Essay Exam (Constructed Response) questions practice is critical for you to do well on the Level III exam. 

Here is what IFT advises:

  • Start early with the LIII Essay exam preparation. 

  • Watch all the videos by IFT for Study strategy/advice:

  • Go over the videos for 3 months leading up to the actual exam -April, May, and June. These will help focus on how to spend the last 3 months before the exam.

  • Practice with IFT Question Bank. Both item-set and essay exam questions need to be practiced. Remember, the key to understanding any concept is to see its application. The application is - the questions we provide. 

  1. Learn how IFT advises candidates to solve the Essay exam questions here:

  1. From the previous CFA Essay Exams, find the videos of topics relevant for the year 2020.  Only do the questions relevant for the 2020 exam. Click here for the relevancy document. Ignore the questions which are not relevant for the 2020 exam.

  1. Attempt the question by yourself using the technique advised by Arif Irfanullah.

  1. Watch the video where Arif Irfanullah solves the same question to see where you can improve.

  2. You can also see this help page: Which Past Level III Essay Exam Questions are Covered in IFT Videos

In the last 6 weeks before the exam, it is highly recommended that you attempt complete Essay exams in an exam like/timed setting. 

For 2020, the LIII curriculum has changed significantly, the past CFA Institute Essay exams for 2017, 2018, 2019 will not provide complete 3 - hour practice. To practice for a 3-hour session, IFT will provide Essay Exam Mocks. Attempt the mock exams and make sure you review your answers or get feedback before working on the next exam. 

It is recommended that you utilize the IFT Essay Grading Service in the last few months to get independent feedback/advice on your strengths and weaknesses.