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Advice for those who did NOT pass today...

ltj wrote:

I failed L1 in Dec 2013, then went pass-pass-pass.

Sorry, Greenie.

How is this a counter to anything greenie implied? I guess if you claim you put maximum effort into your first level one attempt your post could make sense. Is that your claim?

“Our lifeline is CO2 emissions. Don’t let them decline.”

Not even close in hindsight, but at the time it felt like it.  I didn’t know what maximum effort even *was* until I took the exam.  Once I got an idea of what was required I adjusted accordingly.

Greenman72 wrote:

So, now that it’s been 3.5 years since I originally started this thread, all of you should have had the chance to complete the charter by now.   (You’ve had three years to take two tests.)

TopperHarley failed L3 twice. 

Robertucla is MIA, but his profile still says “Level 2 Candidate”. 

Any other L1 candidates want to opine on how easy the test is? 

bring out the HACKSAW!

Hope. It is the quintessential human delusion, simultaneously the source of your greatest strength, and greatest weakness.

Banker99 wrote:

Greenmans advice and posts have always sucked. 

Sorry you didn’t get anything out of them.  

http://www.analystforum.com/forums/cfa-forums/cfa-level-iii-forum/91353300

82 > 87
Simple math.

Savage.

Greenman72 wrote:

So, now that it’s been 3.5 years since I originally started this thread, all of you should have had the chance to complete the charter by now.   (You’ve had three years to take two tests.)

TopperHarley failed L3 twice. 

Robertucla is MIA, but his profile still says “Level 2 Candidate”. 

Any other L1 candidates want to opine on how easy the test is? 

I passed in consecutive attempts by (likely) comfortable margins. Thanks for asking! ;) 

A few years ago you said you’d respect my opinion once I had passed all 3 levels…sooo……

^that, I did. 

Now that you have experienced the entire rite of passage, was I more right or wrong?  

82 > 87
Simple math.

Greenman72 wrote:

^that, I did. 

Now that you have experienced the entire rite of passage, was I more right or wrong?  

I can’t remember all that well. In the interest of my ego, I’d love to say you were entirely wrong, but that wouldn’t be entirely honest.

I still disagree that a double fail at Level I is automatic grounds to quit. I also disagree that Level II is much, much harder.  For me, all 3 levels were fairly close. I put the most work in for Level II, but also had the widest safety margin (likely), while I put the least work in for Level III, and my Level I test was actually probably the closest I came to failing. Of course, not being in the industry makes level I tougher for me.

I do remember, around the beginning of May of Level II, thinking how I was definitely softening my stance on what you had said. Level II was a real slog. Almost 400 hours for Level II as opposed to 250 for Level III. But still, I wouldn’t put it on another level entirely from Level I.

Anyhow, on the whole I suppose I still disagree, just not very strongly. I still think it’s not right to have heuristic rules about when a person should give up. I can definitely see failing twice at Level I and then going on to pass II and III. It’s not likely, but absolutely possible imo.

So, make of that what you will. This process of “I told you so-ing” was a lot less “I told you so” and a lot less satisfying than I had imagined a few years ago, lol.

In order to be fair, when I wrote most of that, I was knee-deep in L3 studying, as opposed to having just passed.  I was studying so much that I wasn’t getting to see my two year-old daughter, and my wife was seven months pregnant.  The pressure to pass was enormously high.  So I was in a bit of a foul mood. 

It’s easier to say, “No sweat” AFTER you’ve gotten your L3 results. 

Nonetheless, I’m glad you passed, and with (what seem like) less stress than I had. 

82 > 87
Simple math.

I was one of those who read this thread hours after being notified of their failure. I think that this is the best thread I have read in this forum along with the one thread that explains in detail how to study for level 3. I completely agree with Greenman and like his logic. I think his advice is very valuable especially for those who underestaimate the exam committment in later levels.

Thank you Greenman for this lifetime advice. 

^Wow!  That’s one of the nicest things anybody has ever said to me. 

And I’m glad you went on to finish the exam.  I hope that my thread was, in some small way, the right “kick in the ass” you needed to get moving. 

82 > 87
Simple math.

Ultimately it comes down to a) how badly you want it AND b) how much time you can give it. When I had failed level 2 twice the general consensus was that I should give up. However since I was in a point in life where I could give the time for it (unmarried looking for jobs etc) I cleared level 2 in my third attempt and cleared level 3 in my first. I do agree that those fail multiple times should reconsider if this is what they really want (some people who’ve fail a level 5 times + and are still at it)

I think it is O.K for people who spend more than 6 months and still not pass the level I exam. Some people with very limited finance background can struggle a lot with the material. I have a friend who also didn’t pass the CFA level I and he was working really hard on that. After he finish level I, he go straight to level II and pass it on first attempt. So I think it is not a big problem if you fail, just keep practicing and you will make it some day. 

First time reading this thread, I understand the Greenman Vs. Level 1 candidates rivalry more than ever. 

"One day, I will solve my problems with maturity. Today however, it will be with alcohol"

I was very upset when I read it at first. When I did level 1 again, I tried to prove you were wrong and when I did the level 3, I tried to prove to others that you were right. This thread was in my mind throughout the program and I hope that level 1 candidates take this advice seriously.

