What is the record for failing CFA exams?

A couple of us in my office are taking Level III this Saturday. We were talking about people we know who have failed various levels multiple times. What is the most attempts you’ve heard of someone taking? I know someone who failed LI once, LII twice, and LIII once. He is taking LIII again this year. I can’t imagine being a slave to this thing for 5+ years.

A manager in my office recently received his charter after taking level 3 FOUR times (failed 3 times)… more surprisingly, he found level I and II quite easy. No record, but he says he likely wouldn’t have tried ever again had he failed that last time…and almost gave up each year but figured might as well keep going…I wonder why level III gave him so much of an issue… lol

MFIN— Wrote: ------------------------------------------------------- > A manager in my office recently received his > charter after taking level 3 FOUR times (failed 3 > times)… more surprisingly, he found level I and > II quite easy. > > No record, but he says he likely wouldn’t have > tried ever again had he failed that last > time…and almost gave up each year but figured > might as well keep going…I wonder why level III > gave him so much of an issue… lol I would consider level three the toughest of the three, its so hard to get full marks in the morning.

There are people on this forum who have taken the exams more than 10 times (all 3 combined)

I’m going for my 4th exam this Saturday. Failed L I, Passed L I, Failed L II, now taking it again. And I’m pretty much a slave to the CFA, I’ll get it if it takes me 10 years. I don’t think 5 exams is that uncommon. Problem is no one is going to admit failing it that many times unless through an anonymous message board…

A couple years ago, there was a guy on the L2 board that was taking it for the ninth time.

If it takes ten exams to get the CFA, is it really worth it? Let’s say you study 200 hours each time - that’s 10,000 hours…

ohai Wrote: ------------------------------------------------------- > If it takes ten exams to get the CFA, is it really > worth it? Let’s say you study 200 hours each time > - that’s 10,000 hours… You’re not using an HP12C for this calculation, are you?

Eh, early morning fail. I wonder how that happened…

If you haven’t cleared them all by the 10th try, the CFA should stop taking your money. Also, the CFA should be obligated to submit anyone’s name who’s taken a total of 10 test to the appropriate medical personnel with the suggestion for a psychological evaluation. This sort of behavior is bordering on dangerous.

hahah I agree… If someone takes several attempts on every level to get the Charter, I wish i could know about that if I was ever to hire them…in which I wouldn’t.

Sweep the Leg Wrote: ------------------------------------------------------- > A couple years ago, there was a guy on the L2 > board that was taking it for the ninth time. this is just insanity. when i started the CFA it was August 2008 and I was 25 years old. I told myself when I started that I would continue until i was 30 and then stop no matter what. I am 27 and taking level 3 in 2 days. that leaves me with 2 more attempts on level 3 before i just throw in the towel becasue after a while, it just isnt worth it anymore

I failed level 1 once, Level 2 twice, Level 3 once. Now I have it and getting paid. No shame, no regrets

I sometimes check out a CPA forum. Most of the canditates put their number of attempts and scores under their signature when posting something. I have seen a few people try 16+ times and still not pass. It’s tough for them because all 4 tests have to be passed in an 18month timespan, so a lot of them lose credit. I have been studying for the CFA and it’s just way more material and harder than the CPA. I assume that instead of people re-taking it a rediculous amount of times, they just give up, which seems to be the case based on the low pass rate.

for the cpa, didn’t it used to be that all tests were taken in the same weekend - or something like that?

a long time ago… 10+ years i beleive, it was a written test and all 4 parts taken at once. Now you can take one at a time if you like and it’s all computerized. You can take all 4 in the same testing window if you want.

I know of someone who has failed level 2 six times.

I passed Level I on the first try two years ago. I was massacred on Level II last year, and I’m about to be massacred again. I’m giving up on the exam front. Studying for the Level II exam is not a part-time job like Level I was, and I’ll bet that very few people have passed Level II without working in the industry or a background as a finance major. I do have another career path to work on, and now is not the time to abandon it. In fact, I’ll bet that the Level II pass rate for people like me (never worked in finance, not a finance major, and thus not eating, breathing, and sleeping finance) is probably well short of 10%. The time it would take me to properly study for the Level II exam could be better spent volunteering for the local CFA society, networking with other financial analysts, and analyzing stocks on my own. Studying for the Level II exam won’t give me any “soft” skills, and the Level II exam does not provide partial credit has no room for people who settle for half a loaf. I’m not a real maverick or contrarian. I’m aiming to be the next Benjamin Graham. If that means I never have the time to earn my charter, so be it. If that means I never have the time to take the Level II exam again, so be it. If I look as dumb as Jessica Simpson, so be it. I’d rather look as dumb as Jessica Simpson than actually be as dumb. Of course, I’ll never be as good-looking. :slight_smile:

McLeod81 Wrote: ------------------------------------------------------- > I know of someone who has failed level 2 six > times. after the third or fourth time is when you say time to go to business school. there are PLENTY of people in this world who have made A LOT of money withouth the charter.

+1