I finally finished up my comprehensive final review of the CFA level 3 material. I now have 4 weeks left until test day. I like using Schweser’s Q-bank as a proxy for my understanding of the material. It is just easier because it automatically compiles the data for me and lets me know where I stand. Here is where I am right now:
- Ethics 73%
- Behavioral Finance 77%
- Private Wealth Management 71%
- Portfolio Management for Institutional Investors 68%
- Applications of Economic Analysis to Portfolio Management 78%
- Asset Allocation 70%
- Trading, Monitoring, and Rebalancing 72%
- Performance Evaluation 72%
- Global Investment Performance Standards (GIPS) 52% (my obvious favorite)
- Fixed Income 77%
- Equity 60%
- Alternative Investments 78%
- Risk Management 80%
I grouped some of the study sessions in the categories above together and rounded to the nearest whole percent for convenience. Overall I am averaging 72% across all of the material. My goal will be to start scoring consistently over 80% before exam day. Except for GIPS. I will attempt to improve my understand of GIPS, but theta is decaying quickly and I can probably use my time more efficiently than memorizing 100+ pages of minutiae. I was relieved when Schweser’s 3-day workshop instructor mentioned that GIPS is only going to be 5% of the CFA level 3 exam.
I am generally satisfied with my overall current scores except for GIPS, which I already mentioned, and equity. I have taken 2 equity exams in Q-bank. I scored 80% the first time and 44% the second time. I was a bit distracted on the second exam because I attempted to do it at work which was a mistake. Perhaps calling it a mistake is an understatement. It was a disaster. No more testing at work for me.
How does all of this compare to where I was last year when I was preparing for the CFA level 2 exam?
Last year I had a mean score of 65% in Schweser’s Q-Bank for the CFA level 2 exam with only 23 days left to go and I somehow managed to pass. So, with more days to prepare (28) and a higher mean score (72%) this year, I sense that I am in much better shape than I was last year. Despite my perceived comparatively superior position this year, this is no time to relax. Up next for me is a quick review of equity and a rematch with Schweser’s Q-Bank.
Back to the grind.