Help! Advice needed

CFA Level I
#1

In December 2011, I took Level 1. I did not pass but was in the 10 band with the following breakdown:

Multiple ChoiceQ#TopicMax Pts<=50%51%-70%>70% -Alternative Investments8*-- -Corporate Finance20-*- -Derivatives12*-- -Economics24*-- -Equity Investments24-*- -Ethical & Professional Standards36–* -Financial Reporting & Analysis48-*- -Fixed Income Investments28-*- -Portfolio Management12–* -Quantitative Methods28-*-

I was unable to re-take Level 1 in June 2012 due to a family wedding occuring on the same day. Therefore, I took Level 1 again in December 2012 and again failed in band 10 with the following breakdown:

Q#TopicMax Pts<=50%51%-70%>70% -Alternative Investments8–* -Corporate Finance20–* -Derivatives12*-- -Economics24-*- -Equity Investments24–* -Ethical & Professional Standards36-*- -Financial Reporting & Analysis48-*- -Fixed Income Investments28-*- -Portfolio Management12–* -Quantitative Methods28-*-

As you can see, there was a little improvment, but still not good enough. I have to admit that I really thought I was close the first time and that this time I would nail it. I am extremely disappointed now and I need advice on what to do. Should I take Level 1 again for a third time? I am so disappointed in myself and disgusted with myself that I could fail this twice since I expect better of myself. My thinking is that even if I do pass Level 1 on the third attempt in June 2013, this would not be a good sign of future success on Level 2.

Has anyone else experienced anything similar or have advice for me? Should I consider getting my test score re-tabulated, or is that a waste of money?

Thank you for your help!

#2

Whether you want to retake is dependent on your personal situation.

I would say though that there is NO point getting your scored retabulated.

#3

I passed on my 4th attempt. My first sitting fail was me being stupid - tried learning everything in a month! 2nd attempt got in band 10. Third attempt I thought I nailed it but got band 9. I was really disappointed and considered to give it up…similar thoughts to yourself in thinking level 2 is going to be harder etc. i think you have to decide for yourself whether you want to continue with the exam. I heard a lot of opinions (especially on here) saying I should just give up and that if I can’t do level 1 then there’s no chance ill be able to pass level 2. Don’t listen to it! If you really want to earn the charter then just keep going (obviously consider other factors such as finance).

To be honest you will probably know more about level 1 having failed it a couple times than some people who pass first time. In my opinion it just means that you will have a good foundation to carry forward to level 2. For me, pass or fail level 2 I’m going to learn things I didn’t know before and that can only be a good thing.

I wouldn’t bother with getting your score re-tabulated. Very very unlikely that your score will change.

#4

Really unfortunate, looks like literally a couple of questions in E&PS would have put you over the edge. From everything I have read, re-tab is a waste. I would consider whether getting the charter is still worth it. In two years, things can change that make this more valuable or less valuable, so that aspect would be most important to me.

I would also be prepared to face the reality that failing level I twice indicates you are not likely to pass the other levels in the first one (or two) attempts.

#5

Read what I said on “Advice for those who did NOT pass today”

But be ye warned–some people have said that I am too negative.

#6

A pessimist is just a well-informed optimist.

#7

Thank you everyone for the advice. I have a lot of thinking to do because if I sign up to take Level 1 again, I would like to do it before the price goes up on Feb 14th.