Post Game Review

Well, it's taken several years, but I am now done taking level 3. When I dreamt about this summer, I thought I would be on pins and needles for 3 months waiting for the results. I didn't think that I would be taking MBA classes at the same time. Right now, I'm just happy to be done. I don't even now when the results will be out. They probably sent the email, but they sent it to my tertiary email account and I can't be bothered to check it more than 2 or 3 times a month.

Anyway, the test was actually not that bad. I think I might have done average on ethics, but always think that. Last year I got in the right hand on ethics (which is probably why I passed) and didn't think I had done particulary well at this point. Derivatives were tough, and between the various futures, indexes, and other minutae, it was about 20-25 percent of the exam. I think I muddled my way to about 50% on all derivative questions. Everything else, I feel pretty confident about. I missed very few calculations that weren't derivatives (and got some of those as well). I was expecting much worse from the essay questions, but they were decent overall. The essay section was only the second time ever in a CFA exam that I was running out of time. I had enough time to finish all of the questions, and then enough time to flip through the book to confirm I answered them all before time ran out. The main reason for that was that I managed the time poorly. I treated the questions as essay questions, and they were actually short answer. I tried to give too much detail on some of the lower point questions so by the time I got to portfolio management I was only able to give the right amount of detail. Of course, the PM questions were worth the most points as I expected.

All in all, derivatives are the key. The higher I did, the more likely I pass. I had said before that if I failed this, I would take next year off. After seeing the real thing, if I fail, I proably won't take it next year, but I will consider it.

I deserve to fail.

If you ever have the chance to do an accelerated MBA program, while preparing for a first attempt on a CFA exam, while commuting 4 hours per day, I would advise you not to do it. My ideal schedule during the week is as follows. I wake up at 5 am. I am on the road by 6 in order to make it to class by 8. First class is over at 11am (each class is 3 hours long). Then I have roughly 90 minutes for lunch before the next class. The second class is done by 3:30 which gets me to pick up Jordan by 6 pm. Then I have to get Jordan to bed by 8 pm, and walk and feed the dogs before inhaling dinner for myself. Do the math and that means I get about 90 minutes during the day where I can lunch and study. Maybe another 30 minutes or so at night before I go to bed. That assumes that I have no group assignments during the week - which I do. This isn't a blog about MBA programs so I will simply say that I haven't been able to devote the time I had budgeted to review though I have been able to devote some time. If I can't meet my own standards do I deserve to meet theirs?

On my practice tests I have come pretty close to passing, getting aroun 60%. That leaves me about one essay question and one item set from a likely passing score. I have been doing poorly one ethics during the practice so if I improve there, that might be good enough. Thus far I have been relying on Schweser for my practice exams, but that ends this weekend. This weekend I am taking a mock exam offered by CFAI for the item sets. For the essay portion the CFAI has posted the actual essay questions from the previous 3 years on their website and I have intentionally been avoiding the 2009 questions in anticipation of this weekend. If they are heavy on the early sessions and light on bonds and derivatives, I should be able to do well. I will update at least one more time before the exam.



My schedule admittedly was built in with a little cushion in proficiency, but the point is that now I can't

The Weather is Hot and the Pressure is On

Well I have finally finished all of the learning for Level 3 and the entire cirriculum. Now all I have to do is demonstrate a third of it in a month. This is actually my favorite part of the entire process. I don't have to learn a lot, I just get to review and work on practice questions. Of course this year is special because my next step is to start reviewing on the very first day that I am an MBA student. I am going to face hell over the next month.

Before I begin though I am going to take my first full length practive exam today. I actually don't expect to pass or even do particularly well. I haven't really reviewed a lot yet so the goal is to just try and get a baseline so that I can track my performance and hopefully improvement over the next month. I will keep you updated on my score in a few days.

T-minus 10 days...

I apologize for not posting in several months, but I have been busy so I wrote several posts in Word but for some reason, the computer won't let me copy and paste text.

Anyway, I am now on my last study session on measuring investment performance. Not surprisingly, one of the last sessions is one of the most difficult. Part of the reason is that it isn;t as intuitive as some of the others. Most of the others build on things from previous levels. This doesn't, so I'm not expanding my knowledge base in a particular area. On top of that, it's warm out which makes every fiber of my being want to review. I learn when it's cold and review when it's warm. When it's hot I wait for the results. On top of that I begin my MBA program in 12 days, and the anticipation is absolutely a distraction.

10 days from now will be a red letter distraction. I will have completd session 17 and have officially learned everything that a CFA charterholder is expected to know. I must still spend a month on review and then demonstrate that I have the knowledge, but it will be nice to say that I will have completed the education. I'll probably celebrate by getting a chili dog.

Almost halfway done

Today I am finishing up study session 10. It was on bonds and how they relate to portfolio management. Everything has to do with portfolio management in level 3. I understand how it makes me a better all around analyst, but I much preferred asset valuation in level 2. I have finished sessions 4 through 10 now, which is 7 of 18 total. Next will be two sessions on equity.

These last two weeks I have really gotten into the swing of things. I easily surpassed 15 hours last week and I am test ready on session 10 and 8. I have even made laminated copies of the formulas thus far and put one in each car and a copy for the house. I got in 3 hours of studying on Monday and 90 minutes this past Sunday. That 90 minutes is pretty amazing considering the playoffs were on. Divisional weekend is in my opinion the best sports weekend of the year and I made time to study both days. I mentioned the formulas above. There actually aren't that many. There are several dozen thus far, but noticeably fewer (and simpler) than at level 2 in my opinion.

Part of being a candidate for me is the emotional roller coaster. Some days I feel really confident that I can pass and then I mess up a particular reading and I'm convinced I will fail. The confident days don't have anything to do with results. On the two days I have passed the feeling was relief, not joy. Anyway, I have been feeling really confident for the last couple of weeks. I am really starting to feel test ready. I just purchased some practice tests from ebay so I will update in a few weeks on how prepared I really am.