If you are preparing for the Level 3 portion of the CFA exam, take a moment to congratulate yourself for passing the first two levels. Now, it’s time to get out your CFA study materials one last time to get through Level 3. While Level 3 is uniquely challenging because of its heavy emphasis on writing, it is definitely doable. Here are some tips and tricks to help you prepare for Level 3 of the CFA exam:
Know Your Focus: The Level 3 of the exam focuses on Portfolio Management and omits certain sections found in parts 1 and 2 such as Corporate Finance. Before you create your study plan, make sure you look at which sections will appear on the exam, as well as their percentage weight. You can then use your CFA self-study materials to focus on the areas that are most crucial.
Practice Writing: There is much more writing in Level 3 of CFA vs the CPA exam. Where the CPA has some questions that require a short answer, Level 3 of the CFA has an entire morning session that has constructed answer questions. You should still be practicing your handwriting as this portion is handwritten, and not typed. You can optimize your practice by going through the questions in your CFA self-study materials several times- just give yourself enough time in between to forget some of your previous answers. Keep in mind, that while you don’t need to write a full essay, you do need to write enough to convince the graders that you know what you are doing.
Embrace Variety:The morning session of the CFA does not offer a predictable number of questions, and you should be prepared to devote a variety of time to questions. Some of your questions will take five minutes, white others will take twenty. Your CFA self- study materials should have a variety of questions, just like your exam, and you should practice answering each type. When looking at the answers, try to outline key words or statements that will make your answer valid with minimal writing- as this will save you time.
According to CrushTheFinancialAnalystExam.com, the level 3exam is challenging, it is manageable with practice and perseverance. If you struggle, you can take a break, or change something about your schedule. The important thing is to put the work in and not to give up hope.