I will pass it no matter what…
Thanks godism and kanat and cgy5478 this forum is great for support for fellow AF’s
il certainly not take the decision lightly to give up or stay on… Think the equations is health > cfa … I may have started something that I never should have tried as I have always been an average student… It may be that I just shouldn’t be here at all so giving up is the right thing. Or maybe il finish and it will be an achievement even though It will be soured by the 7 yrs it’s taken to get here.
Guess i I do not need to make the decision for a few months so need to find some way to forget about it for now.
This thread is awesome - I can feel the love (which is a must given the crazy stress we’re all under).
@CFAannoying - I totally know what you’re talking about…everything has been on hold last few years for me too and I know life is too short to be wasting studying in the library for a test w/such low pass rates…but then I keep telling myself that if I don’t get the charter, I just wasted all the time I spent for prior attempts and more than anything, I know I need this for the next level and would look back in a few years and regret giving up so close to the finish line. What I do suggest is to take some time off, if needed. Yes, it’ll break the study routine that you build from prior years and maybe difficult to come back to after a year or two off, but it’ll also give you a much needed break…a reminder of why you need/want this while giving you time to pursue some of the other things on hold. Hopefully I won’t have to, but I’ve already decided that God forbid I don’t pass, I’m going to take atleast a year off and pursue other interests because no point going in with weak intentions/mind…this test requires an all or nothing approach and after all these years of studying and stress at work…I need some time off…again, REALLY PRAYING and hoping this is the last year because I just want this chapter to end already - w/my charter ofcourse - but that is an option.
CFannoying- what was the purpose of starting this thread?
Congrats on staying with the program and finally getting over the LII hump, but now throwing in the towel is seriously in consideration??!? I don’t get it.
Listen, I’m not gonna sit here and feed you words of encouragement – but I am gonna tell it to you straight. If you’re even *thinking* about sitting for Level III, then you’ve got to give 130%. No half-ass effort, and only balls to the wall.
As you already know, the competition at LIII is fierce and the AM session takes any guessing out of the equation. So if you’re sitting on the fence and not sure if you want to finish the program, then just give up now and don’t waste anymore time or effort. Not everyone can earn the Charter in 3 years or less, present company included. But I didn’t give up, because I wouldn’t – especially with my two little boys at home, which didn’t make study/preparation easy but gave me motivation to push through. Now I’m smiling ear-to-ear. (For the record, I’m almost 39.)
Do you want it – I mean really, really want it? Not for a certain paycheck but “for yourself”, so you can look back at what you’ve done in your working career with some sense of accomplishment? Then how 'bout you grow a pair and get the job done. Otherwise I’ll have to give the baby back his bottle.
Thanks tozerrt,
This is actually usfeul… I have to decide if my head is together enough to focus on giving level 3 110% to pass it.
As you guys are half way through study, I was hoping for some indication as to how hard it was and clearly, it is another hard beast.
If it is as hard or harder than level 2, then I should give it careful consideration… Taking 2 so many times has definitely knocked my confidence… and a 6 hour exam scares the hell out of me.
It’s worth a try. Never give up in life.
Yes you may be correct, it may be worth a try…
If I try next year however, I will be newly married so first 6 months of married life will be in the books.
Already spent so much time on this and yes I accept that is sunk cost… going forward, this will still take me approx 500 hours and 6 months of life.
Not a decision to be taken lightly
So OP failed L2 four times, passed it on the fifth. I’m assuming that he’s had a year-long break, since he knows he passed and has yet to sign up for L3. Now he’s coming to an anonymous Internet forum to seek motivation.
Wasting four years of your life wasn’t motivation enough?
Why did you fail four times? You were sick once–I get it. Life happens. But the other three times? Let’s be honest–you didn’t study enough.
L3 is just as hard as (if not harder than) L2. And if it took you five years to pass L2, what are you going to do differently to ensure that you’ll pass L3?
I was thinking of the OP’s timeline for the CFA charter:
- Failed L1
- Passed L1
- Failed L2
- Failed L2
- Failed L2
- Failed L2
- Passed L2
- took a year-long break
- ???
I’m really not trying to be an a-hole here, but I really want you to think about what you did wrong in the first 7/9 years, and figure out how you’re going to fix it. If you can’t put forth the effort to pass the exam, then you should stop now and count it as a “sunk cost”.
And if you’re going to do what you’ve done in 7/9 years, then remember Einstein’s definition of insanity.
