I have a blog that I publish, and this is my post on failing Level 3 for the second time- hope it might comfort anyone suffering from a “FAIL” I found out today that I failed my last CFA exam. For the second time, in fact. The CFA exam has three levels, and the last exam is only offered once a year. The pass rate- to ultimately finish the charter, hovers around 30%. It’s considered one of the world’s hardest designations to earn. I have never worked harder- for anything- in my life. I studied intensively the first time I took Level 3, and failed. The next year, I did everything humanely possible. I studied every single day. I started a study group. I worked hundreds of hours. I took nearly 20 practice exams. I took an online class. I gave up movies, TV, chatting with friends on the phone, going out to lunches, dinners, family vacations…. I had no free time for months. I passed every practice exam I took. I walked into that exam feeling like I had a fair chance at passing. And then today, some two months later, found out I didn’t. I failed. And I have absolutely no idea why. So what does failure mean? There are two kinds of failure- sometime we fail for obvious reasons that can be fixed- lack of effort, lack of time, lack of desire. Then there is failure that defies explanation. Failures when you’ve done everything possible to succeed. And in those moments, failure becomes a teacher. If I look at this failure on the level of my mind, it’s a terrible experience- it’s unfair, it’s incomprehensible, it’s the ruin of a plan. This wasn’t supposed to happen. It hurt. And that- was my invitation to surrender. In that moment, a moment of pain, a moment when the heart breaks because of something that we can’t control. That is an invitation. I have no choice but to stop- and listen. The day before the exam results were released, I went to visit a beautiful church in Paris dedicated to the Magdalene. I am not proud to say this, but I lit a candle with a prayer to pass this exam. I’ve long believed prayers should be offered in gratitude, in surrender, in openness. It seems like a very primitive thing to do- to ask for a specific result or outcome. After all, what do I know? How do I know that passing is the path for me? But ask I did. The prayer felt hollow in my heart. And then, that night, I dreamt that I did indeed pass. But it wasn’t passing in the way I thought I would. “Passing” in my dream, was being allowed into a sanctuary- a hollowed ground. It was not passing in the traditional sense. It was passing in the sense of a rite of passage. So in failing, I had no choice but to stop and listen. Where am I standing in this moment? What is the direction my life is meant to point in? Where do I want to give my life’s energy stepping forward from this moment? What if I look at failure not as “failure” but as an invitation? I feel like there are moments in life that are points of inflection. Moments when you realize there is a turning point happening. Am I willing in this moment to listen to the turning? I am not sure where the path will turn next. I am not sure what I am meant to do in this moment. But I am willing to stop long enough until I can see- really see clearly- which way the road goes. It’s like throwing rune stones. And being willing to see on a deeper level what perhaps your mind is not willing to. Our life’s work is not meant only to be a way to support ourselves financially- it is also meant to be a way of service to the world. If I am not meant to serve in this way, I am willing to see. So I returned back to the Church of the Magdalene and lit another candle. Not as a thank you for passing, as I had naively imagined while lighting that first candle. Instead, as a thank you for the grace that allowed me to stop: to stop in the midst of pain. To stop- and listen with my heart open to whatever may come.
nice!
2011 is literally the same material as 2010. therefore, because it is unlikely CFA will test the same material from the 2010 exam on the 2011 exam. All the stuff you were good at and hoped was on the exam now has the potential of being on the 2011 exam. If you had to choose a year to fail & re-write, this would be the best time due to the minimal changes in the LOS. enjoy the rest of summer, slowly start working out a plan, party hard new years eve and kick off the new year with determination and focus like you have never before encountered. I just passed on my 3rd attempt and I was going to call it quits but after hunkering down and staying focused I finally opened that email and saw PASS, and had my coworkers all around me shaking my hand, even got a few hugs and then felt the relief from my girlfriend and her family and my family and friends. then realized I never have to study like this ever again in my life, I can finally celebrate a logn weekend or go on vacation between jan-may without feeling guilty about it etc… it was well worth it. re-write. you are drained now but trust me, anyone can do it. dont think for a second you are not smart, it has nothing to do with that. literally, it has a lot to do with memory. I mean for instance, question on the AM on Gamblers Fallacy ? The only reason I knew it was because I went throught the CFAI texts 3 times ( 1st time a brief reading fom Oct- Dec, 2nd time with highlights, underlines and using texts to answer EOC questions, and 3rd time, only reviewing the highlights and underlines and making written notes and doing the EOC’s blindly, and the last few weeks, only read the written notes) therefore by this time I already knew what gamblers fallacy was because it came across me like 4 times. Didnt you guys notice that so many MAIN things were not even touched upon ? life insurance, macro , gips presentation… etc… instead they focus on random things like asset manager code, etc… The first 2 times I wrote it, I was extremely pissed that they never had corner portfolios since I figured this was a major topic and relatively easy for me, well 2010 exam had an 18 mark question and I nailed it, This is what im trying to tell you retakers, the 2011 exam will definately test the stuff you hoped was on the previous exam. dont regret it 10 years down the line, just suck up another 6 months and get it over with !
