Signing up for next year level 3 or giving up

CFA Level III
#1

Sorry I know you guys are deep in to your study.

I failed Level 1 once

failed level 2 four times, passed it on my fifth attempt. (although one year i was sick on exam day and one year i had a bereavement although I still put in the study hours)

So thats 5 to 6 years of my life already in this beast

I was gonna sign up for level 3 for next year but the thought of it freaks me out… I struggled so much to get through level 2, I really dont want to go through 5 books of new material and if i fail… then waste another year or 2 or 3. … im 35 now… these 6 hour exams are killing me.

What do you think ? Give it up now ? Or ?

You guys probably know how hard 3 is right now as you are going through it… even if its likely I will fail once, I just dont want to put myself through it… What do you think ?

#2

35 is not very old, considering the average retirement age is 65 you have 30 years left.

I think you should ask yourself:

Why did I begin the CFA program?

Is that reason still valid?

These should help you decide.

Also, know that pain is temporary, it may last a year, or a decade but eventually it will subside and somthing else will take its place… If you quit however, that lasts forever. Sorry to be so blunt, and good luck.

#3

Not the best time to be asking around on a forum like this. Wait for 26 days and then ask us.

#4

Failing level 2 four times does not mean you’ll fail level 3.

#5

Thanks Galli, I hope not but on past form, it certainly looks like its likely… Especially as my life does not have as much free time as it did for all those level 2 attempts.

I wish I had quit at level 2 now rather than pass it as I started to make it a personal challenge rather than thinking about what it meant… It is now more difficult to quit at level 3 than level 2.

#6

Go for it! Worst case scenario, you’re out the ~$1,000 sign up fee. I’ve read posts from people who say L3 is the only level they passed their first attempt.

I personally have yet to take L3 and have found it the most challenging of the 3 exams from a studying and mock perspective. But everyone’s different, maybe L3 will be your thing and you’ll kill it on the first try. Also, don’t worry about the 35 thing, I’m old too and so are lots of other candidates, particularly at the L3 level.

#7

You’re the epitome of persistance. This is the ethos of this community and something we should all strive for (albeit with better results). Keep the momentum going and sign up, now will certainly be a better time than in your distant future.

#8

Thanks for the encouragement but after these many years, the whole thought of study and the exam makes me anxious… not sure I can pull myself together for long enough to get through it…

worst case scenario is i waste another year, make myself sick, still fail and have nothing to show… thats the worst thing about these exams, they give you nothing for passing 1 or 2.

#9

CFAnnoying,

I know exactly how you feel. I also failed level 2 twice and cleared. After that, I could not take level 3 for family reasons. I took it last year and failed. Nothing new in that. It makes you upset and you feel like world is against you. I was thinking of quitting. When I have thoughts like that, usually I think about worse things which can happen to me. Life is good, I have functioning body and mind and time to study ( you will be surprised how many people do not have that) and control your mind. These depressing thoughts hurt you more and you end up losing more time.

My advice- you passed level 2 - major hurdle cleared. Now you are thinking of giving up ?? What they say-failure is not failing the exam- it’s giving up !!! When you fall, pick yourself up and start again. You know that spider story- must have heard it when you were a baby. Forgot it that fast? You have your whole life ahead of you, make something out of it.

#10

Thanks Derswap07

when I passed level 2 last year, i went through a lot of days of anxiety and stress… just dont think its worth it for a stupid qualification.

There are exams over here in the UK provided by the CISI which I think will be easier so I am a little tempted to make a change to this as it involves 3 hour exams and 50% pass marks

#11

CFAnnoying - as someone eluded to above, you are the epitome of persistence. DO NOT STOP NOW.

I probably would have quit after my 2nd failed attempt at Level 2, but there’s obviously something inside of you that wants to continue this journey and get to the top of the mountain. Trust, I know how you feel a little bit.

Level 1 (Dec: pass first attempt): I started studying for Level 1 a month after my first daughter was born. It was hard studying on sleepness nights with a full time job, but like you, i powered through it.

Level 2 (June, 4 months after receiving pass notice for Level 1: failed Band 5): I will never forget this test day. I got home around 6:30, my wife and daughter were eating dinner. Before I even put my backdown down, my wife tells me she’s pregnant with baby #2.

Level 2 (June; pass): This was the HARDEST part of my life to date. With a full time job, sleeping 4hrs/night, helping raise 2 beautiful little girls (my wife works also), and the EMOTIONAL struggle of not spending time with your children. I was where you are at this point. There were dozens of times I came home from work and told my wife, “I don’t think I can do this anymore.” But, sometthing inside me kept me going. Thankfully, I passed.

Level 3 (last June; failed Band 9): I have never cried harder in my life than the day I got my fail notice.

I have given my life the last 3 1/2 yrs, missed my kids, missed my family, my friends, my work suffered the last 3 yrs, I have put on 20 lbs since cracking my first L1 book. Now, raising 2 beautiful girls (and another one on the way - my wife is due 3 weeks after I sit for L3 this June), it is a constant struggle. But, the biggest thing keeping me going: 1) i am not letting this exam waste 4 yrs of my life. if i do not get the designation, it will have been a complete waste; 2) for all the ppl who told me i wasn’t smart enough to do this (myself included).

