Sorry my bad command in English; that is my first time I am writing something by myself and not reading from a book.
My question to you guys is: when continuing re-taking the Level II becomes ridiculous? I mean, listen, everyone can fail, it’s a tough test. There are some who fail twice. Three times. This year I sat on the test for the 6th time.
Chances are very good that I failed. After all that fruitless attempts I remember the CFAI textbook almost by heart; I remember which picture I’ll see on the next page, I can write right now 80% of the formulas.
The problem is that the test is not about pictures in the textbook; it’s about applying the concepts to tricky question which cross-section lots of topics. Almost every straightforward question is a trap and you must descover the logical or other trap in you 3-minutes try.
For me the fail is not about the ego (I went through a big crisis after my 3rd fail) and not about the job (from my 2nd fail I am out of front office duties) but it is about… I cannot even explain. Is I so stupid I cannot pass through the standard test from the 6th try? Is the all the fees I paid to CFAI were not fees but donations?
Would you sit for the test for the 7th time???
N.B. Next year my boss is not going to reduce the workload on me and my kids will not consume less of my attention on evenings and weekends…
This post is not a whine but a true attempt to crowd source the decision making process on 'how can I bring the Failure" the next year…
Have you studied from the CFA books all 6 times? Have you attended any classes online or in person? Have you consistently fared poorly on particular subject?
My opinion is you should probably give up. You said your problem is “applying the concepts to tricky question which cross-section lots of topics.”" Well, L3 is a lot more about interpretation and applying concepts than L2.
L2 is actually very mechanical, a lot of formulas and using them.
If you’re having this much trouble in L2, L3 should be much worse for you.
Do something else with your life, play with your kids, do your job well at work.
5 times of 6 I studied from CFAI textbooks and did almost all EOC questions.
1 time I did Schweser + CFAI (that was my try number 3).
I cannot attend non-internet classes since I live long distance from any place where there were classes. On my Schweser try I attended their online classes.
After re-reading your post I am inclined to agree with Itera. Why put yourself through this. Does it improve your pay significantly? If you have a family then just write this exam off and focus on family. Your failure to pass the test has more to do with your struggles with English rather than lack of hard work or intellect. I can’t imagine trying to work through Ethics problems if I werent very comfortable with English.
Subject - that is not so easy :)) Every time I improve subject X subject Y is down so there are years I was on the top on derivatives three years later that was my worst subject etc…
Well… according to CFAI, there are lots of successgul candidates from China or Argentina who’s native is not English…
For me the exam was kindda a bridge to get to Front Office jobs back and after every failure I am asking myself if I sute the profession at all and if my former boss was right when kicked me off the trading room after my second fail.
So the exam become a kind of self-definiton for me, but now I cannot find a blink of motivation to continue…
I failed 3 times and this is my 4th time taking, I am always close the other times, band 10 for all my past 3 attempts, this year I am confident that I can pass. What I learnt is that this test is not very tricky, complicated, it is just too broad and cover too many things so you tend to forget the concept at the right time. I did learnt everything and scored >90% in MOCK, the more you practice the more you will feel confident and the most important thing is to stay calm in the exam day, just do not worry you will fail but walk into the exam hall like you going to play a computer game. Good luck to you this year!
Are the tests only offered in English? And I wouldn’t do it, I’d rather do my job well and excel at that. Wasting too much of our very limited resource (time) on this test man.
everyone is different. If your wife/kids dont mind and your job does not suffer then why not? It’s your money and eventually you will climb Everest. Just becomes more abticlimactic for you once you get the charter.
In al honestly that’s way too much time devoting your life to a test that in reality will make no difference to your overall long term success in life…that will be determined by your work and effort…I’m not sure how you live but imagine if you dedicated all that time to just networking how much better of a position you’d be in…its almost who you know over what you know nowadays…but good luck
Huh? You don’t need CFA in order to be a successful trader so why should it be a significant factor? Anyway you prolly have invested too much time & money to let go.
I would’ve given up bc I think it’s better being good at what you are doing i.e job and enjoy life instead of being obsessed with a test.
I was kicked off the trading room AFTER I failed the test the second time. My former boss explained me that he gave me a chance since thought I was a talanted guy and my fail is proving he was wrong. I was sent back to a BO position…
but that does not really matter. the question is where is I am now and if I run the next mile; not the path i got to this situation.
CFAilure - do NOT give up. Period. Do NOT listen to anyone who says to “move on with your life, etc” Although L2 is Mt. Everest, it CAN be conquered. Believe me, there is no greater joy in life than spending time with family - I was blessed with my second daughter In January - needless to say, it was extremely difficult to crank out 300 hrs while raising 2 children under the age of 2, 1 who still refuses to sleep through the night, while working full time about an hr from home. My motivation though? three-fold: 1) Failure is not an option. 2) screw what i’ve sacrificed, but i put my wife through hell since October, haven’t speny any time with friends or my immediate family in 6 months… I owed it to them to give it my all each and every day. 3) more of a futuristic view, i wanted to show my girls (who don’t really realize anything at this point in terms of life lessons) that anyone can be pushed to the limit, be pulled in 3-4 different directions with family, work and study committments, and still persevere.
If I failed Saturday, I will get right back on the horse and do everything I can to show my girls that ANYONE can accomplish ANYTHING, no matter how difficult the test or how many times it takes to get it done.
A few recommendations: 1) switch to Elan, Schweser is horrible. 2) think positively. if you think you’re just going to fail again every time you take a Mock and when you sit for the exam, you will again fail. think about the edge you have against everyone in the room because you’ve been there, done that. 3) you may be already, but really really really commit yourself to this. get back on the horse, order the materials. study early, study hard. believe me, it was hard studying 4-5 hrs when my daughters and wife are downstairs yearning for daddy’s attention. but really really commit to success, and assuming you didnt make it this time, i’m confident you will conquer this Everest next June.
This was my fourth time taking it, third time with good preparation (first time was after passing L1 in December). I went band 7, band 9, band 9. I put in 270 hours this year to study for this fourth time, I put in at least 200 in the two years prior but didn’t use any CFA Institute materials in those years. I have told people that if I fail this one I am done. It’s not about intelligence, it’s about memory recall and I just naturally don’t have great memory recall. I already work in the industry and would get a nice pay upgrade if I can ever pass these stupid tests, but I would rather do almost anything than study for L2 again. I am even to the point where the CFA Institute has frustrated me so much that if I do pass this time I would like to go pass L3, get the charter and not use the mark so as not to fund their organization any further. It would be awesome to just put that you have passed the CFA exams under your name or something but not put CFA after your name.
