5 Reasons You Might Not Pass the CFA Level 3 Exam
So you received your CFA Level 3 exam results and you didn’t pass. What’s next? Read on for five common pitfalls candidates face when preparing for the CFA Level 3 exam and how to avoid them the next time around.?
If the global candidate uses review provider notes, q-banks and mock exams as “the chosen method” for passing the CFA Level 3 exam, then why is the global pass rate below 50%?? The proof is in the process. The process is broken.
The solution? Change your process. The CFA tells you where to find the questions you need to and it’s not in q-banks or mock exams. Find a review provider who is curriculum-centric, who goes into the nitty gritty details, is up-to-date on the readings and concepts, and most importantly, is a skilled enough teacher to help you master them.
2. Repeat the same approach you used for Levels I and II and expect the same results
CFA Level 3? is a very different exam with material that is not siloed in its presentation (equity valuation vs equity portfolio management). Topics cross and intertwine on the Level 3 exam. Using the same approach that worked for Levels 1 and 2 will lead to disappointing results.
What steps can you take to improve your chances of passing CFA Level 3? Follow LevelUp Bootcamps' time-tested process.
3. Details matter.
You skipped details, dismissed them as too tough to understand the relevance, didn’t see them, or said they won’t test that detail. You were likely wrong.
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A good review provider leaves no stone unturned. The CFA Level 3 exam is detail-oriented; however, most candidates ignore these details and underestimate question difficulty.?
To succeed, you need to work the hard problems in the CFA curriculum (the ones you likely ignored), including white text, blue box and end-of-reading examples. When those three examples intersect on a topic, then it’s highly likely that topic will be tested. Find a review provider who covers these concepts so you can earn maximum points on exam day.?
4. Using shortcut methods
Using incomplete review notes places you at peril on exam day.? Does the exam cover what your notes did or not? Spin the roulette wheel.? If you struggled with concepts or computations on exam day, it was likely your review provider notes didn’t adequately cover the concept if at all.
Find review materials that are based on the most up-to-date CFA Level 3 curriculum and cover every testable concept, example and exhibit likely to show up on the exam. A good review provider will help ensure you cover all the relevant concepts while preventing the information overload that can occur if you try to read the curriculum on your own.?
5. Going outside the CFA curriculum readings
Using summary review provider notes may be convenient but it’s a shortcut. Using question banks and mock exams as proxies for the exam does not work. When a candidate steps away from the CFA readings they open themselves to failure.
The only way to master the CFA Level 3 curriculum is to live in it. Join a virtual community of CFA Level 3 candidates who tackle the readings together under the guidance of an expert review provider. Find a provider who asks you to provide solutions to example questions and critiques your solutions in real time, so you learn to improve your answers and hone your constructed response skills. You’ll learn exponentially this way.?
Join tens of thousands of candidates who have passed the CFA Level 3 Exam with the help of Marc A. LeFebvre, CFA, Founder of LevelUp Bootcamps. For years, Marc watched candidates struggle with the complexity of the CFA Level 3 exam and recognized the need for an innovative, personal, hands-on approach that leaves generic, big-box review providers in the dust. Visit www.levelupbootcamps.com to get started on your CFA journey of success!