Hi Chizi,
I work at a firm where the CFA exam is very popular, so I’ve had a chance to observe many different approaches and study styles besides my own. I’ve noticed that the three main pitfalls appear to be:
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Time management: making time to study despite work, family, etc.
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Resenting the exam: some candidates seem to feel victimized and put upon instead of enjoying the process of learning or relishing the challenge
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Entitlement: some people seem to feel that they are owed a pass simply because they’re showing up for the second or third time, or because they are smart and therefore ought to be rewarded.
The people who pass, be it on their first or fourth attempt, don’t think they’re owed anything: they work darn hard and they make no excuses. They also take a lot of practice tests. I may have missed it in your post but I don’t think I’ve seen anything about your study method. If you take the exam again, I would encourage you to read the many great posts by others on AF (their advice helped me a lot). There are some small variations, but it always more or less boils down to the same things:
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Read and understand the Schwezer notes and do the end of chapter quizzes
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Read/do/understand the blue box examples and the EOC questions in the curriculum
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Finish the above by mid April, early May at the very latest. Do a practice test mid April to get a reality check on where you stand and pinpoint weaknesses. Zero in on said weaknesses by reading summaries, doing more exercises, Q bank, videos, whatever works for you.
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Do a total of 10 practice tests at least, and don’t just do them for the sake of doing them: carefully read the answers to both the questions you got wrong and those you got right. This can be a very powerful revision and study tool.
You know how much work you put into this, and you know it almost got you a pass - but not quite. So if you choose to retake the exam, you know you need to do more and/or do things differently. I’ve seen several very smart colleagues fail 3 or 4 times because they gradually do less instead of more, so my advice to you if you choose to retake would be to fully commit and start afresh, as if you’re taking this for the first time. I’m sure you can do this! I wish you all the best and command your determination.
By the way, apologies for the multiple blank posts… My iPad went into a frenzy and posted the same response multiple times. I don’t know how to delete a post so the next best thing seemed to void it. Sorry.
My first inclination was to say “Stop. Three strikes is enough.” Then I read that your employer would give you a guaranteed 50% bump in pay if you passed. That sounds like enough motivation to keep going (if it’s true).
If I were you: I’d give it one final “push”. If you think you need to study 300 hours, then study 400. Try to do every single practice question in CFAI and Schweser QBank, and do every mock exam you can get your hands on (at least six–one for each day between Memorial Day and the test).
If you do this, and still fail, then CFA just may not be for you.
The more you loathe the CFA program, the harder is it for your to focus on studying.
Honestly don’t think about how fair/ unfair the exam is, the fact is, numbers don’t lie, and there are thousands of people in your situations as well, so don’t ever think the CFA society is “picking on you”.
Anyway, now that you said you will get a 50% salary raise, and you are already working in the industry where your peers are pursuing the same designation, i think you should continue with the program (until you switch job/ field).
I do think that “luck” has to do with it as well, but since you’re band 9/10, you are really not that far off and try to have the enthusiasm as you did at first attempt!
BEST OF LUCK TO YOU!!!
NANA
Hi Chizi,
I truly feel your pain! I passed Lvl III on my 4 attempt! Level I on my first and Lvl II on my second. Almost everybody told me to give up after my third try (including my former boss who said that “Shams, I admire your resilience but I encourage you to drop it…”).
By looking at your scores, I wouldn’t have known that you failed! You passed all the “big” sections and that is what you are supposed to do! So, keep trying! The good news is that Lvl II is quite quantitative and often “mechanical”. Only follow the CFAI materials…everything…including the examples in the chapters and, ofcourse, the end of chapter questions. Do mock exams and anything else you can find from CFAI. You must pass this time around. That’s your mantra!!
Start now and practice and practice…Lvl II is a technical exam…Lvl III is almost subjective! Spend some relaxed time with your family with the quiet resolve to start anew. We are all rooting for you. Good Luck!!
