Passed on the Fourth Consecutive Attempt!

[Brainy]

@CFAbeatmeup

@Brainy

Hello all,

Glad I finally passed on my fourth attempt.

Those of us who have been on this Forum long enough would remember the thread which proposed that the Level 2 exams be held twice in a year. I initiated that thread after the June 2015 exams upon having the feeling that I wouldn’t pass the exam. That thread sparked a lot of debate to the extent that it had to be locked for further comment by the Forum administrator. True to my expectation, I failed with a Band 10, but the heartbreak was way more than I could bear; consequently, I decided to be a “reading member” on the Forum, making sure not to post or comment anymore. That I couldn’t even achieve, so I took a total break from the Forum.

Fast forward approximately one year after, here I am with all smiles on my face, and with so much gratitude to God for crowning my effort with success, eventhough I have had to wait for 4 years for this day to come. So what did I do differently and how did I cope with the disappointnents of failure? These questions I intend to address below, for the benefit of those who might be feeling low and having doubts in their abilities.

I passed level 1 on my first attempt in December of 2012, and I rushed into writing Level 2 in June 2013 but was smashed with a Band 4. I relied heavily on reading from the CFAI text, with no personal jottings or attempt on mocks. Next came June 2014 and I had a Band 8, still by reading from the CFAI text without a personal jotting, but this time, with an attempt on the CFAI mock.

My third attempt was in 2015, and that time I decided to change my entire strategy. I signed up for Elan Guide and combined that with reading from the CFAI text, while also taking out time to create a personal summary of each chapter just to be sure I understood all I read, and lastly I attempted more mocks than I had ever tried in my 3 years of writing the CFAI exams. In all honesty, I felt I had done more than enough to pass, but I was so heartbroken when the result was released and I ended up having a Band 10. The pain was so much for me to bear and I decided to take time off Analyst Forum, since being around would bring back the memory.

Going into the June 2016 exams, I still retained my personal jottings from the CFAI text, which were more than helpful since they were in my own words, but I discarded the Elan Guide since I didn’t find them too helpful in the June 2015 exams. I also didn’t solve any mock questions, and neither did I attempt the end of chapter of questions, BUT, I ensured I glanced through all the questions and answers of the CFAI mock exams. I observed that I had consistently performed poorly in FI and PM, so I focused so much on those, and I took a big gamble on Derivatives, by choosing not to study that at all. In doing all these, I relied entirely on the CFAI text, and today, I am so happy to share my success story. I passed with greater than 70 in (Econs, FRA, QM, FI, and Ethics) between 50 to 70 in (PM, AI, Corp Fin, and Equity), and less than 50 in Derivatives (obviously! Afterall, I didn’t study this area of the curriculum at all).

Learning Points:

1. To the world, I failed, but to myself, I knew I was failing forward. From Band 4 to Band 8 to Band 10, surely showed that I was making steady progress, so I was mild on my criticism of myself, and I knew my day would surely come.

2. Nothing works more than studying from the CFAI text, but in doing so, please create a personal note in your own words. The CFAI text is voluminous and harder to remember, but your own words will surely be easier to remember

3. Compare your failed results from year to year and take note of any negative trend that you should focus on. In my own case, it was FI and PM that I had issues wiith, but I didn’t realize on time.

4. Mocks are important, but they don’t replace a thorough understanding of the curriculum. You can pass the exams even with ONLY a thorough understanding of the curriculum without mocks, but you can’t do same by solely relying on mocks without a thorough understanding of the curriculum.

5. Lastly, stay positive and persevere, and always remember that one day will surely be your day if you don’t relent, and all you need is just that one day! For me, that day is today! **smiles**

As I sign out, I say congrats to myself once again and to everyone that made the cut, and to all those who didn’t make it, please hang in there! Apparently, I was once in your shoes… Cheers!

Hey Brainy,

I think I was the one who broached the two-times-a-year test, or at least we I was one of the biggest contributors to the “for” column and I got beat up by a bunch of charterholders accordingly. Tbh, I still haven’t changed my mind and don’t particularly care what they think. Sorry this caused you to not post bro! I have a pretty thick skin, so…

Anyhoo, congrats on your accomplishment. This is a testament to your character and I’m glad you overcame. Level 3 is different - not as computationally difficult but requires top-to-bottom understanding and not simply rote memorization.

Good luck and hopefully I’m done with this in two weeks.

Hey CFAbeatmeup,

How have you been buddy? For sure, I do remember you. My great “partner-in-thought”. I still remember your verbal jabs and relentless contributions on that thread… Lol.

