How to face failure on Tuesday!

CFA Level I
#1

Hi everyone,

We know for a fact that some of us will fail this Tuesday. Some are confident they will pass , some like me are neutral and have absolutely no idea how they performed and some are certain they will fail yet there is always hope even for those who are sure they will fail.

No matter which one of the above categories you fall in, one thing is certain for everyone at this stage: No one can say with 100% certainty that they won’t fail on Tuesday. So why not prepare for it, so that just in case we are a part of the 62% failing population, we know how to deal with it.

Well I found this article in 300hours and it helped me understand that even if i fail it won’t be the end of the world. I sincerely hope that the population on AF would mainly fall in the pass category but still better to be prepared for failure.

http://www.300hours.com/1/post/2012/11/why-i-never-give-up-in-the-face-of-failure.html#.UPxyI6VBZUQ

#2

I have seen this before, and I posted about it on this forum. Here is my original post:

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First, let me give my two cents.

Winners never quit, and quitters never win. But those who never win, AND never quit are idiots. (Thank you demotivators.com.)

Some people can’t pass the exam. Some lack the mental capacity. Some lack the 1000+ hours of time that it takes to study. Some have the time and the brains, but lack the fortitude to put in the 1000+ hours (on top of your job and family time and other time).

If you can’t pass (for whatever reason), then you can’t pass. The sooner you realize that and move on, the sooner you get your life back.

I, for one, failed Level 2, with a score band of 10. I had a great many extenuating circumstances (as we all do), so I tried again the next year. But I told myself that if I didn’t pass it the second time, I was going to hang up my hat, because I just couldn’t do it. My best just wasn’t good enough. Thankfully, I aced it the second time around.

So, those of us who are past the real hurdle, but are still in the thick of the battle, who agrees with me? Who agrees with Howard?

#3

For those of you who do get disappointing results on Tuesday, you need to think about what went wrong.

I failed Level 1 the first time. I failed because I didn’t prepare enough. (I knew when I took the test that I hadn’t prepared enough, so I anticipated my “F”.)

I also failed Level 2. That one really hurt, because I put a lot of effort into it. However, I knew that it was because I underestimated it, and that there were so many other things going on in my life at that time.

So, what went wrong? Did you start studying too late? Or did you only study 5 hours per week? Were drinking and NFL football more important than studying for the test? These are behavioral traits that CAN be corrected–if you’ll correct them. If not, just do yourself a favor by not registering again until you fix them.

Or are you just not capable of passing Level 1? The sad truth is–some people just don’t have it.

#4

Well Greenman I would agree with you regarding this post possibly about levels II and III but as someone who has already studied for CFA level 1 and has sat for the exam, I would say failing level 1 is just due to not putting the effort or not having the correct exam technique .

Level I = easy concepts, vast amount of material and easy questions on the exam. I find what you wrote extremely demotivating and I do not agree with you at least for Level I. Come level 2 and 3 thats a different story. I am writing this because like many others i’ve been stressing too much about the results day and have gone through enough.

I finally found something which helped me calm down and I wanted to help other people to fall asleep without thinking that this is the worst thing that could possibly happen to them.

#5

I underestimated level 1 and failed it first time with band 5. Then, I got serious with it and passed it second time.

For level 2, I did not underestimate it and pass it first time. CFA exams are very fair and most of the results fairly reflect the understanding and effort.

#6

Whatever effort you put in for L1, multiply that by 3 or 4 (this is assuming you put in genuine effort). That’s the kind of effort that will be required at L2 and L3. So if you fail, the first thing to do is step away from everything CFA-related for a couple days… this is behavioral psych 101. Never make life-altering decisions when you’re overflowing with emotions. Then, come back and ask yourself if you can go over L1 material again, and put in the addtional effort at L2 and L3. Also, are you ready for failure again? Greenman has some truth in his post… if you need more than two attempts at L1, maybe the Charter isn’t your cup of tea. Basically, is it worth it to give up 3-4 years of your life?

I was just talking to a couple of Charterholders yesterday, and they pretty much confirmed the level of effort required… 1000s of hours. At L2 and L3, you’ve to throw the 300-400 hour estimate given to you by the CFAI. So if your decision is informed on some shitty thesis like, “I only have to put in 900-1000 more hours because that’s what the CFAI says,” you’ve some more reflecting to do. Of course, you’ll find those people with photographic memories who passed everything using only Schweser on their first attempt, but those are few and far in between. And, of course, they will never share how much they guessed on an exam.

So think real hard in terms of effort and time. Another question to cosnider is this: are you passionate about Finance? If you’re, then failure shouldn’t matter… continue pursuing the Charter. However, if this is a means to end to land a job a bulge bracket, you’ve even more reflecting to do.

Ultimately, even if you fail, you’ll have learned something. It’ll help you grow a backbone :). Always remember that our entire lives, we’re taught how to succeed, but no one teaches us how to fail… that’s something we’ll have to figure out on our own!

It may be harsh, but this is akin to that Oscar-worthy, Alec Baldwin scene from Glengarry Glen Ross: coffee is for closers, pal.

http://www.youtube.com/watch?v=8kZg_ALxEz0

#7

Dont u quit

http://www.youtube.com/watch?v=wOlTdkYXuzE

#8

If you have a Bachelor’s degree in Finance or Accounting, then you should be able to pass Level 1 with only a couple months of study. (Of course, if your Bachelor’s is in Art Appreciation, it will take longer, because you’re having to learn all the stuff that we learned in undergad. I’m assuming 90% of the people taking the test have an undergrad in finance/accounting.)

If you _ legitimately _ study for 6 months or more and still don’t pass, then I seriously doubt that you will ever pass Levels 2 or 3. Level 1 is cake. Level 1 is the application for admission. The real “meat and potatoes” start at Level 2. The time commitment and the difficulty levels shoot through the roof at the higher levels. I’m not trying to be pessimistic or be a “hater”. I’m just trying to spare you from the grief and misery that the CFA exam will give you later on.

Read some of the posts from those who are studying for Level 3 and see how much it has consumed their life. You start fighting with your spouses all the time, because you spend so much time studying. You don’t get to see your kids. You get stressed out easily. You stop working out and start eating a bunch of unhealthy crap. You can’t enjoy any time off–if you’re lucky enough to get any time off. You start drinking waaay too much to try and relax. You can’t focus on anything but the test, and you start wondering if you’re getting enough study time in.

I’m not trying to discourage anybody. But I think most people (including myself) underestimate how long and lonely a road is the CFA exam. This ain’t the SAT or the Series 7.

#9

with a whip.