Level 3 is a bit different from the first two levels because of the format in the morning session.

Although it consists of the so-called essay questions,the questions do not require long essays.They are not even short answer questions.They are multiple choice questions in disguise.

You are allocated a few minutes for each sub-question;that is the time for one or two MC questions.

Time management is the key.

It requires discipline during the exam.You have to move very quickly,writing the key points and moving on to the next question within the time allowed.If you don’t know how to answer one question,just move on to the next one immediately.You may or may not have time to come back.That is OK.

You don’t need to do well in all questions to pass.You will see most of the passing scores are not good scores,but good enough for the context of this test.Do not panic even if you know nothing about one or two big questions and have to leave them totally blank.

Because of the time constraint,your answer should be very brief.Don’t be misled by the suggested answers to previous years’exams.Those well-constructed answers would require twice or three times of the allocated time.Your answer should be half or even one third of the length.Trust me.Some of my answers were really brief,but they included all the keywords,which I believe are what the graders are looking for.

Timed practice is very important to develop the pace.I practiced four years exam in a strictly timed setting.It allowed me to know how fast and how little(not much)I have to write to finish all the questions.By finish,I means the chance to read all the questions and attempt to answer them.If you run out of time,you may not have the chance to answer the easiest questions that you know the answer.For example,the last question of this last June exam was so straightforward that I’m positive that most people can answer them if they have the time.

To do well,you have to do well in the questions that are more predictable,for example,the portfolio management for individuals,institutions,and the behavior finance.The past exams should give you a good idea about what can be asked.With enough practice,you have a good idea what could be asked and which information from the question could be used to answer them when you read the question.Even for other topics,there are some key topics that are tested again and again in one form or another.Try to master those topics by taking time to understanding them and practicing them.When they appear,you should be able to immediately recognize them and abstract the right information from the question to answer them.This may sound that you have to spend a lot of time studying or practicing.It is actually not,if you follow the right method.

Before I get into how I studied for the exam,I want to talk about the PM session.The PM session is very important,more important than most people think.After passing level II,most candidates are really good at them.You have to do extremely well in the PM session to balance out the performance of the AM session.You should aim at 70%for all the sections for the PM.Many people can do it.I know someone who thought she failed did that.I scored all the sections over 70%for level II.

For level III,I did not take the afternoon session very seriously.I did not study for the ethics,and I spent very little time on GIPS.And for the first time,I scored less than 70%in ethics.So,spend the time,even if you feel you are already very good at them.

Other than the behavior finance,there are very few new contents for level 3,except that the same topics at level I and level II are repackaged into the portfolio framework.If you feel your foundations are not that good,you may need to spend a bit more time to read the material.My overall strategy is to read the Kaplan notes(not doing the EOC questions)and then read the bluebox and do EOC of the CFAI official guides.Then,I start another section and follow this sequence.Doing the EOC is like a review,which reinforces your memory,so do it before you forget what you have read.We forget things very quickly during the first few hours and few days.I took notes of the key points,and went over them whenever I had time.Some concepts may need more thought.I tried to think about them when I was idle,when I was driving or waiting,showering,or sleeping.Try to understand the material.I can hardly remember anything before I understand it.For example,I don’t try to memorize the formulas or certain concepts,but try to understand the ideas behind them.Understanding is important because it allows you to quickly identify what are being asked during the exam and how to answer them;in the same way that you will quickly recognize someone you know very well in a big crowd no matter what outfits they are in.

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