3rd and Long- As I understand, they dont re-grade your exam but they only count the scores again, (and apparently they are counted numerous times) I also heard that there has never been a successful regrade in CFA hsitory. HOWEVER- for me personally, I WOULD regrade with a 10 band, not even just to hope i pass, but $100 is worth it for my own peace of mind. I am the type of prson who would always wonder “what happenned if i re-graded” etc. I would rather lose $100 to have a peace of mind
I flunked but I knew I was going to. The three months before the CFA I had the following going on: 1. Took the GMAT and didn’t study for the CFA until after it. 2. Had a death in the family. 3. Thought I might get laid off and barely survived the cuts. 4. Was interviewing for jobs in a different city 3 days before the exam. There is always next year.
Moi!!! 10th band, saving my $100 though.
Hi Shoc5235, This is my first fail for last 3 levels and I am already very devastating, so I guess I can share some of your feelings of disappointment. For a veteran just as yourself, I don’t think that I’m in the position to make some suggestions. but I wish you can hang in there and come back tough. Especially considering, as you said, you’ve found some interests and perhaps enjoyment when going through level 3. By the time that it starts to paying off, I’m sure all you have been doing are worthwhile. Persistence may not always give us what we want, but at least bring the least regret at all. Best luck for all of us.
This has been my 6th attempt. Looks like the MPS was raise again this year. – Level 3: Fail The table below illustrates your subject matter strengths and weaknesses. The three columns on the right are marked with asterisks to indicate your performance on each question or topic area. Essay Q# Topic Max Pts <=50% 51%-70% >70% 1 Portfolio Management - Individual 36 * - - 2 Portfolio Management - Individual 9 - - * 3 Portfolio Management - Institutional 36 - * - 4 Portfolio Management - Asset Allocation 17 * - - 5 Fixed Income Investments 13 - - * 6 Alternative Investments 11 - - * 7 Portfolio Management - Risk Management 17 - * - 8 Portfolio Management - Execution 14 - * - 9 Portfolio Management - Monitor&Rebalance 9 - - * 10 Portfolio Management – Performance Eval. 9 - * - 11 Portfolio Management 9 - - * Item Set Q# Topic Max Pts <=50% 51%-70% >70% - Alternative Investments 18 * - - - Derivatives 18 - * - - Economics 18 * - - - Equity Investments 36 - * - - Ethical & Professional Standards 36 * - - - Fixed Income Investments 36 - - * - Portfolio Management 18 - * - We have divided the full group of failed candidates into ten approximately equal score bands. Your score band below shows how your overall score on the exam compares with all other failed candidates. For example, if your reported score band is 1, you scored in approximately the bottom 10% of failed candidates. If your reported score band is 2, your score was within the next band width ranging from approximately the bottom 11% to 20% of failed candidates. If your score band is reported as 10, you scored in the top 10% of all failed candidates. Performance band of your overall score among all candidates who failed the exam: 10
Come on mates, lets keep our chins up best we can. It sucks, but there’s always next time. [Me, trying to be optimistic]
Is this “band” thing new? I don’t think I had heard of that. Could anything other than a no-show post a band <3?
6th attempt at L3? Yeesh, and I thought I had a marathon run at L2.
SH34 6th attempt, wow, I really have to admire your persistence. This was my first fail and I wanted to nearly call it quits. What study notes are you using, and what would you have done differently?
IH8FSA, I passed L1 in Dec 2003 and L2 in June 2004 using only Schweser + ethics handbook. I was told by everyone to never look at the textbooks. I put around 300 hours into each level to pass. Prior to L3 in 2005, I knew it would be a b—h. I decided to put 400-500 hours in and only focus on what I knew…which was Schweser. Schweser may cover 90% of the material well. Well, I was going to know that 90% well. I sat for the exam and was so confident. I had to stop myself from calling friends at lunch. I knew I had crushed the exam. Then I took the multiple choice and got crushed. Everyone I knew assumed I had passed. I had hope, yet knew I would fail. Well, I did. They didn’t give me a band, yet looking at the results, I know that I had a ton of question sets with only one star. I probably would be in the lower half of bands. I probably should not have signed up again. Yet, I did. Within 30 minutes of learning of my failure, I signed up for 2006. I had to do things differently. I had to fight complacency and I had to use a different way to learn. I didn’t want to be that guy who took it the year before and then started studying in April…only to fail again. The real cost of this program is time. I decided not to crack a book until January. I signed up for an analyst course that met once a week starting in January. I purchased the Schweser guides again (half price second go around) and made sure I had all the texts. Prior to each class, I was going to (1) read the schwesher (2) read the texts (3) do the problems at the end of each text. I would be prepared prior to the class so that I would extract maximum benefit. I also focused on health. I made my own flash cards and set aside time each day to work out and go over the flash cards. I took the Schweser review session later in the year and derived maximum benefit in that I had already read the guides and text. In May, I took tests and reviewed the schwerser guides. I passed in 2006. I don’t put ANY stock in the bands. If you passed L2, then you can pass this test. You just need to do it differently. You can pass using only Schweser. You can pass using only textbooks. Yet, it is difficult. This test isn’t regurgitation. It is knowledge. You will never see a question that mirrors a practice question. You need to know the concepts inside and out. So, look at how you studied and come up with a gameplan. Do what I did where you look at everything. I even bought the previous year’s stalla on this forum for $100 so that I had a different perspective on some of the questions. Don’t get down. Most people don’t go 3x3. I dusted myself off and crushed 2006. You can crush 2009.
