Hello. I am considering going for the CFA designation. Would possibly sit for the Level 1 exam in December '09. I consider myself a “middle of the road” test taker. And I don’t consider myself a financial or math genius. That said, I am a hard worker who enjoys learning. I believe tenancity and intellectual curiosity got me through undergrad and grad school (M.S. in Real Estate). My concern is the abysmally low pass rate (35%). If I go for it, I will work hard. But I am concerned that all the hard work could be a “waste” given how tough the test(s) sounds. Any thoughts would be appreciated…
Frankly, if you’re determined enough, you could be one of the guys that makes it in 6 years.
You work hard? I’ll bet you stayed up all night analyzing that dogshit stock you gave me, huh? Where’d it get you? My father, he worked like an elephant pushing electrical supplies and he dropped dead at 49 with a heart attack and tax bills. Wake up, will ya pal? If you’re not inside, you’re outside, OK? And I’m not talking a $400,000 a year working Wall Street stiff flying first class and being comfortable, I’m talking about liquid. Rich enough to have your own jet. Rich enough not to waste time. Fifty, a hundred million dollars buddy. A player, or nothing.
The test is challenging, but doable. Most failures at L1 happen because they underestimate the work it takes to prepare. If you are willing to work hard to put in the time to know the material, there’s no reason you shouldn’t be able to pass.
JohnThainsLimoDriver Wrote: ------------------------------------------------------- > You work hard? I’ll bet you stayed up all night > analyzing that dogshit stock you gave me, huh? > Where’d it get you? My father, he worked like an > elephant pushing electrical supplies and he > dropped dead at 49 with a heart attack and tax > bills. Wake up, will ya pal? If you’re not inside, > you’re outside, OK? And I’m not talking a $400,000 > a year working Wall Street stiff flying first > class and being comfortable, I’m talking about > liquid. Rich enough to have your own jet. Rich > enough not to waste time. Fifty, a hundred million > dollars buddy. A player, or nothing. He’s using you, kid. He’s got your prick in his back pocket, but you’re too blind to see it.
If you want it bad enough, register and start studying. With this much prep time you should be more then ok, although retention at that point becomes an issue. There is so many resources for the CFA, you could do it with the right amount of motivation, time and determination…as well as a strong willingness to alienate your friends and spend countless evenings at home/library…there’s also the little thing about sleep…forget about it.
You can do it. The massive failure rate is mainly due to non-dedicated people. If you work hard, you can do it.
IsleSea Wrote: ------------------------------------------------------- > Hello. I am considering going for the CFA > designation. Would possibly sit for the Level 1 > exam in December '09. > > I consider myself a “middle of the road” test > taker. And I don’t consider myself a financial or > math genius. That said, I am a hard worker who > enjoys learning. I believe tenancity and > intellectual curiosity got me through undergrad > and grad school (M.S. in Real Estate). > > My concern is the abysmally low pass rate (35%). > If I go for it, I will work hard. But I am > concerned that all the hard work could be a > “waste” given how tough the test(s) sounds. > > Any thoughts would be appreciated… Im burnt out from studying all my life and therefore lazy and had a liberal arts undergrad and i still passed level one. if you’re willing to make the committment to study you will pass, the math involved is very simple algebra that you probably learnt in grade 7 or 8. most people don’t pass because they are not willing to make the sacrifice and havent prepared enough, take it from my own experience that is why i failed level 2 last year.
I asked this same question when I registered. I’m your typical middle of the road guy in intellectual capacity. I passed Level 1, so can you. Hang out on this forum to keep your motivation strong.
If you are willing to work your ass off for 6 months, then yes. The exam is tough but it is definitely doable. Just need to push yourself.
You should have enought time to study for LI in December, good luck.
yes mate you can do it. Just put in the hours. just after a slice of that cheesecake
Problem is with the “middle of the road test taker” part. You’ll have a hard time on L2. I know people who worked hard for that one but still could not get enough correct answers when it counted. What’s an MS in Real Estate ?
^ agreed your task isn’t to pass L1, it is to pass L3 (L1 is just a first step) you have to build a strong foundation in L1 for the subsequent levels, or else you are going to get screwed in L2 anyways, you should listen to what mo34 has to say, he is a CFA exam superstar
Even if you passed all three exams, you still need four years of applicable work experience to get the charter. So I would make sure you either have that applicable experience or you’re on course to get it. Otherwise, I don’t see the point of busting your ass for three exams just for the sake of learning. You’d be better off learning a foreign language with all that study time. And the CFA exams are no joke. All you need to know is that about half of L3 test takers have failed the past two years… and these are all people who passed L1 and L2 and are super-motivated to pass L3 to get the charter. Do you really want to do this?
Thanks to all of you for the input. Mo34: Yes, I hear you regarding the subsequent levels. That is certainly a valid point and concern. The road only gets tougher after Level 1. So you have suggestions about getting past level II or should I just forget it?? The M.S. in real estate development is offered at a few schools nationwide: Columbia, USC, Cornell, etc. Core curriculum includes courses in finance, design, and entitlements as they relate to real estate investment and development.
If I can do it - anyone can do it. No biggie really.
IsleSea Wrote: ------------------------------------------------------- > Thanks to all of you for the input. > > Mo34: Yes, I hear you regarding the subsequent > levels. That is certainly a valid point and > concern. The road only gets tougher after Level 1. > So you have suggestions about getting past level > II or should I just forget it?? > > The M.S. in real estate development is offered at > a few schools nationwide: Columbia, USC, Cornell, > etc. Core curriculum includes courses in finance, > design, and entitlements as they relate to real > estate investment and development. IsleSea, You have to be motivated enough, and set a system for yourself and follow it no matter what. I personally started on L1 on Feb 15 before the June test, but that was not optimum. In L2 and L3 I started much earlier (October, November) and working only 2 hours everyday from 4:30 to 6:30 a.m ( only time the house was quiet enough to study, I have two small kids). I never studied on week-ends except for the last two weeks when I had to go somewhere quiet to take practice tests. You have to set your target at getting over 80% on any practice test you get your hands on before the exam. Again the key is to set a plan and stick to it. Good luck.
Again, thanks for all the input. Mo34: Congrats for passing CFA while balancing family obligations. I am single, no kids so could really amp up my study and prep time. Frsian: I hear you. Need to double check work exp. issue. Also, I want to improve my limted Spanish speaking skills. And have been contemplating exactly what you are saying: do i invest time & money in CFA or move forward with long delayed Spanish courses. Again, thanks!