3’rd time- it is tempting to try again- but with a small boy and wanting another baby, I’m not sure. It’ll probably come down to whether or not I get pregnant between now and December. I admire that you did it three times! There’s just a cost benefit analysis I have to do at this stage. I’m really not sure I can do it again. There are a lot of other things I want to give my life’s energy to. Also, I didn’t say this in my blog but I got the same band each time (band 8). So for me, the frustration is that I spent sooo many hours studying- did all the CFAI readings, EOC, etc etc and saw NO improvement in my score. I seriously did EVERYTHING “right” to pass. I think I failed due to nerves or something intangible and I just can’t figure out what I would need to do differently to get that PASS. Isn’t insanity doing the same thing over and over while expecting a different result?!
Great post! “Our greatest glory is not in never falling but in rising every time we fall.”~ Confucius I wish you all the best in everything you will do.
it all depends how important it is in terms of your career. i NEED this exam if I want to advance in my current role and firm. therefore unless I totally switched fileds and started over, I had no choice. I know 2 people who just finally passed and it was their 7th and 8th time. just picture that, 7th and 8th, but persistance paid off. they actually did a study course at a university that started in october. so maybe it was trying something different , a new way to study which helped. maybe you can look for similar types of programs in your area, or attack it another way. I am dyslexic so it takes me extra effort to study but i put in the time. there are people on here who passed who have small kids or are pregnant etc… you cant use that as an excuse. If you are trying to get this just because it would be nice, then yes, maybe you can spend your time moe wisely. But people have to make sacrifices. I moved my wedding date around this exam. you dont want to be in a role in 20 years and forced to take it because everyone around you has it. If you never want to do it again then fine, you just wasted 2 levels. there are people who cant pass L1 or L2 who would love to be in your shoes, your 67% of the way there already. If you think you should take a few years off and then come back to it, that is another huge mistake because by then, it could be totally new material and you would be starting from scratch. Re-writing in 2011 you have the benefit of pretty much having the same material , you have an advantage of over 40% of those L2 who recently passed because this will be new to them. you may be busier next year, so instead of starting in February at 20 hours a week, maybe ease up your weekly load and start in October at 10 hours a week. out of 168 hours in a week, i’m sure you can find 10 hours regardless of what kind of lifestyle you want. relax and unwind over the next month, take a vacation, and try it once more. just give it one more shot
smoking hot, Your post is EXACTLY how I’ve been feeling since Monday! I failed the second time too, with a performance band of 9 and am hard pressed to come up with reasons as to why I should continue down this path and torture myself further. Both of my failures come after months of toiling and hard-work, while balancing several other personal and professional responsibilities.
