Those who failed last year

I failed last year in band 7. I had passed L1 in the December before, and didn’t decide to start studying until I got my results back. So I had 4 months to study and basically took 3 weeks off somewhere in the middle because I was so discouraged on my practice tests after going through the material. I tried to make a final push but it wasn’t close to enough. I knew I wouldn’t pass going in, but I wanted to know what questions they asked, and I wanted to see if I could maybe get lucky with guessing. I did get lucky on the derivatives section as I ended with over 50% in that section without having ever read the material…but I bombed FSA. I think if I could have gotten FSA in the +70% range I might have passed given the rest of my scores. Like another poster mentioned, I took an accounting review course specifically for that section. I have business training but not accounting training. I’m counting on you John Harris!

KSTHANE Wrote: ------------------------------------------------------- > I failed last year in band 7. I had passed L1 in > the December before, and didn’t decide to start > studying until I got my results back. So I had 4 > months to study and basically took 3 weeks off > somewhere in the middle because I was so > discouraged on my practice tests after going > through the material. I tried to make a final push > but it wasn’t close to enough. > > I knew I wouldn’t pass going in, but I wanted to > know what questions they asked, and I wanted to > see if I could maybe get lucky with guessing. I > did get lucky on the derivatives section as I > ended with over 50% in that section without having > ever read the material…but I bombed FSA. I think > if I could have gotten FSA in the +70% range I > might have passed given the rest of my scores. > > Like another poster mentioned, I took an > accounting review course specifically for that > section. I have business training but not > accounting training. I’m counting on you John > Harris! Where did you take John Harris? I took his course in DC this year. I’m pleased to report that my FRA on my last mock was over 80%.

Lincolnlogs- how were you averaging on your schweser mocks last year if you don’t mind me asking? How about the 2010 CFA mock? How was your performance in equity/fi on those exams? Did you expect to do poorly in those two areas or was it a shock?

I did only one last year, got mid sixties. I don’t even remember which one. I did selected 2010 mock questions last year. For some reason I chose not to do a load of questions/ mocks. Bad decision. I was shocked about equities when I saw the my markw but in retrospect I wasn’t prepared. I also didn’t test well, it was the first test where I really think the nerves got to me. All in all my prep this go around has been more in tune with what I think is needed. Pass or fail I have picked up a lot of knowledge from reading their curriculum… goal is to pass of course though. This year I read the entire CFA curriculum, did all EOCs twice and for Equities/ FRA I have done three times. I just did 2011 mock today and got a 77.5%. 75 in am and 80 in pm. Feel good about that but the real deal is going to have all sorts of surprises that we don’t plan for. I made some pretty dumb mistakes on this mock so I need to work out some kinks before Saturday. Just want to keep it all fresh and practice calculations that I’m bad at.

by the way… did John Harris last year as well. Still have his book, it is the bomb.

I took John Harris in Chicago. I have done very well on FRA sections of all the exams I’ve taken since. I do feel like I could get tripped up on some adjustment stuff that they added this year since we didn’t spend that much time on it in his course, so I want to make sure to review that again before test day. TheSuit, I know you didn’t ask me, but I’ll answer anyway…I was scoring in the mid to high 50’s on practice tests last year and that was with a LOT of guessing. I was very surprised that I ended up with a band 7 on the actual exam. As I said, some of my good sections were the product of guessing on the real exam (derivs over 70%, not 50% as I stated before), but derivatives only had six questions last year.

ek82 Wrote: ------------------------------------------------------- > Can I ask a question? People who failed last year > due to equity/FRA - did you have any accounting > education before the CFA exams? > > I’ve really not struggled with the coursework for > these sections but I had an accountancy major at > university. I’m a bit under-done for this exam > (c. 220 hrs by Friday), but the only subject that > I’m uncertain about is Quant. Band 10 last yr -I’m a qualified accountant - so that was ok for me. Equity I thought I was prepared for but the questions threw me. Also FI which I work in and found the material interesting - I got <50%. SHAME…

lgirl44 Wrote: ------------------------------------------------------- > ek82 Wrote: > -------------------------------------------------- > ----- > > Can I ask a question? People who failed last > year > > due to equity/FRA - did you have any accounting > > education before the CFA exams? > > > > I’ve really not struggled with the coursework > for > > these sections but I had an accountancy major > at > > university. I’m a bit under-done for this exam > > (c. 220 hrs by Friday), but the only subject > that > > I’m uncertain about is Quant. > > > Band 10 last yr -I’m a qualified accountant - so > that was ok for me. Equity I thought I was > prepared for but the questions threw me. Also FI > which I work in and found the material interesting > - I got <50%. SHAME… If I may ask, why exactly was equity so hard last year? I think I am ‘prepared’ for it too this time, and have been doing decently well in it in the mocks…which I guess would have been your case last year too. So why the disconnect?

