CFA Level 2 Fail: Band 7

[canoo]

Well…

Here is my result: Band 9 Fail (Band 4 in 2015, Band 6 in 2016). Feel terrible but this only shows that I am not good enough at it yet

Below 50%: derivatives and FRA. Clearly I need to work on FRA more as I was never comfortable with it. I think I also know where I screwed up on Derivatives.

51-70: AI, Equity, Ethics, Quant

70+: CF, ECON, FI, PM.

Here is what I plan for the next year

Go over my notes together with the CFA Summariesi Blue Box and EOC. Review, Review, Review and Practice, Practice, Practice.

Although I had enough time before the exam I did not enter exam feeling like I studied enough (I spent a lot of time but I guess not efficient enough). In fact I think I went through only 20% of the Qbank. Completed moch exams but did not have enough time to complete them in a “test environment” and also did not review.

I feel like my issue is not the material itself but rather not reviewing and practicing enough. So that is where I am planning to focus.

Open to all suggestions. Good Luck to all.

[TakeiFinale]

@canoo

Well…

Here is my result: Band 9 Fail (Band 4 in 2015, Band 6 in 2016). Feel terrible but this only shows that I am not good enough at it yet

Below 50%: derivatives and FRA. Clearly I need to work on FRA more as I was never comfortable with it. I think I also know where I screwed up on Derivatives.

51-70: AI, Equity, Ethics, Quant

70+: CF, ECON, FI, PM.

Here is what I plan for the next year

Go over my notes together with the CFA Summariesi Blue Box and EOC. Review, Review, Review and Practice, Practice, Practice.

Although I had enough time before the exam I did not enter exam feeling like I studied enough (I spent a lot of time but I guess not efficient enough). In fact I think I went through only 20% of the Qbank. Completed moch exams but did not have enough time to complete them in a “test environment” and also did not review.

I feel like my issue is not the material itself but rather not reviewing and practicing enough. So that is where I am planning to focus.

Open to all suggestions. Good Luck to all.

EOCs on FRA are very good practice materials, do them three times and you’ll kill FRA. Next time you are going to pass L2 man.

[FloFromParis]

Canoo

I failed Band 6 this year. Go on and you will succeed I am sure. I admire you for not giving up.

[stt00007]

Failing at least once is part of the journey for the majority of candidates. Do not let it dishearten you from achieving your goal.

400hrs in 4 months seems intense. Especially on the bounce from Dec L1 (plus full time job?). You could spread it out a little by starting earlier - Dec/Jan perhaps. I trust you will know better what works for you.

2nd time around you will have a decent grasp of the material so focus the majority of your studies on BB, EOC and past papers. Working with MCQ, question why the incorrect answers are wrong. It will help you understand concepts/calculation and identify traps you may succumb to under exam stress.

[Deal_Clincher]

@canoo

Well…

Here is my result: Band 9 Fail (Band 4 in 2015, Band 6 in 2016). Feel terrible but this only shows that I am not good enough at it yet

Below 50%: derivatives and FRA. Clearly I need to work on FRA more as I was never comfortable with it. I think I also know where I screwed up on Derivatives.

51-70: AI, Equity, Ethics, Quant

70+: CF, ECON, FI, PM.

Keep at it. Do a lot of timed mock tests, they will build a lot of confidence. I had done 6 Schweser,1CFAI official, and 2 IFT mocks. It made a lot of difference.

[K84]

Tons of candidates give up after failing level 2. You need to ask yourself do you really want this or not and make a call.

[Hedgee]

@studyninja

Hi all,

I regret to share with the community that I failed the CFA Level 2 Exam in June 2017. I don’t have the language to describe what I’m feeling right now. It is a mix of frustration, anger and general malaise. However, in the spirit of forward thinking I need to use the data to make educated, informed and data-driven decisions moving forward. I’m sharing my data with the community to get feedback from other candidates. I’m a bit shocked because based on my preparation, studies and performance on mock exams I felt I was strongest in Alternative Investments and Corporate Finance; my actual results demonstrate that I am obviously not fully understanding my strengths and weaknesses…

Alternative Investments <50%

Corporate Finance <50%

Derivatives <50%

Economics <50%

Equity Investments >70%

Financial Reporting and Analysis 50-70

Fixed Income Investments 50-70

Ethics and Professional Standards 50-70

Portfolio Management >70%

Quantitative Methods 50-70

I probably studied around 400 hours in total starting in February for the June 3rd Exam. I passed Level 1 on the first try in December 2016. I have a background in molecular biology from UC Berkeley and about 2 years of work experience in Asset Management. I read all of the Kaplan books from cover to cover and completed the EOC, ~1,800 Qbank Questions and 10-12 mock exams. In the final days before the exam I took the week of to do practice exams for 7 days straights. I decided not to even touch or look at the Wiley materials during my studying and program. I think one change I will definitely make in studying for Level 2 again is to look at the Wiley Materials and do the EOC from the CFAI books.

