Hi fellow LVL 3ers,
Our CFA journey is slowly but steadily winding down (hopefully…fingers crossed, knock on wood).
What is everyone’s take?
Has it been more/less work than anticipated?
Were you close to quitting at some point?
If you would have known what you know now, would you have started pursuing Charter?
Well, I started this Journey in June 2017… I was on facebook and one of my colleges has a CFA letter next to his name. We’re financial advisors for a large life insurance company (about 3000 of us)… and only a hand full of CFA’s in the company. I only knew of the designation because our Mutual Fund PM’s all have it but I didnt know much about it. I thought that was a unique thing to have so I signed up that night. Thought it was more like the CFP test, which is very easy.
Didn’t know I would be putting up this much hours. About 500 hours for level 1, about 750 hours for level 2, and now level 3 I think I will rack in another 700+ hours.
Glad for it to be over soon.
Yeah, pretty awesome feeling that this should be all over in 6 weeks. I started this thing in Dec 2017, so I haven’t had much time to reflect - or do just about anything else for that matter.
It’s definitely more work than I anticipated. And that study time has to come from somewhere. My wife was the one who really pushed me to sign up and I’m pretty sure she regretted that midway into level 1 lol. It’s been a strain for sure. But we worked it out. Anybody I meet now that is signing up for level 1 I try to warn them that there will be areas in their life that will take a back seat - that is, if you plan to pass. This is not your run-of-the-mill series 7 or other industry exam. My social life is in disarray, so I’m looking forward to getting that back on track.
But honestly I would do it all over again. For me, the charter is a requirement for my next position - which has been dangled in front of me just to put more pressure on me to pass. As if I needed it. I think it gives you a great foundation to work with… but let’s be honest, we’re not coming out of this running a hedge fund. The charter opens the door, experience is where you really learn.
The closest I came to quitting was probably a month before the level 1 exam. I was so far behind but somehow managed to turn it around. For level 2 I more or less knew what to expect.
Hopefully this is it folks. Grind time.
Is it “Pacific Life” you are working for?
No, but we are a fortune 500 
Started in June 2015, so I failed L2 and L3 before.
Although failing sucks, it also makes victory taste that much better. I cried after passing L2 - I believe it’s the first time I shed tears of joy.
more work than i expected for sure. I literally had nothing else on my mind other than studying when I did L1. Then I adjusted to it and by now, in its 5th year, I am so used to studying already. You just give it your all and let the markers determine your fate.
there were times where I would be like, why the heck am I doing this, but no, never was I serious about quitting. I think the most ideal option is to not do CFA at all, then the 2nd best option is to finish it. Now that it’s too late for the 1st option, I will go with the 2nd.
If I knew about it, I may not have done it since the workload would have scarred the heck out of me.
I remember going through level 2 and reading the books in order. I slept through ethics and didn’t remember much. Then came quant. I said quant will be one of the topics I’ll skim and come back to. Then came FSA. That first reading made me almost quit. I thought there was no way you could remember all that.
For me personally it has been a lot of more work than anticipated. In a certain way I’m glad I didn’t know the amount of work and commitment required in advance as I think I wouldn’t have started pursuing the Charter. While studying, I have been working full-time and working on a side-project which I hope will turn into something bigger later…needless to say my social life has taken a huge hit during the last 3 years. I can’t wait to be done and actually have a real weekend with no commitments etc.
My moment of weakness was right in the beginning of LVL1 when I started studying for Quant in May 2016 (passed LVL1 in December 2016). Having been out of school for several years and forgotten my study habits, I questioned myself if I’d have it what it takes it to push through. I kept skimming through the 5 other books and kept thinking…this is just LVL1…I have 2 more levels to go after this. Now I’m glad I kept going. After the initial shock, it has been actually quite enjoyable and interesting (aside from the time commitment and LVL2 FRA…that thing was a b!tch).
Level 2 was the most useful of all levels. It opened my eyes to analytical gaming and robustness of valuation models.
Level 3 is just memorization. I’m a bit disappointed as I wish the curriculum focused more on concepts (and the need for analytical solutions that combine FI, Derivatives, AM, and Equity) than memorizing model pros and cons to pass an exam.
I’m still glad I took on the journey, because I’m more analytically savvy than 3 years ago because of the program.
Level 2 was the most useful of all levels. It opened my eyes to analytical gaming and robustness of valuation models.
Level 3 is just memorization. I’m a bit disappointed as I wish the curriculum focused more on concepts (and the need for analytical solutions that combine FI, Derivatives, AM, and Equity) than memorizing model pros and cons to pass an exam.
I’m still glad I took on the journey, because I’m more analytically savvy than 3 years ago because of the program.
125mph is definitely an Edward Jones type of guy…
sorry, no eddie jones! Thier managed acct comp is loooow!
the whole econ in level 2 was a waste of time.
just a bunch of old theories.
the CME reading in level 3 should’ve been split out between level 2 and 3.
I’ll say my journey started in 2016 even though I didn’t sit for an exam until June 2017. I was in the Army and decided I wanted to pursue a totally different career in asset management. I knew I couldn’t directly make the leap from Army logistics to equity research, but I knew MBA programs loved vets. I studied for the GMAT and applied to schools in 2016. In March 2017, after being accepted and committing to attend my program, I started studying for level I.
I didn’t finish all the material for level I and didn’t sleep the night before the exam; I thought that I was definitely going to fail. I ended up passing by the skin of my teeth.
For level II, I studied during one of the most grueling semesters of the program. Learned from level 1 though and started studying in December. I had to take the exam three weeks into my internship - which was hell. Ended up passing by a comfortable margin.
For level III, started studying in December and got through the material by early February (reading Schweser). I have been doing EOCs and BBs since. Have taken five half practice exams so far (3 am and 2 pm) and feel comfortable with the material.
I graduate with my MBA later this month and will hopefully finish up the CFA in June. It’s been a ton of work, but I think that it has been worth it. Passing level I helped me get my internship interview and was a topic of discussion throughout all my interviews. Going through level II material right before (and during) my internship helped me understand and contribute more, and it likely helped me get a return offer.