I have to admit that I feel defeated and very frustrated by Level II exam.
I took Level II 3 years ago and didn’t pass. I was both planning on my wedding in August and studying for the exam in June, and obviously that didn’t work very well. I used Schweser package. Did not finish all the readings/Q Bank/Vedios.
Then I had a baby the next year. My brain was all taken up by formula and diapers and there was no room for CFA materials.
I couldn’t give up the idea of taking the exam again and finally put myself together after all the changes in my life and decided to sit for the exam this year.
Figuring out that I don’t have a lot of free time after the baby was born, I started studying early in September last year. I went through all the CFAI books and did all the EOC questions by mid April. Then I started 2nd review. I didn’t purchase Schewser Q bank till Mid May so by the time of the exam, I only finished 400+ questions. I only took 1 mock from CFAI and scored terribly. I forgot most of the stuff that I reviewed half an year ago and there isn’t enough time to do the 2nd review. I completly lost my confidence and not surprised that I failed.
Recalling what I did and trying to learn my lesson.Obiously my problem is not doing engouh practice questions, time management and retention of the materials. Just reading the material and doing those EOC Qs is not helping much, at least for me. From what I read in all the threads, practice is the king.
I haven’t signed up for next year’s exam and either have I started studying yet. What has to be done correctly to pass from band 2? I don’t have a lot of time studying with an 18 month- old baby around…Shall I waste another 6 months of efforts and time that could be spent with my family?
What i don’t understand is that, if you know you ahve a baby, and a job, and a wife, and whatever else happening in your life (and you know everyone has a family and a job too!), why would you be considering tackling L2 in Mid November instead of Mid August or September??
i am not saying it’s impossible to start in December (that’s when your books come) but if you are that nervous about the exam you should allow the best possible scenario for yourself.
I don’t think there is a special trick to pass L2, honestly there isn’t. There is a lot of studying and a bit of luck at the end. You have attemped it and failed but you should always approach it as a new exam.
If you have any doubt, you won’t be able to pass, come March you will be in the middle of studying feeling defeated because there are still months to go and books to read and you are spending too little time with your family.
You have to have your priorities figure out for yourself, it’s not a MUST to obtain your CFA charter, it is a MUST to keep your family, IMO, if you can’t do both at the same time… then it’s very obvious which one to choose.
Thanks NANA. I don’t have a wife, I AM the wife. I know my name is misleading, LOL.
I didn’t start studing because I was so frustrated and not sure if I should keep doing it. Starting early is not the key, as you can see I started in September last year and still failed. Doing it in the correct way is the key, and that’s what I’m trying to figure out.
I don’t want to regret for the rest of my life that I don’t pass CFA because I quit, but in the mean time, I don’t want to keep trying over and over again wasting time and money. So there should be a limit of how many times I should try.
Giving a birth is the most physically painful thing I have gone through. People say you will forget about the pain after a while and would want to have a baby again. So is the CFA exam. I said I didn’t want to take this exam again after I walked out of the exam room, but now seeing other people passing the exams, the idea of trying it again keeps coming back.
Whoever can either talk me out of it or into it will be appreciated!
Is CFA required or “strongly encouraged” by the job that you are in? If not, give up now.
If my math serves me correctly–40% of people pass Level 2 (give or take). And you got Band 2. That means that you’re between the bottom 6-12% of all who took the exam. That should give you a clue.
It is strongly encouraged at my company. They gave us pretty decent bonus. I’m already in the industry but in the back office. Trying to move up and hoping CFA can help. I assume getting CFA could help further down in the career path. However if I could get a middle/front office job without studying CFA that would be perfect!
I already got the hint that I am in the bottom after I saw band 2. Just wondering if it’s realistic to pass with another 6 months of studying for a failure of band 2 ? Looking for some inspiring examples…
Hey OP. You’ve taken it twice and failed twice, but the first time you were about to be married, and the second time you had your child to take care of coupled with your full time job. I think you are going through a period of self-reflection and introspection. I think you need someone to push you in either direction as you are very much on the fence. Frankly, I have never taken the Level II exam and my books will be coming in 6-9 days so I’m with you on timing. If I were you, I would have an open and frank discussion with your husband to find out what are his opinions on the CFA. If you are both committed then I would have you ask him to help you more with household duties, and I would also ask you to gird yourself mentally for this exam. Honestly, this is going to be the last time you try for the Level II, but if it’s the last time I’d make sure you put in 100% into it, and not be able to look back and say that you didn’t give it your all. I think you’re capable of passing (frankly I think everyone is capable of passing if they put the right amount of time into it), and I think you will. I recommend that you create review packets of the material and refer to them while studying to help with your retention. Good luck OP!
