How did you spend your CFA gap year?

Hi,

Quick question to anyone who has re-taken any level of the CFA. A little background first. I signed up for the program a while back when my goal was an industry that "kind of" respected it (ie. not AM, ER, etc.). I have since shifted to an industry that it is a pinch above complete irrelevance. The reason i say this, is that the sign-up price hike is about 5 days away. Due to the change of industry, part of me says fuck it. However, the other (more rational, perhaps) part of me says I'm $700 away from $1500 and 300 hours NOT being a complete waste. So yea, I'm on the fence w/out a whole lot of time to decide.

Onto the question. What were your guys' game plans in the time between? I'm thinking secret sauce and 5 or 6 practice tests in the month or 2 prior should suffice? Did you find you recalled a lot or was re-clocking the 300 neccesary? Any other thoughts on how you prepared "again"? Like I said, due to the industry change- if I find that the consenus is the same effort was necessary again, I'm going to have a lot of trouble convincing myself it's worth it.

Much love,
GBS

 

had to retake L2, and the 1st time I just used schweser, the 2nd time i went and read the accounting/derivatives portions in the actual CFAI books and did as many EOC / Blue Box questions from all the CFAI books...so not necessarily re-clocking 300, but rather shifting focus/strategy...which inevitably involved learning things i didnt learn properly before but the skeleton of knowledge was already in place and the expectations of content covered were already set

 

true. I figure it's all up in there still but I'm worried about the whole "you don't use it, you lose it" thing. Bond yield convexity and distribution kurtosis are not exactly things I've been using since, lol. I'm thinking taking a 100% cold practice test before that deadline might be a good idea to test the water. Thanks for the response

GBS
 

It does depend on what level it is... If it's Level 3 and a charter, then I say go for it. But if it's Level 2, what's the point? What are the odds you'll have the drive to do level 3 once (or even twice, potentially)?

CFA Level X Candidate may look good for a relevant industry (ER/AM/etc.), but outside of that, it'll be pointless. John Smith, CFA has an impact - even in industries where it's less relevant.

 

Can I ask what completely irrelevant industry you're in now? Curious because I just passed L3, am in ER, and I'm strongly considering trying to move into a completely irrelevant industry, ie. corp strategy in the sector I cover. Part of what's holding me back is that I'd have wasted all this time on this damn test.

I guess it's good knowing that the CFA would help if I ever wanted to bounce back into AM/ER after trying out corporate, so if you see yourself in a similar position (even if it's just a somewhat relevant part of finance) then it might be worth it, but probably only if you're talking about L3.

Oh and my girlfriend failed L2, put in another 300 hours, failed again. And she's not dumb. But I think it's on a brain by brain basis...some people are much better at retaining than others.

 
Best Response
DCFwacc:
Can I ask what completely irrelevant industry you're in now? Curious because I just passed L3, am in ER, and I'm strongly considering trying to move into a completely irrelevant industry, ie. corp strategy in the sector I cover. Part of what's holding me back is that I'd have wasted all this time on this damn test.

I guess it's good knowing that the CFA would help if I ever wanted to bounce back into AM/ER after trying out corporate, so if you see yourself in a similar position (even if it's just a somewhat relevant part of finance) then it might be worth it, but probably only if you're talking about L3.

Oh and my girlfriend failed L2, put in another 300 hours, failed again. And she's not dumb. But I think it's on a brain by brain basis...some people are much better at retaining than others.

Can I ask you how was the week of the results when you found out you passed and she failed? I want to know what kind of impact that had on your relationship (I'm in a similar situation)

 

Impedit qui in magni voluptas iste. Dolores voluptatem corrupti mollitia sint occaecati dolorem dolores. Et rerum reiciendis iste voluptatem aspernatur. Est iste ut veniam assumenda est consequatur eos.

Rerum voluptatem quo consequatur suscipit hic ut. Fugit vitae aperiam nihil tenetur ea tempore. Velit modi adipisci facilis et numquam cum laboriosam.

Career Advancement Opportunities

March 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. (++) 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 03 97.1%

Overall Employee Satisfaction

March 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

March 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

March 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (86) $261
  • 3rd+ Year Analyst (13) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (66) $168
  • 1st Year Analyst (202) $159
  • Intern/Summer Analyst (144) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
BankonBanking's picture
BankonBanking
99.0
3
Betsy Massar's picture
Betsy Massar
99.0
4
Secyh62's picture
Secyh62
99.0
5
kanon's picture
kanon
98.9
6
DrApeman's picture
DrApeman
98.9
7
dosk17's picture
dosk17
98.9
8
GameTheory's picture
GameTheory
98.9
9
CompBanker's picture
CompBanker
98.9
10
Jamoldo's picture
Jamoldo
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”