CFannoying, listen to Tozzert. Around 2 months back I was getting pretty stressed and he gave me some good advice.
Also I can tell you my personal story. I did a Masters and did this to avoid doing a CFA when I was younger. I later met someone very senior at a firm who guided me to do the CFA. I now have completed Levels 1 and 2 in a 12 month period and I am trying my best to finish lvl 3 on my first attempt. I easily logged 800 total hrs for Lvl 1 and 2 and if I don’t pursue with lvl 3 then what will it all be for?
Also, even though it shouldn’t be the only reason you do the CFA, a large part of it is career advancement, and due to passing lvl 1 and 2 I am going to be starting at a bulge bracket in June and this was in large part based on passing the exams and showing my future employer my passion and enthusiasm for the industry.
You have persisted and sat so many exams, just get through one more and your done.
Best of luck to you!
Also start early and just use the curriculum, I used schweser and feel like it was such a waste of time.
I think the best thing you can do is take a break for 1 year from level 3. I was fortunate to pass 1 and 2 one after the other. BUT I wa so drained and I couldn’t even focus on level 3. Most people would say why take a break you are so close?! but everyone is different and I feel like I wasted last year studying/not studying. A friend of mine is pretty much exactly in your situation and I recommended them to take a year off and now they are enjoying the years they have missed.
Since i was only half motivated it was kind of a year off for me but not BUT i’m definitely more refreshed now and ready to be done.
Plus this stuff isn’t easily forgotten after spending years sweating and bleeding this stuff. You’ll probably need a memory refresher but it’ll come back quick.
You should finish what you started by completing the designation.
Based on the responses above I think I may have a slightly different perspective for you. I look at the CFA mainly as a good source of structured learning. I believe that the CFA Level III material is much more relevant to your personal life (especially as a family man) than the prior two exams. You should align your goals with this in mind. The material you learn here will actually benefit your in your personal life for years to come.
Additionally, completing the designation should also benefit you professionally. Someone has already stated that you’ve got another thrity plus years in your career so finishing this designation over the next little while is simply economical and well worth the investment.
Given your struggle with the second exam I can see why you would hesitate to write another one. However, despite what most posters on this forum may say this exam is much more intuitive than the others. It is more likely than not that you will find it easier than Level I and Level II. Also, you don’t need to study for a year to pass. This may be the downfall of many. You don’t want to burn out prior to the exam. You want to peak during the exam week. That is, in your case, you can read the material early, and casually, but the bulk of the actual heavy studying, the kind that you need to make those social “sacrifices” for, should actually be done leading up to the exam (month / weeks depending on you).
In summary, the knowledge you gain should benefit you personally and professionally. This benefit far outweights the cost. The third exam should not be as difficult as the others. And most importantly, given the ample time you have, studying does not have to be such a bad experience. You might even enjoy it …
I admire your dedication and persistance man. I’m somewhat “older” at mid-30s and just took level 3. I just decided to pursue this designation somewhat later in my career as I came from investment banking where most people have an MBA or CFA but not both. But now that I manage portolios, I thought it worthy to pursue this. In short, it’s been worthwhile but not without cost.
Studying this year, in particular, was a somewhat isolating experience. Most people that I work with do not have a CFA (most of my bosses do not) so they don’t appreciate just how grueling and difficult of a process it is. After passing Levels 1&2 on the first try (and earning the CAIA designation in the meantime), I got a little shit for not passing level 3 last yr (band 9). Had a lot going on that yr as well (deaths in family, work & family responsibilities, boards I sat on, etc) I actually considered giving up and finishing another less grueling designation as it was becoming a bit of a strain on my marriage (baby on the way) and I felt like I was missing out on life in general.
But I reminded myself why I started this to begin with and that helped give me the diligence & focus to continue. Just passing the first two levels opened up some awesome oportunities at work (investment mang, BB investment bank). After I pass, I might tell everyone to F off and start my own shop! Time will tell. Good luck everyone. This process is not for everyone but I think that you’re better for it, on average.
Never thought of it that way, but as a family man I think you’re right. Level III is probably the most relevant to your professional and personal life.
I really don’t get why taking CFA exams mean sacrificing your social \ family life. I am married (no kids) , working 55-60h per week and never felt like that.
It was my second attempt this year and i am already 36! So next year i will either have those 3 letters everyones dying for in front of my name or else go on a 1 year sabbatical somehwere. I will return and conquer!
I think what we are having here is a classical case of a CFA Level 3 Candidate blues.
The symptoms are commonly felt by candidates (and here I regret to not having chosen Kill Bill nurse as a userpic!))) who struggled to get through Level 2, get somewhat taken off by the new reality of Level 3 (i.e. no close relation to daily routine) and encounter the bad memoires of Level 2 retakes. The recommended therapy would be to focus on positive moments, such as having gotten that far, however, I would recommend deriving a case-dependent solution))).
CFAannoying, if I were you, I would make the decision experience-dependent.
Because - IMO - getting to Level 3 with qualifying experience and getting to Level 3 w/o experience are two different story lines. In the former case, you are pretty close to the finishing line and it is immensely unwise to give up. In the latter case, you are nowhere close to the equator.
let me give you a little bit encouragement, i’m 31, I failed level 1 FOUR times, do you know anyone failed level 1 four times? I don’t, i knew nothing about finance, and i didn’t major in finance, i partied through college. then I failed level 2 TWICE, passed it on the third try, I don’t even know how i passed it. Last year, I failed level 3 first time, took it this year for the second time and just hope for the best. I told myself, if i quit, I’ll be a loser for life. So i’m gonna try till i pass, so I can feel good about myself. I’m not smarter than anyone, I’m just determined and with strong dedication. Good luck to you and everyone that’s out there struggling. At the end of the day, it really comes down to dedication.
Cfaannoying, I don’t know whether u will take l3 or not or u will pass or not, but I know for sure that by NOT taking u will fail all the AFers out here who painstakingly tried to impress upon u. Should that happen, then I say u r a bum! BTW, I am 40 and I will pass my CFA exam.
BUT i’m definitely more refreshed now and ready to be done.