|
CFA LEVEL 3
I had many doubts after sitting to L2 exam about my chances to pass. But I have managed to pass it at first time. When I was analyzing my exam results I found that FSA gave me very much points and I think this part made a great work. After the exam I had enough time to wait for results and then register for L3 exam. But my way of learning was different than previously.
Do you know what self-fulfilling prophecy is? It’s when some things are happening because we expect them to happen and through our activities we cause them. Before starting learning for L3 exam I have read more about the difficulty of this part and some voices of people who failed because were relying only on Schweser notes and tests.
That’s why I started learning from original books. Learning in this way is much more time consuming and you need good strategy to do this nice and easy. This strategy is sticking to LOSes. When you get through readings you find a lot of useless information and that’s why the LOSes help you to organize your studying. The idea is simple – read text and then stick to LOSes and skim the text again focusing only on mentioned problems. It is good to make your own notes basing on LOSes. It will help you while revising your knowledge later.
CFA Level 3 STUDY KIT
While preparing for L3 exam I have altered my learning strategy towards original readings.
1.ORIGNIAL READINGS READ ORIGINAL BOOKS AND READINGS once and then read them while sticking to LOSes.
2. OWN NOTES . MAKE YOUR OWN NOTES basing on LOSes. Sometimes you can use notes prepared by someone else. It saves a lot of time, but increases risk that you miss something. Of course you can used mixed version – use someone notes and then refine them a little. In DOWNLOAD section I put some material, which can be useful for you.
3. SAMPLE TESTS AND ESSAYS in my opinion writing sample essays is crucial, because it help you to control time. The biggest problem with essay is time. Writing essays can be easy if you obey to some BASIC RULES.
In DOWNLOAD section I put some material, which can be useful for you.
BASIC RULES OF WRITING CFA EXAM ESSAYS:
This essay writing hints are based on my own experiences.
1. ANSWER question by focusing on KEY WORDS. If you write out of the subject it’s worthless and waste of time. KEY WORDS are in italics and you should practice to follow them exactly as they are. Nothing more, nothing less. The rules are simple.
2. Sometimes you know only the part of answer, but don’t know the complete solution. Don’t worry. CFA Institute reward attempts to get close to the point and give fractional points. Respond to as many keywords as you can.
3. BE CONCISE AND ACCURATE – it is the most efficient way of approaching essay. Don’t write about nothing for half an hour. It’s pointless.
4. Use bullet points and other forms of expressing yourself as clear as possible.
5. I was surprised about the simplicity of essay. The questions are not hard. The hardest thing it the scope of knowledge covered. Questions are simple if you understand the whole idea of CFA examination. The idea is to check as many issues as possible. Sometimes these issues are really easy.
6. DON’T MISS EASY POINTS. Every point is important.
L3 TOPICS - focus on portfolio management
1. Ethics (10%) - with GIPS questions. Hard and important part of the exam. Stick to original assignments.
2. Quantitive methods (0-10%) - multiply regression and time series analysis.
3. Asset valuation (30-40%) - the first main leg of L3 examination. Covers international diversification, fixed income investments aluation and management, alternative investments like real estates (important topic!!), distressed debt and commodity futures.
4. Portfolio management (40-60%) - the match point. Requires you to use all knowledge gathered in order to advise and manage portfolios for different groups of clients. The subject is very wide and you should know it inside out. Be prepare for solving case studies in the form of essay.
More hints you will find in TIPS AND TRICKS section.
|