For the next 5-6 months I’m going to focus on getting good at my job (Asset Management, Morgan Stanley, Bromberg Group) and use my “free” time after work to work out, exercise, read for pleasure and focus on my personal relationships with people.

I’m really going to hit the books hard starting January 1st 2018 for the June 2018 exam. I’m particularly frustrated by my results because of how prepared I felt for the topics in which I did most poorly. It’s a bit discouraging that in my mock exams I was scoring >70 in Corporate Finance and Alternative Invesmtnets then on the actual exam I scored <50. It would be great if candidates could help analyze the data with me and help me make better, data-driven decisions going forward!

Happy studying,

Studyninja

Dear Studyninja,

I think you probably rushed thro’ given that you did not have a background in the subjects.

Given that you are in Band 7, I think your score would have been around 45-50 range.

Focus on (a) Corporate Finance (b) FRPA © Ethics and (d) Fixed Income.

Considering you may not have formal coursework in (a) and (b), they may be your areas to focus and improve on. May want to consider working along with someone in your locality that have a background in these. If you can improve on these areas to 70+ and retain your edge in Equity and Portfolio Management - You should be able to reach 65-70%.

Essentially focus on scoring high on the heavy weight areas. Its easier said than done.

Tailor make a schedule and work plan that fits your requirement. What works for person A may not work for person B. Most members here swear by mocks and review of mocks, but for Itemset questions, I think your depth of knowledge matters more than practice.

Best wishes.

[Margin_Call]

I did Zero Mocks due to lack of time.

Never opened Alt Inv book due to lack of time.

Barely reviewed ethics due to lack of time.

Walked in with PF review 16 days old in my mind due to lack of time.

FRA: I never studied the last chapter and an entire vignette from that chapter showed up

Ethics, PF, AI <50

Econ, FRA 50-70

the rest above 70… Passed

I did only half the topic tests. All of the EOCs twice, some thrice. all comes down to how you wrap it up in the last 2 weeks or so IMO

[Coastie]

Why would you skip doing BB & EOC… not doing those definitely disadvantaged you

[Hedgee]

@Margin\_Call

I did Zero Mocks due to lack of time.

Never opened Alt Inv book due to lack of time.

Barely reviewed ethics due to lack of time.

Walked in with PF review 16 days old in my mind due to lack of time.

FRA: I never studied the last chapter and an entire vignette from that chapter showed up

Ethics, PF, AI <50

Econ, FRA 50-70

the rest above 70… Passed

I did only half the topic tests. All of the EOCs twice, some thrice. all comes down to how you wrap it up in the last 2 weeks or so IMO

If you are taking L3, do as much as AM mocks you can. It helps. Itemsets - the efficacy of mocks is overrated.

[Margin_Call]

@Hedgee

@Margin\_Call

I did Zero Mocks due to lack of time.

Never opened Alt Inv book due to lack of time.

Barely reviewed ethics due to lack of time.

Walked in with PF review 16 days old in my mind due to lack of time.

FRA: I never studied the last chapter and an entire vignette from that chapter showed up

Ethics, PF, AI <50

Econ, FRA 50-70

the rest above 70… Passed

I did only half the topic tests. All of the EOCs twice, some thrice. all comes down to how you wrap it up in the last 2 weeks or so IMO

If you are taking L3, do as much as AM mocks you can. It helps. Itemsets - the efficacy of mocks is overrated.

Thanks for the tip bud!

[Olayeancah]

Band 5 in June 2016 and Band 6 this year. Feel really sad tho

Score Matrix below:

>70% : Equity, Quants & Alt. Inv.

50 - 70: Corp. Fin & Fixed Income

<50%: Ethics, FRA, Portfolio Mgt, Econs & Derivatives.

Am in the same boat with Canoo and FloFromParis, my major issue is time to review and do alot of practice test.(including Mock, EOC, CFAI Blue Boxes). FRA, Corporate Finance & Fixed Income (Including Equity) are my strong areas but lack of review and practice let me down.

I believe I will crush next year if i do the needful (review & practice).

Congrat to all those who passed.

Cheers…