How to Pass the CFA Program Level III Essay Exam

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Introduction

1. Introduction

Introduction

1. Introduction

Introduction

1. Introduction

Introduction

1. Introduction

Introduction

1. Introduction

Introduction

1. Introduction

Introduction

1. Introduction

Introduction

1. Introduction

Introduction

1. Introduction

Market Regulation

10. Market Regulation

Using Geometric and Arithmetic Means

10. Using Geometric and Arithmetic Means

concepts level I

101 concepts level I

concepts level II

101 concepts level II

Acquisition of Long Lived Assets

2. Acquisition of Long-Lived Assets

Aggregate Output and Income

2. Aggregate Output and Income

Alternative Investments

2. Alternative Investments

Analysis of Market Structures

2. Analysis of Market Structures

Benefits of Securitization for Economies and Financial Markets

2. Benefits of Securitization for Economies and Financial Markets

Bond Prices and the Time Value of Money

2. Bond Prices and the Time Value of Money

Bonds Payable

2. Bonds Payable

Capital Market Theory

2. Capital Market Theory

Components and Format of the Cash Flow Statement

2. Components and Format of the Cash Flow Statement

Corporate Governance Overview

2. Corporate Governance Overview

Cost of Capital

2. Cost of Capital

Credit Risk

2. Credit Risk

Demand Analysis The Consumer

2. Demand Analysis: The Consumer

Discrete Random Variables

2. Discrete Random Variables

Fundamental Concepts of Derivative Pricing

2. Fundamental Concepts of Derivative Pricing

Hypothesis Testing

2. Hypothesis Testing

Index Definition and Calculations of Value and Returns

2. Index Definition and Calculations of Value and Returns

International Trade

2. International Trade

Investment Characteristics of Assets

2. Investment Characteristics of Assets

Leverage

2. Leverage

Managing and Measuring Liquidity

2. Managing and Measuring Liquidity

Monetary Policy

2. Monetary Policy

Net Present Value and Internal Rate of Return

2. Net Present Value and Internal Rate of Return

Overview of a Fixed Income Security

2. Overview of a Fixed Income Security

Overview of Global Fixed Income Markets

2. Overview of Global Fixed-Income Markets

Overview of the Business Cycle

2. Overview of the Business Cycle

Portfolio Planning

2. Portfolio Planning

Probability Expected Value and Variance

2. Probability, Expected Value, and Variance

Sampling

2. Sampling

Some Fundamental Concepts

2. Some Fundamental Concepts

Technical Analysis Definition and Scope

2. Technical Analysis: Definition and Scope

The Concept of Market Efficiency

2. The Concept of Market Efficiency

The Financial Analysis Process

2. The Financial Analysis Process

The Foreign Exchange Market

2. The Foreign Exchange Market

The Functions of the Financial System

2. The Functions of the Financial System

Accounts and Financial Statements

3. Accounts and Financial Statements

Aggregate Demand Aggregate Supply and Equilibrium

3. Aggregate Demand, Aggregate Supply, and Equilibrium

Analytical Tools and Techniques

3. Analytical Tools and Techniques

Approaches to Identifying Similar Companies

3. Approaches to Identifying Similar Companies

Assets and Contracts

3. Assets and Contracts

Business and Financial Risk

3. Business and Financial Risk

Capital Structure Seniority Ranking and Recovery Rates

3. Capital Structure, Seniority Ranking and Recovery Rates

Company Stakeholders

3. Company Stakeholders

Context for Assessing Financial Reporting Quality

3. Context for Assessing Financial Reporting Quality

Continuous Random Variables

3. Continuous Random Variables

Costs of the Different Sources of Capital

3. Costs of the Different Sources of Capital

Currency Exchange Rate Calculations

3. Currency Exchange Rate Calculations

Current Assets and Current Liabilities

