Prof, on a separate note, what's your take on the prospect of a market correction vs. USD depreciation in light of the currently overheated market. The valuation is obviously too high to be sustainable. The two possibilities will lead to two opposite decisions. A market correction points to holding cash while a currency depreciation suggests holding on to equities. Thank you for any advice.
Hi Mark-thanks. I am currently registered for December 2020 and am a level 3 candidate. I was very keen to get it out of the way however from all the uncertainty ongoing and the likelihood of not knowing whether the exam will go ahead till the very last month potentiallyalong with the difficulty to travel to other test centres if there are quarantine rules when you travel makes me just think why they even keep the exam on? There are clear advantages of doing it next year-shorter exam, lesser wait time at the venue (vs now i assume with all safety checks will be over 8 hours!) and also typing rather than writing for level 3 will help us be quicker...
If in Oct 2020 I choose to postpone my Dec2020 exams (currently registered) to May2021, can I still extend my full access subscription till 15 Jun2021 for $15?
I feel like that should be an option since things could potentially get worse especially since it would be flu season and a possible mutation of Covid-19.
He is making mock exams available soon so he needs to know who is taking what when and everyone has to choose now. But if it gets postponed in your country due to Covid I hope that (on a case-by-case basis) he will extend the access like he did in March.
Don't you think it would automatically devalue the CFA program credential in coming years if candidates can obtain their CFA certificate in a period of one year.
Do you know how late in the year we can change the test location? I'm scheduled for San Diego but i'm worried that if CA is still on lockdown, I may have to switch to Arizona or another state with less strict guidelines.
1) Can we take the level 3 exam two times a year now after 2021? Or is just they offer it twice a year, and we can only take once a year? 2) How will we type the formulas in the AM session of level 3?
Thank you Mark for this so helpful video. As soon as I received CFAI mail about the transfer options I withdrawn from the December 2020 level 3 exam because I want to pass it in may 2021. Now I’m wondering whether I will have to pay again as I withdrawn before may 2021 registration opening..
Mark could you add a video for LVL3 on CBT difference on the structured response. Seems like there is a lot there... No shortcut symbols & more difficult to write formulas. CFA knows this & must have considered it, but I wonder your thoughts on it as it feels like it changes a lot including time considerations...
Thanks Mark. Another from the FAQ. They're including pre-test questions now. Do you think they will in structured response? Seems like someone behind on Time trying to "pick" which Q's to finish could end up hurt by non-counted questions. Also since your writing your CBT for us soon and have thought about it... Do you see a time issue on what I referenced above or am I overthinking it?
I'm currently registered for Level I in December 2020. Trying to switch to February 2021 but I'm unable to find the page on the CFA website where I can do so. Any info on this? Thanks.
Hi Mark, unrelated question. Are you a fan of Tupac/hiphop, or do you just like the quote "Even the genius asks questions" which is on the site? Just curious, found that interesting.
For Level 3 exam, if it is computer-based, how will I show my "work", i.e., calculations with various math symbols? Will I receive vignette and data on paper also (and type in answers in computer) so that can circle key words/numbers in pencil, do my little calculations at the side space, grasp all information in one view. If not, I would have to work with two separate spaces - one on computer monitor and the other on the scratch paper, with my eyes back and forth between the two spaces. I would be scrolling up and down the computer monitor to search for information? Reading vignette on bright computer monitor for a long period of time, is also hard on our eyes. I would like paper exam back.
@@MarkMeldrum What do you mean by "variables in the right places"? So, I do not get credit by showing my "work" when my final calculation is wrong? My "work" will include power sign, Log sign, etc. and how will I type them?
No. But there are no grades for the formula - only the variables in the correct spot - so its just a typed version. You will have paper, so you can write it there first - then type it into the computer.
Hi Mark, if we cannot write in adjacent windows, how can we write lv 3 in both May and Nov as your outline suggested? I was also wondering about your content in the case i get bumped but i see now that you've answered elsewhere!
Level 3 CBT - Are we going to have to type out the answers instead of writing them? How are we supposed to type out complex formulae? Isn't that going to be rather difficult and potentially take up a lot of time? Don't see any guidance from CFAI
Professor, I have a full subscription to your website for L3 December 2020. If I decide to stay with December and the exam is cancelled later on, I assume you would allow me to upgrade for next year CBT and just pay the difference, correct?
20:53 - They are saying you cannot write in adjacent windows but that seems to be applicable to LVL 1 only as LVL 3 candidates are allowed to write May21 & Nov21 should you fail? (May and Nov also adjacent for LVL3 purposes)
Can CFA L3 candidate takes exam in adjacent windows (i.e. May 2021 and Nov 2021 (if failed May in 2021) ? looking at flowchart shows seems if one fail in Dec. 2020 can take May 2021 and if failed May 2021 then can take exam in Nov 2021... is that adjacent window ?
