I know some of you won’t like it. But the fact remains that if you didn’t pass level 2, you must think long and hard about continuing. The decision of whether or not to continue is only going to get harder if you continue and fail level 3. Specially at level 3 quiting after failing is a lot more difficult after you have spent so much time and effort. As Level 3 exam becomes more of a black box. The reason I say this that after investing 5 yrs into the program, I along with several other candidates are calling it quits if they don’t pass. See this thread: http://www.analystforum.com/phorums/read.php?13,1169498 And don’t think that we are not qualified candidates, several of us have MBAs from top schools, CPAs, work at a top institute, etc. etc. So before you register to give it another shot, think long and hard, if really want to go through the painful process and see it through.
Nonsense… If you want it, go get it. It’s right in front of you. All it takes is hard work, dedication, and a quality study schedule.
Wow he posted the same thing on the L1 forum. Statistically bad luck could show up, you could study your ass of 2 years in a row and have only your hardest readings show up both times a few bad guesses and you are done. The Charter is worth what it is because it takes hard work and dedication. You can’t get a charter through your checkbook, connections and kissing ass. Please don’t quit we need you and your friends to bring down the curve again.
Waste of thread.
that is hilarious “advise”
Misery loves company. Quitting at level 3 is like taking a knee on the one yard line.
This post is like the whispering devil on your shoulder…
When and if you fail level 3 for the 2nd or the 3rd time, you will think about this thread! Doesn’t really matter if you are a MENSA member or a top 3 MBA. I can go on and on about what a black box level 3 has become but consider yourself forewarned.
No need for warning…this is not different than many things in life. You work hard and you get it. What you also seem to forget is that the second and third time you take it, it gets easier…common sense. Level 3 pass rate is always the highest among all levels, check the stats.
ok when you posted this in the L1 forum, I thought it was reasonable. L1 is ridiculously easy compared to L2. Now posting the exact same thing in L2, you start to lose credibility. Now I know you didn’t say to “just quit” flat out, but for those who work hard and pass L2, they know what is required to pass, and they will obviously try for L3. You seriously think a person just celebrating passing L2 is going to read your post and change their mind and quit the entire CFA program without trying L3? So, who are you targeting your “advice” to? People who failed L2? The vast majority of people fail L2 the first time.
Dreary Wrote: ------------------------------------------------------- > No need for warning…this is not different than > many things in life. You work hard and you get > it. What you also seem to forget is that the > second and third time you take it, it gets > easier…common sense. Level 3 pass rate is > always the highest among all levels, check the > stats. L3 pass rate is highest partly because of survivorship bias… To get to L3, you had to have slayed the L2 dragon (which is really tough) So, L3 candidates as a group are stronger than the L2 group by default…
The CFA has cult like qualities. Sometimes it is rational to decide not to complete the program. Just like it is rational to stop a project midway if it is not profitable (think sunk costs). I failed L2 for the second time (also pedigree in credentials), and am rationally deciding that the benefit of quitting exceeds the cost of completion. I will put my energy equally, and i think with greater expected rewards, into career and other educational opportunities. The fact that a low percentage pass and complete the program is not a criteria in itself to mean that this is a quality program. I personally find value in the curriculum; however, no longer buy into retaking the test for the sake of passing. The reward to me is the knowledge, and if I feel the test did not reflect my knowledge then it is rational for me to question and evaluate its benefits to me.
this is ridiculous. half the people who take L3 pass it. if the pass rate was like 5% then this would be valid advice, but its obviously a passable exam loser.
I passed L2 and I’m thinking of quitting. If you are not already in a front-office role, the benefits are slim to none. I did fail L1 and L2 each one time before passing on the 2nd attempt. If history is any indicator, I will fail the first time I take L3. So realistically speaking, do I want to waste another 2 years of my life for something that may never bear fruit? Keep in mind these thoughts for me started during the L2 study process. I already had ideas of quitting and actually put forth less effort for my 2nd L2 attempt. For every 1 person who gets that FO job from passing all 3 levels, there are dozens of other BO L3 passers who never make it to the job they want. MBA is the best bet to switch careers but I’ve exhausted that route already (rejected by all schools last year). My opinion applies to my situation. Obviously if you have a decent job already and the CFA looks like a career-booster, then by all means go for it. I happen to agree with most of the posters here even though there are people who are taking both sides.
topher Wrote: ------------------------------------------------------- > I passed L2 and I’m thinking of quitting. If you > are not already in a front-office role, the > benefits are slim to none. I did fail L1 and L2 > each one time before passing on the 2nd attempt. > If history is any indicator, I will fail the first > time I take L3. So realistically speaking, do I > want to waste another 2 years of my life for > something that may never bear fruit? > > Keep in mind these thoughts for me started during > the L2 study process. I already had ideas of > quitting and actually put forth less effort for my > 2nd L2 attempt. > > For every 1 person who gets that FO job from > passing all 3 levels, there are dozens of other BO > L3 passers who never make it to the job they want. > MBA is the best bet to switch careers but I’ve > exhausted that route already (rejected by all > schools last year). My opinion applies to my > situation. Obviously if you have a decent job > already and the CFA looks like a career-booster, > then by all means go for it. > > I happen to agree with most of the posters here > even though there are people who are taking both > sides. what schools didnt you get into and was it because you over reached? reapply?
CFA may not get you the job, but it will definately add to your marketability and keep your resume from being thrown out. Employers that value the CFA understand that the knowledge obtained through completing the program is matched by none, not even a top teir MBA school…
Further more, even in a corporate setting (where Im at now) the man who holds the Charter is given a great deal of respect and is considered to have advanced expert knowledge of anything that pertains to the capital markets…
LOL OP gives very sage and well intentioned (probably?) advice and of course no one wants to listen. i know a few people who wish they would have taken OP’s advice a couple of years ago. and many of you will too.
CPAbeatsCFA Wrote: ------------------------------------------------------- > > what schools didnt you get into and was it because > you over reached? reapply? I applied to 2 top 20 schools (lower half of the rankings). The major hindrance for me is my undergrad GPA. I did go to a top 20 undergrad but my GPA was really low. I scored 710 on my GMAT (also low compared to my practice tests). As noted, my work experience isn’t stellar. The solution for me isn’t to increase my GMAT, apply to more schools, re-work my essays, etc.
inbead Wrote: ------------------------------------------------------- > I know some of you won’t like it. But the fact > remains that if you didn’t pass level 2, you must > think long and hard about continuing. The > decision of whether or not to continue is only > going to get harder if you continue and fail level > 3. Specially at level 3 quiting after failing is > a lot more difficult after you have spent so much > time and effort. As Level 3 exam becomes more of > a black box. > > The reason I say this that after investing 5 yrs > into the program, I along with several other > candidates are calling it quits if they don’t > pass. See this thread: > > http://www.analystforum.com/phorums/read.php?13,11 > 69498 > > And don’t think that we are not qualified > candidates, several of us have MBAs from top > schools, CPAs, work at a top institute, etc. etc. > > So before you register to give it another shot, > think long and hard, if really want to go through > the painful process and see it through. You are a puss. Excuses excuses. HAHAHA