Per Level 3, what you summarized above sounds interesting to me and I just can’t wait to throw my hat in the ring. **winks**. Anyways, goodluck on your result in 2 weeks, and hopefully we get to pop some champagne right here on the Forum floor…Smiles.

Cheers buddy.

[Brainy]

@Ramos4rm

Congrats man. Question, if you only studied from CFAI and failed 3 times…how do you conclude #2? Most effective IMO is use Kaplan Schweser and supplement with CFAI.

June 2012: L1 June 2013: L2 June 2014: L3

Hey Ramos,

It’s been a while. Trust you are doing good.

Your opinion isn’t wrong, but one size does not fit all. IMO, I feel your approach works best for those who have ample time to read through both different materials. Moreso, I think the CFAI text has a lot of nuances which study texts sometimes downplay or totally leave out. I had an experience of this kind with Elan Guide in 2015.

That said, I concluded #2 because when I initially started studying from the CFAI text, I didn’t create a personal note from its voluminous content. But my understanding increased astronomically when I created a personal note on my third attempt, and this I leveraged upon on my fourth attempt.

[Victoryeo1984]

i admire your tenacity, brainy.

[financenoob]

Congrats .

But giving up derivatives is not a good strategic choice , though it will not get in the way that much in level 2 if you nailed the rest , it will haunt you throughout level 3.( can’t avoid it , derivatives is almost integrated all over level 3 text ) .

Puttting quant or econs would be a much better choice if you want to reduce the study load . But then that depends on each individual 's background . Sadly , you can’t avoid derivatives .

[Wizards_Apprentice]

Well done …

I passed on my 3rd attempt …

2014 - used Schweser materials only - I had large knowledge gaps as I didnt get to grips with the detail, weak across the board.

= Band 3

2015 - Used a mix of Schweser materials and the CFA for Accounting and Equity - I ignored my weak spots but managed to get a handle on Accounting, Equity and Derivatives

= Band 7

2016 - really really didnt want to sit the exam this year, mentally felt burnt out - used only the CFA material this year - started by working on my weak areas that had hurt me on the previous sittings: Portfolio management, Corporate Finance, Fixed Income, Ethics and Alternatives - I knew after getting a handle on the Accounting and Equity sections in 2015, alot of the heavy lifting was done. It meant that I had to go away and learn the stuff I had been avoiding. Having failed 2 previous times, mentally I had a total block that I could pass this sucker. I got the results in yesterday and I crushed it >70+ in everything except Quant which was in the lower range.

= pass.

Sitting in the exam hall each year I would see friends and associates move up into the level 3 part of the hall, and I wondered if I would ever be able to sit amongst them, good things can happen, just dig deep and dust yourself off … failure is all part of being successful, as we learn from our mistakes.

Well done Brainy! *Fist pump*

[vgmalu]

Dear Brainy,

You deserve the success, inspiring story

[Onward]

Wow, this is some next level perseverance. Congratulations Brainy, more than deserved. I hope Level III treats you much more kindly, best of luck on the last step

[CFAbeatmeup]

@Brainy

@CFAbeatmeup

@Brainy

Hello all,

Glad I finally passed on my fourth attempt.

Those of us who have been on this Forum long enough would remember the thread which proposed that the Level 2 exams be held twice in a year. I initiated that thread after the June 2015 exams upon having the feeling that I wouldn’t pass the exam. That thread sparked a lot of debate to the extent that it had to be locked for further comment by the Forum administrator. True to my expectation, I failed with a Band 10, but the heartbreak was way more than I could bear; consequently, I decided to be a “reading member” on the Forum, making sure not to post or comment anymore. That I couldn’t even achieve, so I took a total break from the Forum.

Fast forward approximately one year after, here I am with all smiles on my face, and with so much gratitude to God for crowning my effort with success, eventhough I have had to wait for 4 years for this day to come. So what did I do differently and how did I cope with the disappointnents of failure? These questions I intend to address below, for the benefit of those who might be feeling low and having doubts in their abilities.

I passed level 1 on my first attempt in December of 2012, and I rushed into writing Level 2 in June 2013 but was smashed with a Band 4. I relied heavily on reading from the CFAI text, with no personal jottings or attempt on mocks. Next came June 2014 and I had a Band 8, still by reading from the CFAI text without a personal jotting, but this time, with an attempt on the CFAI mock.

My third attempt was in 2015, and that time I decided to change my entire strategy. I signed up for Elan Guide and combined that with reading from the CFAI text, while also taking out time to create a personal summary of each chapter just to be sure I understood all I read, and lastly I attempted more mocks than I had ever tried in my 3 years of writing the CFAI exams. In all honesty, I felt I had done more than enough to pass, but I was so heartbroken when the result was released and I ended up having a Band 10. The pain was so much for me to bear and I decided to take time off Analyst Forum, since being around would bring back the memory.

