It doesnt seem that there are many people that take two attempts (studying both times) to pass level one, and then go on to pass level 2 on the first try. Has anyone done this? care to share your strategy? I got by level one on the second try and am gearing up for level 2, and dont want to have to go through this level twice.
My guess is that it’s happened hundreds of times. Here might be some relevant stories: http://www.analystforum.com/phorums/read.php?13,571607,page=1
i failed lvl 1 once and passed lvl 2 first try …I dont think i studied enough for level 1 the first time …i started in sep for the dec exam …
I’m one of those… I think I really learned how to study after failing the first time… As for level two, I put in a ton of time and practice…
I fall into this category as well. I chalk up my June/06 level I fail to underestimating the exam, plus concentrating soley with the CFAI monster texts. Changed strategy to using only Schweser in Dec/06 which proved to be the advantage. Followed up on the level II in June/07 using Schweser primarly and using the CFAI texts only for clarification on some subjects plus did ALL of the assigned problems. After failing once, I never want to experience that feeling again…
I know a couple people who did that. There are several factors that could have cause someone to fail level 1. For instance someone may simply not be suited for the CFA program (not have the skill set) despite strong studying they could fail because they don’t have “it”. Many people who go into the CFA are level headed, but there are alot more people I know that failed L1 (personally) than passed and most of the time they simply didn’t study hard enough and/or didn’t have th skill set. More commonly I think people who are suited for the program fail because they A) didint’ study enough and/or B) underestimated the exam or psyched themselves out. If someone underestimated what was going to be asked they could focus on the wrong things or not study enough and fail, but once they “wise up” they could easily get through level 2 (considering they have the proper study habits and expectation in place). Personally I went 2/2 so far, but I was paranoid for L1 and thought it was going to be a harder test than it was and passed. L2 was certainly more difficult in terms of the content and the test but with the right expectations and habits in place it’s not bad.
A lot of people fail Level I e time because they underestimate the demands of the test. Once that lesson is learned, smart/diligent candidates can pass L1 on the next go and can also do L2.
that was my experience… I attribute my 1st time miss of Level I to inappropriate studying techinque… read all the material, but did not do anywhere near enough practice questions… naturally, that approach was subsequently revised…
Friend of mine failed level 1 three times and then passed the next two levels on the first try.
failed L1, passed L2 on the first attemp. It is all about putting in enough hours. I hardly studied for L1 the first time and i’ve used 2003 notes for 2006 test (Yes i know, stupid). I learned from my mistakes
The 3 levels are very different in character, so you may be very bad at Level 1, but good at Level 2 and 3. Level 1 = know a little about a lot. Test of speed on the exam. Level 2 = more emphasis on Financial Statement Analysis. Level 3 = more qualitative. IPS. etc.
compsci, did you use schweser or the curriculum, or both?
schweser only for L2 and L1
nice. good luck on 3, man.
Thanks, hopefuly i wont need it
Wilier said: Level 1 = know a little about a lot. Test of speed on the exam. Level 2 = more emphasis on Financial Statement Analysis. Level 3 = more qualitative. IPS. etc. I’m not far into L3 yet, but I see the test more as: Level 1: basic tools (time value of money, what is a financial statement, how is a stock and bond valued etc.) Level 2: Valuation - how do different complexities (international exposure, embedded options, derivatives) affect the value of assets Level 3: Portfolio Management - how do you bring assets together to meet a set of investment ojbectives. This breakdown is compatible with Wilier’s, but looks at it from a different angle.
Level 3: go through and understand ALL assigned problems in the readings…
I failed Level I and passed on 2nd try. Failed : Wasnt ready for the pace of the exam and only used Schweser Passed: Read the CFA notes and Schweser. Also concentrated on the big ticket items like Financial Statement Analysis. Aced the two biggest and was passed even though I was <50% on a couple. Passed Level II on first try. Passed: Only studied Schweser but really learnt Financial Statement analysis inside and out. Also sent my wife on a vacation for 1 month before the exam so no distractions and just study. We shall see about Level III. Passed: Hopefully