just wondering… p.s. i just took the L1 exam last weekend
Interesting question. I dont think so but the majority passed IMO. I passed 1 and 2 on first go. I hope the luck continues.
I passed level 1 in December of 2008 and tried for level 2 that following June. Was unsuccessful. Passed level 2 last June. Level 2 is a whole other animal but I might have been more successful if I had more time to study and was less burnt out
I think most candidates that reach L3 pass L1 on their first try, but a significant percentage of them have taken L2 more than once.
You have to ask CFA Institute for the statistics for exact, but even those who passed L1 on first go might not continue and do L3
oldboy321 Wrote: ------------------------------------------------------- > You have to ask CFA Institute for the statistics > for exact, but even those who passed L1 on first > go might not continue and do L3 i think a very high percentage would continue to L2 at least given that they passed L1. Which of course begs the question how many who fail L2 once/twice/thrice… drop out or continue until the next fail or win? presumably if one failed at a specific level more than once they would think harder about putting any more time and effort in than they already had… or maybe they reason that given all the time and effort they have put in they only need one last push?!
Yes I did flunk L1 – but that was because I didn’t study, solve any papers and basically took it all easy. Passed L2 at first go, even though the L2 exam was sandwitched between law school exams.
kh.asif Wrote: ------------------------------------------------------- > > I passed 1 and 2 on first go. I hope the luck > continues. Same here, hope to go 3/3.
JP_RL_CFA Wrote: ------------------------------------------------------- > I passed level 1 in December of 2008 and tried for > level 2 that following June. Was unsuccessful. > Passed level 2 last June. > > Level 2 is a whole other animal but I might have > been more successful if I had more time to study > and was less burnt out Exactly my track. Level 1 I had straight 70+% in every area. I took Level 2 six months later with a healthy dose of what I know now is called Overconfidence.
Yes.
Passed first try L1 with no commerce education and I think the pass rate was 38%. Failed L2 twice and then killed it on the third try. Hopefully I did enough L3 because I don’t have time to study anymore given work is busy and I really don’t need the CFA in my industry.
bayofpigs Wrote: ------------------------------------------------------- > Passed first try L1 with no commerce education and > I think the pass rate was 38%. Failed L2 twice > and then killed it on the third try. Hopefully I > did enough L3 because I don’t have time to study > anymore given work is busy and I really don’t need > the CFA in my industry. the designation is not needed in my occupation either - its certainly not core anyway - so if i were to stick doing what i do probably i wouldn’t get the designation even if i passed all three levels - due to lack of suitable working experience. So this comes to my question… if you could give me some insight in what motivated you with pursuing this designation - at least to the extent of taking all the exams - even if your work is not directly related. thanks
I don’t know, honestly I don’t believe the majority of people pass L3 on the first try. L2 probably has the most first timer failures, but I doubt the L3 first timer pass rate is over 50%
penny-wenny, My motivation for pursuing the CFA was because an MBA is way too expensive and I don’t want to leave the workforce. I know part-time is an option which is cheaper somewhat but the cost is still too high for me. I have friends that are doing it part-time and they are regretting the cost. A secondary reason is I like the CFA has a more in depth curriculum that I like. It is more focused for me.
Most I’d guess, except those that were way unprepared for 1. If you studied hard as hell and put your best effort into l1 and failed, you might consider b-school.
^ I have a friend who failed the Series 7, but managed to pass after much difficulty on the second try. She is scared to death of the CFA exams, and would rather give up 250k to get an MBA instead. the trade off is that the CFA is far cheaper $4,000 (if say you repeat each level once) versus $250,000 for an full MBA. The MBA cost includes giving up a salary. if you simply cannot pass the CFA exams, you will have nothing to show for it at the end. the MBA program, once you’re in, and with minimal effort, you’re sure to graduate with the degree. Personally, I think it’s ludicrous to pay $250k. That’s a mortgage right there. it’s only worth it for a top 5 MBA program .
^ just some background for people: I went to a top 5 business school for undergrad and went through the $60k per year. It’s worth it once, but definitely not twice.
failed L1 twice, passed L2 and L3 in one go
black_label Wrote: ------------------------------------------------------- > failed L1 twice, passed L2 and L3 in one go i bet that doesn’t happen often! whas it a matter of bad circumstances you think or did you find L1 harder (perhaps more material, though not as in depth as L2 and L3?)
actually I’d prefer the MBA route if i got the dough, qualification, and relatively little experience (young). I believe, it would save time and energy, straight to work in high-paid management like being a GS associate rather than analyst. With more significant and right experience, references, and network, both designation maybe meaningless. Achieving CFA designation is not exactly cheap after taking account the opportunity costs (at least 4 years – 2.5yrs + 4 years experience)