fbpixel

LEVEL III CFA: Study Advice – September 2020


In this blog, We will share some advice on preparing for your LIII CFA Exam

Our first point has to do with your schedule.

  1. Make a Schedule It is late September and your exam is in early December which means you have less than 3 months left for your exam. You should update your schedule to make the best use of this time. If you haven’t already finished the curriculum, we would suggest that you complete the remaining study sessions so that you are done with the first round of the curriculum by the end of this month. By end of October, you should finish the second round of revision. The month of November should be spent exclusively on review and practice. Revise using the IFT High-Yield Videos and Notes, it will help you remember the key concepts.

Our second point has to do with active learning!

  1. Do active learning: Active learning means that when you study a concept you also practice what you have studied, in order to internalize that concept. If you are listening to the IFT Videos, reading the curriculum, or going over the IFT Notes you must do the embedded examples. After you have finished each reading do the practice problems given at the end of the reading, which includes practice questions in the essay exam format. Make sure that you answer those questions as if you are taking the actual exam. Do scan through the IFT Key Facts & Formulas Sheet for a quick review of all the important facts and formulas.

Active Learning Update: IFT has updated its Video Packages to include Summary Slides with Learning Outcomes and also practice questions after each video!

Our third point has to do with making the most of the CFA Institute material.

  1. Make the most of CFA Institute Material: As the curriculum is provided by the CFA Institute,  you should work through all examples and practice problems from the curriculum. The CFA Institute also provides many practice questions on their website – organized topic-wise. As you finish a topic make sure that you do all the questions that are given on the CFA Institute website related to that topic. In the final month, you should do the IFT Mock Exams and the Mock Exams provided by the CFA Institute.

Level III Essay Exam

You should attempt the past actual essay exams that have been provided by the CFA Institute. The curriculum has changed significantly in 2020 which means that many questions from the past exams are not relevant anymore. Nevertheless, you should at least do the questions that are still relevant.

Every year a lot of very intelligent candidates fail the exam because they have not properly prepared for the essay exam. So developing the skills necessary to do well on the essay exam is important. We strongly recommend that you watch my video on How to pass the Level III essay exam”. Here we give you valuable advice in terms of dealing with the essay exam.

Solve questions from past papers: You should try to solve questions from past papers. We recommend that you do the questions from the most recent papers. At least do the questions from the 2017, 2018, and 2019 essay exams. You can attempt these questions on a topic-wise basis. When you complete a particular topic such as Private Wealth Management then do the questions related to Private Wealth Management from the past papers. To figure out which questions from past papers are relevant you can refer to our Level III Past Essay Exam Relevance Document. You will notice that this document lists questions spanning several years but as there have been many changes in the curriculum over the years you should focus on the more recent exams.

IFT essay exam videos If you have subscribed to our videos then we strongly recommend that you also watch our essay exam videos. Sometimes students get into the trap of writing too much while others write too little. When you watch these videos, you will learn how to answer questions in an appropriate manner that will allow you to pass the exam. The central point that we emphasize in these videos is that you answer exactly what you are asked.

In the final month of your preparation, you can work through the IFT Mock Exams and the CFA Mock Exam. You should use the IFT grading service to benefit from our instructors’ advice on how to improve your structured responses.

Best wishes!

-IFT Team