Victory will be all the more sweet when you dominate the exam next year sh34. don’t give up
Dear IH8FSA, quite surprising to see you fail, but the problem is CFA doesnt test the knowledge (what does it test?). I wish all of those who start or re-do CFA level 3 again GOOD LUCK. We have put such a hard work and commitment, whatever the results, we have accomplished a lot. I d like to contribute my token and outline how I studied and passed (and why I failed one level before). I always studied with Schweser books. This year I tried to start out with the Intstitute books, but my retention was close to zero. Started in March - because I want to have a fresh memory of all I learn - and read the books twice (Second time was a quicker brush up). Took notes of only very big things (as the ones we discussed here so many times), but not too many. Read some of IPS material in Institute’s books. I only did CFA (not Schweser) paid tests (which were not very helpful or relevant either for what the exam actually was this year), but still I did all. I did first exam after I read books once, then re-read everything and did exam 2, then all the topics where I was consistently weak I brushed up on in Institute books (mind, these topics never came up on the actual exam, but this strategy worked better for my second-attempt in level 2). I did all 2000-2007 essay tests over and over. But I never timed anything, just made sure I can work through the problems. But unlike many discussed, I didnt feel morning was too limited for time, I finished on time morning essay session and left early the evening session (in part, I explain it by stress, all I wanted is to walk out of the exam room and be done). Judgind by the scores I may have overstudied, but it certainly didn’t feel that way on or after the exam day. Looking back on Lvl 2 which I failed once, these were my errors - I started out later and only did Schweser exams, which I found to be a waste of time, because their structure/focus/high level of difficulty was so different from the actual exam.
I know from experience that it SUCKS getting stuck on a level multiple times. I’m sure that it cost me in career progression and money, but once you get it all done it feels great. I also know from experience that having the charter DOES open up career opportunities. So hang in there, guys.
Hi ccbond, I guess 1.You are a borderline case since you got 6 * in the column <50% and >70%. 2.But your scored <50% in Ethical & Professional Standards, that’s why you failed. This explanation might sound a little brutal, but I think this can save you $100.
eliapa " only did CFA (not Schweser) paid tests (which were not very helpful or relevant either for what the exam actually was this year)" Tell me about it. Nothing close at all. Thanks to everyone for your input/ support and suggestions., it does mean alot. You guys are great
Given my circumstances, there is no enjoyment going through this process. I may wipe my rear with my certificate - if I ever get one. I hear the same thing every year - “you’ll do it next year” - not so much for me. I set aside my personal feelings about where this program is headed to study Jan-May. For the first time, I read the CFAI materials all the way through. I have no idea what will transpire at my job - probably nothing since its a small firm and I am indispensible right now, but its a personal hell for me because of the way I deal with things. I’m no Rhodes Scholar but I majored in finance with a 4.0 GPA. I don’t accept failure well, particularly when I can’t identify the cause. My scores haven’t made sense in years. It would help if I could gear up and take it again in December but that’s not an option. Perhaps the most shocking thing to me is the pass rate. I was for certain we would see a rebound for two reasons 1) because of the historic low 50% last year and the 76% rate in 2006 and 2) because this was the first year CFA built in the cost of their materials into the test fee. Several years ago when the pass rates were low on II and candidates went nuts, the CFA responded by saying their assessment was that there was too much emphasis on the Schweser type notes. I thought they would jack up the pass rate into the high 60s or even low 70s to validate their move to bake in the cost of the materials to the test fee. I have become ‘that guy’ that you don’t want to ever become in this process. I will find a way to deal with it. Again, I don’t stop my post without offering congrats to those out there that beat the system. Job well done.
I failed too! 9th band. I passed 1 and 2 consecutively with no issues using only the Schweser notes. This time, since they required the curriculum, I went with it. Big Mistake! I was constantly behind schedule because the curriculum was so long and laborious. I paid for the tests too, and I found them to be unhelpful. Next year, it’s Schweser all the way for me. It worked for 1 and 2. I am honestly very angry that they now require us to buy the texts. It really ruined it for me this year. Oh well, lot’s of people never get this far, so I guess we should be thankful we are only one test away.
The nature of this beast changes from year to year. I passed last year using only the CFAI texts and the Schweser exam book. Since this was the only time I used just the CFAI curriculum and it was the only level I passed 1 for 1, I swore by this system. Maybe not true this year. There is no silver bullet for this exam and, yes, luck plays into it as well.
Failed. Performance Band of 10. Ethics did me in, the rest of it was good. I will kill this thing next year.
you simply cant take it as a personal failure. Please!!! i passed but i still would be the first to say - CFA exam preparers are not very fit to be writing these tests… - i wasted time studying concepts because exam doesnt test concepts or understanding of the concepts - i cant memorize anything, so i dont know if exam was testing the ability to memorize - i felt that exam is worse than some of those GRE tests when we were children… can you read behind the lines, actually figure out the meaning of what being asked (if there is any meaning in that question) and jot down something that seems as a most likely response… how can you take it personally? i have no doubt we all spent enough time, understood enough and no doubt are so smart… this is not what the test is all about.