Just need a reality check and some words of advice for those with similar backgrounds and/or experiences. I took level 1 in December 2015 and awaiting results. I would like to take level 2 in June 2016. I work as a CPA for a global Fund shop, and can dedicate 20 hours a week to my studies. I aiming for 450 hours come June 2016.
I also attempted a PhD program in Economics at a top 50 American Research University for a quarter, but the math was much too intense and I quit after that. I’m worried that my lack of quant skills will prove detrimental – econometrics, and the intro quant courses were too advanced based on my inadequate undergraduate studies.
I scored 1520/1600 (88th percentile math, 99th+ percentile verbal, and 99th percentile total) on the GRE (graduate record examination) back in 2008 directly after my undergraduate studies. I attended a non- competitive State College and earned a 4.0 GPA in Business with a Finance concentration. My overall GPA was only a 3.5 because I was on academic probation my first two years for inadequate grades.
I also averaged a 90% on the 4 parts of my CPA exams back in 2011 when I was working for a Big 4 audit firm. However, I had 3 months of study only time between my graduate degree in Accounting (3.5 GPA) and when I started working in audit.
Given my lack of true Finance experience, what are my chances on level 2 and 3? Again, not sure how level 1 went but was averaging 77% accross all 7 mocks I took so feel pretty good there.
Multiple Regression is already kicking my butt and wondering if I should just cut my losses now and focus on being a good accountant.
I wouldn’t worry about “a lack of finance experience” before taking L2. It’s def harder than L1, but study well and you’ll pass. It seems like you have solid study/taking exams experience, so you should be ok
You have a luxury that many of us do not have - the ability to study 20 hours a week. You should more than ace the CFA exams with that amount of study time.
Im not anwhere close to your 99th percentile GRE score, dont have a masters, got a worse GPA at a state school, and dont work in finance but I still cleared L2 in around 450 hours.
The most quantitative stuff is just 5% of the level 2 score. I just plain skipped it because I figured id pick up more points with my time elsewhere. Fixed income and portfolio management might take some time but I would consider the accounting/financial analysis the biggest hurdle of the exam. Move past Quant and come back at the end if you have time.
^Seriously. I started with Quant last year and I was lost as all h***. Got really frustrated and kind of stalled out. Then I remembered a valuable lesson from L1… when in doubt just move on and come back to it. I skipped ahead to Econ, got a nice pace from there and by the time I wrapped back around to Quant again it all kind of made sense and wasn’t so bad.
It wasn’t that the material itself was so hard to comprehend, I had just begun my studying with a really, really dull topic (IMO of course) and couldn’t concentrate on it enough to get anywhere. When hit with good momentum a few months later it was way easier to conquer.
Best troll year to date. No one with that background and that availability of time has ever failed a CFA Exam. Fact. Nothing to see here. Is that what you wanted to hear? You’re welcome.
Do you complain to a man in a wheelchair that you can’t see the stage well?
Thank you for your advice folks! Glad to hear I’m not the only one thinking quantitative methods was a rough start. I was really swaying back and forth of whether or not to delay the exam to June of 2017 to have a higher chance of passing as well as a BETTER understanding of the actual curriculum versus just answering the MPS for 120 questions. Again, my quantitative skills are quite elementary - neither my undergraduate, graduate, GRE, or CPA exams required a level of math that I encountered thus far on level 2. The quarter I tried an econ PhD, I was literally told by my mentors/professors that it would be next to impossible to achieve a professorship type job. I attempted teaching myself calculus to catch up to my peers, but simply could not. Glad to hear the CFA is more practical! Thanks again for your advice.