GreenMan, it’s understandable the pressure you are feeling. Good luck this June and congratulations on your new baby.
Fantastic post by Greenman. I am not surprised that people dont know how to respond, when all they are used to hearing is not to give up and pompoms and rah rah rah.
The CFA exam process - the minimum three or likely more exams - is a sadistic and painful test in short term memory. The value it holds is obviously because it is so difficult that only a few are committed (and/or talented) enough to see it through. It holds a lot of value as a result, no doubt. But it should not be a given that going for the deisgnation is right for everyone in every situation. I would venture to guess that nearly everyone who registers forfeits more life enjoyment as a result than comes back to them for using the designation the rest of their lives. It is a losing deal.
I did CAIA and CFA L1 so far, and I started at 30. I am 35 now. These exams have been a cloud over my life all these years. Greenman started at 29 and is 33 now, and it sounds like he feels the same. If I would have know then what the real cost was, I would never have taken any of these silly exams.
I think this is quite an important point. As analysts we spend a lot of our time doing some form of cost/benefit analysis, yet we rarely turn it on ourselves. Is the 1,000+ hrs we spend doing the CFA really worth it? Some people then suppliment that by doing FRM, ACA etc. Are we keeping sight of the end goal, or just doing these things for the sake of getting the letters for our own ego?
Having read about all the sacrifices people make, and knowing what a pain studying for level 1 was, I’ve decided to take a break from CFA and focus on my career and try to enjoy life. Maybe i’ll take L2 in 2014, but i’m yet to decide whether the cost outweighs the benefit.
If it makes you feel any better, my wife was pregnant when I finally cleared L3. Perhaps that was the motivator that pushed me over the top as I knew there would be no way I would be able to put in the time needed the next year with an infant in the house.
people sometimes mistake an abundance of responsibilities for lack of motivation…sometimes it is quite the contrary. nothing demotivates more than idle hands and broken minds.
more adversity greater the motivation 
Well said, Alladin. Well said.
Thanks for the congrats, everyone. But just so you know, my wife was pregnant when I took Level 2 the first time. I passed Level 2 (the second time around) with an infant. I am studying Level 3 with a toddler and a pregnant wife. I know I can’t do this again, so I’m studying everywhere I can find time.
Just FYI–when I started studying for Level 1, we weren’t even married yet. We had no kids. We rented an apartment, and I was a junior-level associate. Now we own a house (along with all the problems associated with owning a house), have our second baby on the way, and I am a manager (along with all the problems associated with being a manager).
Just food for thought, for those who don’t know how long this process will really take you. Just think–where will you be in four years?
Greenman, mind if I ask how old are you? I can see things happening with many others of similar nature. Life has to move on along with studies and everything.
I just turned 33 a couple of weeks ago.
Also, let me state–I’m tired of studying. I started a part-time MBA when I was 27. Started going full-time at 28. When I was in school, I took 12-15 hours per semester (9 is full-time in grad school). Right before I turned 29, I failed Level 1 of CFA. Finished MBA at 29, and immediately started CPA exam. Finished CPA exam in September, and went straight to CFA Level 1 in December. Did Level 2 six months later, at 31, and failed. Did Level 2 a year later at 32 and passed. If I pass Level 3 in June, I will be 33, and it will be the end of seven years of study/school/overtime.
Thanks for your detailed input GM. Much appreciated. Coming from someone who has infact gone through the struggle is worth taking into consideration. I happen to have a professional qualification too, ACA equivalent to CPA, I am 25 right now and I plan to get a Charter before I turn 30 but in the meantime I have similar plans for life, i.e getting married along with focusing on career / job. We must look at all aspects of life and how it affects our results. You have put things into perspective.
Again, I’m not trying to discourage anybody. I just want you all to be aware of what you’re getting into. Granted, I’ve done more than most–going straight from MBA to CPA to CFA, but it’s still a challenge.
This is especially true for those that are considering a career change into finance. This isn’t like taking the SAT or GMAT or Series 7. With those, you study for a couple of months, then you take a test, then you’re done. This transition has taken me almost seven years.
When I started at 27, I was going to the bar with friends two or three days a week, staying out late on weekends, going to the lake, etc. Now I study until 10:00 p.m. two or three days a week, wake up at 4:30 on weekends (so I can get home by lunchtime to play with my 18-month old daughter), and feel privileged when I have time to make a run to the grocery store to pick up toilet paper and milk.
I like this a lot! I believe there is a lot of truth to it!
In the end this is an exchange of views, feelings, perceptions. I think I am closer to Yoda and Greenman in mindset and age and can relate to most of it. Thumbs up and hope you clear L3!
Thanks for this post, and all the comments! Really puts things into perspective. I dont think its negative, because its the truth. Best of Luck to you Green Man and all the others!
That’s exactly my point. And if your time management is so bad that you can’t pass Level 1, then you certainly will not get past the two real hurdles. Now, if you can fix your time management skills, that would be a different story. But if you can fix it, why haven’t you already?
What were you doing when you were 21 and 26 years old? Just curious!
21-In the U.S. military.
26 - Just got out of the military, and graduated to working in a retail financial sales. That’s how I got interested in finance, but 5 years of military, a Bachelor’s in Spanish, and a Series 7 only go so far.
Greenman72, i think you have made it sound much tougher than it really is.
I failed the exams many times but the next time you write again, the materials become easier to study and learn. Don’t get discouraged and just continue with it, the materials isn’t hard, it’s the time input.
I am 30 and completed the CFA program last year.
I know what you mean. It’s like quitting smoking.
Quitting smoking isn’t hard. I’ve quit about 20 times!
Has to be the doucheiest sales pitch, ever. LOL.