For level 3, you can be well prepared but still fail because you need, in addition, good exam taking skills like how to present your AM answers efficiently. Many first timers like me may fail just because of this. I heard L3 was crazy hard for the past 2 years, but not as bad this year.
The ranking willl differ from person to person. I thought Level 3 is hardest, albeit most enjoyable from studying point of view, because of sheer amount of lists of everything. I was about to give up about a month back as I felt I did not retain anything.
In order to pass, there is a minimum passing score MPS candidates need to hit. This mysterious score is never revealed and changes from test-to-test, much like a bell-curve. Specifically, since the CFA Institute has used something call the modified Angoff standard setting method to help establish the minimum passing score.
The institute uses psychometricians expert psychologists in administering and interpreting tests and a swath of CFA charterholders to determine the expected performance for each question, and then the entire exam. Not every subject is worth the same amount. Based on all of the students that we tutor , and have tutored, at Professional Exam Tutoring, we have compiled some common themes from those that passed and failed the Level I exam.
Book a CFA tutor if you want to understand the nitty-gritty. Always consider the exam topic weights! The CFA Level 2 exam has a reputation as the hardest of the three exams.
It can be very deflating. If you thought the volume of content from Level 1 was daunting, plug your nose and dive into Level 2 well ahead of time. The content goes deeper. Be prepared to explore areas such as pensions, leases, and derivatives more deeply. At times it can feel overwhelming. All that said, there is hope because people DO pass! Get used to reading a lot of material and be ready to process it quickly.
This is a major challenge for some people. Practice questions are a must when it comes to these vignettes, in my view.
This is a huge help. Take these as well! Similar to the CFA Level 1 exam approach, I would recommend taking over 3, practice questions to ensure you cover as much as possible. Such a background is arguably more helpful for CFA Level 1 however, since the competition is less severe, and the exam is graded on a curve.
That said, any leg up in Level 2 is beneficial. Your competition to get a passing grade for Level 2 is a group of people that already jumped the same hurdle that you did — namely, CFA Level 1. Your competition ramps at every level, so keep that in mind when deciding how early you should start your preparation.
The earlier the better, and it might just be one of the few ways you can get an extra leg up. Start early! And of course…get a CFA tutor if you need to accelerate your learning! The CFA Level 2 exam is not a cake walk. Above all, study, study, and study! Is the CFA Level 2 easy? Despite being a CFA tutor for hundreds of students over thousands of hours, this is a question I have never been asked.
However, it seems to me that it is lost on most people why the CFA Level 2 exam is so much more difficult. For an answer to the question of why take the CFA Exam, check here. For example, it is expected that you thoroughly understand basic accounting, ratios, etc. The content then builds on what you should already know and dives even deeper. Other Comprehensive Income OCI , currency translation, and a more intense exploration of financial assets come into focus.
In fact, explained one-by-one to my students, the concepts are quite digestible. In addition, a more in-depth study of statistical topics such as multi-variate regression analysis adds another layer. No wonder that this is one of the topics for which my services are frequently requested. If you have the strength and discipline to get yourself over the hump for Level 2, then beware the climb for CFA Level 3.
The CFA Level 3 exam is half short answer, and half multiple choice. The long answer section is notoriously difficult, and what often leads people to fail the exam. With multiple choice, you have a chance to at least recognize the correct answer, but with the written answers you have to know the answer.
Well, it might seem evident at this point that each level of the CFA Exam is quite hard. They require a lot of discipline, focus, and patience. You can give yourself the best possible chance by taking the advice given in this guide as well as our other informative posts on the subject. It is vital to be prepared properly and that is down to you.
However, at Professional Exam Tutoring, our tutors can give you that extra edge and help you focus, to achieve the result you want. For more help and guidance, give us a call. Free 30 Minute Consultation. Personalized Study Schedule Review. Review Practice Questions. Test Taking Tips. Review Mult. Choice Practice Questions. Review Long-Answer Practice Questions. The first is the most obvious — if you pass, you can immediately go for CFA Level 2 the following June.
Although Level 2 is a different exam, there is some overlap in topics which will certainly help. Another timing consideration is how a December Exam date can impact the length of time required to complete all three levels.
Pushing it off to June for instance, extend the time to complete all three levels by at least a year. For example, if you took the December CFA Level 1 Exam, you could theoretically complete Level 3 assuming you pass all three the first time through by June A lot of life can happen in a single year.
Why risk it? Get it done while you have the time. Lastly, consider outside temptations at different times of the year - namely, the weather! As the December exam approaches the weather tempts candidates much less than it does in the spring after a long winter. A nice warm library is a tolerable place to be as you approach the December Exam. Our students typically take between 3 to 5 months on average. You may only need 3 months if you have a deep educational background E.
On the flip side, those with an undergraduate degree in an unrelated subject may find they need closer to 5 months or more in some cases. If you are starting from scratch consider giving yourself a 6 month head start — especially if you need to learn basic accounting and statistics two difficult and large sections. At Professional Exam Tutoring, we always advise our students to start with the highest weighted content first.
We recommend that you start with the highest weighted sections for two main reasons. The three exams have traditionally been offered in June, with the exception of Level I , which could be taken in December as well.
As of , all levels of the CFA exam will be computer-based. Due to postponements, two temporary windows for were added in March and January.
Although the exams can be taken as many times as needed, each exam typically requires candidates to study in excess of hours. Given the considerable amount of time that must be spent studying, many candidates are deterred from continuing the CFA Program after failing one of the levels.
To receive a charter, each candidate must pass all three exams and have four years of qualified work experience in investment decision-making. The exams are difficult. Having the right plan and the discipline to follow the plan are essential skills for passing all three exams. The pass rate was similar to previous years. The increase in test-takers came primarily from Asia. The Institute now has test-taking centers in 91 countries and territories around the world.
The six-hour exam covers topics ranging from ethics and professional standards, to quantitative methods, economics, financial reporting and analysis, corporate finance , equity investments, derivatives , alternative investments , portfolio management , and wealth planning, which is why most CFA charterholders recommend studying for more than hours. The books provided by the CFA Institute provide more material than what is necessary to learn for the exam.
Many candidates elect to study from an alternative source of prep materials, such as study books provided by Schweser. Classes, videos, and online quizzes can also provide assistance in studying for the exams. Utilizing a variety of methods for studying and taking advantage of prep materials can enhance a candidate's ability to pass the test. However, pass rates were much higher when the exams were first initiated in and have been trending downward since then.
The test material is very difficult, and exam questions are designed specifically to trick the candidates. For this reason, candidates should take many practice tests to go through practice questions and get a feel for the types of questions they will encounter.
Level I has multiple-choice questions as of the number of Level I questions was reduced from to ; Level II consists of 20 item set questions and Level III has a combination of item set questions and short essays. Although Level I's multiple-choice questions only have three possible answers, candidates need to read the questions carefully to select the correct answers, which can often include "none of the above" and "all of the above" as possible answers.
The time pressure during the exams also creates some anxiety for candidates.
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