Going into the June 2016 exams, I still retained my personal jottings from the CFAI text, which were more than helpful since they were in my own words, but I discarded the Elan Guide since I didn’t find them too helpful in the June 2015 exams. I also didn’t solve any mock questions, and neither did I attempt the end of chapter of questions, BUT, I ensured I glanced through all the questions and answers of the CFAI mock exams. I observed that I had consistently performed poorly in FI and PM, so I focused so much on those, and I took a big gamble on Derivatives, by choosing not to study that at all. In doing all these, I relied entirely on the CFAI text, and today, I am so happy to share my success story. I passed with greater than 70 in (Econs, FRA, QM, FI, and Ethics) between 50 to 70 in (PM, AI, Corp Fin, and Equity), and less than 50 in Derivatives (obviously! Afterall, I didn’t study this area of the curriculum at all).

Learning Points:

1. To the world, I failed, but to myself, I knew I was failing forward. From Band 4 to Band 8 to Band 10, surely showed that I was making steady progress, so I was mild on my criticism of myself, and I knew my day would surely come.

2. Nothing works more than studying from the CFAI text, but in doing so, please create a personal note in your own words. The CFAI text is voluminous and harder to remember, but your own words will surely be easier to remember

3. Compare your failed results from year to year and take note of any negative trend that you should focus on. In my own case, it was FI and PM that I had issues wiith, but I didn’t realize on time.

4. Mocks are important, but they don’t replace a thorough understanding of the curriculum. You can pass the exams even with ONLY a thorough understanding of the curriculum without mocks, but you can’t do same by solely relying on mocks without a thorough understanding of the curriculum.

5. Lastly, stay positive and persevere, and always remember that one day will surely be your day if you don’t relent, and all you need is just that one day! For me, that day is today! **smiles**

As I sign out, I say congrats to myself once again and to everyone that made the cut, and to all those who didn’t make it, please hang in there! Apparently, I was once in your shoes… Cheers!

Hey Brainy,

I think I was the one who broached the two-times-a-year test, or at least we I was one of the biggest contributors to the “for” column and I got beat up by a bunch of charterholders accordingly. Tbh, I still haven’t changed my mind and don’t particularly care what they think. Sorry this caused you to not post bro! I have a pretty thick skin, so…

Anyhoo, congrats on your accomplishment. This is a testament to your character and I’m glad you overcame. Level 3 is different - not as computationally difficult but requires top-to-bottom understanding and not simply rote memorization.

Good luck and hopefully I’m done with this in two weeks.

Hey CFAbeatmeup,

How have you been buddy? For sure, I do remember you. My great “partner-in-thought”. I still remember your verbal jabs and relentless contributions on that thread… Lol.

Per Level 3, what you summarized above sounds interesting to me and I just can’t wait to throw my hat in the ring. **winks**. Anyways, goodluck on your result in 2 weeks, and hopefully we get to pop some champagne right here on the Forum floor…Smiles.

Cheers buddy.

Ha! Good luck. Knock it out bro! Congrats and thanks.

[Professor_of_Hamburg]

Brainy, there is no doubt it was a bad approach, it’s not a question - it took four years! That’s not an opinion its a reality.

Using revisionist history to explain it away as “life lessons, and ‘no best approach’ etc” means you most likely haven’t learned the lesson - will you sit another four years for Level 3? Or one? I am rooting for you, and rooting for one.

[UWPSP]

Same here, I passed on my 4th attempt. I have to agreed with you that creating personal summary is very important to turn your 2000 pages study materials into 20 “thin” pages. And for most sections the contents and exam format are similar every year eg. FRA,Equity,Derivatives, Econ, CF.

For me I didn’t read the CFAI textbook( because i have the finance background and the Level 2 material are not new to me, it is very discouraging me to read something written like a textbook than a review materials) and I think practicing questions is important for retaker.

I started CFA LV2 during my MBA studies.

1st Attempt : Band 5

• Use Schweser notes only and only did the mock the day before exam. Didnt take days off. (That year was busy with job interviews in May and couldn’t take days off)

2st Attempt : Band 10

• Use Schweser notes and video. Found the video helped a lot to understand the material and keep me focus on study( reading notes will fall in sleep somtimes ). take the last week off and practiced 3 sets of mock (open book and didnt restrict time on questions). On the exam day, i wasted too much time on equity and corp finance and left too little time on the qualitative questions like derivatives and fixed income… got too nervous at the end and my mind refused to do calculation questions even tho i know i can do it. I was so disappointed on the result day as i am so close and i did prepare well.

