3x the amount of time as actually taking the test.
Great idea - I created my own ‘flashcards’ last year - albeit lo-tech version (sheets of paper folded in half lengthwise) - for 1st time and I think they made the diff together with lotsa practice exams and AF of course. Look forward to trying quizlet out
Well, I have some sympathy with the view that the test banks are not the Holy Grail but I would argue that it depends on how you use them. I’m guessing that if you (thrlskr) have taken the test a few times you have some rememberance of the questions being asked the next time round. I know that I have some lingering memory of old questions when I have done them before. My advice on the use of test banks is to use the easy stuff early in the study process just as the cement for your reading of the material. Move up to the intermediate stuff half way through and then when honing your knowledge and getting “exam fit” move to the tough questions. That way you have a more realistic idea of how things stand. I certainly disagree that the tough questions from the test banks are uniformly softer than the CFA item sets. I have found the CFA multiple choice questions to be usually slightly easier/shorter than some of the convolutedly long/tough test bank questions. As for the morning section, I agree that time management is key - as is a thorough knowledge of the material. Above all do every single AM practice exam and past paper that you can get your hands on and have time to do. Good luck.
Millview and Mark, Thanks for the tips! We’re up to 54 members and 22 decks of flash card. All contributors are welcome to join. Link and passcode are above.
63 members have shared 24 decks of flash cards (578 cards total). I’ve now changed the password and won’t be making it public (do to unfriendly behavior). You’re still welcome to join by going here: http://quizlet.com/group/147687 Please create a flashcard deck in quizlet with at least 5 cards to show that you’re willing to contribute and we’ll be glad to let you join. Request access here or through that link above.
So Id love to get in this group. I did the signup/contact the adminsitrator asking to get a password and also asking what you guys need flash cards on, as I don’t want to duplicate efforts. I realize to get into the group you need to provide cards, which I am happy to do. Any input?
Rolo, We still need a formula flashcard deck. Use formula/equation builder in MS Word. 5 quality formula images get’s you in. thrlskr at gmail I’ll be quick to grant access. Thanks!
I contributed tons of flashcards for L2 and made them public, including ethics topics that are relevant for L3. You will find them here: http://quizlet.com/user/reneige/
Does that make me eligible? I have not got to the point where I am making flashcards in my review, but when I do I will certainly make them public as I had last year.
, L3 2011 7th Band 