The CFA program is widely considered the most difficult testing program in the country and has one of the lowest passing rates of any standardized test. This is an outline of the topics the CFA considers the most crucial. The broad sub-topics are ethical and professional standards, quantitative methods, economics, financial reporting and analysis, corporate finance, equity investments, fixed income, derivatives, alternative investments, and portfolio management and wealth planning. Within the sub-topics, there are many underlying themes and ideas.
In it was worth 26 points, or about 7. Download the exam and guideline answers from the CFA Institute to follow along with the discussion. See prior posts for practice and a general strategy. Skimming over the questions, I know that I need to look for: The objective is anything the investor wants or needs to do with their money.
When I took the exam, I did this one after the return calculation so I could also put in the relevant figures i. Pre-tax means you are going to need to gross up the net income needed for taxes. The tax rate is always given so just divide income needs by 1-tax rate. The other question is the multi-year return needed for retirement in the future and one where you will use your calculator covered in previous essay posts.
Even if you miss the final answer, you will still get some points for having: Of the twelve points available for Part A, I would guess about 3 points are for the return objective and nine are for the return calculation but only are for the correct final answer, meaning you may still get points even with a wrong return.
Practice setting your calculations up exactly as they are shown in the guideline answer, with headings and format. Ability to take risk is usually going to be more quantitative information. What is proportion of expenses to total assets?
Will they have any other funds besides investments? How important are planned spending needs? Is retirement within a couple of years? Willingness to take risk is usually explicit statements by the participants in the vignette.
Look for past experiences that might make them fearful of losses, conservative or risk-taking behavior, attitude toward loss. Events that usually delineate stages are: I would recommend working through them one more time along with making sure you understand the key concepts for the topic area.
The range of questions is fairly limited to return objective statements, calculating returns, and describing risk tolerance and constraints.
There may be some tax or wealth transfer stuff thrown in for good measure, but you should be able to pick up some good points here.
Please let me know if you have any questions. This is important stuff and can be some seriously easy points!Level III Essay Writing Workshops presented with CFA Society New York This workshop helps pinpoint the key deficiencies in your writing style and shows candidates exactly how to improve their approach to essay writing for the Level III CFA Exam.
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Essay format: CFA throws another curve-ball at its Level III candidates with the essay format questions (officially referred to as structured response questions) in the morning session.
On the bright side, the afternoon session is still vignettes and item-set questions, just like Level II. The individual and institutional questions for the level 3 CFA exam in were worth almost a quarter of the entire test!
The first question, individual portfolio management, was worth about % of the essay portion while the institutional question was worth % (along with behavioral).
View Essay - level_III_essay_questions_ from FINAN Finance 10 at Peking University. Level III Page 1 09 The Morning Session of the Level III CFA Examination has 11 questions. For. View Test Prep - CFA Level III Exam from FINANCE cfa at Anna University, Chennai.
CFA Level III Examination FOR AIMR USE ONLY Morning Session Essay Candidate Number: FOR AIMR USE ONLY _ _ _.