At some point you want to learn to self-edit.

It’s a six minute question so you shouldn’t be writing a whole lot. Again, the institute is not shy about making this available…it’s just kind of hard to find.

Argue answering using what you were taught relevant to the case facts, the question that was asked. Interest rates may increase. Weiying Shao Scenario Weiying Shao, CFA, is an investment officer employed by Zhang Financial … You’ve got to be able to articulate and support what you’re trying to say. Then you want to find the actual question. So how about this as an answer? Some of this is for good reason. So do not take this lightly. That first paragraph is nice, but it’s not actually answering anything. In many exams, that’s true. We mean something more specific, constructed response. So identify what’s being asked, understand the case facts, relate it to the taught material. They are looking for content, and they are only grading the content. Study Calendar - CFA exam dates, events and deadlines. Hence, we’ve got a couple of videos to help you do that. He has available calls and puts on bond prices. So let’s try to apply. They moved to the three levels— one, two, and three—but it was 100% essay. How about this as an answer. CFA Level 3 test takers often dread the morning essay section of the test. In our study notes and our free email newsletters we prepare candidates precisely for this kind of test taking to turn the morning section into a key advantage. It’s the only way you get better. The morning section is a challenging piece of the Level 3 exam.

It’s correct, that’s a violation of the weak form. Part II asked about interest rates and calls. They’re going to stress you have to put the answer down where you’re supposed to put it. So for 2B’s homework, we’ll pick it up in the next video. Bean uses technical analysis, so right now we’ve got a fact. Okay, well, I hope everybody did read through that, saw what there is there and took an opinion of what you would give as an answer. By the way, you’re never going to know the exact wording to use. Those assumptions do not apply to Part A. You’ve got to do all three things in order to give the answer that they will accept. And notice you need to support your answer with specifics related to the manager’s techniques.
So we’ve identified what we need to do, we’ve checked the case facts, we’ve selected the relevant body of knowledge that applies to this question. All right, there’s his view. By reviewing the types of questions ahead of time you can prime your brain to remember concepts in the way they will be tested and you can get comfortable with the new format. Read the question, read the case facts. It's about intelligently attacking problems in small concrete sub-sections. There is a way to do this. Hill uses fundamental analysis, financial statements. They worked well at Level I and II, and you just keep charging straight ahead. Maybe there’s a one tenth of one percent who are innately born able to do it. CFA Level 3 Essay Format In this 3-hour exam, there are 10-15 questions, each … With fundamental analysis, you’ve only violated two of the forms. Probably something like stating whether they have or haven’t violated is going to get you two points. And you really have to change the way you think about things if it’s going to make sense to you. But if a Level I question requires you to think of more than two things at once, it’s not really a good question. The graders are instructed only to look at the first one and you'll just be wasting time adding more.

In 1986, they went to 50% multiple-choice at Level I. When you’re given a blank piece of paper, it’s tougher to figure out. You’re going to be graded on your spelling, on your grammar. We’ll show you a calculation-type question because they do include those in constructed response. ... Talk to Other CFA Charterholders, and Candidates . Another challenge in self grading is you must know the material and directly apply it to the case specifics. Somebody, I saw this, I was actually reading a novel over the Christmas break. Let’s say 750 people actually take the Level I exam…the pass rate is actually quite a bit less than 50%. So I don’t want to harp on this or maybe I do, but it’s pretty important to get this straight and begin to do this correctly. Now practice writing that down so you can collect some point value, because so far you have zero credit. What you’re you being asked specifically to find and identify? What’s this question worth? It is not an exam of technical expertise. He manages duration in anticipation of interest rate changes. Now, CR in general is thought of as anything that’s not item set. What are the things I might do, and what is the right thing to do to answer this question? We’re going to start doing some actual questions, and we’re going to show you a bad answer. So the important issue is who is doing what? Now you’ve got to go collect your point value. There’s another part of the question. Better yet, write a better answer next time. Level III of the CFA® exam is quite different from the Level I and Level II exams. And of course you do have that issue…you’ve got to be able to display, and that means write, an answer. On the CFA Institute's 2009 morning section the wording looked like this: Notice the bolded command words. Partial credit is normal. Go back and check the question. Let’s assume in the front row are the charterholders. I’ll give you just a second to do that. It’s the one many people have nightmares about because they’re not following a taught process. You want to read it so you know what the topic is, what’s the issue. It’s a lot more fun to look at what someone else did and point out what’s wrong with it, but it can also be a learning experience of how do you construct good answers. What they do is, they know the basics. Remember the old formula: percentage change in value is minus duration, Delta R, rates go up times minus duration, value goes down. The grader is working from an answer key (which is not released) and evaluates how many of the elements of a correct answer you included. Hey, try again next year. So, good display of general knowledge, and they have been very clear you receive no credit for that on the exam. Relook at the question, relook at the case facts and ask, have you actually answered the question? These are good answers. I’ve been told this a number of times by senior professionals. And again, the strong form incorporates the semi-strong form, so it’s also a violation of strong form. Then you should check the information for what is in fact relevant, and then you start writing. Then you want to read the question again, because in the process of reading the case, you can start to go off track. You don’t want to do that. What did they do? Required Disclaimer: CFA Institute does not endorse, promote, or warrant the accuracy or quality of the products or services offered by Kaplan Schweser. Work on Question 2B, put it away for a day or two, come back and review it before you watch Part 2. Know the time allotted to each component. That means go back and reread the question, reread the case facts, and just ask yourself, "Is this is really a good answer? So we’ve got to head where you should be going. No, you’re not.

I’ve worked with a lot of people over the course of my career, and every once in awhile you find those people who really…if you have a problem, that’s who you want to help you, because they’re so good at what they do. However, we need to hone this down to what does it mean in the CFA Program curriculum? Reread the question, think about the case facts. The Level III exam is quite different in a number of critical issues from Level I and II. Sometime we’re going to tell you, “You know, you’re looking at the wrong stuff. Let’s go over this way, and you’ll be able understand what’s going on.” If you keep heading off in the wrong direction, it’s not going to work. That’s all it takes to pass this exam. For each comment give 1 point for the correct determination and then 2 points for a correct justification. Speaking of time, time management is the single most commonly cited difficulty factor for the AM section. If you’re not familiar with the term CR, we mean the constructed response half of the exam, sometimes called essay, but essay is a very broad term. But even worse if you don’t consider your time important, you’re wasting the grader’s time. If you don’t know the efficient market hypothesis, obviously that’s going to be a problem with this question. It’s a very basic question, make sure you can do it and can articulate correctly what they’re looking for.

The questions in hindsight are actually quite simple compared to the things you had to do at Level II. Now, what does he have available?

They do require coherent statements, but they actually prefer you write in statements, or some people call this bullet points, and not bother to use full sentences. Fundamental data is not covered by that, but it is covered by the semi-strong form, so there’s a violation.
So if you want to pass…and by the way prospective employers are going to look for the same thing.