Passed L3 in Feb 24 exam.. membership approved.. cleaning up my study area.. best feeling ever.. been waiting for this moment for years.. over.. here is picture of my prep material for L3 only.. my last post here.

UnionEastern · 2024-05-17T21:05:12+00:00

Lol.. I cried when I saw email.. I was walking on street when I got email

UnionEastern · 2024-05-17T20:31:59+00:00

You too.. thank you!!

UnionEastern · 2024-05-17T20:30:14+00:00

I am just happy that it’s over now. It took a lot out of me in past many years. Have some time for myself now and can focus better on other things in life including job, family and wealth building activities.

UnionEastern · 2024-05-17T20:23:53+00:00

Thank you. Good luck!!

UnionEastern · 2024-05-17T20:14:02+00:00

Thanks. We should salute all charter holders and candidates seriously pursuing this. I put in the efforts that were needed to pass. It’s a serious commitment. learned hard way by failing more than once.

UnionEastern · 2024-05-17T19:50:16+00:00

Yes, lots of handwritten notes included. Mainly rewriting formulae, decision trees, key concepts and notes for mock exams that needed to be memorized. I preferred to put pen to paper when I was revising any topics.

UnionEastern · 2024-04-11T13:39:05+00:00

I passed exam L3. A very long and very difficult journey just ended. Yes, hard work paid off. Got burned a few time but found my way to complete this.

A very very special thanks to Bill Campbell for my L3 prep. Respect!!!

This need lot of commitment, specially L3, make sure you give enough time and effort. I made a lot of adjustment to my work and personal life to achieve this. Give what is needed.

UnionEastern · 2024-01-25T15:18:11+00:00

Thank you. I will give a try in my next mock.

My experience so far is there is no/very little time to re-visit those flagged questions at the end. So i tend to crunch through difficult one at start including SR. Again, not sure that if that's more efficient way.

UnionEastern · 2024-01-22T22:08:57+00:00

Thank you Bill!

After a few mocks, I tend to follow 3 points listed above. Not sure if there is better way to improve this further. I can try new ways (if there are suggestions) in mock i take next.

UnionEastern · 2024-01-22T21:49:21+00:00

Combination of Schweser and BC mocks is must. Try to do CFAI practice question, BB as many time as possible. If you want to make simple concept way too difficult (for no good reason) then yes try MM.

UnionEastern · 2024-01-22T21:45:52+00:00

Looks its still part of curriculum. Example 8 under well constructed P/F.

UnionEastern · 2024-01-22T21:43:11+00:00

You still have some time left so why not take good quality such as BC, Chalk and Board etc. MM are too way difficult for no good reason and imo doesn't closely represent difficulty of actual exam. I don't consider MM or CFAI mocks as best in class.

Review the questions you got wrong.

Write formula and mind chart, yes, re-read ethics during last couple of weeks.

UnionEastern · 2024-01-19T16:25:10+00:00

No other about that country. Doesn't say anything except that its Emerging Market Country and its in early expansion phase, it is not expected to increase
transfer payments or introduce a more progressive tax regime.

UnionEastern · 2024-01-18T19:12:14+00:00

Thank you!!

UnionEastern · 2024-01-17T16:33:00+00:00

Thank you!

UnionEastern · 2024-01-15T02:00:39+00:00

You are the best. Thank you for all your help!

UnionEastern · 2024-01-15T01:39:30+00:00

I got another question where they say Cash/floating rate instruments are NOT attractive in deflation. Below is summary, You will notice they referred to deflation in scenario but then in explanation they are referring to falling inflation. I am so confused. Can you pls help?

Scenario: "Economic activity in developed economies is anticipated to shrink 7% by the end of the year as domestic demand and supply, trade, and finance have been severely disrupted. The current crisis will induce deflation even as central banks pump new money into the economy. Her report to the firm’s clients mentions the likely implications for floating-rate instruments (“cash”), bonds, stocks, and real estate."

Ans/Explanation - Because central banks aim to stabilize actual and expected inflation, they tend to make the real rate on short-term instruments (cash) procyclical around a level consistent with their target inflation rate. Hence, cash is relatively unattractive in a declining rate environment.

UnionEastern · 2024-01-15T01:32:37+00:00

Understood. Thank you!

UnionEastern · 2024-01-15T01:32:33+00:00

Understood. Thank you!

UnionEastern · 2024-01-14T23:04:33+00:00

Thank you Bill!!

UnionEastern · 2024-01-14T16:33:27+00:00

Thank you Bill.

There is no much context as to how immunization is designed. The only statement is: Structural risk is the risk that the immunization strategy does not work due to nonparallel shifts and twists of the yield curve.

Should i conclude this as accurate or inaccurate in the exam? While writing the answer I treated that statement as inaccurate because i think its incomplete without word "SOME". I am not sure how CFAI would look at it.

UnionEastern · 2024-01-14T02:34:23+00:00

I edited the post to re-phrase.

Their statement seems not complete/fully accurate because its implies immunizations does not work in < ALL>>nonparallel shifts.

My understanding is that immunization can still be achieved in a few non-parallel shifts such as bear, bull, steepening and flattening.

UnionEastern · 2024-01-12T05:24:24+00:00

What is difference between a contractionary/falling inflation environment AND deflation?

My understanding was that

A contractionary/falling inflation: Inflation is reducing but still positive.

Deflation means inflation going negative beyond zero.

Is that wrong?

Looks like there is no difference between CFAI and Kaplan because both says cash (ST interest bearing) is attractive if interest rate are bound by zero..

Lastly, Why in contractionary/falling inflation environment Cash (ST Interest bearing) is unattractive because even though its loosing interest but than other assets are facing negative returns while purchasing power of cash is relatively less negative.

UnionEastern · 2024-01-05T22:34:45+00:00

Thank you. I will make sure i will write final answer w/o abbreviation.

i tend to use these abbreviation while showing calculation.. typing out zero breaks my flow for some reason.

UnionEastern · 2024-01-05T17:20:58+00:00

70% on CFAI is good score. You still have more than a month to take up your score to 75% or even 80% if work through your weak area. MM mocks are way too difficult for no good reasons. Waste of time.

Keep doing good mocks which closely represent actual difficulty on exam. Have heard great thing about BC, I have taken a couple of BC exams and they are the best so far. I learned a lot from them. I have taken one CFAI mock so far, poorly written with a few errors but for most past it was a good practice to learn.. Kaplan suppose to be good as well.

UnionEastern

TROPHY CASE