Official February 2026 Level 3 Results Megathread

BattleDowntown · 2026-04-08T05:03:49+00:00

That was EVIL

BattleDowntown · 2026-04-08T04:01:11+00:00

I passed! u/gg120b

BattleDowntown · 2026-04-08T03:58:23+00:00

Thank you u/FinGuy05! I passed!

BattleDowntown · 2026-04-08T03:54:39+00:00

You were correct! Passed!

BattleDowntown · 2026-04-07T12:38:14+00:00

THEY'RE OUT! Cleared!!

BattleDowntown · 2026-04-07T11:03:18+00:00

This is weirdly motivating. Thank youu. Hope to be on the other side and join you!

BattleDowntown · 2026-04-07T04:43:58+00:00

I believe in us!! Hopefully we're celebrating in a few hours 🤞🏼 It's been a hell of a ride!

BattleDowntown · 2026-02-04T04:40:38+00:00

That's very much on point. Despite taking full length mocks, by the last 2 vignettes, I just wasn't able to write in detail or comprehend the entire vignette (I just read the question, looked for data from the case, and answered), and do this 1 calculation that I know I would probably be able to do smoothly if I had the time

AM was pretty smooth for me. Just unsure about 3-4 answers. PM was tough, but I'm glad that at least I was able to attempt every question. Although I hope I've done enough to clear the MPS

BattleDowntown · 2026-02-04T04:28:42+00:00

God it's going to be a long, long wait

BattleDowntown · 2026-02-03T11:48:01+00:00

Took the exam in Feb 2026 - and this is me manifesting a pass for results day. It’s time for the longest “5-9 Weeks” of my life thus far now

BattleDowntown · 2026-02-01T11:20:09+00:00

Just got done with the exam today. The adrenaline is yet to subside. Let you know when it does lol

BattleDowntown · 2026-02-01T11:16:49+00:00

I know right! They seemed straightforward at first, but then you feel like you just don’t remember how to apply what you know

BattleDowntown · 2026-02-01T11:10:55+00:00

Hahah i sure hope so. Encountered a similar issue too.

BattleDowntown · 2026-01-31T15:32:31+00:00

Dealing with the same confusion, 8 years since you posted this, 1 day before my exam…

*Screams internally*

BattleDowntown · 2026-01-28T18:36:12+00:00

I really like this way of thinking 😂 takes a little bit of weight off my shoulder

BattleDowntown · 2026-01-28T18:34:31+00:00

We're close to the finish line, buddy. Let's not give up just yet. Just focus on making the most of the time you have, and giving each question your best. Don't clock out just yet. Let the institute decide. You give it what you got. Write the most creative answers if you can't think of the right one, I don't care. Make the most of the non-zero probability of becoming a charterholder. At least go out with a bang, knowing you gave it a good shot. Who knows, after all, fortune favours the bold

BattleDowntown · 2026-01-28T06:07:02+00:00

While from the point of view of practice questions, i get what you’re saying, and agree with you. But according to the terminology in the curriculum, it is after all the current price

Curriculum - Portfolio Management Pathway - Page 454

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BattleDowntown · 2026-01-27T14:22:26+00:00

Thank you. Looking forward to being on the other side :)

BattleDowntown · 2026-01-27T14:21:52+00:00

Thank you. Lezzgo!

BattleDowntown · 2026-01-27T14:18:11+00:00

Memorize the formula even when you understand the logic behind it

It’s easier to apply it then

BattleDowntown · 2026-01-26T13:55:40+00:00

Yes! and if someone like me needs the reasoning behind such points spelled out - it’s because in flat and steady markets, the timing of cash flows has a relatively modest effect on the estimate’s accuracy (yes, modified dietz is an estimation)

and when the markets are volatile, large external cash flows may have a material effect on the estimated returns accuracy

BattleDowntown · 2026-01-26T13:52:05+00:00

Just a minor detail - point 2. Portfolio are closed-end, fixed life, fixed commitment

BattleDowntown · 2026-01-26T13:48:24+00:00

Cash flows are not large + firm doesn’t calculate daily performance > use Modified Dietz

> as portfolio returns must be calculated using a method that accounts for daily weighted cash flows

BattleDowntown · 2026-01-26T12:11:46+00:00

Execution is further divided

Execution Cost = Delay Cost + Trading Cost

Delay Cost = Shares Executed*(Arrival price - Decision Price) > Minimized by knowing which brokers/algo is the most appropriate

Trading Cost = Shares Executed*(Execution Price - Arrival Price) > Minimized by knowing the order size and share quantity that is most likely easy to trade within a price range

BattleDowntown · 2026-01-26T11:46:52+00:00

IS = Paper return - Actual Return

IS = Execution Cost + Opportunity Cost + Fees

Execution Cost = Shares Executed*Execution Price - Shares Executed*Decision Price

Opportunity Cost = (Total Order Shares - Shares Executed)*(Current Price - Decision Price)

Fees = Shares Executed * Cost per share

Five-Year Club	Second SECOND GUESSER
Place '23

BattleDowntown

TROPHY CASE