L3 is not an exam you can clear by repeating it a sufficient number of times. So I would try it 2 times, and if you fail I would give up, all else equal (that is, assuming no sudden surge in motivation). But giving up at this stage-no-no. It’s correct that we should get up every time we fall. But the decision to pursue the cfa may be the wrong decision in itself. Acknowledging such wrong decision may hurt but it may be something necessary.
Time line is
- 1June Failed L1 December Passed L!
- Failes L2
- Failed L2
- Failed L2
- Failed L2
- Passed L2
- took a year-long break
Still looks pretty horrible …
Well I must admit, I am starting to struggle with some exam anxiety from these 6 hour CFA exams ! That will be my biggest obstacle now. 2 of those level 2 fails (attempt 3 and 4) I would put down to anxiety sabotaging my performance…
Realistically If I am going to attempt this, I had better start early, I had better follow a study providers plan really closely and set lots of hurdle tests. And I had better find some help for my exam anxiety and hope it doesnt develop in to a more generalised anxiety… A lot to consider for this exam… brings me back to whether it is actually worth it and I have lots of sunk cost .
Any advice for dealing with serious anxiety ?
Simply put, your desire for success should be greater than your fear of failure.
You have anxiety because you don’t know your stuff. You don’t know your stuff because you start late, don’t study often enough, you don’t study hard enough, you don’t study long enough, and you don’t study smart enough.
So my advice is:
- start early (October),
- study often (at least 3-4 times per week),
- study for a long time (at least 2 hours, preferably 3 or 4),
- study hard (this involves actually reading and working the problems, not reading a paragraph then posting on AF for an hour), and
- study smart (doing lots of practice questions and tests, reviewing them, and figuring out what you did wrong).
Fact is–if you can’t commit at least 10-12 hours a week for eight months, then you need to call it quits. Like the philospher said, “Do–or do not. There is no ‘try’.”
That’s good advice from Greenman.
cfannoying - everyone has stress anxiety, especially when it comes such competitive exams, but you have to manage it. I’d recommend reading some positive self help books such as “positive imaging by Norman Vincent Peale”. very good book. Also, there are tons of videos on youtube for boosting self confidence. I’d recommend watching the movie: “The Secret”, “What bleep do we know” and also some motivational speakers: Bob Proctor, Bruce Lipton. I’d say for another month or two engage yourself in stress management and implement it forever.
Decide within next couple of months and once you decide to go for it, there’s no looking back. Make your desire so strong as if you are gasping for breath when you are under water for a long time.
Regarding the age factor that you mentioned the other day, I’m sure there are many who are old enough here. I have a friend here who is 40+ and failed twice in L2, took a break this year to spend time with his 11 year old son. But he showed his willingness to take it again next year. Even at the center I have seen many oldies taking CFA. Good Luck!
Not the best time to decide now… its probably too late to decide to ride the boat or wait another 12 months
Green man and cric12. Thanks so much for the detailed response.
definitely going to take both of those on board. Will be looking into these self help books , think this is just what I need.
Maybe with a new focus, and concrete study plan and approach and starting early, I might just give it a go.
CFA annoying, youre a real bum you bum.
CFAnnoying, take some time to do an honest cost/benefit analysis of whether passing CFA Level III is worth the effort. Factor in both financial and implicit gains/losses in order to pass.
How much of this is for your ego? (I’m not saying this is a bad thing)
What financial incentives are there to pass Level III? (bonus? raise?)
How will the CFA help your career? (promotion? future job-search?)
Over what time frame would the CFA be of use to you? (you’re already mid-career, so it’s worth less to you than someone in their early-20s from a DCF standpoint)
What will you have to cut out of your personal life to have the study time necessary to pass?
What birthdays, weddings, or family events occur in the weeks leading up to the exam? Are you willing to miss these or have your attendance be relatively short?
What’s the best-case scenario of life post-CFA? Was the CFA instrumental in that vision?
What’s the worst-case scenario of setting aside the time to pass the CFA? (will you miss out on important life events? do you have a spouse that is supportive of this endeavour?)
What’s the opportunity cost of the time spent studying? (would you have spent this time simply watching TV or would you be using this time to advance your career in another way? pursue a hobby you really enjoy? spending time with friends/family?)
These are questions that only you can answer. Each of these levels comes a very high cost. I get where everyone is coming from encouraging you to try again, but let me say that there’s nothing wrong with assessing that the benefits simply don’t merit the cost. Life is short my friend, if the CFA is a step that will help you make the most of it, then by all means go out there and conquer it. But if it’s not going to have a materially positive impact, I would suggest that you calmly and confidently set it aside and go pursue whatever it is that you love.
Thanks for your input real.talk…
Solid first post – welcome!