i am quite interested to see the results.of the past exam. it appears u strugle AM heavily… based on the post trais it appears that it’s not “trolling”… but who do i know…
i attempted it multiple times too but i did it consecutively… *luckily for me, i did it… Agreed with everyone’s suggestion above.
What are doing now if you don’t mind me asking?
AGREE 1000000%
This is false. The charter is for absolutely anyone that wants to work for it, regardless of how many times it takes them to complete all three levels. Whether you pass all level in your first try or need to take a few more runs at it, the result and charter are identical in the end. I do not believe there is any benefit in trying to teardown people for whom the format and/or testing environment may present a particular challenge. Never die easy.
+1
You are unreal man. Hats off to your determination even if you just walk to the center without any preparation !
I created a meme out of your situation. I’m guessing it will offend a few people - but maybe in your case it might motivate you?.. IDK man. If you passed level 2 you’re clearly capable of passing level 3. Level 3’s curriculum is 10x easier, however, the test is 10x as hard.
You probably just suck at the morning session. So work on that, and start asking around on how to actually answer the question the way the grader is looking for.
I decided I will post the offensive meme anyways.
Why would you really want the CFA charter? I am in a similar boat, failed 3rd time and finally decided to quit for the following reasons :
spending 400/500 hours studying at the age of 40 is a big opportunity cost
I read a lot and I have gained a lot of knowledge and wisdom reading those books, I would rather focus on these that would help me in my career as well as personal goals
At the age of 40, experience matters more than holding an MBA or chartered holder, If you are 28, yes it does matter as employers would be looking at these additional degrees
Whether its personal or professional, you have to make decisions that help you in achieving your objectives. I thought a lot about it and I would encourage you to do the same. Why would you really want a CFA charter. Think like taking a bet, If you are not a CFA chartered holder, how does your career and your life get impacted? IMHO, it shouldnt much, your practical experience, your hard and soft skills should help you to reach where you want.
Hope that helps.
Regards
Saurabh
I feel for you both. I feel bad. But if it can give any Solace to you, I am on the wrong side of 40 too. But nobody can take away my Charter from me. I am going to apply soon and hopefully get it. Truth be told, I am going to be double crown holder with both CFA and FRM under my belt. Nobody can make the decision for you if you want to give it one last try. And absolutely every story is unique. Did I have any career aspiration while I did my CFA and FRM? No. I was not going to benefit and that was not how Iooked at it. But who knows what is there in store for all of us. If I may advice- I conquered because I never felt my age was a hindrance. I was and am still as agile as I was in my early 20s. And though my mental faculty have taken a slight deterioration in terms of recalling and remembering , they never really are obstacle. I knew the material all too well to fail. I took only 6 past AM papers and 6 PM mocks including the 2 institute’s. My topic tests and mock exams held me at 75th percentile. Saurabh, I am elder to you. I can do it, you can do it. CFA is not BIGGER. My DETERMINATION is BIGGER THAN THAT. I don’t want to give the CFA institute or its standardised tests any more respect than it deserves. THEY ARE NOT BIGGER THAN MY COMPOSURE AND RESOLVE. Get it ?
If it helps, the head of one of the local CFA societies tried 11 times before getting his charter.
Congratulations on having CFA and FRM under your belt, whats next CAIA? 
I think you misunderstood my point, its not about age, its about opportunity costs. One needs to practice finance in real life too. I am not quitting because of my lack of DETERMINATION but because I could use these 400 hours where I get a better return.
So how can I use these 400 hours :
I run my own boutique corporate finance consulting in Life sciences area, was on the verge of collapse in 2013 when I decided to take CFA journey in case I had to look for a job. Finally my hard work paid, started getting clients and now I travel across europe to get clients, help CEOs in making decisions, provide CFO services and so on. I am an expert at valuation and am invited at didfferent forums to speak on these in life sciences domain. I could use these 400 hours to grow my business.
I read a lot, I buy more books than I read. Thanks to my reading habit, I apply these lessons in my practical life. Were you in a situation where your clients never replied to your email? I read a lot about about behavioral sides of the humans and used it to let clients reply to my emails. I nudged one CEO who was reluctant to our proposals to sign the proposal through understanding behavioral side of him. I enjoy these practical aspects of finance as it allows me to see the results and these has happened because of my reading habit. I can read more and leverage it in both professional and personal life.
