Well, this year was my seventh attempt and I passed. For me it’s still a victory, but it’s kindda a sad one.
To all the multiple retakers here I can tell one simple thing: it’s all about the learning the material and learning the material is all about the time and conditions for studying. In other words, if you can afford 5 hours every day in the library that is totally fine and you could pass, if you are studying 35 minutes in a suburb train - well, you’ll need much more luck than other candidates.
I understood that if I still keep my ‘super back office and even almost middle office’ job I could put in not more than 400 hours, given my own reading speed that would mean the fail, perhaps band 6 (last year I was on band 4 after 341 hours).
So I had a chat with my boss who explained me that there is no real chance for promotion on my job, if even I could pass the Level II and Level III, ‘the situation in the economy cannot help that making’ as he put it.
So I quit. The job and the finance field at all. My new role was a freelance spreadsheets expert - all the VBA macros, accounting tables, automatic reporting, inventory spreadheets, you name it.
Result:
CFAI Reading - done, 380 hours.
CFAI Readings First Review - done, 200 hours.
CFAI Readings Third Review - done, 142 hours.
Flashcards wrote - 2673 (time logged together with Readings logs).
5.Flashcards Review - did it on the run, did not log that time as study time, my guess is about 80 hours.
Q-banks of Finquiz - 3000 questions - done (time logged together with Readings Review logs).
5 Moch exams - done, 60 hours.
Can anyone afford it while holding a ‘normal’ job?
So I did it. And the question is if it worth for me to move to Level III, given the fact that Level III would require even more effort…
Total respect for the determination and will required to go through that so many times. I was a multiple fail at L1 because I was unable / unwilling to put in the effort. Then I sorted out my personal stuff and then I was able to sacrifice the personal stuff and get it done.
You’re right the question is is it worth it? if it is you’ll make the necessary sacrifices to get through L3. I’m not recognisably the same person I was when I started CFA. I barely watch TV I don’t play video games and cut out a lot of other social activities. Whilst a lot of you might be thinking wow how sad I’d hate to do that, I’m happier with what I’ve achieved than I would have been had I had time to finish GTA V and watch all of Breaking Bad.
That said I’m still in my normal job and have to find the time around all the other stuff I can’t control.
Salute you too for your determination. I’m now facing my 3rd attempt and can’t stomach the sickening feeling of going through L2 again. I’ve got a young kids and full time job too.
I reckon you should still go through L3 and be prepared when the economy picks up again. Or else move to a country where the finance jobs are more. I can tell you in my country, there numerous people in the banking/finance industry who don’t fully understand finances. Employers would love to have someone like you.
Wow, I can understand you as anyone else! You are hero man!!
I will retake my level 2 test in 2015, but my boss said “it is strange thing to spend time on CFA as it is not required neighter by our firm nor by Russian market”. Finally, I decided not to disclose my participation as it concidering as will to change employer
Well, if you considering only russian job market - it could easily ruin you motivation. I’m actually don’t see any sufficient demand for CFA Charterholders. Russia is a bad country to build a career in finance and it’s only getting worse. And it’s definitely not the best country to live in… In my opinion, change your life by moving to some another country with highly developed finance area - that is a good motivation to finish off the program. And don’t even think about quitting the program now - you are only one final step away from the charter! If you quit, it will mean that all the huge amount of effort to pass level 2 is meaningless…
It probably took you 800+ hours because you spent too much time reading. I think reading is nice to become a more informed person, but it is almost optional when it comes to passing the exam.
Try to read as fast as possible (or even skip it), then go hard on questions (ideally go through blueboxes, EOCs and mocks multiple times). When you get questions wrong and don’t understand why, then you might go back to the readings (or Schweser) with better retention.
In my opinion, if you failed the previous attempt, reading is definitely a waste of time. The questions are more than enough to point out what do you need to learn and, also very important, how do you need to learn and apply it.
I really can’t comprehend someone devoting so much time to this each year, you could’ve gotten a PhD by now!! But regardless, if this was your goal I am endlessly impressed with your tenacity. This was my second time at level 2 and if it didn’t happen I already resolved to looking at moving on (fortunately I passed). Congratulations CFAilure, might want to pick a new user name
