AVOID This Common CFA Level 3 Essay Answer Mistake!
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- čas přidán 5. 08. 2024
- Meet Nathan Ronen, CFA, Lead Instructor and Co-Founder of Chalk & Board. In this video, Nathan explains a common point-losing mistake to avoid when writing your CFA Level III exam essay (constructed response) answers. If you want to score maximum points on your CFA Level 3 constructed response questions, watch this video and follow Nathan's expert guidance.
Feel free to like this video, ask questions in the comments section and subscribe to this channel for regular tips, guidance and strategy on all things related to the CFA exams. Visit www.chalkandboard.org to learn more about why the Ronen Methodology is the most successful CFA® exam study program for all levels (Level I, Level II and Level III), and follow Nathan at:
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i thought for level 3 u only get pass or fail result, so not sure what you mean that candidates tell you they scored low on alternative investments??
You are partially incorrect. If you PASS your Level 3 exam, you will only get notice that you passed, without a topic breakdown or comparison of your passing performance to the MPS. However if you FAIL your Level 3 exam, you will get a full breakout. So someone who fails Level 3 will get their Alternative Investment and other topic performance feedback, a comparison of their performance versus the MPS, etc. Hopefully this clarifies things for you, good luck in your studies!
What is the difference in answers when he says explain or justify or others?
Thanks for your question! CFA Institute actually gives their definitions for such terms here: www.cfainstitute.org/-/media/documents/support/programs/cfa-and-cipm-los-command-words.pdf
If you are interested to test your Level 3 answer quality, you can find our Level 3 essay mock exams available on our website. We review and grade your answers on them for you, so you can see how you did. Good luck in your studies.
Hmmm I'm a bit confused because that is actually how I answered when I cleared my level 3. Using your example:
1. Portfolio B
2. Client does not want >10% AI allocation - Port A has 15% AI allocation - eliminate A
3. Client does not want illiquid assets - Port C has hedge fund allocation - eliminate C
4. Choose Port B - meets return, risk and asset allocation criteria (not really important but always good to close it off)
Are we talking about the same thing here or am I misunderstanding you?
Your answer is indeed at high risk of missing points, and you likely were able to salvage some points with your point 4 at the end. You could have saved significant time by writing a different answer and increased your points as well. But congratulations on your clearing L3!
Would a better way to Ansar be:
1. Portfolio B
2. Client does not want >10% AI allocation - Port B has less than a 10% allocation compared to portfolio A.
3. Client does not want illiquid assets - Port B holds all liquid assets compared to portfolio C, which has hedge fund allocation - eliminate C