Failing the CFA Exams
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(Orangutan, 339
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on 7/29/12 at 6:30pm
As the CFA is no ordinary set of exams, the high failure rates mean that there is significantly more disappointment than the average qualification. Also, CFA candidates tend to be overachievers - i.e. not used to failing.
This makes it even harder when it does happen. I had my own bittersweet experience in this once in Level II.
Building on experience, here are some steps to take if you didn't manage a pass this time around:
- Feel sorry for yourself for a while. It's normal and allowed, and you should go through this phase. You've put a lot of effort, so it would be absurd if you weren't disappointed. Allow yourself a week or so to mope.
- Pick yourself up, and realize that in the grand scheme of things this is just a blip in your path to greatdom. A useful trick I've learnt is to think of yourself 10 years ago, and at that age, what crisis were you going through that made it seem like the world was ending. Chances are your 'crisis' 10 years ago seems very silly to you today. That's how you'll look back on today 10 years from now, so really, it's not a big deal.
- In telling your friends, family and colleagues, the best way to approach it is straight up, frankly, and without shame. No one is going to belittle you or judge you any worse for not managing to pass one of the toughest professional qualifications there is. This time. Try not to brush it off as a small thing, or like you didn't care - normally it has the opposite effect to outside observers. Elicit respect.
- Analyze your results. Look at your results and see which Band were you in - Band 10 would mean you were closest to passing. Also remember that you can calculate a detailed breakdown to see how close you were to passing. Knowing how close you were is important in deciding how/when/if you want to retake.
- Properly decide if you're going to continue or give up. Personally, when I failed, I got raving mad and decided I wouldn't rest until I wholesomely kick this CFA level's ass. In my Weekly Poll a week or so back, an overwhelming majority of you voted that you would retake immediately, so I'm guessing you would lean towards this too. The good news is that if you register and retake immediately, revising again is going to be much easier than the previous time, so your chances are greatly improved!
If you've not passed this time around, don't beat yourself up too much. It happens to most of us, it's just that some of us prefer to pretend it didn't.


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Comments
Great pep talk! I didn't pass
Great pep talk! I didn't pass level 2 this june, but I plan on taking it again next year. I know it's still a longs way from now, but do you think it would be wise to start studying a teeny bit right now, just so that things stay fresh?
Moneyball
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I ended up Band 9 on Level
I ended up Band 9 on Level II. I just wish I didn't have to wait for an entire year to re-write.
Moneyball: Great pep talk! I
Great pep talk! I didn't pass level 2 this june, but I plan on taking it again next year. I know it's still a longs way from now, but do you think it would be wise to start studying a teeny bit right now, just so that things stay fresh?
What band did you end up in?
Baby you're the perfect shape, baby you're the perfect weight. Treat me like my birthday, I want it this way and I want it that way. It makes a man feel good baby.
Moneyball: Great pep talk! I
Great pep talk! I didn't pass level 2 this june, but I plan on taking it again next year. I know it's still a longs way from now, but do you think it would be wise to start studying a teeny bit right now, just so that things stay fresh?
Reading a bit here and there definitely helps. When you do start again, kicking off with hyper-summarized material (e.g. Secret Sauce) works great.
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Moneyball: Great pep talk! I
Great pep talk! I didn't pass level 2 this june, but I plan on taking it again next year. I know it's still a longs way from now, but do you think it would be wise to start studying a teeny bit right now, just so that things stay fresh?
If you can pace yourself and just read a little bit here and there (e.g., browse the Secret Sauce when you are on the john) it won't hurt, but I would just take a break so you aren't burnt out on reading this stuff by test time next year. Starting in January and giving yourself a solid 5 months to re-read stuff you've already read once before should be plenty.
R0bin: Moneyball: Great pep
Great pep talk! I didn't pass level 2 this june, but I plan on taking it again next year. I know it's still a longs way from now, but do you think it would be wise to start studying a teeny bit right now, just so that things stay fresh?
What band did you end up in?
8
Moneyball
See my other WSO blog posts
Moneyball: R0bin: Moneyba
Great pep talk! I didn't pass level 2 this june, but I plan on taking it again next year. I know it's still a longs way from now, but do you think it would be wise to start studying a teeny bit right now, just so that things stay fresh?
What band did you end up in?
8
Tbh, I really had difficulties with Level II, I failed in band 9 the first time around and I still had to study pretty damn hard to pass the second time around, the coverage and depth is just that substantial for the second level. Definitely study early, there's a chance where all that knowledge you crammed will be forgotten and be back at square one.
Baby you're the perfect shape, baby you're the perfect weight. Treat me like my birthday, I want it this way and I want it that way. It makes a man feel good baby.
R0bin: Moneyball: R0bin:
Great pep talk! I didn't pass level 2 this june, but I plan on taking it again next year. I know it's still a longs way from now, but do you think it would be wise to start studying a teeny bit right now, just so that things stay fresh?
What band did you end up in?
8
Tbh, I really had difficulties with Level II, I failed in band 9 the first time around and I still had to study pretty damn hard to pass the second time around, the coverage and depth is just that substantial for the second level. Definitely study early, there's a chance where all that knowledge you crammed will be forgotten and be back at square one.
Dam, failing in band 9 must hurt. Did you do anything different the second time around? Like use schweser notes? Do more practice exams? When did you start studying the second time around?
Moneyball
See my other WSO blog posts
Moneyball: R0bin: Moneyba
Great pep talk! I didn't pass level 2 this june, but I plan on taking it again next year. I know it's still a longs way from now, but do you think it would be wise to start studying a teeny bit right now, just so that things stay fresh?
What band did you end up in?
8
Tbh, I really had difficulties with Level II, I failed in band 9 the first time around and I still had to study pretty damn hard to pass the second time around, the coverage and depth is just that substantial for the second level. Definitely study early, there's a chance where all that knowledge you crammed will be forgotten and be back at square one.
Dam, failing in band 9 must hurt. Did you do anything different the second time around? Like use schweser notes? Do more practice exams? When did you start studying the second time around?
Yea, band 9 was devastating, but for some reason i would think getting a band 10 feels even worse. But during the second time around, I just did all the practice exams from both schweser and stalla (aren't they merged now?).
I allotted 5 months of studying, averaging 1.5 hours during the weekdays and pretty much spent the weekend studying all day. For me personally, I felt that amount of time is sufficient and I didn't want to spend May cramming and stressing.
And I became more realistic in what areas I wanted to focus on provided the time constraint. I.e. you will most likely get a case problem on pension accounting and equity multiples, so putting time into that section will yield a higher return time-wise. And I just skipped swaptions and fiscal policy altogether, I think you can afford to lose small points on those.
Hope this helps for your next shot at level II.
Baby you're the perfect shape, baby you're the perfect weight. Treat me like my birthday, I want it this way and I want it that way. It makes a man feel good baby.
Anybody have a suggested
Anybody have a suggested study plan for retaking the exam? I'm in a predicament where it'll be ideal to sign up for the June 2013 exam to fit my timeline but 5 months of studying seems aggressive for this exam. I took Stalla for level 1 which was great b/c they gave you access to both an online portal and CDs w/ lectures and test banks. So I solely utilized the online portal for my first pass at level 1. When I had to retake but my portal access had expired, I then opened the CDs so I still had access to the lectures and QBanks.
However it seems like Schweser only offers either or and the online portal/CD study plan is only good for a year so you're stuck w/ making the decision whether to retake solo or cough up another $800. Grateful for any tips or suggestions on how people successfully retook level 2.