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2021 CFA Program Level III Exams and Computer Based Testing

Level III Exam Overview of the Computer-based Testing (CBT) CFA is transitioning to computer-based testing instead of paper-based exams for all levels from 2021. Here is a summary of the major changes for the 2021 exams. Study Sessions & Weights There are no changes in Study Sessions’ weights relative to 2020. The CFA Institute gives weights in ranges instead of giving a specified number of questions. For example, Fixed Income has a range of 15 – 20%. This means that Fixed Income questions can be 15%, 20%, or an average of 18% of the total questions. You should expect to… Read More

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Failed the Level III Exam? Sorry To Hear That…

Level III is a strange exam. In fact this is the only exam where I come across some very smart and hardworking people failing. This has to do with the format for the exam. Those who study a lot, know a lot and end up writing a lot.  The problem with this approach is that a candidate might do half the paper really well but scramble through the rest… possibly leaving a few questions all together. The most you can get on a good response is 100%.  If you leave an answer blank you get 0%.  Bottom line is that… Read More

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Your Dec 2020 Level I & II Exam Results

Today CFA Institute is announcing the results for the December 2020 Level I and II exams. If you know your result, then you have either experienced the joy of passing or the disappointment of falling short. The result time is always slightly awkward for me – because I share the happiness of those who did well, while at the same time I feel for those who did not make it. For those who took the Level I or II exam, you will fall in one of the categories given below. Please click on the link which describes your situation. It… Read More

Level I, Level II

Advice for those who passed the Level II exam

To begin, I would like to congratulate you. You have passed the Level II exam, a significant accomplishment. Now, however, your next major target should be to clear the Level III exam. Unless there are compelling reasons otherwise, I’d recommend that you take the Level III exam in May 2021. You have a rhythm going, the Level II material is relatively fresh, so why wait? Here how your CFA Journey can look like: Now let us talk a little about Level III. There is a common perception that Level II is the hardest of all three exams, and so things… Read More

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Advice for those who passed the Level I exam

Congratulations! Passing the Level I exam is the first major milestone on your journey towards the CFA charter and is a major accomplishment. At this stage, you might be wondering whether to take the Level II exam in May, August, or November 2021and if so, when to start studying? Here is how your path to your charter can look like:   Whether or not to take the Level II exam in May 2021 should depend on the following: Did you enjoy the Level I material and are you still excited about pursuing a career in investment management? Given your personal… Read More

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Advice for those who didn’t pass the Level I exam

If you failed the Level I exam it is natural to feel disappointed, but you must put this temporary set-back behind you and move on.  Failure was never meant to be a signal to turn back, but instead, an obstacle that the stronger and wiser use to boost themselves up and attain greater heights. Your recent failure might cause you to wonder whether or not to continue with the CFA Program, and if so when to retake the exam. Let us consider the first question: whether to continue with the CFA Program or not. For those who did not pass,… Read More

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Advice for those who didn’t pass the Level II exam

If you failed the Level II exam your natural response is probably to feel disappointed. You might even be wondering whether or not you should continue with the CFA Program.  The typical advice is to keep trying; however, I suggest a more thoughtful approach. Put the result on the side for a moment and ask yourself: Did I really enjoy the subject matter? Try doing a post-audit on why you did not pass. Was it because you did not have enough time to prepare for the exam? Or did you have a very hard time understanding the concepts? Is the… Read More

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