You do not want to look back yrs from now and regret not hopping back on the horse one last time. You will feel you have wasted 6 yrs of your life if you do not put all of your might, effort, gusto, whatever into passing Level 3.

My recommendation: relax til October, clear your head, etc. Starting November, commit yourself: failure is not an option.

#12

I’ve heard many times that the difference between winner and loser is a thin line. Just push yourself a little bit more and you will be on the winning line. Start with positive mind without the fear of failure. I understand it’s tough when you have given so many attempts. But, it’s the last hurdle and the fact that you cleared Level 2 is a testimony that you are smart and persistent.

When I was trembling in Level 2, a true story helped me motivate and I’d like to share. There were warriors in one ship who went on to fight in another land. As soon as they landed on the shores, the leader himself burnt the ship and commanded “The ship is burnt and now there is no other way to leave the land except when we win the fight”. Either you perish or go home victorious. The result - they won!!!

#13

Honestly CFannoying if you got through Level II I would finish Level III. Period. Level II is a monster and nobody in the industry needs to know or should care about how many times you wrote it to pass - YOU PASSED. FULL STOP.

Its almost as if you are sitting in a boat in the middle of the ocean; you survived many storms, your boat almost capsized, and after all of that drama, you finally see the shore - BUT, you are thinking of giving in or turning back - no way. You owe it to yourself to finish it or at least try to finish it.

Sign up nice and early. Get your books in nice and early. If you have family commitments, or whatever other commitments then just start early so you can take your time with the books. Enjoy June and July and start in August. Age is a number. I have an 11-12 hour job and I am sure almost everyone in here has some sort of life/work commitment so you are not alone.

Of course, all of this only applies to you if you think this designation will make you more credible; if it will open more doors and if it allows you to progress further in your career. Why waste time on something that is not going to help you at all and is ruining your mental health and life? If you finished Level II, finish Level III.

#14

Thanks arigolden, Cric12 and Junior ck8

kind encouraging words… I am somewhat strating to wonder if this actually will help my career however… it is not as recognised where I live here in the UK outside of London… And I am not planning on moving to London.

It will probably open more doors but they probably are not the kind of doors that I want to walk through… escpecially not at the moment.

And it probably is not as useful at 36 than at 26… very difficult decisions to be made ! … I may just sideline it for a while, I can always come back at a later date i guess.

#15

Cfannoying: 2 thumps up for persistence

JuniorCK8: 2 thumps up for hyper activity. A kid per level.

#16

CFAnnoying,

From your responses, I feel that you have already made up your mind. Everybody is in the same boat- right guys?

#17

actually am enjoying the process. I have a lot going on in life (A LOT with a capital F). The process of pursuing CFA is a roller coaster ride. am an adrenaline junkie.

OP, just enjoy the process. What if you take it every year? The journey can become the destination. With time you learn a lot.

#18

I am 34, dude.

Since I failed levels II & III once, and considering years-off, let’s just say that I should have been a charterholder a long time ago.

Am I annoyed that I am an old fuck still studying ? You bet.

On the other hand I am much more annoyed at the notion that I passed levels I & II, so that giving up at this point is simply impossible. OP, if you are wired like me you just won’t be able to give up .

If I fail this year I will try again. And again until I pass.

Am feeling pretty good this time around, though. I have never been that prepared 3 weeks ahead of a CFA exam.

#19

How about saying to yourself you will Pass L3 in two years. If you don’t have much time, it could just take two cycles to get good enough with the material. Sign up for L3 and say you will target getting Band 8-9, then the following year, Pass. It will take pressure off you to break it into two smaller steps. L3 has it’s own challenges. Congrats on L2! If you stop studying and even if you take a year off, it is a little harder to start again but does give you a break to spend time with the family n kids.

I never had a study partner I could actually study with, but this year having one awesome guy to do it with, bounce ideas, ask questions, pressure each other to log hours when we’re tired, has made a world of difference. Wish I found him sooner. We Skype study together. I’m kind of learning how to study correctly fr him…lol Little late but better than never. Studying hard by itself doesn’t work on these CFA exams, you got to do it right, right material, right focus and not just scan stuff, actively take notes, drill down a topic, be curious enough to google stuff you don’t understand and go through the material at least two-three times.

You’re definitely smart enough to do this, if you’re not a super-nerd, (like I’m not) strategic studying is key, get help to reengineer your study plan.

You can say Passed L1 and L2 on your resume, not a total waste plus all you learned.

If you decide to stop, I understand. However, at L3, we are all kind of older, have wanted to quit many times and pretty sick of it but if you reset your expectations and break it up in smaller steps, (don’t compare yourself to some of these super people on AF) I think you can still finish with less pressure. Give yourself permission to fail, be Band 8-9 and pass in two years. Better than giving up.

#20

There are 2 kinds of people in the world

  1. those that get up after falling

  2. those that just roll over and die

You got up 5 times…and I dont think it’s an option to just roll over and die this time for a man with such determination.

We all have faith in you.