Of all the material in the CFA level 3 curriculum, Reading 18, Currency Management, is my least favorite subject. I did not enjoy dealing with currencies during my CFA level 2 studying and they as just as frustrating in my CFA level 3 studying. I have been studying this material more than any other subject in the curriculum and I still get easily tripped up when dealing with currencies.
Hats off to all the currency overlay managers out there, I am impressed with your chosen profession.
I went to my Q-Bank to quiz myself and was surprised to see only 18 questions in total on Reading 18. This was a bit on the low end of the number of questions I expected. I quizzed myself on all 18 questions. Some questions were easy. Some questions felt impossible. I thought I had the correct answer to a particular question, clicked submit and was disappointed to learn that I was working in Mexican pesos when I should have been working in euros. Tricky stuff. My final score was a dismal 61.11%, or 11 out of 18 questions correct.
I thought it was just me who was having difficulty comprehending this material. However, I was relieved to learn that most candidates using Schweser’s Q-Bank are suffering in a similar fashion to me. The Q-Bank community’s score on the 18 Currency Management questions is only 61.89%. Seeing the aggregate score of the Q-Bank community is one of my favorite features of the Q-Bank. It lets me know where I actually stand. If I could not see the community score I would panic with a 61.11% and would have probably spend another day on the material. I would prefer my score be much higher, but I can probably find some lower-hanging fruit elsewhere in the curriculum. Additionally, only 18 questions imply that this may not be the most important subject to commit extra time.
Normally, when confronted with a challenge I like to conquer it, but my theta is decaying quickly as the exam is only 48 days away. I am going to assume some risk here and move on.
Update: About 6 hours after posting this I logged into Q-Bank to quiz myself on Indices and Benchmarks and noticed that Schweser updated their Q-Bank, adding 19 questions to Currency Management. I was happy to see Schweser add more questions and give me a chance to improve my understanding of the material.