Sir, I know this is off topic but i have to ask of the 36 readings in level 3 all readings are not supposed to be tested as structured response question right If yes then is there a guideline as two what readings are most probable of having a structured response question because it will be helpful to understand those readings in a particular way different than others Or should i thnk that those readings with practice problems consisting of structured response will be the ones testable in exam in that manner
If I am currently registered for the Dec 2020 L3 exam and I want to opt for the May 2021 exam , does that mean I have to forfeit this year's registration fee at CFA as when I go to withdraw I have acknowledge that I will not get any refund. ( Basically do I get a credit of USD 700 in my CFA account to be utilized for re-registering for the Level 3 2021 exam) : received the email " To change your exam, sign in to your account and go to the CFA Program tile. Follow the instructions under Manage Your Exam to Withdraw from Exam. Then, you may re-register for your choice of future exam date. You must complete this process before 21 October. " On the Manage your exam i get the following "You may withdraw your CFA Program exam registration until 11:59 PM ET on 30 November 2020. You will not receive a refund of your registration fees. I confirm that I want to withdraw my exam registration. I understand that I will not receive a refund."
@@MarkMeldrum thank you Mark.. But it's this an option that should be available and this is a technical issue with some cases only..like mine correct?..I should be able to raise it with Support at the institute.. Correct..
Has anyone had experience with an exam scholarship? I’ve been awarded one for level 1 in December 2020 but it’s unlikely I’ll be able to renew my expired passport in time to register due to covid disruption. I really, really want to sit it asap - maybe they could commute my scholarship to Feb 2021? If anyone has had experience with this I’d greatly appreciate your insight.
You are looking forward to pen and paper and the institute says, you know what, you can write in December,........and u have 3 months to be ready. Yikes
All levels are reduced. The research shows that there is not much difference in ability that can be assessed in 6 hours that can't be assessed in 4.5 hours.
Large question bank - randomized questions - probability of finding someone who can remember more than 4 or 5 specific questions, and of you getting those 4 or 5 specific questions is very low.
Thank you again for the wonderful and thorough run-through Mark. One video for each level - that’s dedication.
Thanks Mark always appreciate the timely updates
This looks like a exam problem in itself.thanks doc.
Prof, on a separate note, what's your take on the prospect of a market correction vs. USD depreciation in light of the currently overheated market. The valuation is obviously too high to be sustainable. The two possibilities will lead to two opposite decisions. A market correction points to holding cash while a currency depreciation suggests holding on to equities. Thank you for any advice.
Hi Mark-thanks. I am currently registered for December 2020 and am a level 3 candidate. I was very keen to get it out of the way however from all the uncertainty ongoing and the likelihood of not knowing whether the exam will go ahead till the very last month potentiallyalong with the difficulty to travel to other test centres if there are quarantine rules when you travel makes me just think why they even keep the exam on? There are clear advantages of doing it next year-shorter exam, lesser wait time at the venue (vs now i assume with all safety checks will be over 8 hours!) and also typing rather than writing for level 3 will help us be quicker...
If in Oct 2020 I choose to postpone my Dec2020 exams (currently registered) to May2021, can I still extend my full access subscription till 15 Jun2021 for $15?
I feel like that should be an option since things could potentially get worse especially since it would be flu season and a possible mutation of Covid-19.
He is making mock exams available soon so he needs to know who is taking what when and everyone has to choose now. But if it gets postponed in your country due to Covid I hope that (on a case-by-case basis) he will extend the access like he did in March.
Don't you think it would automatically devalue the CFA program credential in coming years if candidates can obtain their CFA certificate in a period of one year.
Haven't received the mail.
You can log into your profile then exam overview. Everything there.
Please help. I haven’t received the e-mail. How can I change from December to May? I’m currently enrolled for december
@@ManuA12 you have more than enough time to switch. No need to panic
W. Thank you
Do you know how late in the year we can change the test location? I'm scheduled for San Diego but i'm worried that if CA is still on lockdown, I may have to switch to Arizona or another state with less strict guidelines.
CFAI 2031: Exam knowledge will be assessed through Neuralink.
Congratulations on 100k subs professor.
Just happened Sunday night.
1) Can we take the level 3 exam two times a year now after 2021? Or is just they offer it twice a year, and we can only take once a year?
2) How will we type the formulas in the AM session of level 3?
Yes, if you fail, you can try again in 6 months
@@dastansalibekov4561 2) How will we type the formulas in the AM session of level 3?
