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CFA Musings Before the Exam
 

hdavid57's picture
O
 
Points)
 on 5/29/12 at 11:00pm
CFAInstitute.jpg

I am four days away from sitting for the Level 2 CFA exam for the third time. Am I prepared? I have no way of knowing. All I can say is that I'm better prepared than I was last year. (And last year, I was better prepared than I had been the year before that.)

I am humbled by how challenging this exam is. I don't have an MBA and I have relatively little work experience in finance. Still, I never thought that I could prepare for an exam for the better part of two years and not pass it. This is what motivates me--that when I finally do pass, I will have achieved something quite special. And if, perish the thought, I were to fail again, I will sign up for next year's exam, and the one after that, and the one after that--as many times as I need to until I pass.

Each year, I come up with a new strategy to attack the exam. This year's strategy was to focus more of my attention on the CFA Institute readings and questions. The CFAI materials provide a nuance and a flexibility of thought that are not replicated by Stalla, Schweser, etc. Last year, I managed a 70 on the Stalla mock exam morning session. Then I got 23 out of the first 24 questions of their afternoon mock and was feeling good about myself. (This was the same test that I struggled to get a 55 in the previous year.) I was also testing well with Schweser's Q-bank. Yet I failed the exam that really counted, finding myself in the fifth band and having gotten one passing score--Ethics--and six topics in the dreaded 50% and under range. 

For a few days, I was discouraged. I knew that if I had given up on Level 2 at that point, I would feel discouraged and frustrated and miserable forever.

Even though I think of myself as being calm under pressure, I've come to realize that I'm not. When I would confront a long vignette that was math intensive, I was always tempted to shrug my shoulders, and if I didn't remember the formulas or was unfamiliar with the material, I would make a half-hearted guess for each question and move on. I would then be affected for the next vignette, even when the subject matter was known to me.

For the next few days, I plan to relax. I'll do some questions, like a pitcher warming up out of the bullpen before he enters the game. I'll review the Schweser QuickSheet (I've noticed that practically every candidate has a Schweser QuickSheet with him/her the morning of the exam) and look at AnalystNotes for a quick summary of the material.

Good luck to everyone in the wallstreetoasis community who will be taking this exam with me. Let us hope we all have good news to report in eight weeks when we find out the results.

Howard Schwartz
See my WSO blog
Tags:

Comments

MiddleofNowhere's picture

I'm taking Level II as well.

(Chimp, 15
 
Points)
 on 5/29/12 at 3:33pm

I'm taking Level II as well. I'm down to the point where I know that I can and should pass, but there are so many times I can make a tiny mistake that could screw me up and prevent me from passing. It'll really come down to concentration.

Ravenous's picture

You have a good attitude.

HF
(King Kong, 1,347
 
Points)
 on 5/29/12 at 4:05pm

You have a good attitude. Good luck on the exam.

FutureBanker09's picture

Third time level 2 taker as

AM
 
Points)
 on 5/29/12 at 5:14pm

Third time level 2 taker as well. It's a beast for sure, and anyone who got their charter after 2000 should truly be lauded. Out of all of the standardized tests offered, MCAT, Med Boards, LSAT, The Bar, Actuarial, I can safely say only the actuarial exams are tougher. I was a band 8 last year, and that was because of half assed studying. I hope that I've got all my bases covered this year, but with the breadth of material you honestly can never be safe. Stop on by analyst forum, as there are a lot of people sweating this test as well.

kingtut's picture

You can never go wrong with

AM
(Gorilla, 581
 
Points)
 on 5/29/12 at 5:21pm

You can never go wrong with the CFAI curriculum. L2 is a very difficult exam and is the obvious hurdle for most candidates. If you struggled with L1, L2 is not going to do you any favors. If you put in the study hours and are able to peak at the right time then you shouldn't have trouble with the exam come Saturday.

Eat a nice dinner, drink a beer, watch a movie, and relax...

FutureBanker09's picture

Oh and I really should have

AM
 
Points)
 on 5/29/12 at 5:27pm

Oh and I really should have said after 2003, before 2003, the test was a different format and the pass rates were in the 60s and 70% for all 3 levels. Nowadays you're lucky if the pass rate is under 40%. Completely different beast. So if you're getting your charter today consider yourself superior to those who got it before (even if it's a CFA violation to say that it's true).

To the OP how have your Schweser Mocks and CFAI Mocks been? I'm still hitting high 60s low 70s. Not comforting....

yhp2009's picture

Great piece. Good

 
Points)
 on 5/29/12 at 5:30pm

Great piece. Good luck.
Education is a lifelong pursuit, so keep at it and you'll be certified soon.

syntheticshit's picture

l2 has an unreal amount of

 
Points)
 on 5/29/12 at 5:49pm

l2 has an unreal amount of material....i underestimated how hard it would be to do the december l1->june l2 transition. i hope to dear god i can remember all of this by saturday

Moneyball's picture

Thanks for the post. I'm also

ER
 
Points)
 on 5/29/12 at 5:53pm

Thanks for the post.

I'm also taking the level II in a few days. I am dreadfully nervous, as it will be my first time. I hope I pass too, but I have the same attitude as you; I will persist until I succeed. Level II is definitely very overwhelming. At this point, I am feeling burnt out from studying. The weather right now at 30 degrees is also making it difficult to concentrate. Hopefully it will all pay off. All the best.

Moneyball
See my other WSO blog posts

duffmt6's picture

Level II is tough as hell.

IB
(Neanderthal, 2,312
 
Points)
 on 5/29/12 at 6:37pm

Level II is tough as hell. Wish you the best of luck. Don't let one question get you flustered. Just keep steaming ahead. When something looks foreign, take a step back and see if you can use reason to figure it out (or at least eliminate wrong choices).