I have a 3.5 year daughter and one more on way. I would spend more time with them and my family. I get emotional dividends
To summarize, and strictly speaking on corp finance terms - I get more ROIC ( return on invested capital) if I use these 400 hours on the above parameters than I sit in the exam.
I would have been happy if I had cleared this time, my situation having cleared L2 and trying L3 for 3 times currently is tantamount to a company who has invested 2 billion USD on a technology that is getting obsolete but the company still wants to finish the project by putting 0.5 B more. For me, the value of CFA at this point of my career is diminishing for the above reasons, for many its NOT. For many, it adds value, so good for those, They should hang on till they clear it.
So, based on your priorities, you make decisions. As per your argument regarding uncertainties in future, you didn’t have career aspirations when you took CFA and FRM, for me I did. For me, every decision we make is like taking a bet, we do not know what holds in the future, but I always look that if I take path A where it could lead than if I take Path B. I could be wrong in the future as no one knows it, but thats how we learn and adapt for next decisions.
Last but not least, every cloud has a silver lining, having prepared for CFA for all these years has made me more disciplined, because of my family, I started waking up at 5 am to study, now I wake up regularly at 5 am, read for an hour, go to the gym , then to my office early and am back home early.
I have no complaints. I did get a good return by preparing for it ( sans flashing CFA on my linkedin and business cards )
All the best!
Saurabh
You have a point. I know what sacrifice our family make for us seeing through journey. The family dividend are much higher than an idiotic test . Good luck to you.
Go see Marc Lefevre @ Levelup…He provides videos & a slidebook…Do all those then get yourself to his bootcamp where you get a thick book full of previous years morning essay questions (dating back to the early 2000’s) sorted by topic. Practice writing those essays(timed) then grade yourself (& or have a friend do it) then redo it and learn from your mistakes. Then as you get closer to exam day you should be writing the essays with all the topics (not just doing Beh Fin essays for 2 hrs)…When you do this you’ll build endurance for the morning session and you should have no problem crushing Lvl III. Level 2 was a nightmare for myself but level III wasn’t nearly as bad due to the material being much more simple…If you can get past the essay questions and do well enough you will pass. Go see Marc!
Let me put things in perspective for you. Try to add up costs for the preparation, materials, bootcamps. You will probably approach the cost of the decent Master degree in Europe. Why on Earth being dead-set on the charter? If you think about networking, let me disappoint you. 99% of those doing CFA are in back-office. And this Charter does not get them anywhere. The guy with the Charter used to do bookkeeping for us - along with elderly ladies who have 3 classes of education, because he had no relevant experience. CFA charter is the nice add-on for those already working in the industry.
In my opinion, a decent dating site has more networking opportunities than CFAI meetings… but that is my honest opinion…
99% - really? I was an energy trader out of college then got a quant gig at the same company because I had started the CFA program which no one else at the company was doing (at least that’s my belief). Then went to another company to start commodities trading and now a portfolio manager reviewing the S&P 500 and EU Stoxx 50.
Not bragging about my path - I just feel like a lot more than 1% are doing what I do.
So, this happens to be something I stumbled across when comparing the CFA exam and pass rates to other exams like CPA and bar exams.
https://www.latimes.com/archives/la-xpm-1991-05-31-me-2739-story.html . This guy took the CA Bar Exam 48 times between 1966 and 1991, and finally passed.
“Two of his sons–in elementary school during test No. 1–have already graduated from law school themselves. They both passed the exam on their first try and have been practicing law for more than seven years.”
This is the most brutal part. Hard to imagine why somebody would subject themselves to such relentless punishment.
Hello
I took CFA level III 3 times, the first time I was fucked up with some stuffs, second time was 9th band, the 3rd time, I was tired of taking exam.
Anyway, what CFA benefits me is actually the knowledge I learnt, it sounds bull***t but it is true. CFA provides you with the most fundamental knowledge you may have in the market. Working here or there, you may learn a lot but what techniques you learnt from CFA are still the good backgrounds.
I am thinking to finish it in 2020, because I am going to tie the knot. I do not want to own anything to CFA after the day I said “I do”. By the way, I failed CFA because of all the time I broke up with my girlfriends… and I found there were a coincidence as there were always market crashes a few days before the exam… 
Your coincidence and girlfriends and the proposition of tying the knot without CFA’s interference and then “I do”- these are the stuff legends are made up of.