3rd Attempt : Band 9

• Use video materials and personal notes, decided not to do it and changed my mind in the last min. Since i have good study notes from previous year and don’t want to waste too much on studying it. Didn’t have time to practice questions as my boss didnt allow me to take a week off. FRA was a bit tricky this year. My last friend who i knew working on lv2 moved to lv3.

4th Attempt : Pass. (with only ethics <50%, all >70%)

• Use video materials and notes. Did a lot of practice questions. Up till now, LV2 materials are deep in my memories. I spent 1 month to quickly went over study video and my personal notes plus read the new sections. Started practicing CFA textbook questions and past mocks for 2 months. (2 hours per day).

On the exam day, changed my strategy to start on quantitative questions first (Derivatives, FI, Econ) and finished with good confidence.

I am not a good example but my point is for retakers, spending time to practice questions is important to pass the exam.

[EDUCATIONSTOPYOURPRO]

Brainy, I share the same experience with CFA level 2. You have my deepest sympathy and understanding. I really do understand what pain you went through!

2013: Band 3 I felt like most stupid.

2014: Band 7 I felt stupid.

2015: Band 7 I felt more stupid than the last year, but not as quite stupid as 2013.

2016: PASS. I read it after the meeting, wanted really to cry out of luck. I felt like my honor was restored… literally, my honor is now restored.

Let us prepare for the last beast: Level III… Prepare for it like you never did before:-)

[cc_1983]

Congrats Brainy. Agree on the mocks. Passed level 1 without taking a full mock, mainly CFAI EOC questions and reviewing Schwesser notes repeatedly. However, I’m going to make it a priority to take a few mocks for Level 2.

[JBye]

Congratulations! Sounds like you have perseverance that I would never have.

Cant help but agree with another poster here - not doing mocks/qbank etc is a seriously flawed strategy. Anyone reading this thread needs to know that the day before the exam you should have thousands of questions under your belt so you are a point harvesting machine.

By my calculations I have probably completed over 15,000 questions over LI and L2 (first time passer on both).

[Viffer]

@Brainy

On leaving out one topic area, well I was just super sure I wouldn’t fail any of the remaining 9 sections. And factually, I didn’t. Wise bet!

…?

[kienha93]

Congratulation. Finally, hard work pays off.

[jonta999]

congratz

[maxirun]

Big congrats guys. I passed on my fifth attempt (using half a decade …OMG!!!).

2012- Band 1

2013- Band 1

2014- Band 2

2015- Band 8

2016- Finally a Pass…

[The_BigGuy]

@maxirun

Big congrats guys. I passed on my fifth attempt (using half a decade …OMG!!!).

2012- Band 1

2013- Band 1

2014- Band 2

2015- Band 8

2016- Finally a Pass…

I’m very curious to hear this story, band 1 twice and then band 2 and you stuck with it. Did you study at all for the first three?

[smedleyton]

@Brainy

On leaving out one topic area, well I was just super sure I wouldn’t fail any of the remaining 9 sections. And factually, I didn’t. Wise bet!

You might question my “bad” approach, but life has taught me that there is nothing like a best approach; rather, a best approach is what works best for you as a person given your unique capabilities and circumstances. For some, it is mock till they drop. For me, it is understanding the curriculum through and through, creating my personal note as I study, digesting the CFAI examples in detail, solving through EOCs, and making sure to review the CFAI mock examinations. And Like I said, this is my self styled approach which I now know works best for me.

On your first statement, you are jumping to a potentially erroneous conclusion. How do you know if you didn’t take a few hours off of another topic and dedicated it towards derivatives that you would not have scored higher in total?

Implying that your method “works best for you” because you passed, after four tries no less, seems to be missing the forest for the trees.

Of course you are correct that there is not a singular “best approach” to taking the CFA. However, there is a best approach to memorization, at least with regards to large amounts of information, and it’s through repeated recall (self-testing). It has nothing to do with your uniqueness or circumstances: self-testing is simply a much more effective way to retain information than encoding (reading, note-taking, etc.). Traditional studying might be important for you to conceptually understand material, but it is significantly less effective in actually being able to recall that information, which is ultimately the most important thing in passing the exam.

Your perseverance is impressive and congratulations on passing, but it looks like you’re doubling down on what has already proven to be an ineffective method.

[S2000magician]

@Brainy

I finally passed . . . .

Congratulations, Brainy!