Failed L2 (1st attempt) - how will people perceive this?
I feel incredibly stupid. I knew I had failed when I left the exam, I let it slip. These last 12 months have been an unbelievable whirlwind in my life both professionally and socially. I have been searching for work, multiple interviews but all rejections, had to refine my knowledge (books, courses, podcasts, market reports) and personal/social skills (body language, confidence, relaxing, self-esteem). My cortisol levels are through the roof according to a recent blood test. The only solace is that I did extremely well in Equities, which is what I do. But I feel stupid cause I’ve had plenty of time off to just focus on it (I’ve been juggling stuff, but nevertheless) and I feel people will judge me very poorly based off it (“yeah he seems passionate and smart, but is he really? he failed L2 with all this free time”).
How will people perceive this failure of mine? Am I overthinking in thinking that people will consider it a con/ding in job interviews or reviews? I am doing the CFA so I can expand my knowledge about markets (especially equities) on a technical/fundamental level. I am not expecting it to make me perform better (a better investor for instance) or yield a higher salary or some credibility (maybe a modicum, but near negligible; credibility as in confidence in my skills).
I just wanna get back into the game. I know I can perform, I am confident that the CFA is not representative of my abilities. I am tired, frustrated, but eager to just retake it and smash through it
You said you want to get back into the game, and yet you chose to sit for CFA, when all the stocks in the world are waiting for you to research and pick. SMDH.
AND if your label is correct, you are gunning for hedge fund, how many in hedge fund land GAF about CFA?
Dude…what are you on about? Why are you taking the piss? I was at a HF, my PM pushed me to obtain the CFA. Have you not been around the last 18 months? Markets have really had a tough, volatile period. A young 20-something junior is always likely to bounce in such environment. I have been putting the work in. I’ve become a better professional. I juggled between learning stuff for the job, applications and interviews, depression and psychoanalysis, and the CFA. The CFA didn’t take up all 24h of my day. And there are plenty of places that care about having a CFA, this is just talking out of your ass. I’ve heard from multiple people I am close with a P72 that they care about CFAs for instance.
No one cares about cfa at p72/similar funds
Now's the time to put your skills to the test. Can you take an L and move on? Lots of people fail the CFA especially given that L2 is the hardest level, no big deal.
Most important investing skill - not fundamental analysis, not accounting, not IQ. Temperament.
Oh yeah, I am gonna retake it and this time I won’t let it slip, I will make sure of it, not even if I have to do 7 months of mocks every single day.
I don't understand why you are so worked up over this. What do you mean how will you explain it? Why would you voluntarily say you failed L2? "I am currently pursuing the CFA, have passed L1, and will be sitting for L2 on [the next test date]". Don't overcomplicate it...
In the meantime, the single best way to differentiate yourself from the crowd is to show up with three actionable equity pitches - two longs, one short - with 2 pagers on each. Ideally, you should be able to speak to an additional 5+ situations in a high level, could be interesting way..."I noticed X Company had Y event which could lead to Z outcome, would be interested in learning more". I would be interested to hear rebuttal as to why this isn't the correct approach.
The good news is that now that the test is over you have plenty of time to watch the market and develop ideas.
Folks rather do anything than generating actionable stock ideas.
How about remembering WTF is your job? Generate ideas that make money.
Calm down, I have been doing this. The question refers to something else entirely. If you wanna claim I am overthinking it, then just say that. Don’t assume I don’t generate ideas
I’ve been doing this. I’ve been getting interviews. That is not an issue. But this isn’t even referring to the simple question I posed
Delete.
No one cares, no one even asks. There is only 2 camps; first very clearly the poster above has pointed out how some people disregard it totally and second those who value passing all three levels. No one cares if you fail 10 times, if you end up passing all 3.
To the other poster all annoyed, I am guessing OPs prior firm suggested and pushed for them to do CFA and they are just continuing along. One can research stocks and keep studying for CFA at once.
thank you for the feedback! That’s what I’ve heard from some close friends, but wanted to have a wider sample in order to form a consensus. I know perception and politics matters in the industry, and I can be socially ignorant at times, hence the question.
and yes, to make it clear: my PM pushed me hard to do the CFA program. He stated that he regretted not doing it, and that for where I am career-wise (young, relatively inexperienced) it can be great to learn more about fundamentals/technicals while alongside actual job experience (posteriori knowledge). I talked it over with a few friends (analysts, PMs, etc.) and they were mostly favorable and appreciative of the curriculum. I still do other stuff to learn and improve myself as an analyst and investor (reading literature from successful investors, podcasts, etc.)
Do people even know you sit the exam?
If they ask in an interview for instance, I find it hard to dodge the question. I don’t go around in public stating I have enrolled or anything.
Inhale/Exhale…stop beating yourself up over this and the fact that you did fail. Remove the word “fail.” You made an attempt and it didn’t go through this time.
One of the most liberating things in life is when you stop giving an effffff about what people think about you and how they judge you. That is a negative assumption on your part as well.
Numerics aren’t your only issue here. Start doing some reads on confidence and take a step out from going forward until you’re back on track. If you are interviewing. Never use the word "fail." Rewire that word psychologically in your head.
You took a PASS at it!
All the Best!
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