Hi Chizi,
I truly think you should continue on your level II journey. I’m sure you probably grasp some of the concepts in dept comparing to the other takers who passed but retained nothing (like myself). Two things i would like to point out is-it’s about what you learned from the process and every year is different. For level II exam what i’ve learned is how to make the best of the very limited time i have to study for the exam. ( I have in total less than 200 hours to cram not by choice) I’m a boarder line pass, i would say I probably don’t know as much as you do on some of the topics. I tried my best to focus on the basic concepts on all areas and drill the key areas in dept (FA, Equity, Ethics). For example, I know the basics of derivatives but in terms of calculation of the swap price, i just gave up and managed to guess from the answers.
Also i would say every year is different, how well/bad you did in prior years wouldn’t affect how well you would be doing the next time around. You appear to be a smart dude, I’m sure you already know what you should be doing. Having a fresh mindset probably would help you. (I took level I 2x; got a band 10 and a solid pass in my second year thinking it was the first time taking it).
Good luck. You can do it
Thanks a lot guys. It’s just a good feeling to see lot of folks on my side and encouraging me to give it one big push. I will give it my all this time round and I hope to come and post a pass.
I deeply appreciate your encouragements.
My Point of View is: “Do your best but expect nothing”. You seem to already be a successful lad by many people’s standard. If you can afford the time and money, then I say why not? Given you are in a nationwide investment bank, then you should already came across many “life isn’t fair” moments. Keep it up!
Alfred (Batman Begins) - “Why do we fall master Wayne? … … … So that we can learn to pick ourselves up.”
Hope this helps.
I now know I have to study everything in the CFAI curriculum… I have to answer all questions.
Might be one of the most useless posts ever.
If you expect nothing, then why do your best? Why do anything at all? I work because I expect a paycheck. I study because I expect to pass. If I do not expect to pass, then I won’t study. If I did not expect a paycheck, I wouldn’t work. Anybody who works or studies and expects nothing is an idiot.
Have you ever read Animal Farm? There’s a part in there where the donkey is complaining about flies. The horse tells him, “That’s why you have a tail–so you can ward off the flies.” The donkey responds, “I’d rather have no tail and no flies.” If I may echo his sentiments–I’d rather never fall and never have to pick myself up.
Nope. Didn’t help.
I noticed your common denominators are Fixed Income and Derivatives. If you concentrate on these more and do more practice questions on them. hopefully, youll nail the test. Im not the one to give advice since I failed it the first time around and im going to register for the second time around.
Four legs good two legs bad?
Agreed.
30 year old is considered young these days! I know what people say you should aim to be millionaire by 35 but with 40 years of working life ahead, you can afford to start anything even from zero again.
So I’d say don’t quit and do it again. Don’t underestimate the cfa materials just bacause you are working in a bank and assume you know everything already.
I agree. i don’t think age has to do with anything as long as you are still healthy and able, why not? it’s never too late to break into an industry and nowadays the workforce is so diverse you will need knowledge and experience from all over to excel in your job.
never give youself a mental barrier, 30 is just another year, like 28 or 33, don’t make it any more substantial than that.
Thanks ninfrancais I didn’t assume I know everything because of working in a bank…I think I have gone in the exam believing that I must pass, given my past successes in adademics. Now I know that attitude has to go and work like one who knows nothing.
hi. I passed l2 first try. I have a Bachelor of Finance, Honors. I did not read the last two books due to lack of time. barely passed. this is what I think: Altough it may not look like ti, the CFA favors people with attention to detail and strong logic/reasoning abilities. Caffeine helped with the first, gentics with the second. My guess is, you’re falling for their tricks and traps. Scrutinize questions in detail. Once you decide for an answer quickly doublecheck your line of reasoning. I believe you can do it. You’ve just gotten unlucky. Focus on derivatives. its usually 10%. review also PM and QM. Those seem to be recurrent week points. My strategy for passing was to nail FRA, Equity and Corporate Finance. by nail I mean miss no more than 1 question per item set. If you manage that, you’re already halfway done because those three topics account on average for 50% of the exam. I drew on my finance background for the unread FI, PM, Derivs and Alt Inv. I have taken courses on each topic, but that was 4 years ago. I ended up passing three and failing FI. I think you can do it. Got my vote. Just remember: attention to detail - scrutinize! and use logic Good luck
AK
Don’t concentrate on wether you will fail or pass…Just conentrate on your prep. and you will definantely pass,