Advice for those who did NOT pass today...

IbrahimMba · June 8, 2018, 12:45am

I like your words and we ll talk it in a positive way rather than a discouraging post to discontinue the CFA journey it’s what it’s no pain no gain.

Flashback · June 8, 2018, 7:08am

The fact that the OP was lazy and useless and that it took several attempts to pass each level doesn’t necessarily mean that the whole world is useless. Do not listen this bullshit opinion. I didn’t and have a quite different experiences.

zoecohen · June 8, 2018, 11:12am

So after all of this - most of you are “seasoned candidates” or charter-holders, or somewhere in the middle. You’re the guys with the experience, you know the drill and any advice you give is relevant, and unlike fellow L1 Candidates, who haven’t seen it all, your advice has some substance and relevant source.

Could you give us new-bees some advice? How should we be spending these last few days? Where should we be up to?

What did you guys feel when you were at this point, how did you keep yourself going - those of you who felt like you’d wasted a million hours and 14 days before know nothing (Hi, this is me)?

If its taken me 6 hours to get through my first mock and another hundred to review the answers, pretty much having to relearn the syllabus, do I have a chance? I feel like I’m stuck in a rut.

Praying that I do pass - my next question is, can you pass L2 with 4 months to study?

Thank you all, and congrats on all your amazing achievements (and perseverance, those who are still on their way up). Its really nice to read a thread like this.

Flashback · June 8, 2018, 11:44am

That’s normal and given this is your first experience with CFA exams (assuming this is your fist attempt), you are probably very nervous and excited so felling like “not knowing anything” might not be objective.
same as 1, if you’ve decided to take a review after 1st Mock, this is a sign that you’re probably on right path. Take another one and outcome should be better, you’ll need less time for the better result.
You can pass L2 with 4 months of study but If you pass L1 now, you would have more than enough time to nail L2.

MikeVolak · June 8, 2018, 12:10pm

Yes, there was such thing. It took a while before I could start, I was really quite nervous about exam.

Greenman72 · September 25, 2018, 2:15pm

Question–how many times did you fail L1?

rafal · October 5, 2018, 9:34pm

Dear All,

I suggest you do your tests every day than re read text understand mistakes and repeat. CFA charter is worth it!. and gives hell of satisfaction to join 140 000 member community who passed the most difficult finance exam set on earth ( a few say most difficult exam on earth of all) Take your notes, pencils, erasers, books and get study. I did my! DO YOUR JOB! sorry Pats…

Greenman72 · July 2, 2019, 2:31pm

Time for the biennial bump. Guess I forgot to do it in January.

Nonethless, good luck to all. I hope this thread doesn’t apply to you.

CEO10K-DAY · July 15, 2019, 5:15pm

Greenman - where is the level 3 make me feel like complete sh!t if I fail thread??

THE_REAL_Black_Knigh · August 10, 2019, 5:22am

Bump back to the top

sydneyguy · August 28, 2019, 6:03am

Greenman72:

If you didn’t pass today, I’m sorry. I’ve gotten two of those “We regret to inform you” e-mails, and I know that they suck.

My intent with this thread is not to be a “hater” or a “Negative Nelly”, but I really want to save some of you from even more heartache in the future. I’m not trying to discourage anybody. But I think most people (including myself) underestimate how long and lonely a road is the CFA exam. This ain’t the SAT or the Series 7.

If you have a Bachelor’s degree in Finance or Accounting, then you should be able to pass Level 1 with only a couple months of study. (Of course, if your Bachelor’s is in Art Appreciation, it will take longer, because you’re having to learn all the stuff that we learned in undergad. I’m assuming 90% of the people taking the test have an undergrad in finance/accounting.)

If you _ legitimately _ study for 6 months or more and still don’t pass, then I seriously doubt that you will ever pass Levels 2 or 3. Level 1 is cake. Level 1 is the application for admission. The real “meat and potatoes” start at Level 2. The time commitment and the difficulty levels shoot through the roof at the higher levels.

And if you didn’t really put in the time and effort to pass Level 1–what do you plan to change in June? Do you think you can do it all over again (plus another 100 or so hours) for Level 2? Do you think you can do it a third time for Level 3? Maybe you can, but you really need to take a hard look at yourself and how committed you are to the exam.

Before you jump right in and re-register for Level 1, read some of the posts from those who are studying for Level 3 and see how much it has consumed their life. You start fighting with your spouses all the time, because you spend so much time studying. You don’t get to see your kids. You get stressed out easily. You stop working out and start eating a bunch of unhealthy crap. You can’t enjoy any time off–if you’re lucky enough to get any time off. You start drinking waaay too much to try and relax. You can’t focus on anything but the test, and you start wondering if you’re getting enough study time in. You focus too much on the test and not enough on your job, so your job performance suffers. You take vacation days off–then spend the whole time studying.

All in all–there are worse things in the world than failing the CFA Level 1. What could be worse? Well, passing Level 1, then taking Level 2 three times and failing three times is worse. Or passing on the third time, then failing Level 3 three times. Or passing the exam at the expense of your job and your family.

Anyhow, if you do decide to keep pursuing the CFA Charter, good luck to you. And if you think it’s just not for you, that’s okay too. Giving up 1000 hours of your free time is not a decision to take lightly.

I would say if someone has failed, they should work on their weaknesses and come strong next time.