Dealing with failure in level 1

A.Stewart wrote:
OT: like with L1, I don’t find some topics hard, only time-consuming. In general I think that with CFA it’s not about how “hard” it is, because everyone can comprehend it eventually. It’s all about how much time it takes you.
I second you. I also could not find a single “hard” topic on L2 Accounting. I read here in past posts on L2 forum that pension accounting and foreign currency translation is like hell but I did not find them so “hard”. I never did pension accounting and foreign currency translations before so it took some time to sink in but now they are making perfect sense.
Now, retaining all the material is a whole different story.
 
SpareTime wrote:
Ugh…this kind of ridiculous comment is the sort of machismo self-aggrandizing bullcrap that is better left unsaid. You’re not calling it like it is…this isn’t the army. If there’s a program that’s built for “sissies” or “people who cry when they fail” it’s one where you can retake the exam as many times as you want.
Kind of agree with this in the sense that you can take your time with the program and fail/retake as much as you want. It’s not necessarily “for sissies,” but you also don’t need to be made of steel or anything.
 
I used to think that if you failed Level 1 then there was no point continuing but I know a few senior guys at work who failed level 1 once and then passed 2 and 3 on the 1st attempt.
 
L1 might seem easier because it contains a lot of material from undergrad business. If you were, say, a comp sci major, it might be just as difficult as L2/L3.
 
JSYNTAX wrote:
SpareTime wrote:
Ugh…this kind of ridiculous comment is the sort of machismo self-aggrandizing bullcrap that is better left unsaid. You’re not calling it like it is…this isn’t the army. If there’s a program that’s built for “sissies” or “people who cry when they fail” it’s one where you can retake the exam as many times as you want.
Kind of agree with this in the sense that you can take your time with the program and fail/retake as much as you want. It’s not necessarily “for sissies,” but you also don’t need to be made of steel or anything.
I agree with your sentiments. I already lamented my phrasing above as well. However I think it becomes exponentially tougher year after year if you’re not progressing along with your peers. This is just my experience seeing some of my friends in the program. My point is that you will need to confidence and mental toughness, and not be sweating the small stuff.
 
gringo_bob wrote:
I used to think that if you failed Level 1 then there was no point contuing but I know a few senior guys at work who failed level 1 once and then passed 2 and 3 on the 1st attempt.
I, for one, failed Level 1. That was because I didn’t take it serious enough, and because I was still in school as well. Later, I took it again and aced it, because I showed it the respect it deserves. So I agree that a person can fail Level 1 and still continue to slay the dragon.
However, if you fail Level 1 twice, you really ought to rethink the CFA exams. In that case, you probably either lack the ability or the discipline to get through the exams.
 
mk17 wrote:
I agree with your sentiments. I already lamented my phrasing above as well. However I think it becomes exponentially tougher year after year if you’re not progressing along with your peers. This is just my experience seeing some of my friends in the program. My point is that you will need to confidence and mental toughness, and not be sweating the small stuff.
Agreed. Also, I would agree with what someone said above about the knowledge attained being valuable. I know it’s common to just approach the exam as a test to pass, but try to use it as an opportunity to learn too. At the end of the day, I’m more impressed by someone’s knowledge/ability than by their CFA designation.
 
