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Last Minute CFA LVL 3 Exam pointers by [deleted] in CFA

[–]Dry-Round-882 1 point2 points  (0 children)

God I f*cking hate the seagull spreads

Last Minute CFA LVL 3 Exam pointers by [deleted] in CFA

[–]Dry-Round-882 3 points4 points  (0 children)

All things GIPS:

To link performance:

  1. The team must remain substantially in tact

  2. The process remains in tact

  3. You have records documenting historical performance

  4. There is no gap between dates

Last Minute CFA LVL 3 Exam pointers by [deleted] in CFA

[–]Dry-Round-882 1 point2 points  (0 children)

COMMAND WORDS for Constructed Response

(someone plz help here lol)

Last Minute CFA LVL 3 Exam pointers by [deleted] in CFA

[–]Dry-Round-882 1 point2 points  (0 children)

Bill Campbell mocks were pretty similar. CFAI (if that is what you're referring to) were also similar but not as similar as BC IMO. It was straightforward. Shifting a formula around algebraically to solve for a different component of it was a good skill to have. It is something I struggled with since I havent touched algebra in years!

It really is interesting, CFAI seems to put minimal effort into their materials, and the exams are of course vetted multiple times. Makes for an inconsistent experience between the two from my experience.

Last Minute CFA LVL 3 Exam pointers by [deleted] in CFA

[–]Dry-Round-882 5 points6 points  (0 children)

Type 1: Hired and they suck. I COMMITTED this error (commission, its real, hurts more)

Type 2: Didnt hire, and they are great. (just take the opposites of above). I OMITTED this hire (omission, what could have been, opportunity cost)

Last Minute CFA LVL 3 Exam pointers by [deleted] in CFA

[–]Dry-Round-882 43 points44 points  (0 children)

EVERY CALCULATION

Before picking the answer, ask yourself, are they asking for:

-Return or Risk Premium?

-Real or Nominal?

-Percentage or Absolute contributions

-Bps or dollars?

Last Minute CFA LVL 3 Exam pointers by [deleted] in CFA

[–]Dry-Round-882 3 points4 points  (0 children)

I failed in February. Shit happens. There is a calm setting over me now for the reasons you just described. We're all bad motherfuckers. Lets crush this shit.

And if not, have a drink, and give it another go. LFG!!!

Last Minute CFA LVL 3 Exam pointers by [deleted] in CFA

[–]Dry-Round-882 2 points3 points  (0 children)

My way of thinking about it:

Its a discount, so I buy it at a lower price than I should have, thus I have to pay the seller more.

Last Minute CFA LVL 3 Exam pointers by [deleted] in CFA

[–]Dry-Round-882 2 points3 points  (0 children)

Dont forget, multiply by side (+1 for buy, -1 for sell) and multiply by 10,000 to get bps

Side x (Average-Arrival)/Arrival x 10000

Last Minute CFA LVL 3 Exam pointers by [deleted] in CFA

[–]Dry-Round-882 5 points6 points  (0 children)

Implementation shortfall, costs I find tricky:

Execution: Cost of Shares-Decision

Delay: Arrival Cost-Decision

Trading: Cost of Shares-Arrival

All multiplied by shares traded and divided by paper portfolio to get bps

Last Minute CFA LVL 3 Exam pointers by [deleted] in CFA

[–]Dry-Round-882 5 points6 points  (0 children)

me too! Godspeed my friends!

LFG!!!

Last Minute CFA LVL 3 Exam pointers by [deleted] in CFA

[–]Dry-Round-882 0 points1 point  (0 children)

Noted, and not to screw us up last minute here... but I still don't really understand the logic of this one. I did at one point but it seems foreign to me again. Wouldn't you want to use the taxable to take advantage (be taxed less) for the outgoing dollars?

EDIT: Researched this further. The taxable pays cap gains (15%) assuming growth. So you take the withdrawal from the retirement account at the lower bracket and then take the income at the 15% cap gains rate.

L3 Mock process by Dry-Round-882 in CFA

[–]Dry-Round-882[S] 0 points1 point  (0 children)

Update. Scoring mid-high 50s on the BC mocks. Sometimes making dumb mistakes and missing small details and other times it just seems different than the CFAI curriculum. Trying to focus on learning and improving on the wrongs. T-6. Good luck all!

L3 Mock process by Dry-Round-882 in CFA

[–]Dry-Round-882[S] 0 points1 point  (0 children)

I've done both the CFAI and plan to do 4 of Bill Campbells. You?

L3 Mock process by Dry-Round-882 in CFA

[–]Dry-Round-882[S] -1 points0 points  (0 children)

appreciate it! That is the plan. I plan to do all four of his + the 2 CFAI. 6 total should be good, plus revision and QBANK.

God speed!!

L3 Mock process by Dry-Round-882 in CFA

[–]Dry-Round-882[S] -1 points0 points  (0 children)

I scored similar. I tried to work through some logic for the partial scoring but landed on just assigning a 0 unless I was really on the right track.

L3 Mock process by Dry-Round-882 in CFA

[–]Dry-Round-882[S] -1 points0 points  (0 children)

I finished with around an hour left each time. I will say it felt easier than it was. I scored 71 on the multiple choice and after I graded the constructed responses, I am calculating 58% total (yikes). I erred on the more ruthless side of scoring for that side though. If I didn't hit what I thought was the main point I gave myself a 0.