@@pizzle012345 using keyboard and mouse
Thank you Mark for this so helpful video. As soon as I received CFAI mail about the transfer options I withdrawn from the December 2020 level 3 exam because I want to pass it in may 2021. Now I’m wondering whether I will have to pay again as I withdrawn before may 2021 registration opening..
WIll the 2021 exam still have Morning session as essay type questions or in 2021 it will be only multiple choice questions and vignette
I can imagine the noise for level 3 essay, the keyboards 🤦♂️
Same! That is really going to be distracting. I would revert back to December but not sure if I have the time...
Ear plugs!
Mark could you add a video for LVL3 on CBT difference on the structured response. Seems like there is a lot there... No shortcut symbols & more difficult to write formulas. CFA knows this & must have considered it, but I wonder your thoughts on it as it feels like it changes a lot including time considerations...
Our mocks for 2021 will involve online answering - so you can get used to it.
Thanks Mark. Another from the FAQ. They're including pre-test questions now. Do you think they will in structured response? Seems like someone behind on Time trying to "pick" which Q's to finish could end up hurt by non-counted questions. Also since your writing your CBT for us soon and have thought about it... Do you see a time issue on what I referenced above or am I overthinking it?
I'm currently registered for Level I in December 2020. Trying to switch to February 2021 but I'm unable to find the page on the CFA website where I can do so. Any info on this? Thanks.
I am not sure where on their site that is. Maybe somebody else knows?
Hi Mark, unrelated question. Are you a fan of Tupac/hiphop, or do you just like the quote "Even the genius asks questions" which is on the site? Just curious, found that interesting.
For Level 3 exam, if it is computer-based, how will I show my "work", i.e., calculations with various math symbols? Will I receive vignette and data on paper also (and type in answers in computer) so that can circle key words/numbers in pencil, do my little calculations at the side space, grasp all information in one view. If not, I would have to work with two separate spaces - one on computer monitor and the other on the scratch paper, with my eyes back and forth between the two spaces. I would be scrolling up and down the computer monitor to search for information? Reading vignette on bright computer monitor for a long period of time, is also hard on our eyes. I would like paper exam back.
No math symbols required - just the variables in the right place. There are no marks for the formulas.
@@MarkMeldrum What do you mean by "variables in the right places"? So, I do not get credit by showing my "work" when my final calculation is wrong? My "work" will include power sign, Log sign, etc. and how will I type them?
(4.2 - 2.1)/4.4. Not (Dt - Dp)/Df.
Hi mark. won't be easy to time formulas on a computer... can we expect the CBT version of level III to be less calculation intensive than the PBT?
No. But there are no grades for the formula - only the variables in the correct spot - so its just a typed version. You will have paper, so you can write it there first - then type it into the computer.
Hi Mark, if we cannot write in adjacent windows, how can we write lv 3 in both May and Nov as your outline suggested? I was also wondering about your content in the case i get bumped but i see now that you've answered elsewhere!
Adjacent is May/Aug or Aug/ Nov. May/Nov is sequential, but not adjacent.
Okay thanks! So I guess adjacent based on LV 1 options then
Level 3 CBT - Are we going to have to type out the answers instead of writing them? How are we supposed to type out complex formulae? Isn't that going to be rather difficult and potentially take up a lot of time? Don't see any guidance from CFAI
Q1 - yes
Q2 - there are no marks for formulas anyways, only the variables in the right place. You can write it in paper first, then type it in.
@@MarkMeldrum What about 'Show your calculations' part?
Just type it in. Re= 0.022 + 1.1(6.5 - 0.022). There is CAPM.
Professor, I have a full subscription to your website for L3 December 2020. If I decide to stay with December and the exam is cancelled later on, I assume you would allow me to upgrade for next year CBT and just pay the difference, correct?
yes.
Hi Mark,
I just decided to defer my Dec exam to May 2020 today. Would you still allow my subscription to your program to last till May 2020?
E-mail tara@markmeldrum.com and she will tell you how to do it.
Mark, I didn’t receive the e-mail. What link can I click to change my exam date from December to May 2021? I need to change it..
This I do not know. Check your spam folder. Also check to make sure you have the correct e-mail address online at CFA.
Which one is more preferable for Level III candidates.. PBT on Dec 20 or CBT 21?
That is your call - but I would lean to Feb 2021.
@@MarkMeldrum Mark, I didn't quite follow your comment, since there is no Level III exam in Feb 2021.
Hii mark, thanks for your update. If I want to postpone my exam to february 2021, do I need to pay any extra amount for that.
To CFAI - no.
@@MarkMeldrum thanks mark.
