My CFA journey was passed L1 Dec 2014, failed L2 Jun 2015, passed L2 2016 and passed L3 2017. I know what it feels like to failed your first academic exam (I also never failed until L2 2015) but I know I need to get over these failures to pass the exam. I am sure you will pass it if you try again.
I planned to start studying L3 from Dec 2016 but for various reasons, I only started from mid-April. I studied only with CFAI and Schweser (mainly with Schweser). I spent only around 130 hours (100 hours for study and 30 hours for mock exams+review) for this exam - so I think using a proper strategy/method to study is more important. And I am sure you will need less time than before as you study the materials again. For me, L1 and L2 materials helped me a lot in preparing L3 and reducing my study hours. ( Note: Don’t get me wrong… I am only emphasizing the importance of a proper study method - of course, if you have a good study habit => the more hours you study, the better/ more efficient it is for you. But for some people (like you and me), we don’t want to commit a huge amount of our time on this exam. So, it’s very very important to have a good strategy.)
As for the study tips, I gave up reading all the CFAI materials since I failed L2 in 2015 and switched to Schweser. Schweser saved a lot of time studying and I feel it’s sufficient for CFA exam with its short points to remember. I studied about 1 to 1.5 hours (starting from mid-April) at night and then tried to recall what I studied (about 1 hours) during my lunch time the next day. The most important thing is to practice, practice and practice. I went through the materials quickly and then focus on practicing the questions, including EOCs. Even though I finished about 4-5 mock tests before the exam, the AM session was a disaster for me and I left about 20 points unanswered. I have to admit that I left only about 20 points due to practicing these mock tests. Otherwise, I would have left about 50-60 points (definitely a fail).
Based on your decent scores of PM session, I think your main problem also is the AM session. For that, when you practice and grade your essay answers, you should not use partial grading for incomplete answers - i.e., only give grades when your answer is complete (not partially correct). Sometimes, we tend to overestimate our scores by partially giving credit to our own answers while the actual graders may not give any points at all. That being said, don’t ignore the PM session as it will mainly carry you through L3. This exam is a simple one - try to bleed as little as possible in the AM and then nail the PM session.
Just my 2 cents and I hope it’s (a bit) useful for you.
PS: For the record, I only started working about 2 years ago. So I will need a few more years to fulfill the other requirements for the charter. You, on the other hand, can get it in next year and that’s an awesome thing. Cheers! And good luck for next year!
I started in mid-late January, initially tracking Kaplan videos/syllabus. it worked great for L2, but I thought that the pace for Level 3 was too slow so I moved to the on-demand videos and finished the initial read of the curriculum by mid-march. I spent a few weeks focusing purely on the AM sections and continuously assessing weak areas, and then went into final exam prep mode the first week in May.
As I look back at my CFA journey, I realize that failing the tests is just part of the process. Take some time off to decompress and think about ways to refine your strategy. You were close to passing the exam; therefore, adjusting some elements of your study plan should be all you need to do.
I think you are letting emotion to control your perception of the situation. You have in front of you a great opportunity to show your family your character and how they should handle bad outcomes. Highly successful individuals are masters, among other things, at tolerating and dealing with defeat. Show your kids what it takes to reach goals and make this experience a life learning event for them. Remember, they are watching you.
Perhaps you should start early and not neglect them totally. Like reserve 1-2 days/week as play days with kids taking them out or just playing, that way you won’t feel guilty.
almost same situation here. 2 kids. Never failed academically until CFA III exam in 2007. Waited 10 years, spent about 200 hours study (probably work experience helps) and passed a few days ago on 2nd attempt and with the help of Schweser Self-Study Guide.
Jokes aside “worth it” is truly relative to each of our individual situations. The forum can give you some perspective on how others made their decision, but you need to talk to your family, professional mentors, and really yourself to understand if you are mentally prepared to sacrifice again and get that push for the pass this time.
I often find that, in any endeavor of high difficulty, if the undertaker is questioning if it is “worth it” from the outset they have already sealed their fate. But again, that’s just the advice of a poster on a forum that doesn’t know you - take the advice of your loved ones and trusted advisors - not ours.
I’m married with 4 kids. And just like you, I had never failed anything academically…, until I failed L3.
The key is to figure out your weakest sections and study those sections aggressively. That’s what I did. I used the curriculum and studied my weakest areas like hell! I studied how to answer the AM section like crazy! I would get home from work, help at home, put the kids to bed…, then study from 9pm to 2am every weekday, and 9pm to 4am on weekends. I couldn’t study during the day (on any day)…, tough thing to do if you are married with 4 kids.
Never give up, Katyusha77. Persistence and Perseverance never disappoints.
Good Luck and I look forward to welcoming you aboard!
I started Feb 1st, but also had almost 3 weeks off before the exam since I got fired. Looking back, getting fired was a blessing in disguise because I surely would have failed if I didn’t get that extra time to study. I put in about ~350 I think (150 in those last 3 weeks). I failed last year with around 400 hours, so it definitely matters what you focus on near exam time.
I never really counted at any level, but I definitely studied more for 3. By the end I was doing 3 hours each weekday and legit 12+ hours on sat/sun (starting at 7 and stopping at 10 with food breaks.)
I probably studied over 600 hours. I never used any third party study material, just the CFA cirriculum. IMO, that’s all you need. I probably spent more time than the normal candidate because I like to outline the chapters and take notes.
Read the Schweser Material (Don’t do any of the Schweser Questions, they are not useful) - Do the EOC questions in the CFA Material and the Blue/Grey Boxes in the CFA material.
Do the CFA Mocks (go back at least 10 years) and topic reviews online
For the CFA Mocks write out your responses and make sure you have a good grasp of the material, don’t just read the answers.
On the Schweser Quicksheet, I personalized it and added more information to areas where it was lacking and that helped big time.
Doing these things should help you pass.
I was a retaker, band 8 last year after flying through level 1 and 2, passed with flying colors this year because I knew better how to spend my time.
i spend significantly less time studying than L1 & L2. L1 i had been out of school 5 or so years and completely had to relearn how to study (was familiar with the material though, but studying was a grind) L2 the material was massive and all new, but was able to study well. L3 felt like senior year and was boring as hell and a massive grind. The material is shorter which is nice, but its so dry I couldnt bring myself to study as much. Still passed but would have been pissed at myself if I didnt for being lazy. If I had to give a breakdown to hours (I didnt bother tracking them, its a meaningless tasks people do) I would say L1- 300, L2 - 350/400, L2 - 200/250
I likely spent the same amount of time on 1st and 2nd attempt. Never counted but probably 300 hours each. However, the way I spent my time the second time was much much different. I began focusing on the writing in early April, as opposed to mid-May. So, I likely spent half my time focusing on the AM the second time, as opposed to 30 hours the first time. Everyone is different, but the difference for me was the amount of time I spent going through old exams, which I didn’t know were released the first time. I learned how the questions are asked, topics and concepts that appear frequently, and how to construct my answer quickly and accurately (Schweser mocks have great answers, terrible questions).