But it was only last week that we delved into Level III – we covered MPS, band differences, and the ‘essay section factor’.
And for this post, we take a look at performance by topic.
Because the topic coverage isn’t as even as Levels I and II, factored with the significant influence of the essay section, it’s important to consider this alongside the topics learnings. If a topic shows as having a great performance (or a bad one), it could mean that it was an easy (or hard) question rather than the topic itself.
CFA Level III 2012 Sample Breakdown by Grade
Also included for reference are the topics and points allocated for this the 2012 paper – that way you can easily see which topics appeared in each session.
Morning Session – Essay (180 points)
Afternoon Session – Item Set (180 points)
Ok, that’s a little harsh. But the performance of Institutional Portfolio Management is pretty extreme – the worst among all levels so far. This is most likely due to a tough question rather than the topic itself, but it wouldn’t hurt to show this topic a bit of love when you’re prepping for Level III.
Performance between passing and failing is evenly distributed.
In Level I and Level II, there were some topics where passing candidates did well where failing candidates didn’t. The key learning from this was that failing candidates often did not master topics that were heavyweights in the exam, and thus their overall score suffered.
In Level III, between the uneven coverage of topics and the veteran status of candidates, the performance between pass and fail are quite evenly distributed. Everyone’s covering topics as they should – the differences comes from overall thoroughness.
- Alternative Investments
- Fixed Income
- Portfolio Mgmt – Execution
- Portfolio Mgmt – Individual
- Portfolio Mgmt – Institutional
Make sure you do not miss these topics and focus more on them in your Level III prep!
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