By now, I have memorized most of the notes and key formulas I used last year. Of course, I failed the exam using these notes so I need to study more and add more to it. I am focusing very hard on EOR questions and sample questions in the curriculum.
I am finished with Vol 3 and Vol 4 and currently working on Vol 5. Vol 5 is on alternative investments, the area I am weakest and ironically the area I work in at my job. For this section, I will watch the NYSSA video and go over the key material with schweser textbook. Then I will dive into the EOR and sample questions. I really need to master the using of futures and options for managing portfolio risk or althering portfolio risk.
After all level 3 is mostly about managing a portfolio. Only after failing level 3 last year, did I realize that all this nonsense of behavioral finance, economics, corner portfolios, options, and VAR, etc are all used to manage a portfolio.
As a PM, if you anticipate IRs or other factors will move to a certain direction, you must have an idea how it will affect your portfolio and where your portfolio needs to be to weahter the change. You also need to know and understand that there are myriad number of ways to get there using different assets.
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