Hi Guys, This forum is excellent and has provided useful inputs for all of us during our L1 preparations. I appeared in 2010 Dec. Like others, I am keeping my fingers crossed on crossing the line. Now, that I have some time to recuperate from the lengthy study sessions, I am thinking over my plan for next year. If I fail then I am re-appearing in June again. However, if I do pass, then I am thinking over my plans to appear for L2 in June 2011. I am a family guy with a 4 year old daughter and a full time job. I was able to study for 2 hours at least on weekdays and 5-6 hrs on weekends during my L1 prep. I started studying in early July. I did find difficulty in balancing family life with my study time. My wife is not amused with my CFA option either. I am wondering if I should go for L2 in June 2011 or postpone it to June 2012 considering the limited time period that I would have given other commitments or do you think it is doable. Is there anybody else facing the same situation as me? Any thoughts or suggestions?
I decided to wait until June 2012 as I figured what is the big rush. I would rather go in over prepared than under prepared, and I think waiting will give me a better balance between work and the rest of life. However, I am no where near having the 4 year work experience requirement, hence why I am not in a huge rush to finish all the exams. If you already have most of the work experience requirement, then I can see why you would want to hurry up and finish the exams so you can become a Charterholder.
do it now brah, you gotta hustle
There are more important things in life than the CFA. Enjoy your time with your wife and daughter. How badly do you need the CFA? You have a job…Level II can wait… Abdemanaf Wrote: ------------------------------------------------------- > Hi Guys, > > This forum is excellent and has provided useful > inputs for all of us during our L1 preparations. I > appeared in 2010 Dec. Like others, I am keeping my > fingers crossed on crossing the line. > > Now, that I have some time to recuperate from the > lengthy study sessions, I am thinking over my plan > for next year. If I fail then I am re-appearing in > June again. However, if I do pass, then I am > thinking over my plans to appear for L2 in June > 2011. I am a family guy with a 4 year old daughter > and a full time job. I was able to study for 2 > hours at least on weekdays and 5-6 hrs on weekends > during my L1 prep. I started studying in early > July. I did find difficulty in balancing family > life with my study time. My wife is not amused > with my CFA option either. I am wondering if I > should go for L2 in June 2011 or postpone it to > June 2012 considering the limited time period that > I would have given other commitments or do you > think it is doable. Is there anybody else facing > the same situation as me? Any thoughts or > suggestions?
It’s really tough once you are married and have a young child. On one hand, you want to make their lives better. On the other, you are giving up precious time that you will never have with them again. That’s why I’m trying to get everything done in my mid-20s. Even now though, I’ve had to give up some time spent dating, being with friends, enjoying life.
I have a demanding full time job and two kids + wife at home. The kids are 3 and 1. I am plowing through. I want to be done in June 2012. I intend to pass L2 and then take a half year before gearing up to finishing the job in 2012. Its like pulling a band aid off. The quicker the better. I dont want the cfa over my head for more than three years.
Tough call. Some things you may want to keep in mind though: 1. Level II is much more difficult than Level I and so would require more study time. You had 5 months to study for level I, and it sounds as if you aren’t sure that you definitely passed. you will have 4 full months to study for level II by June. Therefore, just in terms of time frame available you would need to have longer study sessions. Then on top of that add in the extra degree of difficulty and plan on more study time still. 2. If you decide to postpone, starting back up will be that much more difficult. Not only for yourself, but also your kids who are now used to you being available again. It’s hard for them to go back and forth. Also your wife, who you said is not amused with your studying, would certainly need to reapprove your studying, and that may prove difficult the longer are away from it! I attempted Level II right after my Dec. level I test and didn’t make it the first time. I started in March of that year (a little late due to some should I try it pondering) I studied about 3 to 4 hrs a night to rush through the material. I didn’t have the time for the EOC’s, which are crucial for level II, and only got through one practice test. Now I’m not saying there wasn’t a chance of me passing, actually I don’t think I did too bad given that I only had 3 months to study, but there definitely was a sacrafice to be made. Long story short if you are not prepared to make the sacrifice, you won’t be prepared to write the test in June.
Thanks Guys, message is very clear, do it now and start early for L2.
FinNinja Wrote: ------------------------------------------------------- > Long story short if you are not prepared to make > the sacrifice, you won’t be prepared to write the > test in June. Yes. L2 is a great sacrifice. The statistic is something like only 5% of people taking L2 for the first time will pass it.
Where does this stat come from?
i have a 1 year old daughter and my wife too isn’t too thrilled with CFA. I will give level II in 2012 even if i pass.i cannot compete studying by June '11.
confused2010 Wrote: ------------------------------------------------------- > i have a 1 year old daughter and my wife too isn’t > too thrilled with CFA. I will give level II in > 2012 even if i pass.i cannot compete studying by > June '11. +1
iteracom Wrote: ------------------------------------------------------- > Yes. L2 is a great sacrifice. The statistic is > something like only 5% of people taking L2 for the > first time will pass it. I’d like to know where this statistic came from as well. I’ve always wondered what the breakdown on the passrate is between 1st timers, 2nd timers, and so on is.
FinNinja Wrote: ------------------------------------------------------- > iteracom Wrote: > -------------------------------------------------- > ----- > > Yes. L2 is a great sacrifice. The statistic is > > something like only 5% of people taking L2 for > the > > first time will pass it. > > I’d like to know where this statistic came from as > well. I’ve always wondered what the breakdown on > the passrate is between 1st timers, 2nd timers, > and so on is. ----- This statistic is obviously made up I wouldn’t believe any numbers unless provided by CFAI… The candidate pool is made up of those who we’re good enough to pass level I, but I know alot of people who failed level I their first time too…I’d say from all the people I know personally (from my experience), the ratio is similar for level II… I know alot of people who passed level II their first time through I think a big problem lies in the material, where level I is just a re-cap of the undergrad for the majority of people… where most people haven’t studied the majority of material in level II… best of luck to all the level II candidates… I’m looking forward to beginning in January…I was going to start in November but figured I’d enjoy a couple months before losing all my free time to CFA haha
Statistic came from Schweser. Believe what you want to.
Huh? That 5% seems really sketchy. For instance, let’s say 50% of L2 candidates are first timers. Then only 2.5% of candidates are first time passers. If the overall passing rate is 40%, then only 1/16 of people who passed L2 did so on the first try. Similarly, if 25% of candidates are first timers, then 1.25% are first time passers and 1/32 of passers are first timers. If 75% of candidates are first timers, then 3.75% are first time passers and 3/32 of passers are first timers. I don’t know what you’re thinking, but this fails the common sense test to me. If Schweser really says it’s 5%, then it’s hard to believe that this is anything other than them trying to scare people into buying their product.
I 100% agree with the lack of logic from the 5% statistic… I’m sure Schweser just said it to emphasize the difficulty level compared to level I… after all, where and how did they get this LOL But anyway, this is a pointless arguement as none of us know for sure. All we do know is that level II is going to be a rough one!!!
Iteracom, I’m still interested in this statistic, do you have backup of where you saw this from Schwesser? I think it would be an interesting read. 5% seems a little low, but could be accurate as you don’t see too many 3rd timers (though you do see some). There could be a survivorship bias in there as well as people may not want to take it a 3rd time. I wonder if this statistic is just for first timers who go Dec level I to June level II.
My friend taking a schweser course said one of the instructors gave it out.