CFA Level III Too Late?
Is it too late to start studying for level 3? I've already signed-up but have yet to really crack open the books. I am also starting a new job next month. Does it makes sense to even attempt it at this point?
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Note: I have no experience with Level 3, i'm a L2 candidate at the moment.
Might as well try. Seems a bit late in the game to start (regardless of which level) but the fees are a sunk cost at this point. Why not give it a solid 6 weeks and see if you can scrape by. Worst that happens is you fail and come away with a better idea of how to approach it next year when you have more time and a base level understanding of the material.
Would see if you can bump your new job past the test date. It should only be a couple of weeks and not a huge deal. If you grind hard you might be able to pull it off but it would probably be advisable to use one of the note packages in order to make the most efficient use of your time.
I am using schweser. My plan is to read all the books this week and then start doing mock exams until the exam date. Possible?
Unless you plan to study full time for it, i.e. putting in 8 hours a day for 5-6 days a week until the exam, I don't think you will pass. I suppose there is no harm in trying but realistically I don't think it's possible.
Whatever you do don't follow this advice.
Thanks, don't plan to move my start date. I spoke with a friend and he said he barely passed with 80 hours of studying. That gave me hope.
Look it's possible and like others said you really have nothing to lose. If you can dedicate a fair amount of time to studying you have a chance.
The thing that makes L3 harder is that half the exam is essays which require you to really know what you're talking about, as opposed to L1 and L2 which are all multiple choice.
I guess my real question is should I even invest the time to study now or just wait until next year. The sunk costs were paid by my employer so no real loss here.
For Level 1 and 2 I would say a background in the industry is helpful, but unless you've worked as an allocator or a consultant, Level 3's focus is a lot different - lots of higher level portfolio/wealth management, behavioral finance, not really doing DCF and etc. It's actually a lot more of getting fed current industry standard thoughts on things and applying it to hypothetical situations. My personal experience was that I had to actually 'learn' how to respond correctly to their questions, since half of it is essay and you can't discount that in your studying.
Yes, there are always some people who can weasel their way through on 60-80 hours of study, but you probably know by now if you're that kind of person or not...
Overall, I think it boils down to how much time you can afford to study - if your new job's going to be nuts, forget it. But if you can put some significant time into it between now and then, it will be difficult to doable.
My 2 cents, I'd skip. But you know your workload and abilities best, so figure out what's best for you.
Thanks. I think I can get in 150 hours of quality study time before the exam. How much time did you invest into studying for level 3?
If you could really get 150 hours of effective study in month and a half that is left until the exam, I think you will pass. Taking into account you mentioned that you work in the industry and most things are familiar to you, your bets are higher.
However, how do you plan to get those 150h starting a new job? How could you read all 5 books in just a week?
Well I plan to only read schweser and then do the mock exams. In fact, I've finished the first 3 books already over the past several days (not doing any practice problems). I plan to study 20+hrs on the weekend which should get me close to 100. Then 50hrs based during the week after work.
I did the actual books for L3... sounds like you might have a shot. Do only official CFA mocks and STUDY THOSE ANSWERS really well. No guarantees, but if you can hustle it, by all means try and do it now so you never have to do it again!
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