I spoke a fellow classmate from Creighton’s MIMFA (Master’s of Investment Management and Financial Analysis) program last weekend.
Me: “So, how far along are you in Schweser?”
Classmate: “Oh, I am burnt out. I am about 40% through the Q-Bank and averaging about 80%. You?”
I was only 1.72% through the Q-Bank at that moment with an approximate 75% average. And, I feel burnt out too!
I am not where I need to be.
I am not moving through the material quickly enough.
I am below my target glide path.
The CFA level 3 exam has about a 50% pass rate. If I keep poking along at this rate, I would estimate my probability of success is on par with winning the lottery. Low.
I should have approximately 20% of the Q-Bank questions answered at this point, but I am only managing a meager 5.26%.
I am satisfied with my performance. I am currently answering nearly 75% (74.32% to be precise) of the questions correctly. Granted, I would be happier with my classmate’s 80%, but with 54 days remaining, I have plenty of opportunities to improve. What really concerns me is the dearth of questions I have answered. Normally, I would prefer quality over quantity. However, when it comes to studying for the CFA level 3 exam, both are equally important.
On my current iteration through the material, I have completed reviewing Study Sessions 1 through 6. Tomorrow morning I am going to wake up early, drink a pot of coffee and get my Q-Bank “quantity” up to 7.5%. Then I am going to tear Study Session 7 ( Capital Market Expectations) up.
Off I go.