JSYNTAX wrote:
mk17 wrote:
I agree with your sentiments. I already lamented my phrasing above as well. However I think it becomes exponentially tougher year after year if you’re not progressing along with your peers. This is just my experience seeing some of my friends in the program. My point is that you will need to confidence and mental toughness, and not be sweating the small stuff.
Agreed. Also, I would agree with what someone said above about the knowledge attained being valuable. I know it’s common to just approach the exam as a test to pass, but try to use it as an opportunity to learn too. At the end of the day, I’m more impressed by someone’s knowledge/ability than by their CFA designation.
I more or less disagree with JSYNTAX.
First, I believe that the only reason to take the CFA exams is to pass the CFA exams. If you seek knowledge and ability, then take a class or get work experience. The CFA curriculum will teach you a whole lot of stuff that you will never need to know.
Second, I disagree that you can continue to take the test in perpetuity. While I guess that’s possible (like the guy who took the test 21 times before he finally passed), in real life, life continues to happen. We get married. We have kids. Our jobs get harder. We put in more hours. We gain managerial responsibilities. Our parents get sick and we have to help take care of them. All of this happens while you keep plugging away your 300 hours to try and pass the exam.
I guess you can continue to spin your wheels for ever and ever and ever until you die. If that’s what you aspire to do, then just keep taking the exam willy-nilly. You’re bound to pass someday. Then, after 21 years, you’ll look back and think…”Wow. 21 years for that? Why didn’t I just focus and study for it once?”
I guess the guy who took the exam 21 times took Level 1, then went out that night and met his future wife. He got his Level 3 “you passed” e-mail when he was packing his kid up to go to college. I’m sure his wife was pleased that it took his kid’s entire childhood to pass the exam.
 
mk17 wrote:
SpareTime wrote:
mk17 wrote:
Look, this program isn’t for the faint of heart or the sissy who’s gonna cry when he fails.
Ugh…this kind of ridiculous comment is the sort of machismo self-aggrandizing bullcrap that is better left unsaid. You’re not calling it like it is…this isn’t the army. If there’s a program that’s built for “sissies” or “people who cry when they fail” it’s one where you can retake the exam as many times as you want.
Why would it be better left unsaid? It’s advice that will keep people from wasting years of their lives in something they might not be cut out for. So you can retake it, but it doesn’t get easier with subsequent retakings, the pressure piles on and you see your peers move ahead of you. Some people can retake it over and over again and never pass. I lament the use of the term sissy because it’s associated with macho people, but you have to be mentally tough to get to the end. That’s probably the greatest lesson I learned from the CFA program.
And greenman, it’s a compliment. I respect how you always tell it like it is.
One of my biggest pet peeves is people who love to tell people that they “tell it like it is”, but really they’re just being jerks because they lack the social skills to be honest without being rude.
Here is somebody who’s trying to deal with anxiety regarding exam results, and so he’s reaching out to fellow candidates and charterholders for support. As I find is way too common on this forum, he was greeted with people telling him (to paraphrase) to suck it up. The poster may very well have gotten 100% on the exam, and yet people are telling him to quit the whole program so they can talk about how incredibly resilient they are and how they’re a straight shooter.
Learning to give somebody unpleasant advice in a way that is understanding, yet honest and forthcoming, is a social skill that most people learn in grade school. I’ve found in the college of engineering, and on these forums as well, that people forego this skill so they can lord their own performance over others. Case in point, Greenman belittling my opinion because I’m a Level I Candidate (for the next 6 days, for better or for worse).
Long story short, it’s not the job of anonymous people on the internet to tell FinKid he needs to just quit and pursue something else. If that’s something that he needs to be told, it’s something that needs to be told to him by somebody who actually knows him and is familiar with the type of advice he actually needs. Our job is to provide support vis a vis his anxiety waiting for the results. All this talk about being a sissy or the implications that the CFA is the most difficult program on earth are really just ways to self-aggrandize under the guise of “telling it like it is”.
It reminds me of the thread where a candidate with a very different and unusual (to us) method of surname and name was asking a question about his passport and exam ticket, and many people responded only that he was going to fail the exam because he couldn’t even figure out the rules. This community can be extraordinarily unsupportive, particularly considering it’s only real purpose is to provide support to fellow candidates and charterholders. Oddly enough, it seems like the most supportive people here are often charterholders - probably because they no longer harbor the insecurity that many of the candidates here seem to have.
 
SpareTime wrote:
Learning to give somebody unpleasant advice in a way that is understanding, yet honest and forthcoming, is a social skill that most people learn in grade school.
You nailed it there.
I can see their intentions are good and they want to show me what is lying ahead but it can be done in a way which is not so “rough”. We candidates, especially those who are taking L1 for the first time are not so accustomed to this whole CFA mentality so may be we newbies can avail the “toned down” version. :)
 
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