IPS intensity

First of all you would expect that a level 3 candidate would not exhibit such astounding levels of stupidity. Due to financial reasons I haven't enrolled yet for the 2010 exam. As a result, in order to prepare for the exam I bought the materials for the 2009 exam at a pretty deep discount on ebay. I always tell people preparing for the exam that the key is to follow the LOS. So of course I start with study session 4. As part of my studying I spend a full day and a half becoming proficient on a difficult reading that isn't in the 2010 cirriculum. I now know more about trusts than I will ever need to know - probably.

As I mentioned I decided to start with SS4. The first 2 are ethich which I am probably going to do either at the start of the new year or closer to the end to keep it really fresh. I have already gone through 3-5 in September when I burned out. 3 is about biases and kind of easy so 4 was the logical place to start. It is definietly a meaty area where I can get or miss a lot of good points. It deals with individual portfolio management. Every year the CFAI lists the actual essay questions from that years exam. The first essay question for the last 5 years has been tied for the most points and has been on this study session. I spent a full 10 days working on it and feel good, but not that good. On the essay questions, I get most of the points, but not as many as I would like. The good part about essay questions is that if you don't know all of the answer you can get partial credit. The bad part is it is so hard to get all of the points.

The main thing that I have noticed about level 3 thus far is the amount of thought involved. I am expected to actually think. The previous levels involved remembering what I learned in the texts. Now I am expected to derive your tolerance for risk based in part on your occupation. For instance, a fashio designer would be more willing to take risk than a librarian. However, they will give me an occupation and tell me to think. The text doesn't list every occupation in existence. That means I have to use judgement. If I wanted to think I wouldn't have spent so many years studying numbers. The things you have to sacrifice to become a CFA.