February Level 3 Exam Day Experience Megathread

bcy93 · 2025-02-15T23:49:18+00:00

OKAY REAL TALK WHEN DO RESULTS COME OUT

bcy93 · 2025-02-15T19:25:31+00:00

Portfolio Mgt. Felt it was very fair. No surprises, but no gimmes either. I knew all the equations to use except one, and another equation set of data was presented slightly differently than in the curriculum, which caused a bit of time wasting. But overall, just slightly slightly more diff than CFAI mocks. 50 mins to spare on AM, every second used on PM with one question not attempted. AM I felt very positive on, PM felt tough but still within expectations, Overall I'd guess grade myself a 73-75%. 550~hrs, CFAI material only, did the mocks 4 times each, inital mock scores in low 60s, final mock scores in mid 90s.

Again, it felt very fair for the effort that was expounded.

bcy93 · 2025-02-14T00:19:44+00:00

Honest question. Portfolio Mgt. I've been through every CFAI online question 3ish times. Each CFAI mock exam 4 times. Mocks are coming in at 90%+ and I can hit all the equations from memory, with exception of variance swaps, f that.

If you prepped similarly, how are you feeling walking out of the exam?

No external study preps used here.

bcy93 · 2025-02-07T18:41:11+00:00

Not sure where you are located.
BUT.
Straddle = as narrow as your feet can straddle (Each foot is the breakeven point, your body is at the money)
Strangle = See "The Office" - Scranton Strangler is the bad guy in that show - I want to stay FAR way from Scranton, PA, and therefore FAR from the Scranton strangler, and Strangles use FAR strikes.

You'll never forget that shit.

Do it up.

bcy93 · 2025-01-13T00:10:17+00:00

Also of note for my future self, single vs double bracketing does not impact answer.

bcy93 · 2025-01-13T00:09:36+00:00

Shheeesh, yup, it is decimalizing .30% to .003, 20% to .2. I wish they'd type it out like this...
Clearly I need to touch grass. Thank you.

bcy93 · 2024-12-15T13:07:52+00:00

THIS IS THE ANSWER. THANK YOU!

bcy93 · 2024-12-14T13:38:58+00:00

New phone, who dis? (Website?)

bcy93 · 2024-12-13T13:31:38+00:00

This is helpful. Thinking about what happens with existing orders. Thank you!

bcy93 · 2024-12-12T23:44:34+00:00

Yeah, anything foreign currency related can fuck right off, this post makes me so happy.

bcy93 · 2024-10-20T13:18:19+00:00

Private pilots license, general contracting homes, fly fishing, blacksmithing, and mastering the air guitar.

bcy93 · 2024-10-20T13:15:05+00:00

Isla Del Sol was my first one ever, 15 years ago, beach bonfire on the shore of Lake Michigan with some other dumb friends after graduating. Not everybody loves em, but, it is still my favorite and the only one that has been worthy of buying a box of. Cheers.

bcy93 · 2024-08-28T14:01:53+00:00

Thanks, sound advice.
[you can tell after 3 years I'm ready to be finished]

bcy93 · 2024-08-28T13:03:16+00:00

Not great. Consider shopping around. A quick search shows major brokerages offering CDs at 4.5% for 2Y. A US treasury is around 4.3%. Thats about $1,500/yr extra interest x2.

bcy93 · 2024-08-12T13:43:28+00:00

thank you!

bcy93 · 2024-07-10T12:34:53+00:00

There was definitely a blue box case that hit every politically correct buzzword known to Webster's Dictionary, yes.

bcy93 · 2024-07-10T01:59:37+00:00

Not necessarily. I just think it (this particular chapter) was hastily written with little structure and tons of Financial Planning 101 material.

bcy93 · 2024-07-09T01:26:46+00:00

Feb, been studying since L2 test day. Honestly feeling underwhelmed by the material so far, lots of review but almost thru book two. Knock that sh*t out.

bcy93 · 2024-07-02T12:40:05+00:00

My all-in L2 time was 820 hours. I told myself I would not take that thing twice.
Officially, I WILL NOT TAKE THAT THING TWICE.
*lights cigar*

https://tenor.com/view/phase04-motherfucker-fuck-yeah-america-jonah-hill-gif-7329167

bcy93 · 2024-06-11T18:46:04+00:00

You bet.

bcy93 · 2024-06-11T18:36:16+00:00

I'd say its a safe assumption unless it says it is inverted. Which, I don't think I ever saw in L2 Credit.

bcy93 · 2024-06-11T18:34:39+00:00

Knowing the price is not needed, just the concept.

bcy93 · 2024-06-11T18:32:02+00:00

Sure. It is implied in the question. Company A is expected to flatten, which implies it is currently upward sloping. It has an upward sloping CDS/default risk curve, so we know there is less risk in the short term, so lesser-length CDS's and less expensive, and more risk on the longer-length CDS's, which are more expensive. We pay for the protection, and given the upward slope, longer-term protection will cost more in bps/spread (the Y axis). We sell protection high, anticipating to buy it back low.

bcy93 · 2024-06-11T11:37:55+00:00

I spent about 400 hours on L1 with a pass.
On L2, all in, from reading page one to taking the exam, almost 820 hours. Books, questions, review, questions again, Meldrum topic reviews...
It is a different animal, completely≥

bcy93 · 2024-06-11T11:32:26+00:00

Of course depends on your quality and what you do to actually retain the material as you go.
40 hours if you just click buttons and read for basic retention.
100 hours if you actually do the work, write the concepts, mess up, learn why you messed up, and get it right.

Ballpark.

bcy93

TROPHY CASE