Any L3 vets (fails and/or passers) have an opinion on using Kaplan’s QBank for L3? To be honest, I found value in Kaplan’s QBank for L2 for the fact it essentially aggregated what I needed to restudy. Unfortunately, the AM sesh of L3 is a totally different format than straight multiple choice, but L2 was a little different from QBank’s [mostly] single-question format. So, I was wondering if anybody used Kaplan’s QBank for L3 and if they thought it was worth the $300.
I didn’t use it. It has too many lollipop questions. You’ll be too busy doing EOCs and mocks. Best of luck!
A good friend of mine used it. Got the premium instruction package and didn’t open a single CFA book and didn’t do EOCs. He did do the CFAI mocks. Passed with flying colours, working full time, and not an industry vet (the charter is a 2017 event for him).
I cannot speak from personal experience but I enjoyed using it for level 2 as well. I will be using it this year.
Thanks all!
I used it and couldn’t imagine passing without it. I did all the reading, the blue box questions, and end of chapter questions in the Schweser material. That was a good combo, and then I did about 50% (or more) of the questions offered by the QBank after each section. This process taught me the most, because it forced me to learn nearly every topic in the reading at a level where I could apply it. I had to understand what everything was and not just have skimmed/read it and then slip by again in the 10-15 end of session/chapter questions.
I didn’t do the QBank for L1 or L2, but I did do it for L3. I wish I had done it for the others, because I would have passed L2 sooner.
Don’t take any shortcuts on L3. This is your last exam - do whatever it takes and get your spare time back.
I personally liked using the QBank throughout my prep from beginning to end as a quick tool to test my basic understanding, refresh my memory as I progressed through the curriculum and drill when time crunched and wanted to do something quick. I especially found it useful for drilling ethics - important when you consider you expect 36 points from here.
Schweser Practice Exam Volume 2 is the best practice you can find for CFA Level III. These exams were previously sold under a different brand name (excel review or something) until Schweser acquired them.
Qbank effectiveness is excellent in Level I. However, Level II and III are completely different exam format and Q Bank questions do not do justice in terms of difficulty and throughness.
You need to practice questions similar to the real thing.
Level I - 100% Schweser + Qbank, 250 hours
Level II - 60% Elan’s, 40% CFAI + Mocks, 400 hours
Level III - 20% Schweser, 80% CFAI +Mocks, 450 hours
If I had 100 more hours to prepare for level II or III, I would probably choose to redo EOCs/mocks than dropping $300 on questions that are are either too simple or too ridiculously dificult to be on the actual exam.
Nonetheless, it’s a decent tool to drill Ethic concepts like Gotham had mentioned.
^ thanks, you the ethics piece is probably the most value add of the QBank. I definitely anecdotally have come across more folks who didn’t use it. I personally found it useful, but don’t think it’s a make or break.
i had the Sch notes … but qbank was bit more than i wanted to spend. I so i got the Finquiz package - much cheaper, it comes with the Qbank, and used the Finquiz Qbank instead. Obviously these help to basically learn the materails better. I did do fairly well in PM - so if you don’t want to spend the $300 … consider Finquiz as alternative which i think came under $100. If money is not an issue - not a bad idea to keep all within Schwesier.
Why would you even need a third party prep materials? Read CFAI books and make your own notes. Being a professional, I read tons of pages every day. Reading is our life, get used to it!