CFA CFA Level 3 How important is knowledge of Level I and Level II topics for Level III prep?

How important is knowledge of Level I and Level II topics for Level III prep?

  • This topic has 3 replies, 3 voices, and was last updated Nov-20 by CFAWar.
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    • CFAWar
      Participant
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      Hi,

      I cleared Level I in June 2016 and Level II in June 2017. But due to various reasons (personal + professional), I haven’t been able to give Level III till now. I had registered for the June 2020 attempt, and have not chosen the December 2020 attempt.

      Given my unique situation (since I last studied for CFA 3 years ago), I wanted to know whether I can just rely on Level III Schweser to provide a recap of previous concepts that shall be used (if any), or whether I need to go through LI and LII topics as well?

      If you feel I need to go through LI and LII topics as well, please suggest what would be the best way to go about that, as I feel that going through the Schweser material once again for those exams would be quite a stretch.

      Thanks in advance!

    • Zee Tan
      Keymaster
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      L3 is definitely built on a foundation of L1 and L2 knowledge. You won’t need to know the material inside out but you’ll need to have a good foundation and not have forgotten everything.

      Kaplan Schweser used to include a ‘recap book’ with their materials, not sure if they still do. But if you need an L1 and L2 refresher the Secret Sauce books might be a good option.

    • Analyst0719
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      In my opinion, the one thing that’s extremely important from Lvl 1 that flows into Lvl 3 is time value of money. You better know how to solve all those PV, FV, annuity, etc questions. On lvl 3, there’s always a huge essay question that’s worth at least 30% that has to do with some sort of retirement planning. I find it extremely easy to mess up on timelines simply by not knowing whether something happens at the beginning of the year or the end of the year, because the language can be vague. So make sure you know how to solve complex TVM questions.

    • CFAWar
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      Thanks guys. This was helpful!

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