RKG Wrote: ------------------------------------------------------- > smoking hot, > > Your post is EXACTLY how I’ve been feeling since > Monday! I failed the second time too, with a > performance band of 9 and am hard pressed to come > up with reasons as to why I should continue down > this path and torture myself further. Both of my > failures come after months of toiling and > hard-work, while balancing several other personal > and professional responsibilities. RKG read my 2 posts above
smokin’hot Wrote: ------------------------------------------------------- > 3’rd time- it is tempting to try again- but with a > small boy and wanting another baby, I’m not sure. > It’ll probably come down to whether or not I get > pregnant between now and December. > I admire that you did it three times! > > There’s just a cost benefit analysis I have to do > at this stage. I’m really not sure I can do it > again. > There are a lot of other things I want to give my > life’s energy to. > > Also, I didn’t say this in my blog but I got the > same band each time (band 8). So for me, the > frustration is that I spent sooo many hours > studying- did all the CFAI readings, EOC, etc etc > and saw NO improvement in my score. I seriously > did EVERYTHING “right” to pass. > > I think I failed due to nerves or something > intangible and I just can’t figure out what I > would need to do differently to get that PASS. > > Isn’t insanity doing the same thing over and over > while expecting a different result?! Smokin’ whether to write this exam again or not is really a personal decision at the end and only you really know which path to take. If the CFA is something that you know would help in your career and push you further, then I strongly advise that you do it again sooner rather than later because it only get harder to study as the years pass. If the CFA will not have much of an effect on your career goals and it is more for bragging rights, then I think the cost-benefit analysis would be to stop now and spend time doing what you enjoy and love. Passing this test requires luck as well as knowledge and luck was not on your side. Does that mean your not as smart as the others here? Definitely not, anyone who has made it to level 3 has already proven that they are smart and very capable. Honestly, your so close to the end that I think it would throw away the hundreds of hours you spent to get this far and get that charter. I honestly believe you can pass this in 4 months with 200 hours. The key is to spend that time studying all the material that is key rather than trying to study everything. That was my strategy for each level and for the most part it paid off (even the one time I failed, I was SOOO close to passing). Take a month or two off, really think it through and discuss it with your family/loved ones and then make a decision. Don’t make a decision now, let it settle and give yourself some time. I recommend trying Stalla (espicially the lecture videos - I really cant stress how helpful they were for me for both level 2 and level 3) and using Schweser’s Q-bank for questions. I’ve linked what I did and what I think are essential tools for passing this exam. I did this exam with very little time to study so if I could do it, anyone here can 
http://www.analystforum.com/phorums/read.php?13,1191460,1192113#msg-1192113
deep2002 Wrote: ------------------------------------------------------- > > I’ve linked what I did and what I think are > essential tools for passing this exam. I did this > exam with very little time to study so if I could > do it, anyone here can > > http://www.analystforum.com/phorums/read.php?13,11 > 91460,1192113#msg-1192113 sorry, this link is more appropriate: http://www.analystforum.com/phorums/read.php?13,1191460,1192113
guys thank you for your words. i failed for the 2nd time miserably. i hope the material is the same and they wont add new stuff like they added taxed in 2010. all the best for all of us
Giving Up at this point will be a big mistake!! difficult though but reality…the Global Financial crisis has opened up new challenges…The charter would stand tall years to come,and its going to get tougher down the line with rising cost (enrollment fee)… Lets keep on!!
sotired Wrote: ------------------------------------------------------- > guys thank you for your words. i failed for the > 2nd time miserably. i hope the material is the > same and they wont add new stuff like they added > taxed in 2010. > > all the best for all of us the 2011 LOS is ou and was doing a comparison with 2010 before marks came out in case i failed. the material is pretty much the same, no new major things. you will do great next year guys
Very touching, smokin’hot. I can totally relate to what you are going through. Hang in there…the answer will come. Me, I am going to tough it out and give it another try. Came so close but yet so far that it hurts. But time is a great healer and I am sure I will get over it. Good luck to you.
I also suffered so much last years when I failed level 3. After I failed, This kind of bad feeling lasted couple days, then I told myself - I really love the CFA materail, not only the CFA title, the fame, or something else. Therefore, I will never give up! Thanks God, I passed this year. Keep in mind, never give up and you will be rewarded.
Thanks Smokin’Hot – you describe so much of what I feel. I failed band ten twice, I REALLY knew the work, and I also can’t figure out what to do differently this time. It does indeed have that faint feeling of luncacy – of banking my head againts a brick wall. I do, however, know that I was overwrought and disorientated on the day of the exam, which could have been part of the problem. The key might just be to work hard again, without giving the exam/designation more significance in my heart than in deserves. That might also be the only way to get through the six months without upsetting my children with my nerves and grumpiness.
For those who failed because of nerves. I have a suggestion. It worked for me this year. I didn’t do any study the day before the exam, and went to the nearest hotel to do body massage. I have good sleep on that night and it helps me relax and bring me energy on the exam day. On the exam day, I forgot to bring my watch to the exam, when I noticed that I went outside the center to find a friend to lend me a watch. When I came back, the exam has already started, I lost 15 min. But I am not stress, I tell myself relax, I can make it. I started from the end, I did Q2-Q9 in 2 hours and leave 45 mins for Q1.