Congratulations CFA Level II Passers: Next CFA Level III Steps and CFA Pathway Recommendations!

8 Jul 24

Exciting News for May 2024 CFA® Level II Exam Passers with Nathan Ronen, CFA

Hey everyone, Nathan Ronen, CFA here with some fantastic news for those who took the CFA Level II (“Level 2”) exam in May 2024. This blog post is specifically for those who successfully passed the exam. If you didn't pass, don't worry — I’ll be releasing a separate video with guidance on what to do next.

Congratulations on Passing the CFA Level II Exam!

I’m thrilled to announce that the pass rate for the May 2024 CFA Level II exam is an impressive 59%! This is a significant increase compared to historical pass rates. For context, this isn't just a slight Level 2 uptick from 45% to 47%, it’s a substantial leap. This higher CFA Level 2 pass rate should alleviate any concerns about the CFA Institute managing pass rates to make the exams overly challenging. The data clearly shows that a majority of candidates succeeded, indicating a fair and achievable standard.

Celebrate Your Achievement

Passing the CFA Level II exam is a remarkable accomplishment, often considered the hardest of the three levels by many CFA candidates. Whether you agree with that assessment or not, it's time to celebrate! Enjoy a drink, have a nice dinner, or do whatever makes you happiest. You've earned it!

What’s Next? Moving on to CFA Level III

Now that you’ve passed, you’re officially a CFA Level III (“Level 3”) candidate once you sign up for the next exam. Here’s my advice:

  1. Don’t Overanalyze Your Level 2 Scores: You passed—let that be enough. Forget about where you did well or poorly and move forward.
  2. Plan for Level 3 in February 2025: Aim to take the CFA Level III exam in February 2025 if possible. This gives you ample time (from July 2nd) to master the 33 readings in the CFA Level III curriculum. Even if you face life events like a road trip or a wedding, there's sufficient time to prepare for Level 3 and pass confidently.
  3. Two Chances in 2025: By taking the Level 3 exam in February 2025, you’ll have a second chance to retake it in August 2025 if necessary, using the same curriculum. This is a strategic advantage you don’t want to miss.

Choosing Your Pathway

Candidates often ask which pathway to choose for CFA Level III. Here are your options:

  • Portfolio Management
  • Private Markets
  • Private Wealth Management

My Recommendation: Portfolio Management

I recommend the Portfolio Management pathway. It’s not that the other pathways are inferior, but Portfolio Management provides more comprehensive materials and resources, including practice exams and mock exams. It builds on the knowledge from Level I and Level II and covers core areas such as fixed income, equity, derivatives, and alternative investments.

Why Portfolio Management?

  1. Abundant Study Materials: More practice exams and sample questions are available.
  2. Consistent Curriculum: The content hasn't changed much over the past few years, ensuring a stable study base.
  3. Core CFA Program: This pathway aligns well with the core principles of the CFA program.

Final Thoughts

When you earn your CFA Charter, it won’t specify which pathway you took. Focus on the pathway that offers the best preparation and resources — Portfolio Management in my opinion.

Half of the CFA Level III exam consists of essay-type (constructed response) questions. Mastering these is crucial, and many prep materials don’t cover how to tackle them effectively. That’s where my expertise comes in.

Join Me for CFA Level III Preparation

I’m here to help you pass CFA Level III on your first attempt. Visit us at chalkandboard.org, https://www.youtube.com/@ChalkBoardCFAPrep for more information, to sign up, or if you have any questions. I have been in this business for 28 years, offering mock exams, essay mock exams, and comprehensive video content.

Congratulations again on passing Level II, and let’s get ready for Level 3 together!

Good luck, and all the best!

Nathan Ronen, CFA

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