did most L3 candidates pass L1 on first go?

Penny-wenny Wrote: ------------------------------------------------------- > 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?) i did my mba in finance…so didnt read at all in the first attempt thinking how hard level 1 can be…second time i read but not enough and failed band 9…that was the biggest setback…and I resolved not to fail this thing ever again

stevenevans Wrote: ------------------------------------------------------- > 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. +1 for me, save for L-skool exams.

Passed Levels 1 and 2 on the first try. Feel pretty good about Level 3. I would say that Level 1 was pretty easy if you were able to put in the time and you have a passion for this type of work. Level II was not easy, so you have to work really hard unless it comes naturally as those who are possibly employed as professional securities analysts. Going through the process of applying for Business School, but would only go if I could get into Wharton, Columbia, or NYU (geographic and finance specialty reasoning). The CFA program is a clear winner in terms of return/cost, but the networking and connections, and a well rounded program can fast-track the process of getting to where you ultimately want to be. I also think it would be a great way to meet other people who have the interest and skillsets to start a business together.

CFA L1 - 2007 - pass CFA L2 - 2008 - fail, band 7 (was finishing my MBA part-time at the time) CFA L2 - 2009 - fail, band 10 – around this time I figured out what best worked for me study-wise – FRM L1 - 2009 - pass CFA L2 - 2010 - pass FRM L2 - 2010 - pass CFA L3 - 2011 - I *think* I passed, but you never know.

I have a lot of respect for those who kept repeating even after failing multiple times. I am pretty sure that if I failed at any level, the lack of confidence and the pressure would make me perform even worse the next time.

kh.asif Wrote: ------------------------------------------------------- > I am > pretty sure that if I failed at any level, the > lack of confidence and the pressure would make me > perform even worse the next time. ^ This is called performance anxiety. It also happens to men with ED.

I thought Lvl 1 was the easiest, by far

Dec - Jun - Jun 3/3 lets go

I don’t have any statistics to quote. However, CFAI does say that people take an average of 4 years to pass all three exams. Assuming “4 years” means that they took exams in 4 consecutive years, and also assuming that most people don’t do the December/June L1/L2 combo, this means that most people fail one exam in total before passing all three levels. Now, if I were to guess which of the 3 exams most people failed once before passing L3, I would guess L2 or L3. In other words, I would guess that most people who pass L3 passed L1 on the first try. Also, I have conveniently assumed that most L3 candidates end up passing L3 eventually.

cfagoal2 Wrote: ------------------------------------------------------- > Dec - Jun - Jun > 3/3 lets go CHEA BOY! Hoping for the same - 18 month CFA blackout party in September if we do it!!!

greengrape Wrote: ------------------------------------------------------- > ^ 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 . i would argue it pays to be in a top 25 program…i know a lot of guys at Top 25 schools who landed jobs in ibanking, management development programs at fortune 5s, etc.

i would say top 10 MBA, just graduate top 25 - 11 program, be in the top of the class you’ll be fine i mean whats the difference between a #10 b school student and a #15 student…not that much

Dec 2009 Level 1: Pass June 2010 Level 2: Pass June 2011 Level 3: ?

Of those that pass all three exams, what level has been failed by the highest percentage of people? Three has to be in the running. Two probably is the most popular guess. And level one comes in a distance third.

There is a survivorship bias in this question.

Level 1, Dec 2009: Pass Level 2, June 2010: Pass Level 3, June 2011: ??? Aiming for a Dec-June-June series of passes, but when I walked out of L3, I am in serious doubt - I put in a great deal of hours into my study for L3, but think that I might not have put enough ‘study’ into my ‘hours’. I don’t mean I was picking my nose and goofing off, but after taking the exam, I’m worried I didn’t properly prepare for the essay material. I personally give me about a 40-50% chance at passing L3. If I pass, it won’t be pretty. If I fail, I don’t think it’ll be ghastly (like band 2 or something), but I certainly hope I eke through with a pass.

3_and_out Wrote: ------------------------------------------------------- > Dec 2009 Level 1: Pass > June 2010 Level 2: Pass > June 2011 Level 3: ? ^+1 I’m worried the most about L3. Looking back L1 was not as hard as L2 or L3 but, when I compare the CFA Exams to FINRA exams I feel Level I was exponentially more difficult than Series: 7, 9, 10 ,24 ,63 or 65. The AM of June 2010 Level II was by far the hardest 3 hours I have ever spent on an exam. The killer of the Level III is exam is that you are now competing with the people that passed Level I & II and roughly ony 1/2 get through. My opinion: Level I has the most # of failures (just by the # of people taking it) Level II for most charter holders causes the most failures Level III is probably the 2nd most failed by charter holders

Passed all the three levels in first attempt but not yet a charterholder as I haven’t apply for it.

I failed L1 and L2 once but passed L3 on the first attempt.

n.b. I studied really freaking hard for L3

You can’t compare the Series 7 with the CFA exams. I had ZERO knowledge of finance principles (didn’t even know what was the difference between a stock and a bond), and was able to pass the 7 with only three weeks of prep. And I also disagree that you can get a 250k MBA with minimal effort.

To answer the question–I failed Level 1 the first time, but that was because I was still in school and working part time. I couldn’t do all three, and the CFA was the easiest to let go. The next time, I passed with flying colors.

I also failed Level 2 the first time, because I only had four months to study, and a lot of life happened in those four months. But I passed the second time, again, with flying colors.