I attempted CFA L2 exam this year and did not pass. I was shocked and upset at the same time because I did manage to put more than 400 hours of study. I got more than 70 in Quants, 50-70 in Alternative investments and Derivatives, Corporate finance, Equity, Ethics, Fixed Income and less than 50 in Portfolio, FRA and Econ. I got “zero” in Economics, yes you read it right, Zero. I have no idea how did i manage to get zero because economics is my favourite subject.
Based on my result and the fact that I did put lot of hard work, is it wise to attempt next year or am I just incapable for CFA. this was the maximum effort I could put and I cannot study more than this. Please tell me should I continue to pursue CFA or is it right time to quit. Also I am turning 30 next month
To ans your question, of course you are capable of CFA. IMO the hours you put in don’t matter, what matters is to understand the contents cold. When I studied during the exams, I’d set the daily goal. If it takes me 5 mins to finish then I’m done for the day but if it takes me 4hrs to finish, let be it. You’re already in pain, get a reward from it. [Eric Thomas]
Don’t study to pass the exam but study like you’re the only one who has to use the knowledge to save your family and this world. Then you’ll be fine bro!
Number of hours are arbitrary. I’ve taken the level 1 and the level 2 now. I have no idea how many hours I studied. What does the number really mean? I aimed to study the material until I felt I had a solid grasp of the material (and honestly for topics like FRA I never really felt I got the solid grasp I wanted on the topic but eventually had to move on). Allow yourself the time to get proficient on the topics. And if this is something you want, keep at it. That’s what it all comes down to- how much do you REALLY want this? As we all know, it takes a lot of sacrifices to get through these exams. If it’s not that important to you, that’s okay. If it is, try to hit it harder next time.
You should quit while ur ahead. I passed l2 on first try, but was ready to quit if I failed. I then failed l3 2 times after, but by then I was in too deep.
whether or not to quit depends a lot on your personal circumstances. Do you really need to have the charter or is it just a thing that may come in handy at some point? I think only you can answer that question.
And I’d say anyone who has an average intelligence is capable of passing all three exams. Based on your scores, you have a decent understanding of some topics but suck at some others. Getting below 50 in FRA really impacts your overall score on lvl2.
I was in your situation in 2017 when I failed lvl2 (band10)…I also bombed fra big time. A year later I passed in top-10% and I’m now waiting for lvl3 results.
In short, failing sucks. It has only been a week since you received your results. Waiting another year to give it a new try is a torture. So, I’d tell you to take a few months to think about other things than cfa and the come back with a fresh mindset where you can make a rational decision whether cfa is worth it or not. Don’t make the decision when you’re still upset.
A lot of people fail level 2. You have to decide now whether you’re ready for the long years ahead. If you failed level 2 once, odds are you’ll fail level 3 at least once. Which means more years of pain ahead.
I failed level 2 with band 6 the first time, then passed the second time with a decent score.
Let this sink in for now. Revisit in September or so. Do you still want these three letters behind your name? Does your schedule permit you to try again in June 2020?
For me, just reading the material the second time around, I learned a lot more and found out what I was missing out on during the first run.
hours mean nothing , its arbitrary , its all about understanding the material inside and out. As you have already put in considerable efforts towards study , it will be much easier for you next year , simply focus on practise practise and practise. Do all the CFAI website Topic Tests , curriculum books EOC questions , solve atleast 6-8 mock exams (either from institute or combination of prep provider and institute) then review and plug in your weaker areas by studying those topics and then rinse and repeat.
This year only 44% candidates passed the exam which effectively means majority of the candidates also failed the exam
You have already experienced the pain , do not quit now , remember , night is the darkest just before the dawn
Tactics this is not true ( failing level 2 does not implicitly imply failure in level 3), lot of people consider level 2 to be the hardest of the lot. My own manager failed L2 on his first attempt before he decided to get his head down , and eventually rocked L3 on his first attempt.
I don’t think there’s such thing as a good/bad exam. Either you’re all in or you’re out. This is a once a year thing, if you fail, don’t blame it on the material.
I disagree. I failed level 2 once. Because of that I learned how to study “hardcore” and passed the next year. Used the same method to pass level 3 without failing.
I’m just throwing out the reality check. I’m not saying he’s gonna fail level 3 when he eventually passes level 2 but 44% of the candidates did fail level 3 this year so there’s always that risk of having to invest another year of your life to this.
