And if you have test anxiety, ask your doctor for some xanax before you take it. Calms you down and helps you focus. But honestly, being completely prepared is the best confidence booster.
And win one for the Gipper. I love Brian Piccolo. And all that… Failing Level 1 4 times means you need to try something new.
This is the classic post of the unexperienced. Life is about looking at your opportunities and chances at success and making the best choices. Winning the big lottery says you’re set for life, but how heavily are you going to bet on it? Getting the CFA charter may be a path to a great career, but are you going to bet a decade or more on it with a poor chance of passing? The experienced professionals on the forum will tell you there are far better ways to spend your time. The CFA is not the end-all and make-it-break-it degree.
Winning the lottery isn’t really an obtainable goal though. It’s really rare for someone to set a goal to win the lottery. Winning the lottery is only by chance. Passing all three levels of CFA is not chance, its hard work and dedication. The way I liken to it is failing BUDS (Seal training) four times and getting kinda close but not passing. And obviously to take BUDS 4 times, you really want it. You would be crazy not to go at it a 5th time or whatever it took. But you’re right I am inexperienced in life because I’m only 24. But me personally, if I set a goal and I really wanted it, I would see it through come hell or high water. And plus, passing even the first cfa level 1 could translate to more confidence for him/her which more than likely could lead to success. I didn’t mean to come off like the CFA is everything and I’ve browsed alot of these forums before but I just dont see the reason in quitting. The Chargers never won a championship even during the AFL days but do you think their minds are set on believing they aren’t gonna win in the 2012 season? And they been playing for it since the 50’s! JPM been trying to pass the CFA Level 1 for what 4/5 years?
I believe that anyone that doesn’t pass L1 on the first (or maybe second) tries should abandon the CFA program. If it takes you five attempts to pass L1, it will probably take you 5 to 10 attempts to pass L2, and 5 to 10 more attempts to pass L3. That’s two decades of studying.
^ Dang. Wendy is more harsh than I. I would give people the benefit of a 2nd chance to pass any of these exams.
Deciding to continue or not is a personal choice. I passed L1 on the second try, buy took five times to pass L2. Honestly, only two attempts at L2 (one fail band 9 and the other pass) could remotely be classified as really trying. The others were, admittedly, half-hearted. If you feel as though you gave it your best and did all you could do, then maybe it is time to re-evaluate but only YOU can make that determination. I place very little faith in the poster who said you should abandon it after X number of times. Thank goodness her logic isn’t what drives most people. Thomas Edison had many failures in developing the electric light. He said, “I have not failed. I’ve just found 10,000 ways that won’t work.” If he had followed her rule, she may have had to study for her exams by candlelight. As Kiping wrote: "If you can force your heart and nerve and sinew To serve your turn long after they are gone, And so hold on when there is nothing in you Except the Will which says to them: “Hold on!”
That’s like saying I should try 10,000 times to become an NBA player. You need to accept that different people are good at different things. If you suck at CFA exams, most likely there is something else at which you can be more productive.
Lot of garbage in this thread, “if you fail x times, move on” etc. Listen, the CFA is not rocket-science, anybody can pass this curriculum. It takes two things, a time commitment, and some maturity in finance, which is accumulated through a base knowledge in the subject areas and practice exams. Once you pass L-1, the knowledge builds on itself, and your learning techniques will improve. So don’t give up, never give up if it’s what you want.
I think you missed the point. It’s not all about “fail X and quit”. A lot of people here are saying that if you put in a ton of hours and are still stuck at L1, the exams might not be for you and your time can be more productive spent elsewhere. You get the CFA charter to advance your career right? but there are many other ways to do that. Maybe you spend the 600 hours elsewhere: meeting people, doing your own research, read valuation books etc
@JPM: You mentioned having trouble with Accounting part, and if you’re still considering switching to another career; May I suggest that you take your weak points head on and try the CPA exams. 1) CPA exams are relatively cheaper and you can take them every 3 months. 2) If you pass and get CPA designation, it will be good for your self esteem and may open a door for a consulting position with a Big 4 accounting firm, or at the very least with a major regional firm. A few years in public accounting should qualify you to move beyond the middle management position. 3) Then if you are still in the study mood, perhaps you can give CFA another crack. But, maybe and MBA from a top tier school is a better additional option. At the end of the day, it all comes down to money. Good luck!
Couldn’t have said it better.