20:53 - They are saying you cannot write in adjacent windows but that seems to be applicable to LVL 1 only as LVL 3 candidates are allowed to write May21 & Nov21 should you fail? (May and Nov also adjacent for LVL3 purposes)
It applies to L1 predominantly. Also applies to L2 Aug and L3 Nov only for 2021, and to Feb L2 and May L3, Aug L2 and Nov L3 from 2022 onwards.
Mark Meldrum got it thanks Mark. Thanks for informative video as always.
If i deferred my registration from june to dec due to covid. (Level 1) can i re-defer it to feb?
Can CFA L3 candidate takes exam in adjacent windows (i.e. May 2021 and Nov 2021 (if failed May in 2021) ? looking at flowchart shows seems if one fail in Dec. 2020 can take May 2021 and if failed May 2021 then can take exam in Nov 2021... is that adjacent window ?
No that is not adjacent. That is sequential. Adjacent is Feb/May, May/Aug, Aug/Nov - but May/Nov is not.
Sir,
I know this is off topic but i have to ask of the 36 readings in level 3 all readings are not supposed to be tested as structured response question right
If yes then is there a guideline as two what readings are most probable of having a structured response question because it will be helpful to understand those readings in a particular way different than others
Or should i thnk that those readings with practice problems consisting of structured response will be the ones testable in exam in that manner
If I am currently registered for the Dec 2020 L3 exam and I want to opt for the May 2021 exam , does that mean I have to forfeit this year's registration fee at CFA as when I go to withdraw I have acknowledge that I will not get any refund. ( Basically do I get a credit of USD 700 in my CFA account to be utilized for re-registering for the Level 3 2021 exam) :
received the email " To change your exam, sign in to your account and go to the CFA Program tile. Follow the instructions under Manage Your Exam to Withdraw from Exam. Then, you may re-register for your choice of future exam date. You must complete this process before 21 October. "
On the Manage your exam i get the following
"You may withdraw your CFA Program exam registration until 11:59 PM ET on 30 November 2020. You will not receive a refund of your registration fees.
I confirm that I want to withdraw my exam registration. I understand that I will not receive a refund."
The process behind the CFAI site is out of my information field - No idea.
I am facing the same problem. Not sure why.
@@MarkMeldrum thank you Mark.. But it's this an option that should be available and this is a technical issue with some cases only..like mine correct?..I should be able to raise it with Support at the institute.. Correct..
Is it possible to tackle 3 levels in one year example Feb 2021(L1), may 2021(L2), Nov 2021(L3)?
No. Feb/May are adjacent windows.
@@MarkMeldrum thanks for the right information
If my exam gets postponed because of COVID-19 in my local area, will you extend the access like what you did in March?
We will follow CFAI's lead. If you have to defer through no fault of your own - yes.
Do you think they will ever go back to paper testing?
No.
More options, more difficult to secure the test from cheating and changing.
Has anyone had experience with an exam scholarship? I’ve been awarded one for level 1 in December 2020 but it’s unlikely I’ll be able to renew my expired passport in time to register due to covid disruption. I really, really want to sit it asap - maybe they could commute my scholarship to Feb 2021?
If anyone has had experience with this I’d greatly appreciate your insight.
You are looking forward to pen and paper and the institute says, you know what, you can write in December,........and u have 3 months to be ready. Yikes
Why is the level 3 exam reduced from the 6 to 4.5 hours for the CBT?
All levels are reduced. The research shows that there is not much difference in ability that can be assessed in 6 hours that can't be assessed in 4.5 hours.
@@MarkMeldrum So we don't have 2 sessions now, but one long 4.5 hours session?
When will you release the mock exams?
I am being told Wednesday the 19th from IT.
***FOR ANYONE ELSE WHO DID NOT RECEIVE AN EMAIL***
www.cfainstitute.org/en/programs/cfa/exam/exam-updates
you're welcome.
There is an ad every 3 minutes Mark. Never had this experience before.
I do not select that option, but it has happened before. I will try to disable it.
@@MarkMeldrum i didn't face any add
no adds here
Within 10 days, it's likely that someone who took the test will tell others what kind of questions appear, isn't it?
Large question bank - randomized questions - probability of finding someone who can remember more than 4 or 5 specific questions, and of you getting those 4 or 5 specific questions is very low.
Sir is there any chances of exam postpone to 2021
No, unless the country/region does not allow it.
Mark Meldrum okay thanks sir 🙏
Haven't received my email yet. Now I'm a bit worried
Me and my friends also haven't! It'll come up in a few hours
me neither!
Me neither, seems there are a few of us, is that good or bad?
@@jamesj.mccombie5031 don't worry, email will come. Don't overthink. Just login into your profile and go to exam overview, everything is there
Too many ads. 1 ad is enough
I know. UA-cam automatically adds mid rolls now for any video longer than 10 minutes. I have to manually go into each video and turn them off.