3. Current Assets and Current Liabilities

Depreciation and Amortization of Long Lived Tangible Assets

3. Depreciation and Amortization of Long-Lived Tangible Assets

Determining the Tax Base of Assets and Liabilities

3. Determining the Tax Base of Assets and Liabilities

Distribution of the Sample Mean

3. Distribution of the Sample Mean

Fiscal Policy

3. Fiscal Policy

Forms of Market Efficiency

3. Forms of Market Efficiency

Hedge Funds

3. Hedge Funds

How Securitization Works

3. How Securitization Works

Hypothesis Tests Concerning the Mean

3. Hypothesis Tests Concerning the Mean

Index Construction and Management

3. Index Construction and Management

Interest Rate Risk on Fixed Rate Bonds

3. Interest Rate Risk on Fixed-Rate Bonds

Inventory Valuation Methods

3. Inventory Valuation Methods

Leases

3. Leases

Legal Regulatory and Tax Considerations

3. Legal, Regulatory, and Tax Considerations

Managing the Cash Position

3. Managing the Cash Position

Perfect Competition

3. Perfect Competition

Portfolio Construction

3. Portfolio Construction

Portfolio Expected Return and Variance of Return

3. Portfolio Expected Return and Variance of Return

Portfolio Return Measurement

3. Portfolio Return Measurement

Prices and Yields Conventions for Quotes and Calculations

3. Prices and Yields: Conventions for Quotes and Calculations

Pricing and Valuation of Forward Commitments

3. Pricing and Valuation of Forward Commitments

Pricing of Risk and Computation of Expected Return

3. Pricing of Risk and Computation of Expected Return

Primary and Secondary Bond Markets

3. Primary and Secondary Bond Markets

Revenue Recognition

3. Revenue Recognition

Risk Aversion and Portfolio Selection

3. Risk Aversion and Portfolio Selection

Risk Governance

3. Risk Governance

Summarizing Data Using Frequency Distributions

3. Summarizing Data Using Frequency Distributions

Supply Analysis The Firm

3. Supply Analysis: The Firm

Technical Analysis Tools

3. Technical Analysis Tools

The Cash Flow Statement Linkages and Preparation

3. The Cash Flow Statement: Linkages and Preparation

The Future Value of a Single Cash Flow

3. The Future Value of a Single Cash Flow

The Structure of Derivatives Market

3. The Structure of Derivatives Market

Theories of the Business Cycle

3. Theories of the Business Cycle

Trade and Capital Flows Restrictions and Agreements

3. Trade and Capital Flows: Restrictions and Agreements

Types and Characteristics of Equity Securities

3. Types and Characteristics of Equity Securities

Cash Flow Statement Analysis

4. Cash Flow Statement Analysis

Common Ratios Used in Financial Analysis

4. Common Ratios Used in Financial Analysis

Detection of Financial Reporting Quality Issues

4. Detection of Financial Reporting Quality Issues

Economic Growth and Sustainability

4. Economic Growth and Sustainability

Elliot Wave Theory

4. Elliot Wave Theory

Exchange Rate Regimes

4. Exchange Rate Regimes

Expense Recognition

4. Expense Recognition

Financial Intermediaries

4. Financial Intermediaries

Hypothesis Tests Concerning Variance

4. Hypothesis Tests Concerning Variance

Identification of Risks

4. Identification of Risks

Industry Classification Systems

4. Industry Classification Systems

Interest Rate Risk and the Investment Horizon

4. Interest Rate Risk and the Investment Horizon

Introduction to Pensions and Other Post Employment Benefits

4. Introduction to Pensions and Other Post-Employment Benefits

Investing Short Term Funds

4. Investing Short-Term Funds

Investment Decision Criteria

4. Investment Decision Criteria

Market Pricing Anomalies

4. Market Pricing Anomalies

Money Market Yields

4. Money Market Yields

Monopolistic Competition

4. Monopolistic Competition

Monte Carlo Simulation

4. Monte Carlo Simulation

Non Current Assets

4. Non-Current Assets

