A Thin Three

So the day after I found out I passed CFA Level 2, I signed up for the Level 3 exam. Unlike in previous years, you now have the option of getting the volumes in electronic format in addition to, or instead of, the normal paper study guides. I chose the paper with the thought that I might want to pull them off the shelf and refer to them in future years, long after digital formats may have changed.

The 6 volumes arrived about a week ago but I’ve yet to crack any of them open. Here’s why:


Do you see above how thin the set of six are versus the previous levels? Do you see how nonchalant I look below?

Heck, the Schweser abbreviated notes may not be much thicker than a MacBook Air!

Yes, the result is that I wasn’t hit with the usual I’D BETTER START NOW impulse from previous years. In fact, before unpacking the box I thought they might have only sent the first 4 volumes with the rest to come in a later shipment.

Oddly, this year there was nothing in the box besides the study guides. No brochure on how to use the online candidate preparation tools – not even any of the usual postcards to send to Mom to explain why you’ve been too busy to call.

You try not to let it, but your mind connects the dots as maybe Level 3 isn’t so hard, hence the thin volumes, lack of postcards, etc. No tearing rush here…

One exciting aspect to Level III is that the titles of the volumes are quite a bit different. We have:

Vol 1: Ethical & Professional Standards (no quant 🙁 )
Vol 2: Behavioral Finance, Individual Investors, & Institutional Investors
Vol 3: Capital Market Expectations, Market Valuation, & Asset Allocation
Vol 4: Fixed Income & Equity Portfolio Management
Vol 5: Alternative Investments, Risk Management, & Application of Derivatives
Vol 6: Portfolio: Execution, Evaluation, Attribution, & Global Performance Standards

Good stuff indeed. And the grand total comes out to be about 2500 pages. So if the Be Afraid Feeling doesn’t show itself within a day or two, I’ll see what I can do to artificially cultivate it.

Comments always welcome. On y va, niveau trois.

Update: I finally passed all the CFA exams and wrote an eBook about the program. If you’re interested, click here.