The CFA Level III exam focuses on estate planning and portfolio management, and many of the questions are posed in the form of an essay. The exam is divided into two sessions: one in the morning and one in the afternoon. The curriculum is very comprehensive and introduces new concepts. Each element of the level III exam consists of a bullet followed by 4 questions multiple-choice.
The 44 multiple-choice items are worth 3 points each. This is a detailed description of my level 3 CFA study guide with some useful ideas, which I hope will be useful for your last CFA exam (fingers crossed). The CFA Level 3 is a computerized exam that takes place twice a year, in February and August. We need to understand what CFA Level 3 is about to overcome. CFA Level 2 is difficult because of the large amount of materials you have to learn and know how to calculate, while the CFA Level 3 curve is the constructed response format and the most qualitative nature of the questions. Make sure you're prepared by investing in a CFA review course that helps you understand the exam material and feel safe on test day.
But for LIII, did you prepare only with FinQuiz Pro or did you use the CFA Institute book, especially for Behavioural Finance, Portfolio Management-Individual & Institutional? So far, I've found the pros and cons of both approaches. Since you are starting your level 3 review, I suggest that you focus on FinQuiz in your studies to cover all your bases, since you are used to its formats in the last two levels. Yes, the level III exam is more difficult than the level II exam because the level III exam contains an integrated answer section, and your knowledge in portfolio management and estate planning represents between 35 and 40% of your score. The curriculum does not state what an “average rate of return” is for an investor, but the candidate must be able to calculate and interpret the required return taking into account the investor's level of risk tolerance.
As with level I and II exams, you can only bring certain approved personal items (such as a calculator, glasses and your passport) to the exam center. The first thing to do when you start your first level 3 exam is to check how much time you have per question, as the number of questions varies from year to year. To prepare for the CFA Level III exam, you should familiarize yourself with the exam format, the weighting of the topics, the types of questions, the passing rate, and the way you study for the exam. In general, it will take longer for you to receive the CFA Level III results than to receive the results of the other two exams. The curriculum of the level III exams focuses on investments in fixed income, as well as portfolio management and estate planning, using questions that evaluate analysis, synthesis and evaluation skills.
The level III exam requires more study time compared to the other two exam levels, so make sure you have enough time to study. Learn more about FinQuiz CFA Level III study supplements and how they can help you keep your study schedule up to date. For the CFA Level III exam, you'll need to apply the skills you learned in the Level II exam, in addition to the ability to apply your judgment and writing skills. The recommended study time for Level III is at least 344 hours (compared to 303 hours for Level I and 328 for Level II). The structured response section of the CFA Level III exam is the most important difference from the Level CFA exam II.