Point and Interval Estimates of the Population Mean

4. Point and Interval Estimates of the Population Mean

Portfolio Risk

4. Portfolio Risk

Present Value Models The Dividend Discount Model

4. Present Value Models: The Dividend Discount Model

Pricing and Valuation of Options

4. Pricing and Valuation of Options

Private Equity

4. Private Equity

Private versus Public Equity Securities

4. Private versus Public Equity Securities

Rating Agencies Credit Rating and Their Role in Debt Markets

4. Rating Agencies, Credit Rating and Their Role in Debt Markets

Residential Mortgage Loans

4. Residential Mortgage Loans

Sovereign Bonds

4. Sovereign Bonds

Stakeholder Management

4. Stakeholder Management

Structure of a Bond s Cash Flows

4. Structure of a Bond’s Cash Flows

Temporary and Permanent Differences between Taxable and Accounting Profit

4. Temporary and Permanent Differences between Taxable and Accounting Profit

The Accounting Process

4. The Accounting Process

The Balance of Payments

4. The Balance of Payments

The Capital Asset Pricing Model

4. The Capital Asset Pricing Model

The Future Value of a Series of Cash Flows

4. The Future Value of a Series of Cash Flows

The Graphic Presentation of Data

4. The Graphic Presentation of Data

The LIFO Method

4. The LIFO Method

The Maturity Structure of Interest Rates

4. The Maturity Structure of Interest Rates

The Relationship between Monetary and Fiscal Policy

4. The Relationship between Monetary and Fiscal Policy

The Revaluation Model

4. The Revaluation Model

Topics in Cost of Capital Estimation

4. Topics in Cost of Capital Estimation

Topics in Probability

4. Topics in Probability

Types of Derivatives

4. Types of Derivatives

Unemployment and Inflation

4. Unemployment and Inflation

Uses of Market Indexes

4. Uses of Market Indexes

Accruals and Valuation Adjustments

5. Accruals and Valuation Adjustments

Behavioral Finance

5. Behavioral Finance

Beyond the Capital Asset Pricing Model

5. Beyond the Capital Asset Pricing Model

Board of Directors and Committees

5. Board of Directors and Committees

Bonds with Contingency Provisions

5. Bonds with Contingency Provisions

Conclusion

5. Conclusion

Credit and Liquidity Risk

5. Credit and Liquidity Risk

Describing and Analyzing an Industry

5. Describing and Analyzing an Industry

Economic Indicators

5. Economic Indicators

Efficient Frontier and Investor s Optimal Portfolio

5. Efficient Frontier and Investor’s Optimal Portfolio

Equity Analysis

5. Equity Analysis

Equity Indexes

5. Equity Indexes

Evaluating Solvency Leverage and Coverage Ratios

5. Evaluating Solvency: Leverage and Coverage Ratios

Exchange Rates International Trade and Capital Flows

5. Exchange Rates, International Trade, and Capital Flows

Impairment of Assets

5. Impairment of Assets

Inter market Analysis

5. Inter-market Analysis

Inventory Method Changes

5. Inventory Method Changes

Investing in Non Domestic Equity Securities

5. Investing in Non-Domestic Equity Securities

Managing Accounts Receivable

5. Managing Accounts Receivable

Measures of Central Tendency

5. Measures of Central Tendency

Measuring and Modifying Risks

5. Measuring and Modifying Risks

How to Pass the Level III Essay Exam

The Level III Structured Response or ‘Essay’ Exam is very different from the exams you have seen at Level I and II. Only if you understand this exam format and are able to ACE it….will you stand any chance to Pass the Level III exam!

Watch my videos below to understand how to approach this formidable paper and the next steps you need to take!

The below video tells you how to take advantage of past essay exam papers. You can download the 2020 Relevancy document from this link. All 2020 IFT video packages include the Past Essay Exam Solution Videos. The videos cover selected essay exam questions from 2012 to 2018.