"Social cohesion and puritanical morality place roughly on my list of concerns between whether I'll pick up jock itch at the gym this week (not likely, since I don't go the gym) and whether it'll rain in Christchurch, New Zealand next Tuesday."
-Eddie

Oreos's picture

Good motivation! It has just

HF
(Neanderthal, 2,450
 
Points)
 on 5/29/12 at 6:49pm

Good motivation! It has just passed midnight in the UK, still got a few more hours left in me, can't fathom the embarrassment of telling all those to whom i've rejected invitations of drinks that it was all for nothing.

Yeaahhh buddaay! Light weight, ain’t nothin’ but a peanut!

GetOnTop's picture

Oreos: Yeaahhh buddaay! Light

AM
(Baboon, 132
 
Points)
 on 5/29/12 at 8:13pm
Oreos:

Yeaahhh buddaay! Light weight, ain’t nothin’ but a peanut!

Everybody wants to a bodybuilder, but nobody wants to lift no heavy ass weights! I'm taking Level 1 on Saturday for the first time...consistently scoring in the high 70s on the practice exams and mock but naturally a bit nervous still.

blueslord2910's picture

I started like 3 weeks ago

 
Points)
 on 5/29/12 at 8:49pm

I started like 3 weeks ago due to internship hunting. Look at here what ppl were doing, I am going to fail this lv 1 for sure.

whatwhatwhat's picture

good luck bros. took the

HF
(King Kong, 1,400
 
Points)
 on 5/29/12 at 8:57pm

good luck bros. took the year off from taking level 2 because new job > that but will be back in the grind next year.

lax88's picture

good luck everyone. '08

PE
 
Points)
 on 5/29/12 at 9:37pm

good luck everyone. '08 charterholder here. there is light at the end of the tunnel and no better feeling than walking out of the exam room. memorial day weekends and summer mean so much more now and bschool and work are such a walk in the park in comparison.

syntheticshit's picture

i feel like this is going to

 
Points)
 on 5/29/12 at 10:43pm

i feel like this is going to be a terrible game of topic roulette. if i get consecutive vignettes about valuing a hyperinflating EM stock, IRP/RPP nonsense and implied triangular arbitrage, work out a currency swap position, and current versus temporal method in the statements, i just might die

sadboy's picture

3rd time level 3 here. i have

IB
 
Points)
 on 5/29/12 at 10:51pm
MoneyTalksMonkeysWalk's picture

I'm in crazy cramming mode

(Monkey, 43
 
Points)
 on 5/30/12 at 3:10am
Oreos's picture

Word on the street is that

HF
(Neanderthal, 2,450
 
Points)
 on 5/30/12 at 4:04am
Unforseen's picture

I'm going to destroy this

(King Kong, 1,099
 
Points)
 on 5/30/12 at 6:44am

Check out my Blog

hansgruber's picture

Good luck everyone. Not sure

CO
(Monkey, 33
 
Points)
 on 5/30/12 at 9:06am
Oreos's picture

hansgruber: Good luck

HF
(Neanderthal, 2,450
 
Points)
 on 5/30/12 at 9:11am
Tolland15's picture

I myself am sitting for the

O
(Baboon, 150
 
Points)
 on 5/30/12 at 9:59am

I was taught that the human brain was the crowning glory of evolution so far, but I think it's a very poor scheme for survival.

TopDGO's picture

Best of luck to everyone! I

CO
(Orangutan, 320
 
Points)
 on 5/30/12 at 10:54am

See my other WSO blog posts

aempirei's picture

Good luck to everyone sitting

IB
(Gorilla, 726
 
Points)
 on 5/30/12 at 2:11pm

My name is Nicky, but you can call me Dre.

BCbanker's picture

The best part of the CFA is

IB
(Gorilla, 633
 
Points)
 on 5/30/12 at 3:31pm
kingtut's picture

I registered for L3 back in

AM
(Gorilla, 581
 
Points)
 on 5/30/12 at 5:46pm
Sylverlee's picture

Here's a list of things that

AM
(Monkey, 51
 
Points)
 on 5/30/12 at 9:02pm
blueslord2910's picture

What is COLD? Is it for Lv1,

 
Points)
 on 5/30/12 at 9:11pm
bullbythehorns's picture

Sylverlee: Here's a list of

O
 
Points)
 on 5/30/12 at 9:14pm

Here's the thing. If you can't spot the sucker in the first half hour at the table, you are the sucker.

Sylverlee's picture

hmm.. I took it like 2 years

AM
(Monkey, 51
 
Points)
 on 5/30/12 at 9:17pm
blueslord2910's picture

I started studying 3 weeks

 
Points)
 on 5/30/12 at 9:25pm
GotBushels's picture

have some faith in yourself

IB
(Orangutan, 371
 
Points)
 on 5/31/12 at 12:36am
CanadaGoose's picture

I'm still in undergrad, but

IB
 
Points)
 on 5/31/12 at 7:36am
Oreos's picture

blueslord2910: What is COLD?

HF
(Neanderthal, 2,450
 
Points)
 on 5/31/12 at 9:28am
blueslord2910's picture

What is hot "D

 
Points)
 on 5/31/12 at 2:57pm
FutureBanker09's picture

How'd it go OP? Second half

AM
 
Points)
 on 6/2/12 at 8:20pm
ItsJustNumbers's picture

I found the stats portion of

PE
(Chimp, 4
 
Points)
 on 6/4/12 at 2:16pm
spaceagecowboy's picture

there is no way that CFA

HF
(Orangutan, 272
 
Points)
 on 6/5/12 at 9:21am
FutureBanker09's picture

spaceagecowboy: there is no

AM
 
Points)
 on 6/5/12 at 9:54am

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