I took the Level 1 exam in June and did not pass. I scored in band 8 and figured that I would focus on the areas in need of attention.
I tried several times I was not able to get back into studying with the same level of focus as my initial attempt. Over the last 6 or so weeks I did manage to make it through the Kaplan-Schweser video series. I do not anticpate passing the exam on Saturday, but since a refund was never an option I figure I’ll take it again.
I imagine, aside from the wasted time, there are no consequences for multiple failures? Is my test record ever made available to potential employers?
You likely won’t be asked whether you passed L1 on the first attempt (although, it may come up). However, if you are a couple years out of school and are still a L1 candidate, you may be asked why you didn’t start the CFA program earler, to which you would have to explain, awkwardly, that you have been enrolled in the CFA program for a year or two now, but haven’t been able to pass the L1 exam.
Fails don’t count. Anyone that gets caught up questioning you on whether or not you failed either hasn’t taken it or is a douche. Some of the smartest people I know have failed because life has a habit of getting in the way. We aren’t full time students, this is a professional designation, and things don’t always work out with timing.
I don’t believe an employer can find out anything except whether you are a charterholder or not and what level you are currently registered for if not a charterholder. It would be a violation however, if you do not register for the June 2013 exam (whether it be L2 or L1 again) and refer to yourself as a candidate on your resume.
Picking yourself up after a failure and continuing through the program is actually looked on positively as speaking to determination and effort. Obviously people who sail through 3/3 also get kudos for that, but having to retake an exam level is not a kiss of death or anything to be ashamed of.
Clearly, you don’t want advertise your failure on your resume or elsewhere, but there’s no need to be sheepish about the truth it if asked. Just remember to talk about how you picked yourself up after a bitter pill, put in the work, and eventually succeeded (or are going to kill it next time).
It sucks for you and your immediate friends and family, though. And if you’re in an office where everyone passed except you, well, that can’t feel good either.
I wouldn’t write failed Lx. If you’ve never passed L1 and are not either waiting for results or registered for the next test date, your resume really shouldn’t reference CFA at all. For other scenarios, there are plenty of examples in the curriculum to guide you.
This is interesting - I heave heard both sides of the story…Some people see retakes as a potential demonstration of perserverance, while other view it as incompetancy.
Personally, as long as the person seems bright and hard working, I wouldn’t care much whether they failed a level or not. But, I have heard some people say that with so many job applicants, they resort to asking whether a person failed/passed a level as a differentiator in the interview process. All a bit silly if you ask me.
^ I would say passed Level 2 but don’t put a date. I think it’s pretty unlikely someone will ask if you failed level 3 or not. Much more likely that they will ask if you are planning to take L3 in June.
Alternately, you could just say that you are a candidate, assuming you are registered for the June exam. That will certainly prompt the interviewer to ask what level you are on and you just say that you’ll be taking L3 in June.
When I saw the thread “Multiple Failure Question” I thought, oh goody, finally a subject I am an expert on.
I am neither proud nor ashamed of my failure to pass the first time of any level. I am impressed that somebody is able to do it with one pass, but I would never consider that person a better candidate for a job or other position. There are so many variables that go into passing these tests including, dare I say, a bit of luck.
Tell the truth. Couch it in terms that make you comfortable both in terms of not hiding anything, but not exposing any warts either. I am sure anybody can do that. I am an expert.
failing the same level multiple times is negative, however way you look at it. forget about perseverence if you don’t learn from your failing experience. so you get 1 fail per level without being looked down upon. that seems fair. this is coming from a 3/3er who just passed each time so i’m not trying to justify my own position here but could have easily seen myself failing L1 or L2 when i wrote them.
Multiple failures of the same level shows a few things; any one of which could be true:
You cannot learn from past mistakes;
The curriculum is too difficult for you;
You cannot put in the time or effort necessary to pass;
etc.
I failed L2 the first time I took it. Just like most others, I was pretty upset about it. However, I vowed not to let it happen the next time around - and it didn’t. Not only that, but in learning from my L2 mistakes, I believe I was well-positioned to pass L3 the first time around (I feel pretty lucky abou that).
Fail once…shame on the CFA Institute. Fail twice…shame on you.
I agree fully. If you fail twice, you should probably rethink your life. Have you not been putting in the effort? If you haven’t studied the requisite 200+ hours for Level 1, then that’s your problem. If you did, and you still can’t pass, then you most certainly can’t pass Level 2. Level 1 is the application for admission. The real deal starts at Level 2. There’s no shame in quitting while you’re ahead. It only gets worse in Level 2 or 3.
Ultimately, being the CFAcharter is a dichotomy. The possibilites are jointly exhaustive and mutually exclusive. You either ARE a Charterholder, or you AIN’T a Charterholder. Some people aren’t Charterholders _ yet._ (Hopefully I’m in that group.) But ultimately you either pass or you quit. And once you quit, then it’s just as good as never even signing up for Level 1. I imagine there are a lot of people who can say “I started the CFA exam once upon a time. It was hard. I eventually gave up.”
And here’s my two cents about some of the above questions:
Nobody will ever find out that you failed, unless you tell them. And most people fail at least once. (I failed Level 1 once and Level 2 once.)
Don’t put “I tried the entrance exam twice and failed it both times because I can’t study enough or I’m not smart enough” on your resume. That would be very bad.
If you’ve been out of school for a couple of years and you’re just now a Level 1 candidate…who cares? Nobody ever said you had to start studying for the CFA exam the day after your graduate. Anybody who says you have to start Level 1 immediately probably doesn’t have a job, and hasn’t passed Level 1. (Next time you take a test, look at the Level 1 candidates, and look at the Level 2 and 3 candidates. Level 1 will be full of college seniors and frat boys, and Level 2 will be full of people in their late 20’s and 30-somethings.)
Don’t put “Level 1” or “Level 2 Candidate” on your resume. If you’re willing to pay $1000, you can be a Level 1 candidate. It means nothing. Being a Level 2 candidate doesn’t mean very much more. There are probably a million people in the world who can say “I passed Level 1”.
I do believe, however, that having passed Level 2 is an asset, especially in the M&A/Corporate development/Valuation world. So I would put “Level 3 Candidate” on my resume, but only if you are registered for the test, and really believe you can pass.