Greenman72 wrote:

So, now that it’s been 3.5 years since I originally started this thread, all of you should have had the chance to complete the charter by now.   (You’ve had three years to take two tests.)

TopperHarley failed L3 twice. 

Robertucla is MIA, but his profile still says “Level 2 Candidate”. 

Any other L1 candidates want to opine on how easy the test is? 

Hey GM, sorry I hurt your feelings so bad the other day.  I really do feel bad about that.

You’re right that I have failed L3 twice (Band 10 both btw) but that is not relevant to your original point.  You were addressing L1 failures and telling them to quit.  I was not an L1 or L2 failure like yourself so I don’t know that feeling.

Your ‘told ya so’ response to my failing made no sense because I was never an L1 retaker.  The only purpose was to be a di*k which is why you got the response that you did.  Again, sorry if you shed a tear or something. 

I wonder how many CFA charterholders have been produced for the sole purpose of spiting Greenman. 

"One day, I will solve my problems with maturity. Today however, it will be with alcohol"

Dpack26 wrote:

I wonder how many CFA charterholders have been produced for the sole purpose of spiting Greenman. 

If spiting me is the motivation they need to pass, then by all means–spite away. 

As much as I enjoy telling people “I told you so.”, I enjoy hearing it 10x more. 

82 > 87
Simple math.

This is an eternal thread. I won’t join, I swear.

Las almas de todos los hombres son inmortales, pero las almas de los justos son inmortales y divinas.
Sócrates

I’m gonna go ahead and bump this, just so I can feel the hate. 

82 > 87
Simple math.

GM, you are sure asking for it aren’t you?!  To help inspire you and get your juices pumping for the incoming hate, here’s something that should be right up your alley…

https://www.youtube.com/watch?v=MGCA05Jdjqs

Do Pearson proud and just soak in that hate!  LOL!!

Yes I will.  

Let the hate flow through me.  

82 > 87
Simple math.

D-day again.Two More hours for the result. I am sure few more jubilant aswell heart broken will join this discussion today.

Gone through your comments Greenman and realizing how i rejoined L1 without a second thought.

I guess Ego plays a sole role in deciding for retakers.

One day ,i will solve my problems with maturity.Today however,it will b with Alcohol.

Just discovered this thread. Thanks for the motivation GM ;) 

^Why aren’t you at your post?  

82 > 87
Simple math.

I’d say you should quit now.

People pass level 2 after 2-3 attempt and then are stuck at level 3 for YEARS.. it’s probably not worth it.. save your money

people that have the charter and say “it’s easy in hindsight” those in the industry that don’t have it ” don’t care”.. it’s a lose - lose situation

At this rate I may die of a heart attack before I ever even find out whether or not I passed.

It’s 2017, can’t they just rent extra server space for a day so people can log in and look at their scores? Why does getting my score have to be like waiting for the cable guy to show up?

ltj wrote:

Not even close in hindsight, but at the time it felt like it.  I didn’t know what maximum effort even *was* until I took the exam.  Once I got an idea of what was required I adjusted accordingly.

I don’t think I studied as hard for anything in my life as I did for the CFA exams, L3 in particular.

I agree with much of Greenman’s original post.  Passing these exams requires that they be a key focus of your life for months at a time, and the exams get harder as you progress.  If you know that up front and still want to do it, go for it.

I passed the exams 3/3 in 18 months.  It was a slog.  Finance education made L1 fairly straightforward, but L2 and then L3 were much harder.  I passed L3 by the skin of my teeth after studying about 500 hours.  If I’d failed, not sure I would have tried it again, not least because the wife wanted to start a family.

GM - let the haters say what they want, but yours is one of the few completely honest posts and I welcome it. If people can’t face the harsh realities of this test then they are only fooling themselves. Having just written my level 3 test, I found myself asking the same questions. Was it worth it? Were  all these hours worth the personal and family sacrifice, especially with an infant and another on the way. If I don’t pass this year, in all honesty I may not retake next year. I have to think I would being so close, but I can’t imagine doing this to my family another year with 2 infants in the house. 

The good and bad of your post:

good - it’s honest and every single candidate should ask themselves if the sacrifice of years of their lives is worth it (with no guarantee of passing). So many start the program and quit part way through…waste? Not completely, but definitely other more worthwhile endeavors in my opinion if you aren’t going to reach the end. Take a brutally honest self assessment if you’re the type of person that can endure this.

Bad - the harsh truth may convince others to not start. I myself being one of those people. If I had really truly understood the time demand and personal/family sacrifice this program would take I would likely never have started. And look at me now, hoping to receive a congrats in a couple weeks and have the designation forever. Maybe ignorance is bliss? 

Couple thoughts I would add:

- I’d recommend doing this while younger. The older you get, the more likely you are to have greater family and work responsibilities and it will be harder to put the time in for these tests. It’s so hard to know what your life demands will be in a few years. Also, need to maximize return in your career for these skills learned.

- Ask yourself if 1000+ hours of your time will best be used getting this designation. I often ask myself if I spent 1000 hours learning to code and make apps or algorithms, if that would be a greater benefit on my future. Cat’s still in the bag on that one as I’ll have to see what doors the CFA designation opens for me. 

holy ****

what a read lol