Time, taxes, liquidity, legal, and unique. The 5 IPS constraints are heavily tested on the L3 exam. Here's what you need to know about each.

Burn out is one of the hidden difficulties of the CFA process. That's normal. Now here's what to do about it. 

Return objectives and required return are always on the L3 exam...and always a reason Candidates get tripped up. Here's what to know to get prepared.

The Individual investment policy statement (IPS) gets tested in essentially the same way every year on the CFA Level 3 exam. There are no excuses for not knowing what to expect.

A post on how to identify the ability and willingness of an investor to take risk (a guaranteed CFA L3 exam question). 

Coverage of the last behavioral finance reading on the CFA L3 exam. Introduces the Barnwell 2-way, Pompian, and BB&K models for classifying investors in terms of risk tolerance and how this ties into IPS questions. 

Deadweight loss (DWL) is a heavily tested concept on the CFA L1 exam as it ties together an understanding of consumer and producer surplus, elasticity, and market structure. This post defines the concept, introduces necessary calculations, and goes through the potential causes of deadweight loss caused by government interventions or externalities. 

The CFA Level 1 exam tests consumer surplus, producer surplus and associated concepts like deadweight loss extensively. This post explains the concepts, shows them graphically, and ties them into market structures and government policies in the way that the CFA L1 curriculum tends to test the economics material.  

An overview of which behavioral biases, both cognitive and emotional, get exhibited by investor type. 

Emotional biases are those that arise from impulse, intuition, feelings, and they result in sort of personal and perhaps un-rational decision making. There are 6 biases that get tested on the CFA Level 3 exam.