I think time is a HUGE factor. You may have started in September, but from September to June, how much time did you spend on studying?
If you start in Febraury, how much time can you POTENTIALLY put into studying?
I do believe that some people take 2 years to pass level 2, you may need to do it twice to get through the material, or 3 times… the point is, do you have the motivation to do it. if you keep thinking you are sacrificing time with family to do this, you will always find “excuses” to not study as hard as you can.
Thanks for the inspiring words WACCit. Unfortunately my husband and I are in the same boat. We both studied and failed. Unlike other people who can get help from their partners, it deosn’t work out this way for us. The good thing about it is we don’t have to worry about not spending time with the significant other! However he’s frustrated too and thinking about switching to studying in Master’s program.
Yes, I am on the fence and have to think this though…
I have to say that is either disasterous or very romantic.
I think everyone has gone through some kind of situation in their CFA program, you just have to see if it’s worth it to continue. Taking a master program may be a good alternative if your husband knows what to do with it, or it can be a huge financial burden.
Yes, we were. I did not see the romantic part, but we do understand each other’s stress and frustration by going through this together.
NANA, what you said is absolutely right. If you are not determined and motivated enough, the study will be more of a torture than anything else. I admit I had doubts and fear, which made me not studying hard enough.
I see you are a charterholder already…How long did it take you to go through these brutal exams and any tips to share?
@OP - I am a dad. I found out my wife was having our first right after I finished L1.
I took L2 and failed.
Then I had a baby.
I took L2 and passed, which took approximatly 400 hours of life and fun away from my daughter.
Then I took L3 and passed, which took another ~600 hours of life and fun away from my daughter.
Now I have two kids and I can say for quite certain that I would not be studying right now if I had failed L3. The test just simply takes too much out you.
The choice is yours, but know this–as bad as you think Level 2 is (and you only scored band 2), Level 3 is worse. This is time that you will NEVER get back with your children. For a test that you might not pass. And even if you do pass it, it might not ever give you a single dime worth of benefit.
Greenman, at least you passed. You have my respect as I know how hard it is for us people with Family and kids sitting for this brutal exam. In my case, my daughter will be losing fun time with both of her parents.
Yes my doubt is if it really worth taking that much time and if it will really help with my career.Some of my coworkers did get better jobs after passing the exams. I’m inspried by them and that’s why I’m rethinking about it, Are you in the industry? I’m sure your family will benefit from your designation some day, at least they should be pround of you!
Greenman, at least you passed. You have my respect as I know how hard it is for us people with Family and kids sitting for this brutal exam. In my case, my daughter will be losing fun time with both of her parents.
Yes my doubt is if it really worth taking that much time and if it will really help with my career.Some of my coworkers did get better jobs after passing the exams. I’m inspried by them and that’s why I’m rethinking about it, Are you in the industry? I’m sure your family will benefit from your designation some day, at least they should be pround of you!
Greenman, at least you passed. You have my respect as I know how hard it is for us people with Family and kids sitting for this brutal exam. In my case, my daughter will be losing fun time with both of her parents.
Yes my doubt is if it really worth taking that much time and if it will really help with my career.Some of my coworkers did get better jobs after passing the exams. I’m inspried by them and that’s why I’m rethinking about it, Are you in the industry? I’m sure your family will benefit from your designation some day, at least they should be pround of you!
Greenman, at least you passed. You have my respect as I know how hard it is for us people with Family and kids sitting for this brutal exam. In my case, my daughter will be losing fun time with both of her parents.
Yes my doubt is if it really worth taking that much time and if it will really help with my career.Some of my coworkers did get better jobs after passing the exams. I’m inspried by them and that’s why I’m rethinking about it, Are you in the industry? I’m sure your family will benefit from your designation some day, at least they should be pround of you!
Greenman, at least you passed. You have my respect as I know how hard it is for us people with Family and kids sitting for this brutal exam. In my case, my daughter will be losing fun time with both of her parents.
Yes my doubt is if it really worth taking that much time and if it will really help with my career.Some of my coworkers did get better jobs after passing the exams. I’m inspried by them and that’s why I’m rethinking about it, Are you in the industry? I’m sure your family will benefit from your designation some day, at least they should be pround of you!
It took me 3 years to pass all the exams, and i guess there is some luck involved, but i also work extremely hard in the mean time and definitely spent 6 months every year locking myself up.
There is no special tip, but my method is to go through the material once in video and read the study guide (one session at a time) do EOC questions in both Schweser and CFA curriculum, go through the same pattern again, and go back to do more questions, and do mock exams and re-do the mock exams…