How to Pass the CFA Exam Level 3
The CFA Level Three exam is the final exam in the three part series. This exam will test your ability to apply the knowledge you have learned in both previous exams. Once you pass this exam, you will receive the highly coveted Chartered Financial Analyst designation.
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Instructions
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Know how the test is set up. The CFA Level three exam is composed of 12 to 15 essay questions and 10 case studies with 6 multiple choice pertaining to each case study.
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Understand the focus of the exam. For the CFA Level three exam, the focus lays predominately on Portfolio Management and Asset Valuation.
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Know the Candidate Book of Knowledge's Professional and Ethical Standards. Just like the other two CFA exams, you will again be questioned about the ethical and professional standards contained in this book.
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Study Quantitative Analysis and Economics. These subjects account for 0-10 percent or your overall exam score.
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Focus your studies on Asset Valuation. This section accounts for 40-50 percent or your overall exam score and includes the following type of investments: Equity, Fixed Income Alternative investments and Derivatives.
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Comprehend all the aspects and concepts of Portfolio Management. Portfolio Management and Asset Valuation are the main focus of the CFA Level three exam. This section will account for 35 to 45 percent of your overall exam score.
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Tips & Warnings
Set aside study time every day and stick to a schedule. Be sure to include time to review the concepts of the previous two CFA exams.
Get a full eight hours rest the night before. If you don't get a full eight hours of sleep the night prior, you run the risk of failing this exam due to lack of sleep.
Like the others, this exam is six hours long and mentally draining. Eat a healthy breakfast that includes protein and carbohydrates so you will maintain your focus throughout the day.
This test changes every year. This is done to prevent candidates from what is called "gaming" the exam. So, if you fail the exam, start studying once again from the beginning.
Don't let time psyche you out. Apply your time management skills for this exam. Go through it once and answer the questions that come easy to you first. This will prevent you from failing to answer all the questions.