I started at a big four in April of 2010 and they threw me right into 6 consecutive exams (of the 15 required to get ACA qualified - that’s CA but UK speak). Combine this with a last minute move of my entire life from Beijing to the UK in March and I was basically f*cked for study time for Level 2. Having smashed Level 1 I thought I would go through with it anyways and came out licking my wounds. I don’t remember a single thing from the exam as I was in such a state of shock afterwards. In July the results were equally painful as I got a band 3. Having spent two years in investor relations, and a degree in Finance and Economics, that was a big blow to the confidence. This year I buckled down with Scheweser in January and have only take two weekends off. I can only hope that it will all pay off.

This question of what exactly is so difficult has been bothering me too for quite some time… I feel prepared for FRA & Equity and am getting a consistent 4/5 on 6 on 2009/2010 CFAI mocks…haven’t tried schweser… I don’t think the material is that difficult to comprehend either. So why is this feeling that all of us are doomed in Eq / FRA looming over the entire forum?

I took Level I in 2009 and crushed it. Studied the same way for Level II in 2010 (got around 70% on the practice tests) and got BAND 6. In 2011 I have studied more from the CFAI texts in addition to Schweser. My practice test scores are now 7-8% higher than last years. At this point I am just hoping for a BAND 9 or above - to at least show improvement from last years… sigh.

PistolPt Wrote: ------------------------------------------------------- > I took Level I in 2009 and crushed it. > > Studied the same way for Level II in 2010 (got > around 70% on the practice tests) and got BAND 6. > > In 2011 I have studied more from the CFAI texts in > addition to Schweser. My practice test scores are > now 7-8% higher than last years. > > At this point I am just hoping for a BAND 9 or > above - to at least show improvement from last > years… sigh. How different is the EQ / FRA section compared to the mock / EOC vignettes?? I spoke to a couple of friends and they were saying the level of difficulty is pretty similar but people get confused due to the amount of material Any thoughts?

For those who failed, did you find the mocks really helpful? Anything on the real exam resemble anything on the mocks?

The reason I ask is because I’m debating between working more on the mocks vs reviewing other materials more.

Do a bit of both. Do mock item sets on the areas you are weakest. Use them as a chance to highlight your weak areas. Find them, whip out the book, review the theory, do a few practice, then move on. I am good at quants. I don’t waste any time doing work on it now because I know I know it and there are other things that will benefit from my revision time.

Can’t really remember if it sounds exactly the same as the mocks… The main problem is there is SO MUCH material. Good odds you’ll see something on the test in FRA you never saw in the mocks, so it won’t matter anyway. At the end of the day is just matters whether you know it or not, not how they ask it. I’ll keep taking practice tests until Thursday (CFAI mock Thursday, that’s my final exam).

Have you not already done the 2011 CFAI mock? I would suggest doing it today rather than Thursday. It is a destroyer of confidence… At least do it now and build your confidence back up over a few days. PistolPt Wrote: ------------------------------------------------------- > Can’t really remember if it sounds exactly the > same as the mocks… > > The main problem is there is SO MUCH material. > Good odds you’ll see something on the test in FRA > you never saw in the mocks, so it won’t matter > anyway. > > At the end of the day is just matters whether you > know it or not, not how they ask it. > > I’ll keep taking practice tests until Thursday > (CFAI mock Thursday, that’s my final exam).

CFA_Chap Wrote: ------------------------------------------------------- > Do a bit of both. Do mock item sets on the areas > you are weakest. Use them as a chance to highlight > your weak areas. Find them, whip out the book, > review the theory, do a few practice, then move > on. > > I am good at quants. I don’t waste any time doing > work on it now because I know I know it and there > are other things that will benefit from my > revision time. yes, this was my logic. i mean, surely they won’t repeat the stuff shown on the mock, so i might as well study other type of questions. nevertheless, i will go through it again.

They might not repeat the stuff on the mock, but it’s not like the information you learn from going over those questions is only applicable to that one question. It’s all about finding holes and filling them.

I think looking at CFAI mocks is imp not from the perspective of whether they repeat a question or not (you never know, they might! i remember 1x4 FRA in L1) but as an indicator of how difficulty levels are… which is the reason i asked the question if level of mocks is significantly different (!) from actual thing…