Don’t put off your steam once you have completed CFA level I and level II, but keep your confidence up as it becomes an asset to cracking the dreadful level III CFA exam. Most CFA aspirants tend to overlook CFA level III as insignificant mostly due to the pass rates of the previous II levels, but that’s not going to help you pass level III. The CFA level II exam requires a lot of effort as the business is more to do with writing. This is one of the marking differences that level III has in contrast with the previous 2 levels.
Level III CFA exam involves more case study-type questions and some part of Math to work on equations. The format is unique as it covers essay and vignette questions. The morning session is usually the essay type where most of the students tumble down as for the first time they come in contact with essay-type questions which demand constructive answers or responses. This is because of poor time management strategies in answering essay questions.
Time is crucial in writing essay-type questions. To crack the level III CFA exam, you need a minimum of 500 hours of preparation time.
The other factors that contribute to this fumble are lacking basic knowledge, poor language, and anxiety. Building constructive responses to essay questions requires strong English language skills. Concise and precise ideas in the form of an essay would win you more marks. A secret in the essay part you need to know is that the examiner looks for whether essays are tied to facts and match the context of the case study more than generic descriptions.
Another danger is downloading substandard materials that are dry, outdated, and boring information to candidates before the D-day exam. This can actually mislead them and put them on the road to serious failure. As earlier said, the CFA level III is more distinct from the other as it is an application-level exam. One way of overcoming this challenge is to subscribe to the Schweser-Miles Original CFA study package which has updated, cutting-edge learning strategies, tools, mentors, and test metrics to track your performance and make you exam-ready.
Reading is less intensive in CFA level III, but it does not mean that you reduce your focus on a particular concept or area of study but on everything! At level III, they will test you from anywhere, hence the nuance is entirely different from the other II levels. So the silver bullet is to keep your reading broad.
Portfolio is a key topic that is tested in CFA level III besides economics, ethics, equity, derivatives, alternative investments, and fixed income. Remember the pass rate for level III currently stands at 57%. To take the next step in your CFA career, you need to give your best time to practice and preparation to win a globally competitive CFA designation that can help you land global careers both in India and abroad.
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